Document:

Aberdeen Standard Gold ETF Trust S-3ASR

Exhibit
4.2

AUTHORIZED
PARTICIPANT AGREEMENT

 

AUTHORIZED
PARTICIPANT AGREEMENT (this “Agreement”) dated as of [DATE] among (i) [AUTHORIZED PARTICIPANT], a [company] organized
under the laws of [JURISDICTION OF AP] (the “Authorized Participant”), (ii) The Bank of New York Mellon, a
New York Banking corporation acting in its capacity as trustee (in such capacity, the “Trustee”) of the Trust(s)
listed on the attached Schedule A, which is a part of this Agreement (each a “Trust” and collectively, the
“Trusts”), each Trust created under New York law pursuant to its respective Depositary Trust Agreement identified
on the attached Schedule A (each a “Trust Agreement” and collectively, the “Trust Agreements”),
and (iii) Aberdeen Standard Investments ETFs Sponsor LLC, in its capacity as sponsor of each Trust (in such capacity, the “Sponsor”).

 

R
E C I T A L S

 

A.
Pursuant to the provisions of the applicable Trust Agreements, each Trust may from time to time issue or redeem equity securities
representing an interest in the assets of such Trust (“Shares”), in each case only in aggregate amounts as
set out in Schedule A (such aggregate amount, a “Basket”), and integral multiples thereof, and only in transactions
with a party who, at the time of the transaction, shall have signed and in effect an Authorized Participant Agreement with such
Trust.

 

B.
[AUTHORIZED PARTICIPANT] has requested to become an “Authorized Participant” with respect to each Trust (as such term
is defined in the applicable Trust Agreement), and the Sponsor and the Trustee have agreed to such request.

 

NOW,
THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the parties, hereto, intending to be legally bound, agree as follows:

 

Section
1. Procedures. The Authorized Participant will purchase or redeem Baskets of Shares of the relevant Trust in compliance
with the relevant Trust Agreement as supplemented by the Creation and Redemption Procedures attached to this Agreement as Schedule
1 (such procedures, as the same may be amended or modified from time to time in compliance with the provisions hereof and thereof,
the “Procedures”), using either (i) the form attached thereto as Annex I (a “Purchase Order”,
in the case of an order to purchase one or more Baskets of Shares issued by a specified Trust and a “Redemption Order”,
in case of an order to redeem one or more Baskets of Shares issued by a specified Trust) or (ii) through the Trustee’s electronic
order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the
terms and conditions attached thereto as Annex II. All Purchase Orders and Redemption Orders (collectively, “Orders”)
shall be placed and executed in accordance with the relevant Trust Agreement as supplemented by the Procedures. Capitalized terms
used in this Agreement and not otherwise defined herein have the meaning ascribed to them in the Procedures.

 

Section
2. Incorporation of Standard Terms. The Standard Terms attached hereto as Schedule 2 are hereby incorporated by reference
into, and made a part of, this Agreement.

    

     

    

Section
3. Conflicts Rules. In case of any inconsistency between the provisions of this Agreement and an applicable Trust Agreement,
the provisions of such Trust Agreement shall control. In case of inconsistency between the provisions incorporated by reference
into this Agreement pursuant to Section 2 above and any other provision of this Agreement, the latter will control.

 

Section
4. Authorized Representatives. Pursuant to Section 2.01 of the Standard Terms, attached hereto as Schedule 3-A is a certificate
listing the Authorized Representatives of the Authorized Participant.

 

Section
5. Additional Covenants. The Authorized Participant covenants and agrees:

 

(a)       
To use its best efforts to ensure that any Delivery of applicable Bullion to the Custodian, or any withdrawal of applicable Bullion
from the appropriate Trust, in connection with a Purchase Order or Redemption Order placed by the Authorized Participant will
take place only through one or more members of the London Bullion Market Association and/or the London Platinum and Palladium
Market as appropriate under the terms of the applicable Trust Agreement.

 

(b)
       Promptly upon written demand therefore (accompanied by such reasonable evidence as the
Authorized Participant may request), to reimburse the relevant Trust or the Custodian the amount of any taxes (including value
added taxes) that may be imposed on the relevant Trust or the Custodian in connection with any Delivery of Bullion by or on behalf
of the Authorized Participant to the Custodian (in the case of a Purchase Order placed by the Authorized Participant), or any
Delivery of Bullion to or for the account of the Authorized Participant (in the case of a Redemption Order placed by the Authorized
Participant).

 

Section
6. Notices. Except as otherwise specifically provided in the Procedures, all notices required or permitted to be given
pursuant hereto shall be given in writing and delivered by personal delivery or by postage prepaid registered or certified United
States first class mail, return receipt requested, or by telex or facsimile (with a confirming copy by mail) addressed as follows:

 

(i)
If to the Trustee:

 

The
Bank of New York Mellon

 2
Hanson Place — Floor 9th

 Brooklyn,
NY 11217

 Attn:
Jarvis Joseph

 Telephone:
(718) 315-7500

 Facsimile:
(732) 667-9478

 E-Mail:
jarvis.joseph@bnymellon.com

 

(ii)
If to the Sponsor:

 

Aberdeen
Standard Investments ETFs Sponsor LLC

 c/o
Aberdeen Standard Investments

712
Fifth Avenue – 49th Floor, New York, NY 10019

Attn:
Adam Rezak

Telephone:
844-383-7289

E-Mail:
adam.rezak@aberdeenstandard.com

    2

     

    

(iii)
If to the Authorized Participant:

 

[AUTHORIZED
PARTICIPANT]

Attn:

[AP’S
ADDRESS]

Telephone:

Facsimile: 

Telex:

 

or
such other address as any of the parties hereto shall have communicated in writing to the remaining parties in compliance with
the provisions hereof.

 

Section
7. Effectiveness, Termination and Amendment. This Agreement shall become effective upon execution and delivery by each
of the parties hereto. This Agreement may be terminated at any time by any party upon sixty days prior written notice to the other
parties and may be terminated earlier by the Trustee or the Sponsor at any time on the event of a breach by the Authorized Participant
of any provision of this Agreement (including the Standard Terms incorporated by Section 2 hereof) or the Procedures. This Agreement,
along with any other agreement or instrument delivered pursuant to this Agreement, supersedes any prior agreement between or among
the parties concerning the matters governed hereby. This Agreement may be amended by the Trustee and the Sponsor from time to
time without the consent of the Authorized Participant or any Beneficial Owner by the following procedure: the Trustee or the
Sponsor will mail a copy of the amendment to the Authorized Participant in compliance with the notice provisions of this Agreement;
if the Authorized Participant does not object in writing to the amendment within fifteen (15) Business Days after receipt of the
proposed amendment, the amendment will become part of this Agreement in accordance with its terms. Titles and section headings
in this Agreement (and in the Standard Terms incorporated by Section 2 hereof and the Procedures) are included solely for convenient
reference and are not a part of this Agreement.

 

Section
8. Governing Law. This Agreement and all the transactions hereunder shall be governed by and interpreted in accordance
with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict
law principles) as to all matters including matters of validity, construction, effect, performance and remedies. The parties irrevocably
submit to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in New York City over any
suit, action or proceeding arising out of, or relating to, this Agreement.

 

Section
9. Assignment. No party to this Agreement shall assign any rights, or delegate the performance of any obligations, arising
hereunder without the prior written consent of the other parties hereto, which shall not be unreasonably withheld; provided, that
any entity into which a party hereto may be merged or converted, or with which it may be consolidated, or any entity resulting
from any merger, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party
hereto. The party resulting from any such merger, conversion, consolidation or succession shall promptly notify the other parties
hereto of the change. Any purported assignment or delegation in violation of these provisions shall be null and void. Notwithstanding
the foregoing, any successor Trustee appointed in compliance with the applicable Trust Agreement shall automatically become a
party hereto and shall assume all the obligations, and be entitled to all the rights and remedies of the Trustee hereunder with
respect to the applicable Trust.

    3

     

    

Section
10. No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rule of strict construction will be applied against any party.

 

Section
11. Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of
which shall constitute but one and the same instrument.

 

[Signatures
Follow on Next Page]

    4

     

    

IN
WITNESS WHEREOF, the parties hereto have executed this Authorized Participant Agreement as of the date set forth above.

 

THE
BANK OF NEW YORK MELLON, in its capacity as

Trustee
of the Trusts listed on Schedule A hereto

 

	By:	 	 
	Name:	 
	Title:	 
	Date:	 

 

ABERDEEN
STANDARD INVESTMENTS ETFs SPONSOR LLC, in its capacity as

Sponsor
of the Trusts listed on Schedule A hereto

 

	By:	 	 
	Name:	 
	Title:	 
	Date:	 

 

[AUTHORIZED
PARTICIPANT]

 

	By:	 	 
	Name:	 
	Title:	 
	Date:	 

    5

     

    

SCHEDULE
A – APPLICABLE TRUSTS

 

		●	Aberdeen
                                         Standard Palladium ETF Trust (issuer of Aberdeen Standard Physical Palladium Shares ETF),
                                         a trust created under New York Law pursuant to that certain Depositary Trust Agreement
                                         between the Trustee and the Sponsor, as may be amended from time to time

 

		●	Aberdeen
                                         Standard Platinum ETF Trust (issuer of Aberdeen Standard Physical Platinum Shares ETF),
                                         a trust created under New York Law pursuant to that certain Depositary Trust Agreement
                                         between the Trustee and the Sponsor, as may be amended from time to time

 

		●	Aberdeen
                                         Standard Precious Metals Basket ETF Trust (issuer of Aberdeen Standard Physical Precious
                                         Metals Basket Shares ETF), a trust created under New York Law pursuant to that certain
                                         Depositary Trust Agreement between the Trustee and the Sponsor, as may be amended from
                                         time to time

 

		●	Aberdeen
                                         Standard Silver ETF Trust (issuer of Aberdeen Standard Physical Silver Shares ETF), a
                                         trust created under New York Law pursuant to that certain Depositary Trust Agreement
                                         between the Trustee and the Sponsor, as may be amended from time to time

 

		●	Aberdeen
                                         Standard Gold ETF Trust (issuer of Aberdeen Standard Physical Gold Shares ETF), a trust
                                         created under New York Law pursuant to that certain Depositary Trust Agreement between
                                         the Trustee and the Sponsor, as may be amended from time to time

 

[Delivery
Locations, Basket Sizes and Bullion Ounces per Share on Next Page]

    6

     

    

DELIVERY
LOCATIONS, BASKET SIZES

AND BULLION OUNCES PER SHARE

 

Description
of Delivery and Basket Sizes:

 

	 	Delivery
    of Bullion	Shares
    per basket	Oz.
    per Share at inception
	Aberdeen
    Standard Silver ETF Trust	Loco-London	50,000	1.0
	Aberdeen
    Standard Gold ETF Trust 	Loco-Zurich/London	100,000	0.1

        

        0.01
        (after share split effective 11/1/2019)

        

	Aberdeen
    Standard Platinum ETF Trust 	Loco-Zurich/London	50,000	0.1
	Aberdeen
    Standard Palladium ETF Trust	Loco-Zurich/London	25,000	0.1
	Aberdeen
    Standard Precious Metals Basket ETF Trust 	Loco-London

        

        (gold
        and silver)

         

        Loco-Zurich/London

        

        (platinum
        and palladium)

        
	50,000	Silver
        - 1.100

        

        Gold
        - 0.030

        

        Platinum
        - 0.004

        

        Palladium
- 0.006

         

 

    7

     

    

 

SCHEDULE
1- CREATION AND REDEMPTION PROCEDURES

    

     

    

 TABLE
OF CONTENTS - SCHEDULE 1

 

	 	Page
	ARTICLE
    I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 	 
	Section
    1.01	Definitions	S1-2
	Section
    1.02	Interpretation	S1-6
	 	 	 
	ARTICLE
    II CREATION PROCEDURES	 
	Section
    2.01	Initial
    Creation of Shares	S1-7
	Section
    2.02	Subsequent
    Creation of Shares	S1-7
	 	 	 
	ARTICLE
    III REDEMPTION PROCEDURES	 
	Section
    3.01	Redemption
    of Shares	S1-9
	 	 	 
	ANNEX
    I TO CREATION AND REDEMPTION PROCEDURES	 
	Creation/Redemption
    Order Form	S1-13
	 	 	 
	ANNEX
    II TO CREATION AND REDEMPTION PROCEDURES	 
	Order
    Entry System Terms and Conditions	S1-15

    S1-1

     

    

FOURTH
AMENDED AND RESTATED

CREATION AND REDEMPTION PROCEDURES

 

Adopted
by the Sponsor and Trustee (each as defined below) as of December 18, 2019

 

ARTICLE
I

 

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section
1.01. Definitions. For purposes of these Procedures, and the Standard Terms incorporated by reference into the Authorized
Participant Agreement to which these Procedures are attached, unless the context otherwise requires, the following terms will
have the following meanings:

 

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

 

“Affiliate”
shall have the meaning given to it by Rule 501(b) under the 1933 Act.

 

“AP
Indemnified Party” shall have the meaning ascribed to such term in Section 6.01.a of the Standard Terms.

 

“Authorized
Participant” shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant
Agreement.

 

“Authorized
Participant Agreement” shall mean each Authorized Participant Agreement among the Authorized Participant, the Trustee
and the Sponsor into which these Creation and Redemption Procedures are attached as Schedule 1 and the Standard Terms and Conditions
attached as Schedule 2 shall have been incorporated by reference.

 

“Authorized
Participant Client” means any party on whose behalf the Authorized Participant acts in connection with an Order (whether
a customer or otherwise).

