Document:

Exhibit
10.4

 

INTELLECTUAL
PROPERTY SECURITY AGREEMENT

 

This
INTELLECTUAL PROPERTY SECURITY AGREEMENT, dated as of December 21, 2021 (as may be amended, restated, amended and restated, waived, supplemented,
or otherwise modified from time to time, this “Agreement”), made by BIOTRICITY INC., a Nevada corporation (“Grantor”),
in favor of SWK FUNDING LLC, a Delaware limited liability company, as agent (in such capacity, “Agent”) for the Lenders
(as defined below) party to the Credit Agreement (as defined below).
                

W
I T N E S S E T H:
                

WHEREAS,
pursuant to that certain Credit Agreement, dated on or about the date hereof (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), by and among Grantor, as the borrower, Agent and the financial institutions
party thereto from time to time as lenders (each a “Lender” and collectively, the “Lenders”), Agent
and Lenders have agreed to make certain financial accommodations available to Grantor, and Grantor has granted a security interest to
Agent, for the benefit of Agent and Lenders, in, among other things, all right, title and interest of Grantor in, to and under all of
Grantor’s Intellectual Property (as defined below), whether now existing or hereafter arising or acquired as security for the Obligations;
and
                

WHEREAS,
Grantor is the owner of the entire right, title and interest in, to and under the Intellectual Property listed on Schedule I hereto,
as applicable.
                

NOW,
THEREFORE, in consideration of the premises and to induce Agent and Lenders to enter into the Credit Agreement, Grantor hereby agrees
with Agent as follows:
                

1.
Defined Terms.
                

(a)
Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the meanings provided in the Credit Agreement.
                

(b)
Definitions of Certain Terms Used Herein. As used herein, the following terms shall have the following meanings:
                

“Copyrights”
shall mean all of Grantor’s (or if referring to another Person, such other Person’s) now existing or hereafter acquired right,
title, and interest in and to: (i) copyrights, rights and interests in copyrights, works protectable by copyright, all applications,
registrations and recordings relating to the foregoing as may at any time be filed in the United States Copyright Office or in any similar
office or agency of the United States, any state thereof, any political subdivision thereof or in any other country, and all research
and development relating to the foregoing; and (ii) all renewals of any of the foregoing.
                

“Copyright
Licenses” shall mean all written agreements naming Grantor as licensor or licensee, granting any right under any Copyright,
including the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright (other than agreements
relating to widely-available software subject to “shrink-wrap” or “click-through” software licenses).
                

“Credit
Agreement” shall have the meaning assigned to such term in the recitals of this Agreement.
                

    	 

     

    

 

“Intellectual
Property” shall mean all present and future: trade secrets, know-how and other proprietary information; Trademarks and Trademark
Licenses, internet domain names, service marks, trade dress, trade names, business names, designs, logos, slogans (and all translations,
adaptations, derivations and combinations of the foregoing) indicia and other source and/or business identifiers, and the goodwill of
the business relating thereto and all registrations or applications for registrations which have heretofore been or may hereafter be
issued thereon throughout the world; Copyrights (including Copyrights for computer programs, but excluding commercially available off-the-shelf
software and any Intellectual Property rights relating thereto) and Copyright Licenses, and all tangible and intangible property embodying
the Copyrights, unpatented inventions (whether or not patentable); Patents and Patent Licenses; Mask Works; industrial design applications
and registered industrial designs; license agreements related to any of the foregoing and income therefrom, books, records, writings,
computer tapes or disks, flow diagrams, specification sheets, computer software, source codes, object codes, executable code, data, databases
and other physical manifestations, embodiments or incorporations of any of the foregoing; customer lists and customer information, the
right to sue for all past, present and future infringements of any of the foregoing; all other intellectual property; and all common
law and other rights throughout the world in and to all of the foregoing.
                

“IP
Collateral” shall have the meaning assigned to such term in Section 2 hereof.
                

“Mask
Works” shall mean all of Grantor’s (or if referring to another Person, such other Person’s) now existing or hereafter
acquired right, title, and interest in and to mask works or similar rights available for the protection of semiconductor chips.
                

“Patents”
shall mean all of Grantor’s (or if referring to another Person, such other Person’s) now existing or hereafter acquired right,
title and interest in and to: (i) all patents, patent applications, inventions, invention disclosures and improvements, and all applications,
registrations and recordings relating to the foregoing as may at any time be filed in the United States Patent and Trademark Office or
in any similar office or agency of the United States, any state thereof, any political subdivision thereof or in any other country or
multi-jurisdictional patent office or agency, and all research and development relating to the foregoing; and (ii) the reissues, divisions,
continuations, renewals, reexaminations, extensions and continuations-in-part of any of the foregoing.
                

“Patent
Licenses” shall mean all agreements, whether written or oral, providing for the grant by or to Grantor of any right to manufacture,
develop, market, use or sell any products derived, in whole or in part, from any invention covered by a Patent or any similar agreement
related to any other use of any invention covered by a Patent.
                

“Trademarks”
shall mean all of Grantor’s (or if referring to another Person, such other Person’s) now existing or hereafter acquired right,
title, and interest in and to: (i) all of Grantor’s (or if referring to another Person, such other Person’s) trademarks,
trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos, other business
identifiers, all applications, registrations and recordings relating to the foregoing as may at any time be filed in the United States
Patent and Trademark Office or in any similar office or agency of the United States, any State thereof, any political subdivision thereof
or in any other country, and all research and development and goodwill of the business relating thereto; (ii) all renewals thereof; and
(iii) all designs and general intangibles of a like nature.
                