 

“Authorized
Representative” shall mean, with respect to an Authorized Participant, each individual who, pursuant to the provisions
of the Authorized Participant Agreement between such Authorized Participant, the Sponsor, and the Trustee, has the power and authority
to act on behalf of the Authorized Participant in connection with the placement of Purchase Orders or Redemption Orders and is
in possession of the personal identification number (PIN) assigned by the Trustee for use in any communications regarding Purchase
or Redemption Orders on behalf of such Authorized Participant.

 

“Basket”
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Basket
Amount” shall mean the specific basket amount term defined in Section 1.1 of the relevant Trust Agreement (e.g., the
“Basket Silver Amount” in the case of the Aberdeen Standard Silver ETF Trust; the “Basket Gold Amount”
in the case of the Aberdeen Standard Gold ETF Trust;

    S1-2

     

    

the
“Basket Platinum Amount” in the case of the Aberdeen Standard Platinum ETF Trust; the “Basket Palladium Amount”
in the case of the Aberdeen Standard Palladium ETF Trust; and the “Basket Bullion Amount” in the case of the Aberdeen
Standard Precious Metals Basket ETF Trust).

 

“Benchmark
Price” shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Beneficial
Owner” shall have the meaning given to it by Rule 16a-1(a)(2) of the Securities Exchange Act of 1934.

 

“Bullion”
shall mean Silver, Gold, Platinum and/or Palladium as appropriate.

 

“Business
Day” shall mean, if and as applicable, (i) each day the exchange on which the relevant Shares trade is open for regular
trading, and/or (ii) a London Business Day, and/or (iii) a Zurich Business Day.

 

“Creation”
means the process that begins when an Authorized Participant first indicates to the Trustee its intention to purchase one or more
Baskets of a specified Trust pursuant to these Procedures and concludes with the issuance by the Trustee and Delivery to such
Authorized Participant of the corresponding number of that Trust’s Shares.

 

“Creation
and Redemption Line” shall mean a telephone number designated as such by the Trustee and specified in Annex I of the
Procedures or otherwise communicated to each Authorized Participant in compliance with the notice provisions of the respective
Authorized Participant Agreement.

 

“Custodial
Allocated Account” shall mean the allocated bullion account established by the Trustee with the Custodian pursuant to
the relevant Custodian Agreement.

 

“Custodial
Unallocated Account” shall mean the unallocated bullion account established by the Trustee with the Custodian pursuant
to the relevant Custodian Agreement.

 

“Custodian”
shall mean, with respect to the Aberdeen Standard Gold ETF Trust, the Aberdeen Standard Platinum ETF Trust, the Aberdeen Standard
Palladium ETF Trust, the Aberdeen Standard Precious Metals Basket ETF Trust and the Aberdeen Standard Silver ETF Trust, JPMorgan
Chase Bank, N.A., in its capacity as custodian under the Custodian Agreements and any successor thereto or additional or other
custodian appointed in compliance with the provisions of the relevant Trust Agreements and relevant Custodian Agreement(s).

 

“Custodian
Agreement” or “Custodian Agreements” shall mean the applicable Custodian Agreement by and between
the Trustee and the Custodian with respect to the applicable Trust.

 

“Delivery”
shall mean a delivery of Bullion or Shares, as applicable, in each case effected according to the definition of “Deliver”
in Section 1.1 of the relevant Trust Agreement.

    S1-3

     

    

“Depositor”
shall mean any Authorized Participant that deposits Bullion into the relevant Trust, either for its own account or on behalf of
another Person that is the owner or beneficial owner of that Bullion.

 

“Deposit
Property” means property which, in compliance with the provisions of the relevant Trust Agreement, must be transferred
by the Authorized Participant to the relevant Trust in exchange for that Trust’s Shares.

 

“DTC”
shall mean The Depository Trust Company, its nominees and their respective successors. “FINRA” means the Financial
Industry Regulatory Authority.

 

“Gold”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreements of the Aberdeen Standard Gold ETF Trust and
the Aberdeen Standard Precious Metals Basket ETF Trust, as applicable, relating to gold.

 

“Initial
Creation” shall mean the initial creation of Shares pursuant to the provisions of Section 2.01 hereof.

 

“LBMA”
shall mean the London Bullion Market Association.

 

“London
Business Day” shall mean a day (other than a Saturday, Sunday or a public holiday in England) on which commercial banks
generally and the over-the-counter markets in silver, with respect to Aberdeen Standard Silver ETF Trust and the Aberdeen Standard
Precious Metals Basket ETF Trust, and gold, with respect to the Aberdeen Standard Gold ETF Trust and the Aberdeen Standard Precious
Metals Basket ETF Trust, each as coordinated by the LBMA, and in platinum, with respect to the Aberdeen Standard Platinum ETF
Trust and the Aberdeen Standard Precious Metals Basket ETF Trust, and palladium, with respect to the Aberdeen Standard Palladium
ETF Trust and the Aberdeen Standard Precious Metals Basket ETF Trust, each as coordinated by the LPPM, are open for the transaction
of business in London.

 

“LPPM”
shall mean the London Platinum and Palladium Market.

 

“Order”
shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Order
Cutoff Time” shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Order
Date” shall have, (i) with respect to a Purchase Order, the meaning ascribed to the term in Section 2.3(a) of the relevant
Trust Agreement; and (ii) with respect to a Redemption Order, the meaning ascribed to the term in Section 2.6(a) of the relevant
Trust Agreement.

 

“Ounce”
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

    S1-4

     

    

“Palladium”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreements of the Aberdeen Standard Palladium ETF Trust
and the Aberdeen Standard Precious Metals Basket ETF Trust, as applicable, relating to palladium.

 

“Person”
shall mean any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof.

 

“Platinum”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreements of the Aberdeen Standard Platinum ETF Trust
and the Aberdeen Standard Precious Metals Basket ETF Trust, as applicable, relating to platinum.

 

“Procedures”
shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Prospectus”
or “Prospectuses” means the current prospectus of the relevant Trust included in its effective registration
statement, as supplemented or amended from time to time.

 

“Purchase
Order” shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Redemption
Order” shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Shares”
means Shares issued by the relevant Trust pursuant to the provisions of the relevant Trust Agreement.

 

“Silver”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreements of the Aberdeen Standard Silver ETF Trust and
the Aberdeen Standard Precious Metals Basket ETF Trust, as applicable, relating to silver.

 

“Sponsor”
shall mean Aberdeen Standard Investments ETFs Sponsor LLC, a Delaware limited liability company.

 

“Sponsor
Indemnified Party” shall have the meaning ascribed to such term in Section 6.01.b of the Standard Terms.

 

“Trustee”
shall mean The Bank of New York Mellon, a New York banking corporation, in its capacity as Trustee under each Trust Agreement,
and any successor thereto in compliance with the provisions thereof.

 

“Trust”
or “Trusts” shall have the meanings ascribed to them in the introductory paragraph of the Authorized Participant
Agreement.

    S1-5

     

    

“Trust
Agreement” or “Trust Agreements” shall have the meanings ascribed to them in the introductory paragraph
of the Authorized Participant Agreement.

 

“Unallocated
Basis” shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“VAT”
shall mean (a) any tax imposed pursuant to or in compliance with the Sixth Directive of the Council of the European Economic Communities
(77/388/EEC) including, in relation to the United Kingdom, value added tax imposed by the Value Added Tax Act 1994 and legislation
and regulations supplemental thereto; and (b) any other tax of a similar nature, whether imposed in a member state of the European
Union or elsewhere, in substitution for, or levied in addition to, such tax referred to in “(a)”.

 

“Zurich
Business Day” shall mean a day (other than a Saturday, Sunday or a public holiday in Switzerland) on which commercial
banks generally and the over-the-counter markets in gold, with respect to the Aberdeen Standard Gold ETF Trust, platinum, with
respect to the Aberdeen Standard Platinum ETF Trust, the Aberdeen Standard Precious Metals Basket ETF Trust, and palladium, with
respect to the Aberdeen Standard Palladium ETF Trust and the Aberdeen Standard Precious Metals Basket ETF Trust, are open for
the transaction of business in Zurich.

 

Section
1.02. Interpretation. In these Procedures:

 

Unless
otherwise indicated, all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs,
schedules or exhibits in or to these Procedures.

 

To
the extent that term(s) defined in Section 1.01 apply to a Trust that has not commenced operations as of any relevant date and
such Trust is listed or to be listed on Schedule A of the Authorized Participant Agreement, such term(s) shall not be operative
and any provisions relating to such a Trust and its Shares contained in the Authorized Participant Agreement shall have no effect
until such Trust commences operations and its Trust Agreement and applicable Custodian Agreement have been executed and delivered
whereupon such terms and provisions shall become automatically operative and effective without any further action by the parties
to the Authorized Participant Agreement.

 

The
words “hereof”, “herein”, “hereunder” and words of similar import shall refer to these Procedures
as a whole, and not to any individual provision in which such words may appear.

 

A
reference to any statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute,
law, decree, rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time.

 

A
reference to any agreement, instrument or document shall be construed as a reference to such agreement, instrument or document
as the same may have been amended from time to time in compliance with the provisions thereof.

    S1-6

     

    

ARTICLE
II CREATION

 

PROCEDURES

 

Section
2.01. Initial Creation of Shares. The initial creation of Shares of a Trust will take place in compliance with such procedures
as the Trustee, the Sponsor and the initial Depositor may agree.

 

Section
2.02. Subsequent Creation of Shares. After the Initial Creation, the issuance and Delivery of Shares of a specified Trust
shall take place only in integral numbers of Baskets in compliance with the following rules:

 

a.       Authorized
Participants wishing to acquire from the Trustee one or more Baskets shall place a Purchase Order with the Trustee no later than
3:59:59 p.m. (New York time) on any Business Day. Purchase Orders received by the Trustee on or after the Order Cutoff Time on
a Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order
Date such next Business Day.

 

b.       For
purposes of Section 2.02a. above, a Purchase Order shall be deemed “received” by the Trustee only when either of the
following has occurred no later than 3:59:59 p.m. (New York time):

 

(i)
Telephone/fax Order – An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and
Redemption Line and has received an Order Number from the Trustee for insertion in the Purchase Order, or

 

(ii)
Web-based Order – An Authorized Representative shall have accessed the Trustee’s online services (www.etfservices.bankofny.com)

 

in
either case informing the Trustee that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets
and, in the case of a telephone order, within 15 minutes following such telephone call the Trustee shall have received a properly
completed, irrevocable Purchase Order in the form set out in Annex I to these Procedures executed by an Authorized Representative
of such Authorized Participant, via facsimile at the number specified in such Annex I.

 

c.       The
Trustee shall provide a written summary to the Sponsor and the Custodian of all accepted Purchase Orders for such Order Date no
later than 5:30 p.m. (New York time).

 

d.       As
soon as reasonably practicable following receipt of a properly completed Purchase Order but not later than 5:30 p.m. (New York
time) on the Order Date for such Purchase Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian),
via facsimile or electronic mail message, a copy of the corresponding Purchase Order endorsed “Accepted” by the Trustee
and indicating the Basket Amount that the Authorized Participant shall Deliver to the Custodian in respect of each Basket. Prior
to the transmission of the Trustee’s acceptance as specified above, a Purchase Order will only represent the Authorized
Participant’s unilateral offer to deposit Bullion in exchange for Baskets of Shares and will have no binding effect upon
the Trust or any other party. Following the transmission of the Trustee’s acceptance as specified above, a Purchase Order
will be a binding agreement among the Trust and the Authorized Participant for the creation and purchase of Baskets of Shares
and the deposit of Bullion pursuant to the terms of the Purchase Order and these Procedures. If a Purchase Order is rejected,
the Trustee shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as
soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Purchase Order, a copy
of the corresponding Purchase Order endorsed “Declined” by the Trustee and indicating the reason. The preceding sentence
notwithstanding, Purchase Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Purchase
Order which is not properly completed will be deemed invalid and rejected by the Trustee; the Authorized Participant may submit
a corrected Purchase Order within the time period specified in Section 1.09 of the Standard Terms.

    S1-7

     

    

e.       Each
Purchase Order shall settle on the second Business Day following the Order Date. The Basket Amount corresponding to each Basket
must be deposited in the Custodial Unallocated Account in unallocated Bullion (i) loco London with respect to Silver for the Aberdeen
Standard Silver ETF Trust and the Aberdeen Standard Precious Metals Basket ETF Trust, (ii) loco London with respect to Gold for
the Aberdeen Standard Precious Metals Basket ETF Trust, (iii) loco Zurich or loco London with respect to Gold for the Aberdeen
Standard Gold ETF Trust, and (iv) loco Zurich or loco London with respect to Platinum and Palladium for the Aberdeen Standard
Platinum ETF Trust, the Aberdeen Standard Palladium ETF Trust and the Aberdeen Standard Precious Metals Basket ETF Trust, no later
than 10:00 a.m. (London time) on the second Business Day following the Order Date.

 

f.       The
Custodian shall advise the Trustee in writing of the deposits made to the Custodial Allocated Account in connection with each
Purchase Order.

 

g.       On
the second Business Day following the Order Date corresponding to a Purchase Order, or on such earlier date and time as the Trustee
in its absolute discretion may agree with the Authorized Participant, the Trustee shall issue the aggregate number of Shares corresponding
to the Baskets ordered by the Authorized Participant and Deliver them, by credit to the account at DTC which the Authorized Participant
shall have identified for such purpose in its Purchase Order, provided that, by 11:00 a.m. (New York time) on the date such issuance
and Delivery is to take place:

 

(i)
the Custodian shall have reported in writing to the Trustee that the corresponding required amount of Bullion has been deposited
in the Trustee’s Custodial Unallocated Account in compliance with the provisions of Section 2.02e. above and

 

(ii)
the Authorized Participant shall have paid or agreed to pay the Trustee a per order transaction fee in the amount of US$500, if
applicable.