“Trademark
Licenses” shall mean, collectively, each agreement, whether written or oral, providing for the grant by or to Grantor of any
right to use any Trademark.
                

    	2

     

    

 

(c)
Other Definitional Provisions.
                

(i)
The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and section and paragraph references
are to this Agreement unless otherwise specified.
                

(ii)
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.
                

2.
Grant of Security Interest. To secure the payment and performance of the Obligations, Grantor hereby confirms and acknowledges
that it has granted (and, to the extent not previously granted under the Guarantee and Collateral Agreement, does hereby grant) to Agent,
for the benefit of Agent and Lenders, a lien and security interest in Grantor’s entire right, title and interest in its Intellectual
Property and all proprietary rights relating to or arising from such Intellectual Property, in each case whether now owned or hereafter
acquired by Grantor, and including, without limitation, Grantor’s right, title and interest in and to the Intellectual Property
and proprietary rights identified on Schedule I attached hereto and made a part hereof, and the right to sue for past, present
and future infringements and dilutions, and all rights corresponding thereto throughout the world, and the entire goodwill of Grantor’s
business connected with and symbolized by such Intellectual Property and all income, fees, royalties, proceeds and other payments at
any time due or payable with respect to any of the foregoing (referred to collectively as the “IP Collateral”); provided,
that the IP Collateral shall not include the Excluded Property (as defined in the Guarantee and Collateral Agreement).
                

3.
Protection of Intellectual Property by Grantor. Grantor shall, at its sole cost, expense and risk, in connection with the
operation of its business, comply with the requirements set forth in Section 5.7 of the Guarantee and Collateral Agreement in respect
to the Intellectual Property.
                

4.
Representations and Warranties. Grantor represents and warrants that:
                

(a)
Schedule I is a true, correct and complete list of all Registered Intellectual Property in which Grantor purports to have an ownership
or license interest.
                

(b)
Grantor has the legal right and authority to enter into this Agreement and perform its terms.
                

(c)
If Grantor amends its name, Grantor shall provide copies of such amendment documentation to Agent and shall re-register Grantor’s
Registered Intellectual Property with the appropriate Governmental Authority and shall execute and deliver such agreements or documentation
as Agent shall request to maintain a perfected first priority security interest in the IP Collateral subject to Permitted Liens.
                

5.
No Violation of Credit Agreement. The representations, warranties or covenants contained herein are supplemental to those
representations, warranties and covenants contained in the other Loan Documents, and shall not be deemed to modify any such representation,
warranty or covenant contained in any other Loan Document.
                

    	3

     

    

 

6.
Agreement Applies to Future Intellectual Property. 
                

(a)
The provisions of this Agreement shall automatically apply to any such additional property or rights described in Section 2 above,
all of which shall be deemed to be and treated as “IP Collateral” within the meaning of this Agreement.
                

(b)
Upon the request of Agent, Grantor shall execute and deliver, and have recorded, any and all agreements, instruments, documents and papers
as Agent may reasonably request to evidence Agent’s security interest in any IP Collateral and the goodwill of Grantor relating
thereto or represented thereby (including, without limitation, filings with the United States Patent and Trademark Office, or the United
States Copyright Office or any similar office), and Grantor hereby constitutes Agent as its attorney-in-fact to execute and file all
such writings for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed; provided, however,
that Agent’s taking of such action shall not be a condition to the creation or perfection of the security interest created hereby.
                

7.
Grantor’s Rights to Enforce Intellectual Property. Prior to Agent’s giving of notice to Grantor following the
occurrence and during the continuance of an Event of Default, Grantor shall have the exclusive right to sue for past, present and future
infringement of the IP Collateral, including the right to seek injunctions and/or money damages, in an effort by Grantor to protect the
IP Collateral against encroachment by third parties, provided, however, that:
                

(a)
Any money damages awarded or received by Grantor on account of such suit (or the threat of such suit) shall constitute IP Collateral.
                

(b)
Any damages recovered in any action pursuant to this Section, net of costs and attorneys’ fees reasonably incurred, shall be applied
in accordance with the Credit Agreement and the Guarantee and Collateral Agreement.
                

(c)
Following the occurrence and during the continuance of any Event of Default, Agent, by notice to Grantor may terminate or limit Grantor’s
rights under this Section 7.
                

8.
Agent’s Actions to Protect Intellectual Property. Pursuant to, in accordance with and subject to the terms of the Credit
Agreement, Agent, acting in its own name or in that of Grantor, may (but shall not be required to) act in Grantor’s place and stead
and/or in Agent’s own right with respect to the rights and obligations of Grantor under Section 3, Section 6 and
Section 7 of this Agreement.
                

9.
Rights Upon Default. Upon the occurrence and during the continuance of any Event of Default, Agent may exercise all rights
and remedies as provided for in the Credit Agreement.
                

10.
Agent as Attorney In Fact.
                

(a)
Grantor hereby irrevocably constitutes and designates Agent as its attorney-in-fact to:
                

(i)
Following the occurrence and during the continuance of an Event of Default, supplement and amend from time to time Schedule I
of this Agreement to include any new or additional Registered Intellectual Property of Grantor.
                

(ii)
Exercise any of the rights and powers referenced herein in accordance with this Agreement.
                

    	4

     

    

 

(b)
The grant of a power of attorney, being coupled with an interest, shall be irrevocable until the Obligations are Paid in Full.
                

(c)
Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 8, Section 9
or Section 10 of this Agreement, but if Agent elects to do any such act or to exercise any of such powers, it shall not be accountable
for more than it actually receives as a result of such exercise of power, and shall not be responsible to Grantor for any act or omission
to act, except to the extent Agent acted with gross negligence or willful misconduct as determined by a court of competent jurisdiction.
                