 

h.       In
all other cases, the Trustee shall issue the aggregate number of Shares corresponding to the Baskets ordered by the Authorized
Participant and Deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such purpose
in its Purchase Order on the Business Day following the date on which all of the conditions set forth in clauses (i) and (ii)
of Section 2.02g. above shall have been met. In the event that, by 11:00 a.m. (New York time) on the second Business Day following
the Order Date of a Purchase Order, the Trustee’s Custodial Unallocated Account shall not have been credited with the required
amount of Bullion in compliance with the provisions of section 2.02e. above, the Trustee shall send to the Authorized Participant
and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have two (2) Business
Days following receipt of such notice to correct such failure. If such failure is not cured within such two (2) Business Day period,
the Trustee shall, unless the Sponsor shall otherwise direct, cancel such Purchase Order and will send via fax or electronic mail
message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely
responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled Order.

    S1-8

     

    

i.       The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Shares in respect of a Purchase Order arising from nuclear fission or fusion, radioactivity, war, terrorist event,
invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods, extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
a Trust, the Trustee, the Custodian or sub-custodian, metal clearing bank delays and similar extraordinary events beyond the Trustee’s
control. In the event of any such delay, the time to complete Delivery in respect of a Purchase Order will be extended for a period
equal to that during which the inability to perform continues.

 

j.       Except
as provided in Sections 2.02d., 2.02f. and 2.02h., none of the Trustee, the Sponsor, the Custodian, nor any sub-custodian are
under any duty, to give notification of any defects or irregularities in any Purchase Order or the delivery of the Basket Amount,
and shall not incur any liability for the failure to give any such notification.

 

k.
Purchase Orders may be rejected under the circumstances specified in the applicable Prospectus.

 

ARTICLE
III REDEMPTION

 

PROCEDURES

 

Section
3.01. Redemption of Shares. Redemption of Shares of a specified Trust shall take place only in integral numbers of Baskets
in compliance with the following rules:

 

a.       Authorized
Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Trustee no later than 3:59:59 p.m.
(New York time) on any Business Day. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business
Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next
Business Day.

 

b.       For
purposes of Section 3.01a. above, a Redemption Order shall be deemed “received” by the Trustee only when either of
the following has occurred no later than 3:59:59 p.m. (New York time):

 

(i)
Telephone/fax Order – An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and
Redemption Line and has received an Order Number from the Trustee for insertion in the Redemption Order, or

    S1-9

     

    

(ii)
Web-based Order – An Authorized Representative shall have accessed the Trustee’s online services
(www.etfservices.bankofny.com)

 

in
either case informing the Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of
Baskets and, in the case of a telephone order, within 15 minutes following such telephone call the Trustee shall have received
a duly completed, irrevocable Redemption Order in the form set out in Annex I to these Procedures executed by an Authorized Representative
of such Authorized Participant, via facsimile at the number specified in such Annex I.

 

c.       Upon
receipt of a properly completed Redemption Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian),
via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the
Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed “Accepted” by the Trustee
and indicating the Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being
redeemed

 

d.       The
Trustee shall, by 11:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order, confirm
in writing to the Custodian whether each of the following has occurred by 10:00 a.m. (New York time) on the second Business Day
following the Order Date of a Redemption Order:

 

(i)
the Authorized Participant has Delivered to the Trustee’s account at DTC the total number of Shares to be redeemed by such
Authorized Participant pursuant to such Redemption Order; and

 

(ii)
the Authorized Participant has paid or agreed to pay the Trustee a per order transaction fee of US$500, if applicable.

 

Provided
that the Custodian has received written confirmation from the Trustee that the conditions set forth in clauses (i) and (ii) of
Section 3.01d. above have been satisfied, the Custodian shall:

 

(1)
on the same Business Day, Deliver:

 

		●	unallocated
                                         Silver loco London;

		●	unallocated
                                         Gold loco London;

		●	unallocated
                                         Gold loco Zurich (for the Aberdeen Standard Gold ETF Trust only);

		●	unallocated
                                         Platinum loco Zurich;

		●	unallocated
                                         Platinum loco London;

		●	unallocated
                                         Palladium loco Zurich; and/or

		●	unallocated
                                         Palladium loco London

 

(as
applicable to the specific Redemption Order)

    S1-10

     

    

in
the amounts specified in the communication sent in compliance with Section 3.01c. above, to the account indicated by the redeeming
Authorized Participant in its Redemption Order (which shall be an appropriate bullion account with an LBMA member or LPPM member,
as applicable for the type of Bullion involved). Having made such Delivery, the Custodian shall send written confirmation thereof
to the Trustee who shall then cancel the Shares so redeemed.

 

e.       In
all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable
following receipt of written confirmation from the Trustee that the conditions set forth in clauses (i) and (ii) of Section 3.01d.
above have been satisfied.

 

f.       The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Bullion in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event,
invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods, extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
a Trust, the Trustee, the Custodian or sub-custodian, metal clearing bank delays and similar extraordinary events beyond the Trustee’s
control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a
period equal to that during which the inability to perform continues.

 

g.       In
the event that, by 10:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order, Trustee’s
account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be
redeemed pursuant to such Redemption Order, the Trustee shall send to the Authorized Participant and the Custodian via fax or
electronic mail message notice of such fact and the Authorized Participant shall have two (2) Business Days following receipt
of such notice to correct such failure. If such failure is not cured within such two (2) Business Day period, the Trustee (in
consultation with the Sponsor) will cancel such Redemption Order and will send via fax or electronic mail message notice of such
cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all
costs incurred by the Trust, the Trustee or the Custodian related to the cancelled Order. The Trustee is authorized to Deliver
the Basket Amount for a Redemption Order notwithstanding that the Basket(s) to be redeemed are not credited to the Trustee’s
DTC account by 10:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order if the Authorized
Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the
Sponsor and the Trustee may from time to time agree upon.

 

h.       The
redemption of Shares may be suspended or rejected under the circumstances specified in the applicable Prospectus.

 

[Signatures
Follow on Next Page]

    S1-11

     

    

IN
WITNESS WHEREOF, the Sponsor and the Trustee have executed these Fourth Amended and Restated Creation and Redemption Procedures
as of the date set forth above.

 

THE
BANK OF NEW YORK MELLON, in its capacity as Trustee

 

	By:	/s/
    Phyllis A. Cietek	 
	Name:
    Phyllis A. Cietek	 
	Title:
    Vice President	 

 

ABERDEEN
STANDARD INVESTMENTS ETFs SPONSOR LLC, in its capacity as Sponsor

 

	By:	/s/
    Lucia Sitar	 
	Name:
    Lucia Sitar	 
	Title:
    Vice President	 

 

[Fourth
Amended and Restated Creation and Redemption Procedures Signature Page]

    S1-12

     

    

 

ANNEX
I TO CREATION AND REDEMPTION PROCEDURES

 

THE BANK OF NEW YORK MELLON, TRUSTEE

CREATION/REDEMPTION ORDER FORM

UNALLOCATED ORDERS ONLY

 

CONTACT
INFORMATION FOR ORDER EXECUTION:

	 	Telephone order number:	(718) 315-7500	 
	 	Fax order number:	(732) 667-9478	 

 

Authorized
Participant must complete all items in Part 1. The Trustee in its discretion may reject any order not submitted in proper form.

 

I.
TO BE COMPLETED BY AUTHORIZED PARTICIPANT: 

Name
of Trust:

	☐ Aberdeen Standard
    Silver ETF Trust	☐ Aberdeen Standard
    Gold ETF Trust
	☐ Aberdeen Standard Platinum ETF Trust	☐ Aberdeen Standard Palladium ETF Trust
	☐ Aberdeen Standard Precious Metals Basket
    ETF Trust	 

 

	Date:_____________________________	Time:__________________________________________
	Broker Name:______________________	Authorized Participant Firm Name:___________________
	DTC Participant Number:_____________	Fax Number:____________________________________
	Telephone Number:_________________	Symbol:________________________________________
	 	 

Type
of order (Check Creation or Redemption please) 

	Creation:  ☐	Redemption:  ☐
	 	 
	# of Baskets:______________________	Number of Baskets written out:_____________________
	 	 
	Order #__________________________	 

 

Please
indicate Bullion clearing agent:

 

	JP Morgan  ☐	Other (please specify clearing
    agent):_______________________

 

Account
number for Bullion delivery:____________________________________________

 

	(With respect to Silver only):	loco London  ☐	 
	 	 	 
	(With respect to Gold involving the Aberdeen
    Standard 

    Precious Metals Basket ETF Trust only):	loco London  ☐	 
	 	 	 
	(With respect to Gold involving the Aberdeen
    Standard

    Gold ETF Trust only):	loco London  ☐	loco Zurich      ☐
	 	 	 
	(With respect to Platinum only):	loco London  ☐	loco Zurich      ☐
	 	 	 
	(With respect to Palladium only):	loco London  ☐	loco Zurich      ☐

 

This
Purchase or Redemption Order is subject to the terms and conditions of the Trust Agreement of the Shares of the Trust as currently
in effect and the Authorized Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein.
All representations and warranties of the Authorized Participant set forth in such Trust Agreement (including, if this is a Purchase
Order, the representations in Section 3.2 of the Trust Agreement) and in the Authorized Participant Agreement are incorporated
herein by reference and are true and accurate as of the date hereof.

 

    S1-13 

     

    

 

The
undersigned does hereby certify as of the date set forth below that he/she is an Authorized Representative under the Authorized
Participant Agreement and that he/she is authorized to deliver this Purchase or Redemption Order to the Trustee on behalf of the
Authorized Participant. The Authorized Participant acknowledges and agrees that (1) once accepted by the Trustee, this Purchase
or Redemption Order will become a legally binding contract for the delivery by the Authorized Participant of the Basket Amount
per Basket for a Purchase Order, or the number of Baskets for a Redemption Order, indicated above, and that the final Basket Amount
will be announced at the conclusion of the trading day and, (2) any taxes (including Value Added Taxes) incurred in connection
with this transaction will be the responsibility of, and will be reimbursed upon demand from the Custodian or the Trust by, the
Authorized Participant if required pursuant to the Authorized Participant Agreement.

 

	 	 	 	 	 
	 	Authorized Representative’s Signature	 	Date	 

 

II.       TO
BE COMPLETED BY TRUSTEE:

 

This
certifies that the above order has been:

 

_______________Accepted
by the Trustee

 

_______________Declined-Reason:____________________________________________________

 

Final
# of Ounces:

 

______________________________(Gold)

 

______________________________(Silver)

 

______________________________(Platinum)

 

______________________________(Palladium)

 

Final
# of Shares: _________________

 

Final
Cash Due to BNYM _______________

 

	 	 	 	 	 	 
	Date	 	Time	 	Authorized Signature of Trustee	 

 

    S1-14 

     

    

 

ANNEX
II TO CREATION AND REDEMPTION PROCEDURES

 

ORDER
ENTRY SYSTEM TERMS AND CONDITIONS

 

This
Annex II shall govern use by Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption
Orders for Shares (the “System”). Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed to such terms in Schedule 1 of the Authorized Participant Agreement. In the event of any conflict between the terms of
this Annex II and the main body of the Authorized Participant Agreement with respect to the placing of Purchase Orders and Redemption
Orders, the terms of this Annex II shall control.

 

1.            (a) Authorized Participant shall provide to The Bank of New York Mellon a duly executed authorization letter, in a form satisfactory
to The Bank of New York Mellon, identifying those authorized persons who will access the System (the “Authorized Persons”).
Authorized Participant shall notify The Bank of New York Mellon in writing in the event that any person’s status as an Authorized
Person is revoked or terminated as soon as possible, in order to give The Bank of New York Mellon a reasonable opportunity to
terminate such Authorized Person’s access to the System.

 

(b)
It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for
the purpose of the Authorized Participant Agreement. Upon termination of the Authorized Participant Agreement, the Authorized
Participant’s and each Authorized Person’s access rights with respect to System shall be immediately revoked.

 

2.            The Bank of New York Mellon grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System
solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with The Bank of New
York Mellon in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business
purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the
System. Authorized Participant acknowledges that The Bank of New York Mellon and its suppliers retain and have title and exclusive
proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted
or trademarked (or a registration or claim made therefor) by The Bank of New York Mellon or its suppliers. Authorized Participant
shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may
not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or
entity without The Bank of New York Mellon’s prior written consent. Authorized Participant may not remove any statutory
copyright notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction
of any portion of the System and shall add any statutory copyright notice or other notice upon The Bank of New York Mellon’s
request.

 

2.            (a) Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form)
(collectively, the “Material”), which is delivered or made available to Authorized Participant regarding the
System is the exclusive and confidential property of The Bank of New York Mellon. Authorized Participant shall keep the Material
confidential by using the same care and discretion that Authorized Participant uses with respect to its own confidential property
and trade secrets, but in no event less than reasonable care. Authorized Participant may make such copies of the Material as is
reasonably necessary for Authorized Participant to use the System and shall reproduce The Bank of New York Mellon’s proprietary
markings on any such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material
which may be copyrighted and shall apply to all Material whether or not copyrighted. THE BANK OF NEW YORK MELLON AND ITS SUPPLIERS
MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

    S1-15 

     

    

 

(b)
Upon termination of the Authorized Participant Agreement for any reason, Authorized Participant shall return to The Bank of New
York Mellon all copies of the Material which is in Authorized Participant’s possession or under its control.

 

3.            Authorized Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user
IDs, passwords and codes for access to the System, which shall not be disclosed to any third party without the prior written consent
of The Bank of New York Mellon. The Bank of New York Mellon shall be entitled to rely on the information received by it from the
Authorized Participant and The Bank of New York Mellon may assume that all such information was transmitted by or on behalf of
an Authorized Person regardless of by whom it was actually transmitted.