11.
Agent’s Rights. Upon an the occurrence and during the continuance of an Event of Default, any use by Agent of the IP
Collateral, as authorized hereunder in connection with the exercise of Agent’s rights and remedies under this Agreement and under
the Credit Agreement shall be coextensive with Grantor’s rights thereunder and with respect thereto and without any liability for
royalties or other related charges.
                

12.
No Limitation; Loan Documents. This Agreement has been executed and delivered by Grantor for the purpose of recording the
security interest granted to Agent with respect to the IP Collateral with the United States Patent and Trademark Office, the United States
Copyright Office, as well as with any similar office or department of any other foreign or domestic Governmental Authority. The security
interest granted hereby has been granted as a supplement to, and not in limitation of, the security interest granted to Agent, for the
benefit of Agent and Lenders, under the Guarantee and Collateral Agreement and the other Loan Documents. The other Loan Documents (and
all rights and remedies of Grantor, Agent, and Lenders thereunder) shall remain in full force and effect in accordance with their terms.

                

13.
Termination; Release of IP Collateral. This Agreement and all obligations of Grantor and Agent hereunder shall terminate on
the date upon which the Obligations are performed in full and Paid in Full. Upon termination of this Agreement, Agent shall, at the expense
of the Grantor, take such actions required by the Credit Agreement or the Guarantee and Collateral Agreement or as otherwise reasonably
requested by Grantor to release its security interest in the IP Collateral.
                

14.
Binding Effect; Benefits. This Agreement shall be binding upon Grantor and its successors and assigns, and shall inure to
the benefit of Agent, Lenders and their respective successors and assigns.
                

15.
GOVERNING LAW. THIS AGREEMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.
                

16.
Counterparts; Electronic Signatures. This Agreement may be executed in counterparts with the same effect as if all parties
had executed the same document. All counterparts shall be construed together and shall constitute a single agreement. Further, the parties
hereto consent and agree that this Agreement may be signed and/or transmitted by e-mail of any .pdf file, .jpeg file, or any other electronic
or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce
Act or the New York Electronic Signatures and Records Act, which includes any electronic signature provided using Orbit, Adobe Sign,
DocuSign, or any other similar platform identified by the parties hereto and reasonably available at no undue burden or expense to the
Agent), except to the extent the Agent requires otherwise. Any such electronic signatures shall be valid, effective and legally binding
as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes
hereunder. No party hereto shall raise the use of e-mail or other electronic transmission to deliver a signature or the fact that any
signature or agreement or amendment was transmitted or communicated through the use of e-mail or other electronic transmission as a defense
to the formation or enforceability of a contract and each such party forever waives any such defense.
                

17.
Copy of Agreement. Grantor acknowledges receipt of a signed copy of this Agreement.
                

18.
Conflicting Terms . In the event of any conflict or inconsistency between the terms of this Agreement and the terms of
the Credit Agreement or the Guarantee and Collateral Agreement, as the case may be, the terms of the Credit Agreement or the Guarantee
and Collateral Agreement, as applicable, shall control.
                

[Remainder
of page intentionally blank; signature page follows.]
                

    	5

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Intellectual Property Security Agreement to be executed by its duly authorized representatives
as of the date first above written.
                

	 	GRANTOR:
	 	 	 
	 	BIOTRICITY
  INC.,
	 	a
  Nevada corporation
	 	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 

 

    	 

     

    

 

	 	AGENT:
	 	 	 
	 	SWK
    FUNDING LLC
	 	 
	 	By:
    SWK Holdings Corporation,
	 	its
    sole Manager
	 	 	 
	 	By:	 
	 	Name:	Winston
    Black
	 	Title:	Chief
    Executive Officer

 

    	 

     

    

 

Schedule
I
                

Licenses
                

[Schedule
I]

 

    	 

     

    

 

Copyrights
                

[Schedule
I]

 

    	 

     

    

 

Patents
                

	Application Number	 	Patent Number	 	Title	 	Filing Date	 	Issue Date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 
               [Schedule
I]

 

    	 

     

    

 

Trademarks
                

	Serial Number	 	Registration Number	 	Mark	 	Filing Date	 	Registration Date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 
               [Schedule
I]

 

    	 

     

    

 

Mask
Works
                

[Schedule
I]Exhibit
10.11

 

Exploration
Lease with Option To Purchase Agreement

Swales Property

 

This
Exploration Lease with Option To Purchase Agreement for the Swales Property (“the Agreement”) is made and entered into, by
and between W. Wright Parks III, a person with an address at 22904 Carriage Drive, Reno NV 89521 (“the Owner”), and Nevada
Canyon Gold Corp. a Nevada Corporation with an office at Suite 543, 316 California Avenue Reno, NV 89509 (“NCG”).

 

Recitals

 

A.
The Owner is the beneficial and registered holder of an 100% undivided interest in forty unpatented lode mining claims, more
particularly described in Exhibit “A”, attached to and by this reference incorporated in this Agreement (collectively
the “Property”) situated within the Swales Mountain Mining District within Elko County, Nevada. NCG wishes to enter into
this Exploration Lease with Option to Purchase Agreement in the Property from the Owner.

 

B.
Owner desires to lease and to grant to NCG the option to purchase the Property on the terms and conditions of this Agreement.

 

C.
Now, therefore, in consideration of their mutual promises, the parties agree as follows:

 

1. Definitions. The
following defined terms, wherever used in this Agreement, shall have the meanings described below:

 

1.1 “$”
or “dollars” shall mean references to the currency of the United States of America.