 

4.            The Bank of New York Mellon shall have no liability in connection with the use of the System, the access granted to the Authorized
Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant
hereunder, except for damages incurred by the Authorized Participant as a direct result of The Bank of New York Mellon’s
gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT
SHALL THE BANK OF NEW YORK MELLON OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE
FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS
HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO AUTHORIZED PARTICIPANT HEREUNDER,
OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF THE BANK OF NEW YORK MELLON
OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE BANK OF NEW YORK MELLON OR
ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION
OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON'S REASONABLE CONTROL.

 

5.            The Bank of New York Mellon reserves the right to revoke Authorized Participant’s access to the System immediately and without
notice upon any breach by the Authorized Participant of the terms and conditions of this Annex II.

 

6.            The Bank of New York Mellon shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated
through the System, and in the absence of such acknowledgment The Bank of New York Mellon shall not be liable for any failure
to act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was
received by The Bank of New York Mellon. The Bank of New York Mellon may in its discretion decline to act upon any instructions
or communications that are insufficient or incomplete or are not received by The Bank of New York Mellon in sufficient time for
The Bank of New York Mellon to act upon, or in accordance with such instructions or communications.

 

7.          Authorized Participant agrees to use reasonable efforts to prevent the transmission through the System of any software or file
which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine
to interfere or attempt to interfere with the proper working of the Systems.

 

8.          Authorized Participant acknowledges and agrees that encryption may not be available for every communication through the System,
or for all data. Authorized Participant agrees that The Bank of New York Mellon may deactivate any encryption features at any
time, without notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its
systems.

 

    S1-16 

     

    

 

SCHEDULE
2- STANDARD TERMS

 

     

     

    

 

TABLE
OF CONTENTS - SCHEDULE 2

 

	 	 	Page
	 	 	 
	ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION	 	 
	Section 1.01. Authorization to Purchase and
    Redeem Baskets	 	S2-1
	Section 1.02. Procedures for Orders	 	S2-1
	Section 1.03. Consent to Recording	 	S2-1
	Section 1.04. Irrevocability	 	S2-1
	Section 1.05. Costs and Expenses	 	S2-1
	Section 1.06. Delivery of Property to the Trust	 	S2-2
	Section 1.07. Title to Deposit Property and
    Shares Surrendered for Redemption	 	S2-2
	Section 1.08. Certain Payments or Distributions	 	S2-3
	Section 1.09. Ambiguous Instructions	 	S2-3
	 	 	 
	ARTICLE II AUTHORIZED REPRESENTATIVES	 	 
	Section 2.01. Certification	 	S2-4
	Section 2.02. PIN Numbers	 	S2-4
	Section 2.03. Termination of Authority	 	S2-5
	Section 2.04. Verification	 	S2-5
	 	 	 
	ARTICLE III STATUS OF THE AUTHORIZED PARTICIPANT	 	 
	Section 3.01. Clearing Status	 	S2-5
	Section 3.02. Broker-Dealer Status	 	S2-5
	Section 3.03. Foreign Status	 	S2-6
	Section 3.04. Compliance with Certain Laws	 	S2-6
	Section 3.05. Authorized Participant Status	 	S2-6
	 	 	 
	ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT	 	 
	Section 4.01. No Agency	 	S2-6
	Section 4.02. Rights and Obligations of DTC
    Participant	 	S2-6
	Section 4.03. Beneficial Owner Communications	 	S2-6
	Section 4.04. Authorized Participant Customer
    Information	 	S2-7
	 	 	 
	ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS
    AND WARRANTIES	 	 
	Section 5.01. Authorized Participant’s
    Representation	 	S2-7
	Section 5.02. Prospectus	 	S2-8
	 	 	 
	ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY	 	 
	Section 6.01. Indemnification	 	S2-8
	 	 	 
	ARTICLE VII MISCELLANEOUS	 	 
	Section 7.01. Commencement of Trading	 	S2-10

 

    i 

     

    

 

SECOND
AMENDED AND RESTATED STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) agreed
to as of December 18, 2019 by and between The Bank of New York Mellon, a New York banking corporation (the “Trustee”),
and Aberdeen Standard Investments ETFs Sponsor LLC, a Delaware limited liability company (the “Sponsor”).

 

ARTICLE
I

 

ORDERS
FOR PURCHASE AND REDEMPTION

 

Section
1.01. Authorization to Purchase and Redeem Baskets. Subject to the provisions of the Authorized Participant Agreement,
during the term of the Authorized Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets
of Shares in compliance with the provisions of the relevant Prospectus.

 

Section
1.02. Procedures for Orders. Each party hereto agrees to comply with the provisions of the relevant Prospectus and the
Procedures to the extent applicable to it.

 

Section
1.03. Consent to Recording. The phone lines used by the Trustee, the Custodian, the Sponsor and/or their affiliated persons
may be recorded, and the Authorized Participant hereby consents to the recording of all calls with any of those parties. In the
event that the Trustee, the Custodian, the Sponsor or any of their affiliated persons becomes legally compelled to disclose to
any third party any recording involving communications with the Authorized Participant, the Sponsor agrees to provide the Authorized
Participant with reasonable advance written notice identifying the recordings to be so disclosed unless prohibited by applicable
rule, law or order, together with copies of such recordings, so that the Authorized Participant may seek a protective order or
other appropriate remedy with respect to the recordings or waive its right to do so. In the event that such protective order or
other remedy is not obtained or the Authorized Participant waives its right to seek such protective order or remedy, the Sponsor
will use commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the recorded
conversation. The Trustee, the Sponsor or any of their affiliated persons shall not otherwise disclose to any third party any
recording involving communications with the Authorized Participant without the Authorized Participant’s express written
consent, except the Trustee and the Sponsor may disclose to any regulatory or self-regulatory organization, to the extent required
by applicable rule or law, any recording involving communications with the Authorized Participant.

 

Section
1.04. Irrevocability. The Authorized Participant agrees that delivery to the Trustee of an Order shall be irrevocable;
provided that the Trust will reject any Order that is not properly completed. In the event that the purchase or redemption of
Baskets is suspended by the Trustee or the Sponsor and such suspension affects any Order submitted by the Authorized Participant,
the Trustee or Sponsor, as applicable, will promptly notify the Authorized Participant of such suspension. In such case, the Sponsor
agrees to undertake commercially reasonable efforts to accommodate any request by the Authorized Participant to cancel a previously
placed Order.

 

Section
1.05. Costs and Expenses. The Authorized Participant shall be responsible for the expenses and costs incurred by the Trust
that can be directly attributable to Orders submitted by the Authorized Participant other than ordinary course expenses and costs
which are reimbursed through payment of the fee contemplated in Section 2.02(g) of the Procedures. The Trustee or the Sponsor
shall provide the Authorized Participant with reasonably detailed information relating to such expenses and costs upon request
by the Authorized Participant.

 

    S2-1 

     

    

 

Section
1.06. Delivery of Property to the Trust and Shares Surrendered for Redemption. The Authorized Participant understands and
agrees that in the event Deposit Property is not transferred to the Trust by the time specified for the Purchase Order, or Shares
are not delivered to the Trustee by the time specified for the Redemption Order and, in each such case, in compliance with the
Procedures and the relevant Prospectus, the Purchase Order or Redemption Order may be cancelled by the Trustee and the Authorized
Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled
Order. The Authorized Participant will not, however, be responsible for costs incurred by the Trust, the Trustee, or the Custodian
related to cancelled Orders where the failure to transfer Deposit Property to the Trust is due to the gross negligence, bad faith,
or reckless or willful misconduct of the Trustee, the Sponsor, or the Custodian. The foregoing provisions notwithstanding, the
Authorized Participant shall not be liable for any failure or delay in making Delivery of Bullion in respect of a Purchase Order
or for any failure or delay in surrendering Shares for redemption arising from nuclear fission or fusion, radioactivity, war,
terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or
utility problems, power outages resulting in telephone, telecopy and computer failures, acts of God, such as fires, floods, extreme
weather conditions, market conditions or activities causing trading halts, systems failures involving computer or other information
systems affecting the Authorized Participant, or similar extraordinary events beyond the Authorized Participant’s control.
In the event of any such delay, the time to complete Delivery in respect of a Purchase Order or Redemption Order will be extended
for a period equal to that during which the inability to perform continues. Upon the deposit of any Bullion, the Authorized Participant
as Depositor represents and warrants that (i) the Bullion meets the relevant requirements to be such Bullion and contains the
required number of Ounces, (ii) the Authorized Participant is duly authorized to make such deposit of Bullion and (iii) at the
time of delivery, the Bullion is free and clear of any lien, pledge, encumbrance, right, charge or claim.

 

Section 1.07. Title
to Deposit Property and Shares Surrendered for Redemption. The Authorized Participant represents and warrants to the Trustee
and the Sponsor that 

 

a.           in connection with each Purchase Order, the Authorized Participant will have the right and authority to transfer to the Trust
the corresponding Deposit Property, and that upon delivery of such Deposit Property to the Custodian and/or the relevant sub-custodian in accordance with the Procedures, the Trust will acquire good and unencumbered title to such property, free and clear
of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims or transferability
restrictions, whether arising by operation of law or otherwise; and

 

b.           in
connection with a Redemption Order, the Authorized Participant will have the right and authority to surrender to the Trustee for
redemption the corresponding Shares, and upon such surrender the Trust will acquire good and unencumbered title to such Shares,
free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse
claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities
lending agreements or other arrangements which, under such circumstances, would preclude the delivery of such Shares to the Trustee
on the second Business Day following the date of the Redemption Order.

 

    S2-2 

     

    

 

Section
1.08. Certain Payments or Distributions.

 

a.           With respect to any Purchase Order, the Trustee acknowledges and agrees to return to the Authorized Participant or any Authorized
Participant Client for which it is acting any payment, distribution or other amount paid to the Trust in respect of any Deposit
Property transferred to the Trust that, based on the valuation of such Deposit Property at the time of transfer, should have been
paid to the Authorized Participant or any Authorized Participant Client. Likewise, the Authorized Participant acknowledges and
agrees to return to the Trust any payment, distribution or other amount paid to the Authorized Participant or any Authorized Participant
Client in respect of any Deposit Property transferred to the Trust that, based on the valuation of such Deposit Property at the
time of transfer, should have been paid to the Trust.

 

b.           With respect to any Redemption Order, the Authorized Participant on behalf of itself and any Authorized Participant Client acknowledges
and agrees to return to the Trust any payment, distribution or other amount paid to it or an Authorized Participant Client in
respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation
of such property at the time of transfer, should have been paid to the Trust. The Trustee is entitled to reduce the amount of
any property due to the Authorized Participant or any Authorized Participant Client by an amount equal to any payment, distribution
or other sum to be paid to the Authorized Participant or to the Authorized Participant Client in respect of any property transferred
to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of
transfer, should be paid to the Trust. If, however, the Trustee so reduces an amount of any property appropriately due to the
Authorized Participant, the Authorized Participant shall not be required to return to the Trust payments, distributions or other
amounts equal to such reduction that has been paid to the Authorized Participant or the Authorized Participant Client as is contemplated
in the first sentence of this Section 1.08(b). Likewise, the Trust acknowledges and agrees to return to the Authorized Participant
or any Authorized Participant Client any payment, distribution or other amount paid to it in respect of any Shares transferred
to the Trust that, based on the valuation of such Shares at the time of transfer, should have been paid to the Authorized Participant
or such Authorized Participant Client.

 

Section
1.09. Ambiguous Instructions. In the event that a Purchase Order or Redemption Order contains terms that differ from the
information provided in the related telephone call or email transmission, the Trustee will attempt to contact the Authorized Participant
to request confirmation of the terms of the order at the telephone number indicated in the Purchase Order or Redemption Order.
If an Authorized Representative confirms the terms as they appear in the Purchase Order or Redemption Order, then the order will
be accepted and processed. If an Authorized Representative contradicts the terms of the Purchase Order or Redemption Order, the
order will be deemed invalid, and a corrected Purchase Order or Redemption Order must be received by the Trustee not later than
the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Representative or (ii) thirty (30) minutes
after the Order Cutoff Time. For the avoidance of doubt, notwithstanding the invalidation of the initial Purchase Order or Redemption
Order pursuant to this paragraph, a Purchase Order or Redemption Order that is otherwise in proper form shall be deemed submitted
at the time of its initial submission for purposes of determining when orders are deemed “received.” If the Trustee
is not able to contact an Authorized Person, then the Purchase Order or Redemption Order shall be accepted and processed in accordance
with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that a Purchase Order
or Redemption Order contains terms that are illegible, the submission will be deemed invalid and the Trustee will attempt to contact
the Authorized Participant to request retransmission. A corrected Purchase Order or Redemption Order must be received by the Trustee,
as applicable, not later than the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Participant or
(ii) thirty (30) minutes after the Order Cutoff Time.

 

    S2-3 

     

    

 

ARTICLE
II

 

AUTHORIZED REPRESENTATIVES

 

Section
2.01. Certification. Concurrently with the execution of the Authorized Participant Agreement, the Authorized Participant
shall deliver to the Trustee a certificate in a form as attached at Schedule 3-A to the Authorized Participant Agreement (an “Authorized
Representative Certificate”) signed by the Authorized Participant’s Secretary or other duly authorized person
setting forth the names, signatures, e-mail addresses and telephone and facsimile numbers of all persons authorized to give instructions
relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant
(each an “Authorized Representative”). Such certificate may be accepted and relied upon by the Trustee as conclusive
evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Trustee
of a superseding Authorized Representative Certificate, or (ii) termination of the Authorized Participant Agreement. After such
Authorized Representative Certificate is accepted by the Trustee, the Authorized Participant may authorize additional Authorized
Representatives to give instructions relating to any activity contemplated hereby or any other notice, request or instruction
on behalf of the Authorized Participant by delivering to the Trustee an addendum to the certificate described above in a form
as attached at Schedule 3-B to the Authorized Participant Agreement.