 

1.2
“Deed” means the conveyance to be executed and delivered by Owner to NCG on NCG’s exercise and closing of the Option.

 

1.3
“Effective Date” means December 27 , 2021.

 

1.4
“Governmental Regulations” means all directives, laws, orders, ordinances, regulations and statutes of any federal,
state or local agency, court or office.

 

1.5
““Lease Year” means each one (1) year period following the Effective Date and each anniversary of the Effective
Date.

 

1.6
“Minerals” means all minerals and mineral materials, including, without limitation, gold, silver, platinum and platinum
group metals, base metals (including, for example, antimony, chromium, cobalt, copper, lead, manganese, mercury, nickel, molybdenum,
titanium, tungsten, zinc), and other metals and mineral materials which are on, in or under the Property.

 

1.7
“Minimum Payments” means the minimum payments payable by NCG in accordance with Section 4.1.

 

1.8
“Option” means the option and right granted by Owner to NCG to purchase the Property in accordance with Section 5.

 

1.9
“NCG” means Nevada Canyon Gold Corp. a Nevada corporation, and its parents, successors and assigns.

 

1.10
“Owner” means W. Wright Parks III, and its successors and assigns.

 

1.11
“Property” means the unpatented mining claims situated in Swales Mountain Mining District, in Elko County Nevada more
particularly described in Exhibit A hereto.

 

    	1

     

    

 

2.
Lease and Grant of Rights. Owner will Lease the Property exclusively to NCG and grants to NCG the rights and privileges
described in this Section.

 

2.1
Lease. Owner leases to NCG and grants to NCG the right to use the Property for the purposes of exploration for Minerals. NCG must
exercise the Option to purchase the Property before NCG commences the development of a mine or mine-related facilities or commences mining
on the Property.

 

2.2
Water Rights. Subject to the regulations of the State of Nevada concerning the appropriation and taking of water, NCG shall have
the right to appropriate and use water, to drill wells for the water on the Property and to lay and maintain all necessary water
lines as may be required by NCG in its operations on the Property.

 

3.
Term. The term of this Agreement shall commence on the Effective Date and shall continue for ten (10) years, subject to
NCG’s right to extend this Agreement for two (2) additional terms of ten (10) years each, and subject to NCG’s right to
purchase the Property in accordance with Section 5.

 

4.
Lease Payments. NCG shall make the following payments to Owner:

 

4.1
Annual Minimum Payments. On or at any time within ninety (90) days of the parties’ execution of this Agreement, (the “Effective
date”), NCG shall pay to Owner the sum of twenty thousand dollars ($20,000.00). Following the Effective Date, NCG shall pay the
following Minimum Payments to Owner:

 

	First
    anniversary of Effective Date	 	$	20,000	 
	Second
    anniversary of Effective Date	 	$	20,000	 
	Third
    anniversary of Effective Date	 	$	20,000	 
	Fourth
    anniversary of Effective Date	 	$	20,000	 
	Fifth
    anniversary of Effective Date	 	$	20,000	 
	Sixth
    and any succeeding anniversary of the Effective Date	 	$	20,000	 

 

None
of the above Annual Minimum Payments provided in this Section shall be credited against the Purchase Price if NCG elects to exercise
the Option. NCG shall not be obligated to pay the Annual Minimum Payments referenced above, after the exercise and closing of the Option
To Purchase.

 

4.2
Method of Payment. NCG shall pay all payments under this Agreement by method approved by Owner.

 

5.
Option to Purchase. Owner grants to NCG the exclusive option and right to acquire ownership of the Property (the
“Option”). The purchase price of the Property shall be Seven Hundred and Fifty Thousand Dollars ($750,000.00) (the
“Purchase Price”). The Purchase Price can be paid in either cash and/or equity of NCG, or a combination thereof, at the
election of the Owner. The Minimum Payments paid by NCG to Owner shall not be applied or credited against the Purchase
Price.

 

5.1
Notice of Election. If NCG elects to exercise the Purchase Option, NCG shall deliver written notice to Owner. On Owner’s
receipt of NCG’s notice of exercise of the Option, the parties shall make diligent efforts to close the conveyance of the
Property and shall do so within thirty (30) days after NCG’s delivery of the notice.

 

5.2
Transfer of Fees and Taxes. If NCG exercises the Option, NCG shall pay the Bureau of Land Management mining claim transfer fees,
the real property transfer taxes, if any, and all recording costs incurred in closing of the Option.

 

5.3
Payment on Closing. On closing of the Option, NCG shall pay the Purchase Price to Owner.

 

    	2

     

    

 

5.4
Owner’s Deliveries on Closing. If NCG exercises and closes the Option, Owner shall execute and deliver to NCG a
declaration of value to be submitted on recording of the Deed and an affidavit of non-foreign taxpayer status in accordance with
Internal Revenue Code Section 1445.

 

5.5
Effect of Closing. On closing of the Option, NCG shall own a 100% undivided interest of the Property, free and clear of any
encumbrances.

 

6.
Compliance With The Law. NCG shall, at NCG’s sole cost, comply with all Governmental Regulations relating to the condition,
use or occupancy of the Property by NCG, including but not limited to all exploration and development work performed by NCG during the
term of this Agreement. NCG shall, at its sole cost, promptly comply with all applicable Governmental Regulations regarding reclamation
of the Property. Owner agrees to cooperate with NCG in NCG’s application for governmental licenses, permits and approvals, the
costs of which shall be borne by NCG.