 

Section
2.02. PIN Numbers. The Trustee shall issue to each Authorized Participant a unique personal identification number (“PIN
Number”) by which such Authorized Participant shall be identified and instructions issued by the Authorized Participant
shall be authenticated. The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized
Participant may revoke the PIN Number at any time upon written notice to the Trustee, and the Authorized Participant shall be
responsible for doing so in the event that it becomes aware that an unauthorized person has received access to its PIN Number
or has or intends to use the PIN Number in an unauthorized manner. Upon receipt of such written request, the Trustee shall, as
promptly as practicable, de-activate the PIN Number. If an Authorized Participant’s PIN Number is changed, the new PIN Number
will become effective on a date mutually agreed upon by the Authorized Participant and the Trustee. Except as otherwise provided
in these Standard Terms, the Authorized Participant agrees that, absent the Trustee’s fraud, gross negligence, bad faith
or reckless or willful misconduct in failing to cancel the PIN Number promptly following a written request to do so from the Authorized
Participant or the termination of the Authorized Participant Agreement, none of the Trust or the Trustee shall be liable for losses
incurred by the Authorized Participant as a result of unauthorized use of the Authorized Participant’s PIN Number prior
to the time when the Authorized Participant provides notice to the Trustee of the termination or revocation of authority pursuant
to Section 2.03 and the Trustee has de-activated the PIN Number as provided for in this paragraph.

 

    S2-4 

     

    

 

Section
2.03. Termination of Authority. Upon the termination or revocation of authority of an Authorized Representative by the
Authorized Participant, the Authorized Participant shall (i) give, as promptly as practicable under the circumstances, written
notice of such fact to the Trustee and such notice shall be effective upon receipt by the Trustee; and (ii) request a new PIN
Number. The Trustee shall, as promptly as practicable, de-activate the PIN Number upon receipt of such written notice.

 

Section
2.04. Verification. The Trustee may assume that all instructions issued to it using the Authorized Participant’s
PIN Number have been properly placed by Authorized Representatives, unless the Trustee has actual knowledge to the contrary or
the Authorized Participant has revoked its PIN Number. The Trustee shall have no duty to verify that an Order is being placed
by an Authorized Representative that uses a valid PIN Number. The Authorized Participant agrees that the Trustee shall not be
responsible, absent the Trustee’s fraud, gross negligence, bad faith or reckless or willful misconduct, for any losses incurred
by the Authorized Participant as a result of an Authorized Representative identifying himself or herself as a different Authorized
Representative or an unauthorized person identifying himself or herself as an Authorized Representative, unless the Trustee previously
received from the Authorized Participant written notice to revoke its PIN Number.

 

ARTICLE
III

 

STATUS
OF THE AUTHORIZED PARTICIPANT

 

Section
3.01. Clearing Status. The Authorized Participant represents, covenants and warrants that, as of the date of execution
of the Authorized Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized
Participant is and will be entitled to use the clearing and settlement services of each of the national or international clearing
and settlement organizations through which, in compliance with the Procedures, the transactions contemplated hereby will clear
and settle. Any change in the foregoing status of the Authorized Participant shall terminate the Authorized Participant Agreement
and the Authorized Participant shall give prompt written notice thereof to the Trustee.

 

Section
3.02. Broker-Dealer Status. The Authorized Participant represents and warrants that, if required under U.S. law, it is
(i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (ii) qualified to act as a broker or
dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii)
a member in good standing with FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications,
and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The
Authorized Participant further agrees to comply with all applicable U.S. federal laws, the laws of the states or other jurisdictions
concerned, and the rules and regulations promulgated thereunder, to the extent such laws and regulations are applicable to the
Authorized Participant’s transactions in Shares, and with the FINRA By-Laws and Conduct Rules of the NASD (or with comparable
FINRA Conduct Rules, if such NASD Conduct Rules are subsequently repealed, rescinded, or are otherwise replaced by FINRA Conduct
Rules) to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect
to, Shares, and that it will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or
sold.

 

    S2-5 

     

    

 

Section
3.03. Foreign Status. If the Authorized Participant is offering and selling Shares in jurisdictions outside the several
states, territories and possessions of the United States and is not otherwise required to be registered, qualified, or a member
of FINRA as set forth in the preceding paragraph, the Authorized Participant nevertheless agrees to observe the applicable laws
of the jurisdiction in which such offer and/or sale is made and to conduct its business in accordance with the FINRA Conduct Rules,
to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect to, Shares.

 

Section
3.04. Compliance with Certain Laws. If the Authorized Participant is subject to the requirements of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “U.S.A. PATRIOT
Act”), the Authorized Participant has policies and procedures reasonably designed to comply with the anti- money laundering
and related provisions of the U.S.A. PATRIOT Act.

 

Section
3.05. Authorized Participant Status. The Authorized Participant understands and acknowledges that the method by which Baskets
of Shares will be created and traded may raise certain issues under applicable securities laws. For example, because new Baskets
of Shares may be issued and sold by the Trust on an ongoing basis, at any point a “distribution”, as such term is
used in the 1933 Act, may occur.

 

ARTICLE
IV

 

ROLE
OF AUTHORIZED PARTICIPANT

 

Section
4.01. No Agency. The Authorized Participant acknowledges and agrees that for all purposes of the Authorized Participant
Agreement, the Authorized Participant will have no authority to act as agent for the Trust or the Trustee in any matter or in
any respect. The Authorized Participant agrees to make itself and its employees available, upon reasonable request, during normal
business hours to consult with the Trustee, the Sponsor or their designees concerning the performance of the Authorized Participant’s
responsibilities under the Authorized Participant Agreement; provided, however, that the Authorized Participant shall be
under no obligation to divulge or otherwise disclose any information that the Authorized Participant reasonably believes (i) the
disclosure of which to third parties is in violation of any applicable law or regulation or is otherwise prohibited, or (ii) is
confidential or proprietary in nature.

 

Section
4.02. Rights and Obligations of DTC Participant. The Authorized Participant, as a DTC Participant, agrees that it shall
be bound by all of the obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance
with the Procedures.

 

Section
4.03. Beneficial Owner Communications. The Authorized Participant agrees (i) subject to any limitations arising under federal
or state securities laws relating to privacy, its internal privacy policies, or other obligations it may have to its customers,
to assist the Trustee or the Sponsor in determining certain information regarding sales of Shares made by or through the Authorized
Participant (including, without limitation, the ownership level of each beneficial owner relating to positions in Shares that
the Authorized Participant may hold as record holder) upon the request of the Trustee or the Sponsor that is necessary for the
Trustee or Sponsor to comply with their obligations to distribute information to beneficial owners of Shares under applicable
state or federal securities laws or (ii) in lieu thereof, and at the option of the Authorized Participant, to forward to such
beneficial owners written materials and communications received from the Sponsor or the Trustee in sufficient quantities to allow
mailing thereof to such beneficial owners, including notices, annual reports, disclosure or other informational materials and
any amendments or supplements thereto that may be required to be sent by the Sponsor or the Trustee to such beneficial owners
pursuant applicable law or regulation or otherwise, or that the Sponsor or the Trustee reasonably wishes to distribute to such
beneficial owners, in each case at the expense of the Sponsor and/or the Trust.

 

    S2-6 

     

    

 

Section
4.04. Authorized Participant Customer Information. The Sponsor and the Trustee agree that the names and addresses and other
information concerning the Authorized Participant’s customers are and shall remain the sole property of the Authorized Participant,
and none of the Sponsor, the Trust, or the Trustee, or any of their respective affiliates shall use such names, addresses or other
information for any purpose except in connection with the performance of their duties and responsibilities under the Authorized
Participant Agreement, the Procedures, the Standard Terms and the applicable Prospectus and except for servicing and informational
mailings related to the Trust(s) referred to in Section 4.03 above.

 

ARTICLE
V

 

MARKETING
MATERIALS AND REPRESENTATIONS AND WARRANTIES

 

Section
5.01. Authorized Participant’s Representation. The Authorized Participant represents, warrants and agrees that, in
connection with any sale or solicitation of a sale of Shares, it will not make, or permit any of its representatives to make on
its behalf, any representations concerning Shares other than those not inconsistent with the Trust’s then current Prospectus
or any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor. The Authorized Participant
agrees not to furnish or cause to be furnished to any person or display or publish any information or materials relating to Shares
(excluding, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements,
posters, signs or other similar materials not inconsistent with the Trust’s then current Prospectus and in accordance with
applicable laws and regulations, and any materials prepared and used for the Authorized Participant’s internal use only
or brokerage communications prepared by the Authorized Participant in the normal course of its business), except such information
and materials as may be furnished to the Authorized Participant by the Sponsor and such other information and materials as may
be approved in writing by the Sponsor. The Authorized Participant understands that the Trust will not be advertised as offering
redeemable securities, and that any advertising materials will prominently disclose that the Shares are not redeemable units of
beneficial interest in the Trust. Notwithstanding the foregoing, the Authorized Participant and its Affiliates and representatives
may, without the approval of the Sponsor, prepare and circulate in the regular course of their respective businesses, research,
reports, marketing materials, sales literature or similar materials that include information, opinions or recommendations relating
to Shares (i) for public dissemination, provided that such reports, research, marketing materials, sales literature or other similar
materials comply with applicable FINRA rules and (ii) for internal use by the Authorized Participant and its Affiliates and representatives.

 

    S2-7 

     

    

 

Section
5.02. Prospectus. The Sponsor will provide, or cause to be provided, to the Authorized Participant copies of the then current
Prospectus and any printed supplemental information in reasonable quantities upon request. The Sponsor will, as promptly as practicable
under the circumstances, notify the Authorized Participant when a revised, supplemented or amended Prospectus for the Shares is
available, and deliver or otherwise make available to the Authorized Participant copies of such revised, supplemented or amended
Prospectus at such time and in such quantities as may be reasonable to permit the Authorized Participant to comply with any obligation
the Authorized Participant may have to deliver such Prospectus to its customers. The Sponsor will make such revised, supplemented
or amended Prospectus available to the Authorized Participant no later than its effective date. The Sponsor shall be deemed to
have complied with this Section 5.02 when the Authorized Participant has received such revised, supplemented or amended Prospectus
by e-mail, in printable form, with such number of hard copies as may be agreed from time to time by the parties promptly thereafter

 

ARTICLE
VI

 

INDEMNIFICATION; LIMITATION OF LIABILITY

 

Section
6.01. Indemnification. The provisions of this Section 6.01 shall survive termination of the Agreement.

 

a.           The
Authorized Participant shall indemnify and hold harmless the Sponsor, in its capacity as sponsor of the applicable Trust, the
Trustee, the Trust and their respective Affiliates, subsidiaries, directors, officers, employees and agents, and each person,
if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each an “AP Indemnified Party”)
from and against any direct loss, liability, cost and expense (including reasonable attorneys’ fees) incurred by such AP
Indemnified Party as a result of (i) any material breach by the Authorized Participant of any provision of the Authorized Participant
Agreement that relates to the Authorized Participant; (ii) any material failure on the part of the Authorized Participant to perform
any of its obligations set forth in the Authorized Participant Agreement applicable to it; (iii) any material failure by the Authorized
Participant to comply in all material respects with applicable laws, including rules and regulations of self-regulatory organizations
to the extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the Authorized
Participant Agreement; or (iv) actions of such AP Indemnified Party pursuant to any instructions issued in accordance with the
relevant Prospectus, Authorized Participant Agreement, the Procedures, or the Standard Terms reasonably believed by the AP Indemnified
Party to be genuine and to have been given by the Authorized Participant except to the extent that the Authorized Participant
had previously revoked a PIN Number used in giving such instructions or representations (where applicable) and such revocation
was given by the Authorized Participant and received by the Trustee in accordance with the terms of Section 2.03 hereto. The Authorized
Participant shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against
any AP Indemnified Party unless the AP Indemnified Party shall have notified the Authorized Participant in writing of the claim
within a reasonable time after the summons or other first written notification giving information of the nature of the claim was
served upon the AP Indemnified Party (or after the AP Indemnified Party shall have received notice of service on any designated
agent). However, failure to notify the Authorized Participant of any claim shall not relieve the Authorized Participant from any
liability which it may have to any AP Indemnified Party against whom such action is brought otherwise than on account of its indemnity
agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has
been materially prejudiced by such failure to give notice. The Authorized Participant shall be entitled to participate at its
own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the Authorized
Participant elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the AP Indemnified
Parties in the suit and who shall not, except with consent of the AP Indemnified Parties, be counsel to the Authorized Participant.
If the Authorized Participant does not elect to assume the defense of any suit, it will reimburse the AP Indemnified Parties in
the suit for the reasonable fees and expenses of any counsel retained by them. The Authorized Participant shall not be liable
to the AP Indemnified Party for any damages arising out of mistakes or errors in data provided to the Authorized Participant,
or mistakes or errors by, or out of interruptions or delays of communications with the AP Indemnified Parties due to any action
of a service provider to the Trust.

 

    S2-8 

     

    

 

b.           The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its Affiliates, subsidiaries, directors,
officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933
Act (each a “Sponsor Indemnified Party”) from and against any loss, liability, cost and expense (including
reasonable attorneys' fees) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision
of the Authorized Participant Agreement that relates to the Sponsor; (ii) any failure on the part of the Sponsor to perform any
of its obligations set forth in the Authorized Participant Agreement applicable to it; (iii) any failure on the part of the Sponsor
to comply in all material respects with applicable laws, including rules and regulations of self-regulatory organizations to the
extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the Authorized Participant
Agreement; (iv) actions of such Sponsor Indemnified Party pursuant to any instructions issued or representations made in accordance
with the relevant Prospectus, Authorized Participant Agreement, the Procedures, or the Standard Terms reasonably believed by the
Sponsor Indemnified Party to be genuine and to have been given by the Sponsor; or (v) any untrue statements or omissions made
in any promotional material or sales literature furnished to the Authorized Participant by the Sponsor or otherwise approved in
writing by the Sponsor. The Sponsor shall not be liable under its indemnity agreement contained in this paragraph with respect
to any claim made against any Sponsor Indemnified Party unless the Sponsor Indemnified Party shall have notified the Sponsor in
writing of the claim within a reasonable time after the summons or other first written notification giving information of the
nature of the claim shall have been served upon the Sponsor Indemnified Party (or after the Sponsor Indemnified Party shall have
received notice of service on any designated agent). However, failure to notify the Sponsor of any claim shall not relieve the
Sponsor from any liability which it may have to any Sponsor Indemnified Party against whom such action is brought otherwise than
on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph
to the extent it has been materially prejudiced by such failure to give notice. The Sponsor shall be entitled to participate at
its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the
Sponsor elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Sponsor Indemnified
Parties in the suit and who shall not, except with the consent of the Sponsor Indemnified Parties, be counsel to the Sponsor.
If the Sponsor does not elect to assume the defense of any suit, it will reimburse the Sponsor Indemnified Parties in the suit
for the reasonable fees and expenses of any counsel retained by them.

 

    S2-9 

     

    

 

c.           No indemnifying party, as described in paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified
Party or the Sponsor Indemnified Party, as the case may be, effect the settlement or compromise of, or consent to the entry of
any judgment with respect to, any pending or threatened action or claim in respect of which indemnification may be sought hereunder
(whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise
or judgment (i) includes an unconditional release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be,
from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be.

 

d.           The Authorized Participant shall not be liable to any AP Indemnified Party for any damages arising out of (i) mistakes or errors
in data provided in connection with purchase or redemption transactions except for data provided by the Authorized Participant,
or (ii) mistakes or errors by, or arising out of interruptions or delays of communications with, the Trustee or any AP Indemnified
Party.

 

e.           The indemnification provided for in Section 6.01(a) shall not apply to the extent any such losses, liabilities, damages, costs
and expenses are incurred as a result of any fraud, gross negligence, bad faith or reckless or willful misconduct on the part
of an AP Indemnified Party. The indemnification provided for in Section 6.01(b) shall not apply to the extent any such losses,
liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or reckless or willful
misconduct on the part of a Sponsor Indemnified Party.

 

f.           The indemnity agreements contained in this Section 6.01 shall remain in full force and effect and shall survive any termination
of this Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the commencement of any Proceeding
against it and against any of their officers or directors in connection with the issuance and sale of the Shares or in connection
with the registration statement or the relevant Prospectus.

 

ARTICLE
VII

 

MISCELLANEOUS

 

Section
7.01. Commencement of Trading. The Authorized Participant may not submit an Order prior to the effectiveness of the registration
statement, or amendment to the registration statement, filed with the Securities and Exchange Commission and pursuant to which
the Authorized Participant is identified as such in the relevant Prospectus.

 

[Signatures
Follow on Next Page]

 

    S2-10 

     

    

 

IN
WITNESS WHEREOF, the Sponsor and the Trustee have executed these Second Amended and Restated Standard Terms as of the date
set forth above.

 

THE
BANK OF NEW YORK MELLON, in its capacity as Trustee

 

	By:	/s/
    Phyllis A. Cietek	 
	Name: Phyllis A. Cietek	 
	Title: Vice President	 

 

ABERDEEN
STANDARD INVESTMENTS ETFs SPONSOR LLC, in its capacity as Sponsor

 

	By:	/s/
    Lucia Sitar	 
	Name: Lucia Sitar	 
	Title: Vice President	 

 

[Second
Amended and Restated Standard Terms Signature Page]

 

    S2-11 

     

    

 

SCHEDULE
3-A : AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED PARTICIPANT

 

Certificate
of Authorized Representatives of the Authorized Participant

 

The
following are the names, titles, signatures, phone numbers, and email addresses of all persons (each, an “Authorized Representative”)
authorized to give instructions relating to any activity contemplated by the Authorized Participant Agreement between [AUTHORIZED
PARTICIPANT], The Bank of New York Mellon and Aberdeen Standard Investments ETFs Sponsor LLC dated [DATE] (the “Agreement”)
or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the Agreement.

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 
	 	 	 	 	 	 
	Signature:	 	 	Signature:	 	 
	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 
	 	 	 	 	 	 
	Signature:	 	 	Signature:	 	 
	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 
	 	 	 	 	 	 
	Signature:	 	 	Signature:	 	 
	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

The
undersigned, [AP’S AUTHORIZED SIGNATORY], does hereby certify that the persons listed above have been duly authorized to
act as Authorized Representatives pursuant to the Authorized Participant Agreement.

 

	By:	                         	 
	Name:	 
	Title:	 
	Date:	 

 

    S3-1 

     

    

 

SCHEDULE
3-B : ADDENDUM TO CERTIFICATE OF AUTHORIZED 

REPRESENTATIVES OF THE AUTHORIZED PARTICIPANT

 

[On
AP’s Firm Letterhead]

 

[DATE]

Attn:
Jarvis Joseph 

The
Bank of New York Mellon 

2
Hanson Place — Floor 9th 

Brooklyn,
NY 11217 

New
York

 

		Re:	Addendum
to the Certificate of Authorized Representatives for [AUTHORIZED PARTICIPANT] under the Authorized Participant Agreement for the
relevant Trusts sponsored by Aberdeen Standard Investments ETFs Sponsor LLC dated [DATE] (the “Agreement”)

 

Ladies
and Gentlemen:

 

Pursuant
to the Agreement, the following are the names, titles, signatures, phone numbers, and email addresses of additional Authorized
Representatives of [AUTHORIZED PARTICIPANT] (the “AP”) authorized to give instructions relating to any activity contemplated
by the Agreement or any other notice, request or instruction on behalf of the AP pursuant to the Agreement. This list of Authorized
Representatives is an addendum and adds further Authorized Representatives to the AP’s most recently executed certificate
(entitled “Certificate of Authorized Representatives of the Authorized Participant”).

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 
	 	 	 	 	 	 
	Signature:	 	 	Signature:	 	 
	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 
	 	 	 	 	 	 
	Signature:	 	 	Signature:	 	 
	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

Please
provide PIN numbers for those listed above.

 

The
undersigned, [AP’S AUTHORIZED SIGNATORY], does hereby certify that the persons listed above have been duly authorized to
act as Authorized Representatives pursuant to the Authorized Participant Agreement.

 

	By:	         	 
	Name:	 
	Title:	 
	Date:	 

 

    S3-2Exhibit
10.14

 

Royalty
PURCHASE Agreement

(Palmetto
Royalty; Esmeralda County, Nevada)

 

This
Royalty Purchase Agreement (“Agreement”) is made and entered into January 27, 2022 (the “Effective
Date”), by and between Smooth Rock Ventures, LLC, a Nevada limited liability company (“Seller”), and Nevada
Canyon LLC, a Nevada limited liability company (“Buyer”). Each of the Seller and Buyer are sometimes referred to individually
as a “Party” and collectively as the “Parties.”

 

Recitals

 

	A.	The
    Seller is the owner of the one hundred and sixteen (116) unpatented lode mining claims identified as the PAL, D, CURRAN, and SM claim
    groups situated in Esmeralda County, Nevada, which are more particularly described in Exhibit A attached to and by this reference
    incorporated in this Agreement (the “Property”).
	 	 
	B.	The
    Seller has agreed to sell to Buyer, and the Buyer has agreed to purchase from Seller, a production royalty in the amount of two percent
    (2%) of the net smelter returns on all minerals produced from the Property, subject to the terms and conditions of this Agreement.

 

Now,
therefore, in consideration of their mutual covenants and promises, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Parties agree as follows:

 

Article
1

Defined
Terms; Interpretation

 

1.1       Definitions.
In addition to other defined terms in this Agreement, the following terms shall have the meanings stated below when used in this Agreement:

 

(a)       “Agreement”
means this Agreement, including all amendments and modifications, and all schedules and exhibits (each individually an “Exhibit”
and collectively the “Exhibits”) attached to and by this reference incorporated in this Agreement.

 

(b)       “Buyer”
means Nevada Canyon LLC, a Nevada limited liability company, and its successors and assigns.

 

(c)       “Closing”
means the delivery of documents and other items to be delivered by the parties, the exchange of consideration, and the consummation of
the transactions contemplated under this Agreement as described in Section 2.4.

 

(d)       “Closing
Date” means the date on which the Closing shall occur.

 

(e)       “Encumbrance”
means any security, interest, lien, charge, mortgage, indenture, pledge, option, lease, right of first refusal, transfer restriction,
net profits interest, royalty, other payment on mineral production, transfer of any ownership interest to a third party by any Seller,
or any other encumbrance, together with any agreement to grant any of the foregoing rights or interests.

 

    	1

    	 

    

 

(f)       “Purchase
Price” shall have the meaning ascribed to that term in Section 2.2 of this Agreement.

 

(g)       “Property”
means collectively the unpatented mining claims described in Exhibit A attached to and incorporated in this Agreement, including all
amendments and relocations of the unpatented mining claims.

 

(h)       “Royalty”
means a mineral production royalty in the amount of two percent (2%) of the net smelter returns for all gold and other minerals of any
type produced from the Property, which shall be subject to and paid in accordance with the terms of the Royalty Deed.

 

(i)       “Royalty
Deed” shall have the meaning ascribed to that term in Section 2.4(a) of this Agreement.

 

(j)       “Seller”
means Smooth Rock Ventures, LLC, a Nevada limited liability company, and its successors and assigns.

 

1.2.       Currency.
All sums referred to in this Agreement are in United States currency.

 

Article
2

Purchase
and Royalty Termination; Closing 

 

2.1.       Assets
to be Purchased and Terminated. Subject to all the terms and conditions of this Agreement and for the consideration described in
this Agreement, the Seller agrees to sell and grant to Buyer the Royalty, free and clear of all Encumbrances.

 

2.2.       Purchase
Price. In consideration of the purchase and sale contemplated in this Agreement, the Buyer shall pay to the Seller a total purchase
price of Three Hundred Fifty Thousand Dollars (US$350,000.00) (the “Purchase Price”).

 

2.3.       Closing
Date. Subject to the terms and conditions of this Agreement, the consummation of the sale and purchase as contemplated by this Agreement
shall take place on or before February 28, 2022 (the “Outside Date”), at such time and place as mutually agreeable
to the Parties, or on such other date as is mutually agreeable to the Parties. The date on which the Closing occurs is referred as the
“Closing Date.”

 

2.4.       Closing
Deliverables. On the Closing, the Parties shall take the following actions:

 

	 	(a)	Seller
    Deliverables. On Closing, the Seller shall execute and deliver to the Buyer the following: (i) a duly executed counterpart to
    the Royalty Deed in the form attached to this agreement as Exhibit B (the “Royalty Deed”); and (b) such other
    documents, certificates and other instruments as would be usual in respect of the transaction contemplated by this Agreement, or
    otherwise in the reasonable opinion of counsel, are reasonably necessary for the proper consummation of this transaction to validly
    complete the sale and transfer to Buyer the Royalty.
	 	 	 
	 	(b)	Buyer
    Deliverables. On Closing, the Buyer shall deliver to the Seller the following: (i) the Purchase Price in cash or immediately
    available funds; and (ii) such other documents, certificates and other instruments as would be usual in respect of the transaction
    contemplated by this Agreement, or otherwise in the reasonable opinion of counsel, are reasonably necessary for the proper consummation
    of this transaction to validly complete the sale and transfer to Buyer the Royalty.

 

    	2

    	 

    

 

2.5.       Effect
of Closing. On Closing, the Buyer shall acquire and own the Royalty, free and clear of all Encumbrances.

 

Article
3

Representations,
Warranties and Covenants of Seller

 

Seller
represents, warrants and covenants to Buyer as stated below, and all such representations and warranties shall be true and correct as
of the Effective Date and the Closing Date, and shall survive the Closing.

 

3.1.       Authority.
Seller has full power, legal right and authority to enter into this Agreement and the instruments which it is obligated to execute and
deliver in accordance with the terms of this Agreement and to do all such acts and things as are required to be done, observed or performed
by each Seller in accordance with this Agreement.

 

3.2.       Valid
Authorization of this Agreement. Seller has taken all necessary action to authorize the execution, delivery and performance of this
Agreement and the instruments which he is obligated to execute and deliver in accordance with this Agreement and to observe and perform
the provisions of this Agreement and any such instrument to which it is a party in accordance with its terms.

 

3.3       Further
Assurances. Seller shall execute and deliver all documents and instruments reasonably requested by Buyer to consummate the transactions
contemplated under this Agreement.

 

3.4.       Survival
of Representations and Warranties. The representations, warranties and covenants contained in this Article 3 shall survive the execution
and delivery of this Agreement and the Closing as well as any assignment hereof.

 

Article
4

Representations,
Warranties and Covenants of Buyer

 

Buyer
represents, warrants and covenants to each Seller as stated below, and all such representations and warranties shall be true and correct
as of the Effective Date and the Closing Date, and shall survive the Closing.