 

7.
NCG’s Work Practices and Reporting.

 

7.1
Work Practices. NCG shall work the Property in a miner-like fashion.

 

7.2
Inspection of Data. During the term of this Agreement, Owner and Owner’s representatives shall have the right to examine
and make copies of the technical data regarding the Property in NCG’s possession during reasonable business hours and upon
prior notice, provided, however, that the rights of Owner to examine such data shall be exercised in a manner that does not
interfere with the operations of NCG.

 

8.
Scope of Agreement. During the term of the Option, this Agreement shall extend to and include the unpatented mining claims
described in this Agreement (and any amendments or relocations of the unpatented mining claims), including any unpatented mining
claims amended or located by the parties to fill any fractions or gaps among the unpatented mining claims which constitute the
Property or among the unpatented mining claims and any fee lands adjacent to or near the unpatented mining claims which constitute
the Property. NCG’s obligations under this Section shall not apply to any unpatented mining claims acquired by NCG from an
unaffiliated third party in an arm’s length transaction. NCG agrees and covenants that this Section shall be binding on NCG
and NCG’s affiliates and any assignee of this Agreement and the affiliates of any such assignee.

 

9.
Liens. NCG agrees to pay all indebtedness and liabilities incurred by or for NCG arising from or relating to NCG’s
activities on the Property, except that NCG need not discharge or release any such lien, charge or encumbrance so long as NCG is
contesting the same in good faith, provided that if a judgment is entered which affirms or authorizes foreclosure on the lien, NCG
promptly, and before foreclosure of the lien, shall pay, post a bond to secure payment of the lien, or otherwise cause the discharge
and release of the lien. NCG must comply with the requirements of NRS 108.2403.

 

10.
Taxes.

 

10.1
Real Property Taxes. Owner shall pay any and all taxes assessed and due against the Property before the Effective Date. NCG
shall pay promptly before delinquency all taxes and assessments, general, special, ordinary and extraordinary, that may be levied or
assessed and due against the Property after the Effective Date and during the term of this Agreement. All such taxes for the year in
which this Agreement is executed and for the year in which this Agreement terminates shall be prorated between Owner and NCG, except
that neither Owner nor NCG shall be responsible for the payment of any taxes which are based upon income, net proceeds, production
or revenues from the Property assessed solely to the other party.

 

10.2
Personal Property Taxes. Each party shall promptly when due pay all taxes assessed against such party’s personal property,
improvements or structures placed or used on the Property.

 

    	3

     

    

 

10.3
Income Taxes. No party shall be liable for any taxes levied on or measured by the other party’s income, net proceeds or
payments under this Agreement or received from the production of minerals from the Property.

 

10.4
Delivery of Tax Notices. If Owner receives tax bills or claims which are NCG’s responsibility, Owner shall promptly
forward them to NCG for payment.

 

11.
Indemnity. Owner shall not be liable to NCG and NCG waives all claims against Owner for injury to or death of any person or
damage to or destruction of any personal property or equipment or theft of property occurring on or about the Property or arising
from or relating to NCG’s business conducted on the Property. NCG shall defend, indemnify and hold harmless Owner and its
members, officers, directors, agents and employees from and against any and all claims, judgments, damage, demands, losses,
expenses, costs or liability arising in connection with injury to person or property from any activity, work, or things done,
permitted or suffered by NCG or NCG’s agents, partners, servants, employees, invitees or contractors on or about the Property,
or from any breach or default by NCG in the performance of any obligation on the part of NCG to be performed under the terms of this
Agreement, excluding, however, the negligence of Owner.

 

12.
Property Maintenance. 

 

12.1
Claim Maintenance Fees. If under Governmental Regulations, all annual mining claim maintenance fees are required to be paid for
the unpatented mining claims which constitute all or part of the Property, beginning with the annual assessment work period of
September 1, 2021, to September 1, 2022, NCG shall pay the all annual mining claim maintenance fees no later than one (1) months
before the applicable statutory and regulatory deadline, and shall execute and record or file, as applicable, proof of payment of
the all annual mining claim maintenance fees and of Owner’s intention to hold the unpatented mining claims which constitute
the Property. If NCG elects to terminate this Agreement more than two (2) months before the deadline for payment of the annual
mining claim maintenance fees for the following annual assessment year, NCG shall have no obligation to pay the annual mining claim
maintenance fees for the Property for the following assessment year. If NCG does not terminate this Agreement more than two (2)
months before the deadline for payment of the annual mining claim maintenance fees for the following annual assessment year, NCG
shall pay the annual maintenance fees for the Property for the following assessment year.

 

13.
Amendment of Mining Laws. The parties acknowledge that legislation for the amendment or repeal of the mining laws of the United
States applicable to the Property has been, and in the future may be, considered by the United States Congress. The parties desire
to ensure that any and all interests of the parties in the lands subject to the unpatented mining claims which comprise all or part
of the Property, including any rights or interests acquired in such lands under the mining laws as amended, repealed or superseded,
shall be part of the Property and shall be subject to this Agreement. If the mining laws applicable to the unpatented mining claims
subject to this Agreement are amended, repealed or superseded, the conversion or termination of Owner’s interest in the
Property pursuant to such amendment, repeal or supersession of the mining laws shall not be considered a deficiency or defect in
Owner’s title in the Property, and NCG shall have no right or claim against Owner resulting from the conversion, diminution,
or loss of Owner’s interest in and to the Property, except as expressly provided in this Agreement. If pursuant to any
amendment or supersession of the mining laws Owner is granted the right to convert its interest in the unpatented mining claims
comprising the Property to a permit, license, lease, or other right or interest, all converted interests or rights shall be deemed
to be part of the Property subject to this Agreement. Upon the grant or issuance of such converted interests or rights, the parties
shall execute and deliver an addendum to this Agreement, in recordable form, by which such converted interests or rights are made
subject to this Agreement.