 

4.1.       Authority.
Buyer has full power, legal right and authority to enter into this Agreement and the instruments which it is obligated to execute and
deliver in accordance with the terms of this Agreement and to do all such acts and things as are required to be done, observed or performed
by Buyer in accordance with this Agreement.

 

4.2.       Valid
Authorization of this Agreement. Buyer has taken all necessary action to authorize the execution, delivery and performance of this
Agreement and the instruments which it is obligated to execute and deliver in accordance with this Agreement and to observe and perform
the provisions of this Agreement and any such instrument to which it is a party in accordance with its terms.

 

    	3

    	 

    

 

4.3.
       Further Assurances. Buyer shall execute and deliver all documents and instruments reasonably
requested by Buyer to consummate the transactions contemplated under this Agreement.

 

4.4.       Survival
of Representations and Warranties. The representations, warranties and covenants contained in this Article 4 shall survive the execution
and delivery of this Agreement and the Closing as well as any assignment hereof.

 

Article
5

Termination;
Amendment; Waiver; Assignment

 

5.1.       Termination
by Seller. If Buyer is unable to comply with its obligations under this Agreement on or before the Closing Date, it shall do so as
soon thereafter as it is able to do so; however, in no event shall the Closing occur more than ten (10) days after the date described
in Section 2.3. If Buyer does not perform its obligations under this Agreement, the Seller may terminate this Agreement by delivering
notice to Buyer of Seller’s intention to terminate this Agreement. The termination shall be effective five (5) days after Seller’s
delivery of notice of termination. On termination, the Seller shall have no obligation whatever to perform any obligations under this
Agreement or to terminate the Waterloo Royalty.

 

5.2.       Termination
by Buyer. If Seller is unable to comply with its obligations under this Agreement on or before the Closing Date, it shall do so as
soon thereafter as it is able to do so, however, in no event shall the Closing occur more than ten (10) days after the date described
in Section 2.3. If Seller does not perform its obligations under this Agreement, Buyer may terminate this Agreement by delivering notice
to Seller of Buyer’s intention to terminate this Agreement. The termination shall be effective five (5) days after Buyer’s
delivery of notice of termination. On termination, Buyer shall have no obligation whatever to perform any obligations under this Agreement
or to purchase the Property.

 

5.3.       Amendment.
This Agreement may not be amended except by an instrument signed by the Parties.

 

5.4.       Waiver.
Any failure of a party to comply with any provision hereof may be waived by the Party entitled to the benefit thereof only by a written
instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance with such provision
shall not operate as a waiver of or estoppel with respect to, any subsequent or other failure.

 

5.5.       Assignment.
Buyer may assign this Agreement and its rights under it with Seller’s express written consent which consent will not be unreasonably
delayed or withheld. No such assignment shall release Buyer unless otherwise agreed by Seller in writing.

 

    	4

    	 

    

 

Article
6

Notices

 

6.1.       Notices.
No notice, request, demand, instruction or other document to be given to any Party shall be effective for any purpose unless personally
delivered to the person at the appropriate address or e-mail address stated below (in which event such notice shall be deemed effective
only upon such delivery) delivered by air courier next-day delivery (e.g., Federal Express), or delivered by U.S. mail, or transmitted
by fax or e-mail or similar means of recorded electronic communication, or sent by registered or certified mail, return receipt requested,
as follows:

 

	 	If
    to Seller: 	Smooth
    Rock Ventures, LLC
	 	 	103
    South Main Street
	 	 	Yerington,
    NV 89447
	 	 	Attn:
    Alan Day
	 	 	Email:
    day@mineralexploration.com

 

	 	If
    to Buyer: 	Nevada
    Canyon LLC
	 	 	316
    California Ave, Ste. 543
	 	 	Reno,
    NV 89509
	 	 	Attn:
    Jeffrey Cocks
	 	 	Email:
    jeff@westisleventures.com

 

Notices
delivered by air courier shall be deemed to have been given the next business day after deposit with the courier and notices mailed shall
be deemed to have been given on the third day following deposit of same in any United States Post Office in the state to which the notice
is addressed or on the fourth day following deposit in any such post office other than in the state to which the notice is addressed,
postage prepaid, addressed as stated above. The addresses and addressees, for the purpose of this Section, may be changed by giving written
notice of such change in the manner herein provided for giving notice. Unless and until such written notice of change is received, the
last address and addressee stated by written notice, or provided herein if no such written notice of change has been received, shall
be deemed to continue in effect for all purposes hereunder.

 

Article
7

Miscellaneous

 

7.1.       Binding
Effect. This Agreement shall bind and inure to the benefit of the respective representatives, successors and assigns of Buyer and
Seller.

 

7.2.       Attorney’s
Fees. In the event of any action or proceeding, including an arbitration, brought by either Party against the other under this Agreement,
the prevailing Party shall be entitled to recover all costs and expenses, including the actual fees of its attorneys incurred for prosecution,
defense, and appeal of such action or proceeding.

 

    	5

    	 

    

 

7.3.       Entire
Agreement. This Agreement and Exhibits and other writings referred to in this Agreement or delivered pursuant hereto which form a
part hereof contain the entire understanding and agreement of the parties with respect to the subject matter hereof. This Agreement supersedes
all prior agreements pertaining to the subject matter of this Agreement, including the Letter Agreement.

 

7.4.       Interpretation.
The Parties acknowledge and agree that each has been given the opportunity to review this Agreement with legal counsel independently
and has the requisite experience and sophistication to understand, interpret and agree to the particular language of its provisions.
In the event of an ambiguity in or dispute regarding the interpretation of same, the interpretation of this Agreement shall not be resolved
by any rule of interpretation providing for interpretation against the Party who causes the uncertainty to exist or against the draftsman.
This Agreement contains the entire agreement between the Parties relating to the transactions contemplated hereby and all prior or contemporaneous
agreements, understandings, representations and statements, oral or written, are merged and integrated into this Agreement.

 

7.5.       Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Nevada without
regard to its provisions concerning conflicts or choice of law.

 

7.6.       Counterparts.
This Agreement may be executed in one or more counterparts, and by the different party in separate counterparts, each of which when executed
shall be deemed to be an original but all of which when taken together shall constitute one and the same agreement. Such counterparts
may be delivered by facsimile or electronic transmission and the receiving party is entitled to rely on the same to the same extent as
if it had been an executed original.

 

[Signature
page follows.]

 

    	6

    	 

    

 

The
Parties have executed this Agreement as of the Effective Date first written above.

 

Seller:

 

	 	 	Smooth
    Rock Ventures, LLC, a Nevada limited liability
    company
	 	 	 
	 	 	By:	/s/
    Alan Day
	 	 	 	 
	 	 	Name:	Alan
    Day
	 	 	 	 
	 	 	Title:	Managing
    Member

 

Buyer:

 

	 	 	Nevada
    Canyon LLC, a Nevada limited liability company
	 	 	 
	 	 	By
    its Manager:
	 	 	 
	 	 	NEVADA
    CANYON GOLD CORP., a Nevada corporation 
	 	 	 
	 	 	By:	/s/
    Jeffrey Cocks
	 	 	 	 
	 	 	Name:	Jeffrey
    A. Cocks
	 	 	 	 
	 	 	Title:	President

 

    	7

    	 

    

 

Exhibit
A

Property
Description

 

The
Property is comprised of the following one hundred and sixteen (116) unpatented lode mining claims situated in Sections 7 through 9 and
17 through 21, T. 1 S., R. 34 E., MDM, in Esmeralda County, Nevada:

 

	 	 	 	 	 	 	County	 	BLM
	#	 	Claim
    Name	 	Location
    Date	 	Document
    No.	 	Legacy
    NMC No.	 	Serial
    No.
	1	 	PAL-1	 	10/21/2016	 	206196	 	NMC1137074	 	NV101546794
	2	 	PAL-2	 	10/21/2016	 	206197	 	NMC1137075	 	NV101546795
	3	 	PAL-6	 	10/21/2016	 	206201	 	NMC1137079	 	NV101546796
	4	 	PAL-7	 	10/21/2016	 	206202	 	NMC1137080	 	NV101546797
	5	 	PAL-9	 	10/21/2016	 	206204	 	NMC1137082	 	NV101546798
	6	 	PAL-13	 	10/21/2016	 	206208	 	NMC1137086	 	NV101546799
	7	 	PAL-15	 	10/21/2016	 	206210	 	NMC1137088	 	NV101546800
	8	 	PAL-17	 	10/21/2016	 	206212	 	NMC1137090	 	NV101546801
	9	 	PAL-33	 	10/21/2016	 	206228	 	NMC1137106	 	NV101546802
	10	 	PAL-34	 	10/21/2016	 	206229	 	NMC1137107	 	NV101546803
	11	 	PAL-35	 	10/21/2016	 	206230	 	NMC1137108	 	NV101546804
	12	 	PAL-36	 	10/21/2016	 	206231	 	NMC1137109	 	NV101546805
	13	 	PAL-37	 	10/21/2016	 	206232	 	NMC1137110	 	NV101546806
	14	 	PAL-38	 	10/21/2016	 	206233	 	NMC1137111	 	NV101546807
	15	 	PAL-39	 	10/21/2016	 	206234	 	NMC1137112	 	NV101546808
	16	 	PAL-40	 	10/21/2016	 	206235	 	NMC1137113	 	NV101546809
	17	 	PAL-43	 	10/21/2016	 	206238	 	NMC1137116	 	NV101546810
	18	 	PAL-44	 	10/21/2016	 	206239	 	NMC1137117	 	NV101548110
	19	 	PAL-45	 	10/21/2016	 	206240	 	NMC1137118	 	NV101548111
	20	 	PAL-46	 	10/21/2016	 	206241	 	NMC1137119	 	NV101548112
	21	 	PAL-47	 	10/21/2016	 	206242	 	NMC1137120	 	NV101548113
	22	 	PAL-48	 	10/21/2016	 	206243	 	NMC1137121	 	NV101548114
	23	 	PAL-49	 	10/21/2016	 	206244	 	NMC1137122	 	NV101548115
	24	 	PAL-50	 	10/21/2016	 	206245	 	NMC1137123	 	NV101548116
	25	 	PAL-52	 	10/21/2016	 	206247	 	NMC1137125	 	NV101548117
	26	 	PAL-54	 	10/21/2016	 	206249	 	NMC1137127	 	NV101548118
	27	 	PAL-58	 	10/21/2016	 	206253	 	NMC1137131	 	NV101548119
	28	 	PAL-60	 	10/21/2016	 	206255	 	NMC1137133	 	NV101548120
	29	 	PAL-62	 	10/21/2016	 	206257	 	NMC1137135	 	NV101752169
	30	 	PAL-64	 	10/21/2016	 	206259	 	NMC1137137	 	NV101752170
	31	 	PAL-66	 	10/21/2016	 	206261	 	NMC1137139	 	NV101752171
	32	 	PAL-68	 	10/21/2016	 	206263	 	NMC1137141	 	NV101752172

 

    	A-1

    	 

    

 

	 	 	 	 	 	 	County	 	BLM
	#	 	Claim
    Name	 	Location
    Date	 	Document
    No.	 	Legacy
    NMC No.	 	Serial
    No.
	33	 	D#29	 	2/15/2018	 	2018-210928	 	NMC1166722	 	NV101560492
	34	 	D#58	 	2/15/2018	 	2018-210929	 	NMC1166723	 	NV101560493
	35	 	D#74	 	2/15/2018	 	2018-210930	 	NMC1166724	 	NV101561284
	36	 	D#75	 	2/15/2018	 	2018-210931	 	NMC1166725	 	NV101561285
	37	 	D#76	 	2/15/2018	 	2018-210932	 	NMC1166726	 	NV101561286
	38	 	D#77	 	2/15/2018	 	2018-210933	 	NMC1166727	 	NV101561287
	39	 	D#78	 	2/15/2018	 	2018-210934	 	NMC1166728	 	NV101561288
	40	 	D#79	 	2/15/2018	 	2018-210935	 	NMC1166729	 	NV101561289
	41	 	D#80	 	2/15/2018	 	2018-210936	 	NMC1166730	 	NV101561290
	42	 	D#81	 	2/15/2018	 	2018-210937	 	NMC1166731	 	NV101561291
	43	 	D#112	 	2/15/2018	 	2018-210939	 	NMC1166732	 	NV101561292
	44	 	D#113	 	2/15/2018	 	2018-210940	 	NMC1166733	 	NV101561293
	45	 	D#114	 	2/15/2018	 	2018-210941	 	NMC1166734	 	NV101561294
	46	 	D#115	 	2/15/2018	 	2018-210942	 	NMC1166735	 	NV101561295
	47	 	D#116	 	2/15/2018	 	2018-210943	 	NMC1166736	 	NV101561296
	48	 	D#117	 	2/15/2018	 	2018-210944	 	NMC1166737	 	NV101561297
	49	 	D#134	 	2/15/2018	 	2018-210945	 	NMC1166738	 	NV101561298
	50	 	D#135	 	2/15/2018	 	2018-210946	 	NMC1166739	 	NV101561299
	51	 	D#136	 	2/15/2018	 	2018-210947	 	NMC1166740	 	NV101561300
	52	 	D#137	 	2/15/2018	 	2018-210948	 	NMC1166741	 	NV101561301
	53	 	CURRAN
    NO 1	 	2/15/2018	 	2018-210950	 	NMC1166742	 	NV101564425
	54	 	CURRAN
    NO 2	 	2/15/2018	 	2018-210951	 	NMC1166743	 	NV101564426
	55	 	D#15	 	2/15/2018	 	2018-210952	 	NMC1166744	 	NV101564427
	56	 	D#16	 	2/15/2018	 	2018-210953	 	NMC1166745	 	NV101564428
	57	 	D#17	 	2/15/2018	 	2018-210954	 	NMC1166746	 	NV101564429
	58	 	D#18	 	2/15/2018	 	2018-210955	 	NMC1166747	 	NV101564430
	59	 	D#106	 	2/15/2018	 	2018-210956	 	NMC1166748	 	NV101564431
	60	 	D#108	 	2/15/2018	 	2018-210957	 	NMC1166749	 	NV101564432
	61	 	D#110	 	2/15/2018	 	2018-210958	 	NMC1166750	 	NV101564433
	62	 	D#111	 	2/15/2018	 	2018-210959	 	NMC1166751	 	NV101564434
	63	 	PAL-4	 	4/21/2018	 	2018-212156	 	NMC1173913	 	NV101784477
	64	 	PAL-5	 	4/21/2018	 	2018-212157	 	NMC1173914	 	NV101784478
	65	 	PAL-41	 	4/21/2018	 	2018-212158	 	NMC1173915	 	NV101784479
	66	 	PAL-42	 	4/21/2018	 	2018-212159	 	NMC1173916	 	NV101784480
	67	 	PAL-53	 	4/21/2018	 	2018-212160	 	NMC1173917	 	NV101784481
	68	 	PAL-55	 	4/21/2018	 	2018-212161	 	NMC1173918	 	NV101784482
	69	 	PAL-56	 	4/21/2018	 	2018-212162	 	NMC1173919	 	NV101784483
	70	 	PAL-57	 	4/21/2018	 	2018-212163	 	NMC1173920	 	NV101784484