 

    	4

     

    

 

14. Relationship
of the Parties.

 

14.1
No Partnership. This Agreement shall not be deemed to constitute any party, in its capacity as such, the partner, agent or legal
representative of any other party, or to create any joint venture, partnership, mining partnership or other partnership relationship
between the parties.

 

14.2
Competition. Except as expressly provided in this Agreement, each party shall have the free and unrestricted right independently
to engage in and receive the full benefits of any and all business endeavors of any sort outside the Property or outside the scope
of this Agreement, whether or not competitive with the endeavors contemplated under this Agreement, without consultation with or
participation of the other party. In particular, without limiting the foregoing, neither party to this Agreement shall have any
obligation to the other as to any opportunity to acquire any interest, property or right offered to it outside the scope of this
Agreement.

 

14.3
Limitation. NCG’s performance of its duties and obligations under this Agreement shall not obligate NCG to perform any
additional services to Owner, nor, except as expressly provided in this Agreement, to conduct or to invest any funds of any nature
whatsoever in the exploration of, development or production of minerals on or under the Property. NCG may explore, conduct
geological, geochemical and geophysical investigations, drill, sample or otherwise explore for or develop Minerals in the manner and
to the extent that NCG, in its sole discretion, deems advisable. Only the express duties and obligations described in this Agreement
are binding on NCG and NCG shall have no duties or obligations, implied or otherwise, to explore for, develop or mine minerals.
Owner acknowledges that NCG’s express undertakings under this Agreement and Purchase Price are in lieu of any implied duties
or obligations.

 

15. Inspection. During
the term of the Option, the Owner or Owner’s duly authorized representatives shall be permitted to enter on the Property and
NCG’s workings at reasonable times and on five (5) days’ advance notice to NCG for the purpose of inspection, but they
shall enter on the Property at their own risk and in such a manner which does not unreasonably hinder, delay or interfere with
NCG’s operations. If NCG is conducting exploration, development or mining during Owner’s inspection, Owner agrees that
Owner will comply with all of NCG’s safety rules and regulations, including the requirement that Owner and Owner’s
representatives be accompanied by NCG’s representatives during the inspection.

 

16.
Representations.

 

16.1
Title. Except as expressly provided in this Agreement, Owner represents to Owner’s knowledge and belief as follows: (a)
the unpatented mining claims which are part of the Property were properly located in accordance with applicable federal and state
laws and regulations; (b) the unpatented mining claims which are part of the Property are in good standing; and (c) subject to the
paramount title of the United States, the unpatented mining claims are free and clear of adverse claims, liens, encumbrances, or
royalties.

 

16.2
Escrow for Disputes. If at any time a third party asserts a claim of ownership in the Property or the Minerals which is adverse
to the interest of Owner or NCG, or if NCG is advised by legal counsel for NCG that it appears that a third party may have such a
claim, NCG may deposit any payments which would otherwise be due to Owner into escrow and give notice of such deposit to Owner. In
the event of a dispute as to ownership of the Property, the Minerals, the surface of the Property, the minimum payments may be
deferred until twenty (20) days after NCG is furnished satisfactory evidence that such dispute has been finally settled and all
provisions as to keeping this Agreement in force shall relate to such extended time for payment.

 

17.
Covenants, Warranties and Representations. Each of the Parties covenants, warrants and represents for itself as
follows:

 

17.1
Compliance with Laws. That it has complied with all applicable laws and regulations of any governmental body, federal, state or
local, regarding the terms of and performance of its obligations under this Agreement. Each party shall maintain its standing as a
business entity in accordance with the laws of the jurisdiction of its organization.

 

    	5

     

    

 

17.2
No Pending Proceedings. That there are no lawsuits or proceedings pending or threatened which affect its ability to perform the
terms of this Agreement.

 

17.3
Costs. That it shall pay all costs and expenses incurred or to be incurred by it in negotiating and preparing this Agreement and
in closing and carrying out the transactions contemplated by this Agreement.

 

17.4Brokers.
That it has had no dealings with any agent, broker or finder in connection with this Agreement, and shall indemnify, defend and hold
the other party harmless from and against any claims that may be asserted through such party that any agent’s broker’s or
finder’s fee is due in connection with this Agreement.

 

17.5
Patriot Act. That it is not on the Specially Designated National & Blocked Persons List of the Office of Foreign Assets Control
of the United States Treasury Department and is not otherwise blocked or banned by any foreign assets office rule or any other law or
regulation, including the USA Patriot Act or Executive Order 13224.

 

18.
Termination by Owner. Any failure by NCG to perform any of its covenants, liabilities, obligations or responsibilities under this
Agreement shall be a default. Owner may give NCG written notice of a default. If a payment default is not remedied within five (5) days
after receipt of the notice or any other default is not remedied within thirty (30) days after receipt of the notice, provided the default
can reasonably be cured within that time, or, if not, if NCG has not within that time commenced action to cure the same or does not after
such commencement diligently prosecute such action to completion, Owner may terminate this Agreement by delivering notice to NCG of Owner’s
termination of this Agreement, provided that if NCG contests Owner’s notice of default or Owner’s assertion that NCG has
not timely cured or commenced action to cure the alleged default, Owner may not terminate this Agreement unless and until issues of the
alleged default and failure to cure the alleged default had been determined by a court of competent jurisdiction. In such case, NCG shall
have such time as provided by the decree or order of the court having jurisdiction of the dispute concerning the alleged default or failure
to cure the alleged default. On termination of this Agreement based on NCG’s default, within ten (10) days NCG shall execute and
deliver to Owner a release and termination of this Agreement in form acceptable for recording.

 

19.
Termination and Surrender of Mining Claims by NCG. NCG may at any time terminate this Agreement by giving written notice to
Owner. If NCG terminates this Agreement, NCG shall perform all obligations and pay all payments which accrue or become due before
the termination date. On NCG’s termination of this Agreement, within ten (10) days NCG shall execute and deliver to Owner a
release and termination of this Agreement in form acceptable for recording.

 

20.
Force Majeure. Each party’s obligations under this Agreement shall be suspended during the time and to the extent such
party is prevented from compliance, in whole or in part, by war or war conditions (actual or potential), earthquake, fire, flood,
strike, labor stoppage, accident, riot, unavoidable casualty, act or restraint, present or future, or any lawful authority, statute,
act of God, act of public enemy, inability to obtain or delays in obtaining governmental approvals, consents, licenses or permits
(including any of the foregoing relating to the change of the use or points of diversion and use of water resources), labor or
transportation, or other delays or cause of the same or other character beyond the reasonable control of such party. If a party
invokes force majeure, it shall notify the other party in writing within ten (10) days of the force majeure event and shall
diligently attempt to cure, end or remediate the force majeure event. A party claiming force majeure shall notify the other party in
writing within ten (10) days of termination of the force majeure event.

 

21.
Surrender of Property. On expiration or termination of this Agreement, NCG shall surrender the Property promptly to Owner and at
NCG’s sole cost shall remove from the Property all of NCG’s buildings, equipment and structures. NCG shall reclaim the
Property in accordance with all applicable Governmental Regulations.

 

    	6

     

    

 

22.
Data. Promptly following the parties’ execution of this Agreement, Owner shall deliver to NCG copies of all of the
technical and title data Owner possesses regarding the Property Interest. Within thirty (30) days following termination of this
Agreement, NCG shall deliver to Owner copies of the technical data regarding the Property in NCG’s possession at the time of
termination which before termination NCG has not furnished to Owner. At Owner’s election, NCG shall deliver to Owner
NCG’s core, cuttings, sample splits, and sample pulps from the Property.

 

23.
Confidentiality. The data and information, including the terms of this Agreement, coming into the parties’ possession by
virtue of this Agreement shall be deemed confidential and shall not be disclosed to outside third parties except as may be required
to publicly record or protect title to the Property or to publicly announce and disclose information under Governmental Regulations
or under the rules and regulations of any stock exchange on which the stock of a party, or the parent or affiliates of a party, is
listed. If a party negotiates for a transfer of all or any portion of such party’s interest in the Property or under this
Agreement or negotiates to procure financing or loans relating to the Property, in order to facilitate any such negotiations such
party shall have the right to furnish information to third parties, provided that each third party to whom the information is
disclosed agrees to maintain its confidentiality in the manner provided in this Section.

 

24.
Assignment.

 

24.1
NCG’s Assignment. During the term of this Agreement, NCG shall not assign, convey, encumber, sublease, grant any
concession, or license or otherwise transfer to a third party (each a “Transfer”) all or any part of its interest in
this Agreement or the Property, without, in each case, Owner’s prior written consent, which shall not be withheld
unreasonably. Owner shall have the right to consider the proposed transferee’s financial, legal, operating and technical
expertise and history when determining the suitability of the transferee as the lessee under this Agreement. Owner shall respond to
NCG’s request for consent within ten (10) days following Owner’s receipt of NCG’s request, and if Owner does not
timely inform NCG that Owner does not consent to the proposed Transfer, Owner shall be deemed to have approved the Transfer. Each
transferee of any interest in this Agreement shall execute and deliver an instrument by which the transferee agrees to assume and
perform the obligations of the assignor under this Agreement.

 

24.2
Owner’s Assignment. Owner shall have the right to assign or otherwise transfer all or any part of its interest in this
Agreement or the Property. No change in ownership of Owner’s interest in the Property shall affect NCG’s obligations
under this Agreement unless and until Owner delivers and NCG receives copies of the documents which demonstrate the change in
ownership of Owner’s interest. Until NCG receives Owner’s notice and the documents required to be delivered under this
Section, NCG may continue to make all payments under this Agreement as if the transfer of Owner’s Ownership interest had not
occurred. No division of Owner’s ownership as to all or any part of the Property shall enlarge NCG’s obligations or
diminish NCG’s rights under this Agreement.

 

25.
Memorandum Agreement. The parties shall execute and deliver a memorandum of this Agreement. The execution of the memorandum
shall not limit, increase or in any manner affect any of the terms of this Agreement or any rights, interests or obligations of the
parties.

 

26.
Notices. Any notices required or authorized to be given by this Agreement shall be in writing and shall be sent either by
commercial courier, facsimile, or by certified U.S. mail, postage prepaid and return receipt requested, addressed to the proper
party at the address stated below or such address as the party shall have designated to the other parties in accordance with this
Section. Such notice shall be effective on the date of receipt by the addressee party, except that any facsimiles received after
5:00 p.m. of the addressee’s local time shall be deemed delivered the next day.

 

    	7

     

    

 

	If
    to Owner:	W.
    Wright Parks III 
	 	22904
    Carriage Drive, 
	 	Reno
    NV 89521
	 	Attn:
    Wright Parks
	 	E-mail:
    wrightparks@sbcglobal.net
	 	 
	If
    to NCG:	Nevada
    Canyon Gold Corp.
	 	Suite
    543 316 California Avenue 
	 	Reno,
    NV 89501
	 	Attn:
    Jeffrey Cocks
	 	E-mail:
    jeff@westisleventures.com

 

27.
Binding Effect of Obligations. This Agreement shall be binding upon and inure to the benefit of the respective parties and their
successors or assigns.

 

28.
Entire Agreement. The parties agree that the entire agreement between them is written in this Agreement and in a memorandum of
agreement of even date. There are no terms or conditions, express or implied, other than expressly stated in this Agreement. This
Agreement may be amended or modified only by a written instrument signed by the parties with the same formality as this
Agreement.

 

29.
Governing Law and Forum Selection. This Agreement shall be construed and enforced in accordance with the laws of the State of
Nevada. The forum for any action regarding the construction or enforcement of this Agreement shall be the Second Judicial District
Court, Washoe County, Reno, Nevada.

 

30.
Multiple Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original, but all of which shall constitute the same Agreement.

 

31.
Severability. If any part, term or provision of this Agreement is held by a court of competent jurisdiction to be illegal or in
conflict with any Governmental Regulations, the validity of the remaining portions or provisions shall not be affected, and the
rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term
or provision held to be invalid. The parties have executed this Agreement effective as of the Effective Date.

 

SIGNATURE
PAGE FOLLOWS

 

    	8

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement.

 

Signed,
sealed and delivered on this 27th, day of December 2021

 

	W.
    WRIGHT PARKS III	 
	 	 
	By	/s/
    Wright Parks	 
	 	W.
    Wright Parks III	 

 

	NEVADA
    CANYON GOLD CORP.	 
	 	 
	By	/s/
    Jeffrey Cocks	 
	 	Jeffrey
    Cocks, Chief Executive Officer & Director	 

 

    	9

     

    

 

EXHIBIT
A

 

Unpatented
Claims Property Description

The
following forty (40) unpatented lode mining claims situated in

T35N,
R53E Section 16, located within Elko County, Nevada

 

	Count	 	Claim
    Name	 	NMC
    Number	 	County
    Document No.	 	Location
    Date
	1	 	TBJ
    37	 	NMC1184872	 	750425	 	2018-10-16
	2	 	TBJ
    38	 	NMC1184873	 	750426	 	2018-10-16
	3	 	TBJ
    39	 	NMC1184874	 	750427	 	2018-10-16
	4	 	TBJ
    40	 	NMC1184875	 	750428	 	2018-10-16
	5	 	TBJ
    41	 	NMC1184876	 	750429	 	2018-10-16
	6	 	TBJ
    42	 	NMC1184877	 	750430	 	2018-10-16
	7	 	TBJ
    43	 	NMC1184878	 	750431	 	2018-10-16
	8	 	TBJ
    44	 	NMC1184879	 	750432	 	2018-10-16
	9	 	TBJ
    45	 	NMC1184880	 	750433	 	2018-10-16
	10	 	TBJ
    46	 	NMC1184881	 	750434	 	2018-10-16
	11	 	TBJ
    47	 	NMC1184882	 	750435	 	2018-10-16
	12	 	TBJ
    48	 	NMC1184883	 	750436	 	2018-10-16
	13	 	TBJ
    49	 	NMC1184884	 	750437	 	2018-10-16
	14	 	TBJ
    50	 	NMC1184885	 	750438	 	2018-10-16
	15	 	TBJ
    51	 	NMC1184886	 	750439	 	2018-10-16
	16	 	TBJ
    52	 	NMC1184887	 	750440	 	2018-10-16
	17	 	TBJ
    53	 	NMC1184888	 	750441	 	2018-10-16
	18	 	TBJ
    54	 	NMC1184889	 	750442	 	2018-10-16
	19	 	TBJ
    55	 	NMC1184890	 	750443	 	2018-10-16
	20	 	TBJ
    56	 	NMC1184891	 	750444	 	2018-10-16
	21	 	TBJ
    57	 	NMC1184892	 	750445	 	2018-10-16
	22	 	TBJ
    58	 	NMC1184893	 	750446	 	2018-10-16
	23	 	TBJ
    59	 	NMC1184894	 	750447	 	2018-10-16
	24	 	TBJ
    60	 	NMC1184895	 	750448	 	2018-10-16
	25	 	TBJ
    61	 	NMC1184896	 	750449	 	2018-10-16
	26	 	TBJ
    62	 	NMC1184897	 	750450	 	2018-10-16
	27	 	TBJ
    63	 	NMC1184898	 	750451	 	2018-10-16
	28	 	TBJ
    64	 	NMC1184899	 	750452	 	2018-10-16
	29	 	TBJ
    65	 	NMC1184900	 	750453	 	2018-10-16
	30	 	TBJ
    66	 	NMC1184901	 	750454	 	2018-10-16
	31	 	TBJ
    67	 	NMC1184902	 	750455	 	2018-10-16
	32	 	TBJ
    68	 	NMC1184903	 	750456	 	2018-10-16
	33	 	TBJ
    69	 	NMC1184904	 	750457	 	2018-10-16
	34	 	TBJ
    70	 	NMC1184905	 	750458	 	2018-10-16
	35	 	TBJ
    71	 	NMC1184906	 	750459	 	2018-10-16
	36	 	TBJ
    72	 	NMC1184907	 	750460	 	2018-10-16
	37	 	TBJ
    73	 	NMC1184908	 	750461	 	2018-10-16
	38	 	TBJ
    74	 	NMC1184909	 	750462	 	2018-10-16
	39	 	TBJ
    75	 	NMC1184910	 	750463	 	2018-10-16
	40	 	TBJ
    76	 	NMC1184911	 	750464	 	2018-10-16

 

    	10

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