 

    	A-2

    	 

    

 

	 	 	 	 	 	 	County	 	BLM
	#	 	Claim
    Name	 	Location
    Date	 	Document
    No.	 	Legacy
    NMC No.	 	Serial
    No.
	71	 	PAL-59	 	4/21/2018	 	2018-212164	 	NMC1173921	 	NV101784485
	72	 	PAL-61	 	4/21/2018	 	2018-212165	 	NMC1173922	 	NV101784486
	73	 	PAL-63	 	4/21/2018	 	2018-212166	 	NMC1173923	 	NV101784487
	74	 	PAL-65	 	4/21/2018	 	2018-212167	 	NMC1173924	 	NV101784488
	75	 	PAL-67	 	4/21/2018	 	2018-212168	 	NMC1173925	 	NV101784489
	76	 	PAL-69	 	4/21/2018	 	2018-212169	 	NMC1173926	 	NV101784490
	77	 	PAL-70	 	4/21/2018	 	2018-212170	 	NMC1173927	 	NV101784491
	78	 	PAL-71	 	4/21/2018	 	2018-212171	 	NMC1173928	 	NV101784492
	79	 	PAL-72	 	4/21/2018	 	2018-212172	 	NMC1173929	 	NV101784493
	80	 	SM
    1	 	9/9/2020	 	2020-221824	 	NMC1208982	 	NV101921057
	81	 	SM
    2	 	9/9/2020	 	2020-221825	 	NMC1208983	 	NV101921058
	82	 	SM
    3	 	9/9/2020	 	2020-221826	 	NMC1208984	 	NV101921059
	83	 	SM
    4	 	9/9/2020	 	2020-221827	 	NMC1208985	 	NV101921060
	84	 	SM
    5	 	9/9/2020	 	2020-221828	 	NMC1208986	 	NV101921061
	85	 	SM
    6	 	9/9/2020	 	2020-221829	 	NMC1208987	 	NV101921062
	86	 	SM
    7	 	9/9/2020	 	2020-221830	 	NMC1208988	 	NV101921063
	87	 	SM
    8	 	9/9/2020	 	2020-221831	 	NMC1208989	 	NV101921064
	88	 	SM
    9	 	9/9/2020	 	2020-221832	 	NMC1208990	 	NV101921065
	89	 	SM
    10	 	9/9/2020	 	2020-221833	 	NMC1208991	 	NV101921066
	90	 	SM
    11	 	9/9/2020	 	2020-221834	 	NMC1208992	 	NV101921067
	91	 	SM
    12	 	9/9/2020	 	2020-221835	 	NMC1208993	 	NV101921068
	92	 	SM
    13	 	9/9/2020	 	2020-221836	 	NMC1208994	 	NV101921069
	93	 	SM
    14	 	9/9/2020	 	2020-221837	 	NMC1208995	 	NV101921070
	94	 	SM
    15	 	9/9/2020	 	2020-221838	 	NMC1208996	 	NV101921071
	95	 	SM
    16	 	9/9/2020	 	2020-221839	 	NMC1208997	 	NV101921072
	96	 	SM
    17	 	9/9/2020	 	2020-221840	 	NMC1208998	 	NV101921073
	97	 	SM
    18	 	9/9/2020	 	2020-221841	 	NMC1208999	 	NV101921074
	98	 	SM
    19	 	9/9/2020	 	2020-221842	 	NMC1209000	 	NV101921075
	99	 	SM
    20	 	9/9/2020	 	2020-221843	 	NMC1209001	 	NV101921076
	100	 	SM
    21	 	9/9/2020	 	2020-221844	 	NMC1209002	 	NV101921512
	101	 	SM
    22	 	9/9/2020	 	2020-221845	 	NMC1209003	 	NV101921513
	102	 	SM
    23	 	9/9/2020	 	2020-221846	 	NMC1209004	 	NV101921514
	103	 	SM
    24	 	9/9/2020	 	2020-221847	 	NMC1209005	 	NV101921515
	104	 	SM
    25	 	9/9/2020	 	2020-221848	 	NMC1209006	 	NV101921516
	105	 	SM
    26	 	9/9/2020	 	2020-221849	 	NMC1209007	 	NV101921517
	106	 	SM
    27	 	9/9/2020	 	2020-221850	 	NMC1209008	 	NV101921518
	107	 	SM
    28	 	9/9/2020	 	2020-221851	 	NMC1209009	 	NV101921519
	108	 	SM
    29	 	9/9/2020	 	2020-221852	 	NMC1209010	 	NV101921520
	109	 	SM
    30	 	9/9/2020	 	2020-221853	 	NMC1209011	 	NV101921521

 

    	A-3

    	 

    

 

	 	 	 	 	 	 	County	 	BLM
	#	 	Claim
    Name	 	Location
    Date	 	Document
    No.	 	Legacy
    NMC No.	 	Serial
    No.
	110	 	SM
    31	 	9/9/2020	 	2020-221854	 	NMC1209012	 	NV101921522
	111	 	SM
    32	 	9/9/2020	 	2020-221855	 	NMC1209013	 	NV101921523
	112	 	SM
    33	 	9/9/2020	 	2020-221856	 	NMC1209014	 	NV101921524
	113	 	SM
    34	 	9/9/2020	 	2020-221857	 	NMC1209015	 	NV101921525
	114	 	SM
    35	 	9/9/2020	 	2020-221858	 	NMC1209016	 	NV101921526
	115	 	SM
    36	 	9/9/2020	 	2020-221859	 	NMC1209017	 	NV101921527
	116	 	SM
    37	 	9/9/2020	 	2020-221860	 	NMC1209018	 	NV101921528

 

Total
of one hundred and sixteen (116) unpatented lode mining claims.

 

[End
of Exhibit A]

 

    	A-4

    	 

    

  

Exhibit
B

 

Form
of Royalty Deed

 

APNs:
N/A (Royalty Conveyance Only)

 

Recorded
at the request of,

and
after recording return to:

 

Jeff
N. Faillers

Erwin
Thompson Faillers

241
Ridge Street, Suite 210

Reno,
Nevada 89501

 

The
undersigned hereby confirm that there are no

social
security numbers on this document.

  

Royalty
Deed

 

This
Royalty Deed (the “Deed”) is dated effective _____________ ___, 2022 (the “Effective Date”), from
SMOOTH ROCK VENTURES, LLC, a Nevada limited liability company (“Obligor”), to NEVADA CANYON LLC, a Nevada limited
liability company (“Royalty Holder”). Obligor and Royalty Holder are sometimes referred to individually as a “Party”
and collectively as the “Parties.”

 

Recitals

 

	 	C.	The
    Seller is the owner of the one hundred and sixteen (116) unpatented lode mining claims identified as the PAL, D, CURRAN, and SM claim
    groups situated in Esmeralda County, Nevada, which are more particularly described in Exhibit A attached to and by this reference
    incorporated in this Agreement (the “Properties”).
	 	 	 
	 	D.	The
    Parties entered into that certain Royalty Purchase Agreement dated ________ ___, 2022 (the “Agreement”), pursuant
    to which Obligor agreed to sell to Royalty Holder, and Royalty Holder agreed to purchase from Obligor, a production royalty in the
    amount of two percent (2%) of the net smelter returns on all minerals produced from the Properties.
	 	 	 
	 	E.	The
    Parties have closed the purchase and sale of the royalty as contemplated in the Agreement and the Obligor now wishes to execute and
    deliver this Deed to Royalty Holder pursuant to the terms of the Agreement.

 

Now,
therefore, in consideration of their mutual covenants and promises, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Parties agree as follows:

 

    	C-1

    	 

    

 

Conveyance

 

Grant
of Royalty. 

 

Royalty
Percentage. For good and valuable consideration, the receipt and sufficiency of which are acknowledged by the Parties, Obligor grants,
sells, assigns and conveys to Royalty Holder, and its successors and assigns forever, a production royalty in an amount equal to two
percent (2%) of the Net Smelter Returns (the “Royalty Percentage”), as hereinafter defined and computed, for all gold
and other minerals of any type produced from the Properties, including all gold and other minerals of any type produced from dumps or
stockpiles located on the Properties, from and after the Effective Date (the “Royalty”), subject to Section 1(b).

 

No
Buy Down. Obligor will not have the right to buy down all or any portion of the Royalty.

 

Real
Property Interest; Burden on the Properties. Obligor and Royalty Holder intend that the Royalty will be perpetual and will constitute
a presently vested interest in and a covenant running with the Properties, including any after-acquired title, which will inure to the
benefit of and be binding upon the Parties and their respective successors and assigns so long as Obligor or any successor or assign
of Obligor holds any rights or interests in the Properties. This Deed and Obligor’s Royalty obligation shall attach to any amendments,
relocations or conversions of any mining claim, license, or lease, concession, permit, patent or other tenure comprising the Properties,
or to any renewals or extensions thereof, and the mineral products and proceeds of mineral products extracted and produced from the Properties,
and shall extend to and include any unpatented mining claim, patented mining claim, or other mineral interest (fee land or otherwise)
located, leased, or otherwise acquired by Obligor which are situated partially or entirely within the exterior-most boundaries of the
Properties, including any unpatented mining claims located to appropriate any fractions or gaps among the Properties. In the event that
the Royalty attaches to any interests pursuant to this Section 10(c), the Parties agree and covenants to execute, deliver, and record
in the Office of the Esmeralda County Recorder, at Royalty Holder’s request in its sole discretion, an instrument by which Obligor
grants to Royalty Holder the Royalty and subjects such interests to all of the burdens, conditions, obligations and terms of this Deed.
The Parties do not intend that there be any violation of the rule against perpetuities. Accordingly, any right that is subject to such
rule shall be exercised within the maximum time periods permitted under applicable law.

 

Representations
and Warranties.

 

Full
Authority. Obligor represents and warrants that it has all authority necessary for it to execute and deliver this Deed.

 

No
Encumbrances. Obligor represents and warrants it has not taken any action by which the Properties or dumps or stockpiles located
on the Properties will be subject to a lien or other encumbrance that will in any way be a lien or other encumbrance on the Royalty.

 

Royalty
Holder’s Acceptance. Royalty Holder acknowledges and agrees that this Deed is accepted by Royalty Holder in satisfaction of
Obligor’s obligation to deliver this Deed pursuant to the Agreement.

 

    	C-2

    	 

    

 

Definition
of Net Smelter Returns.

 

For
Gold Bullion. “Net Smelter Returns,” for gold produced from the Properties or from dumps or stockpiles located
on the Properties, and refined by or for Obligor to a form that meets good delivery standards in the London Bullion Market or comparable
terminal market (“Gold Bullion”), will be determined by multiplying (i) the gross number of troy ounces of Gold Bullion
produced from the Properties or dumps or stockpiles located on the Properties, and returned to or credited to Obligor or purchased and
paid for by a smelter, refiner, processor, purchaser or other recipient of such bullion during a calendar quarter, by (ii) the arithmetic
average of the London Bullion Market Association P.M. Fixing Price (in United States dollars) reported on its website for Gold Bullion
for the calendar quarter (or should such quotation cease, another similar quotation acceptable to Royalty Holder, acting reasonably)
calculated by summing the quoted prices reported for each day of the calendar quarter and dividing the sum by the number of days for
which such prices were reported, and (iii) by deducting from the product of (i) times (ii), the Allowable Deductions permitted in Section
4(a) below.

 

For
Other Products. For gold and other minerals of any type produced from the Properties or dumps or stockpiles located on the Properties,
and sold in a crude or intermediate form other than as Gold Bullion (“Other Products”), Net Smelter Returns will be
equal to (i) the actual sales price for the minerals contained in such Other Products received by Obligor from a smelter, refiner, processor,
purchaser or other recipient of such products during a calendar quarter, less (ii) the Allowable Deductions permitted in Section 4(b)
below.

 

Affiliate
Transactions. If Other Products are delivered in kind or sold to an entity which, under the broadest definition, directly or indirectly
controls, is controlled by, or is under common control with Obligor (an “Affiliate”), and are sold by such Affiliate
with or without further processing, Net Smelter Returns will be calculated based on the value of Gold Bullion sold by or credited or
returned to the Affiliate (calculated pursuant to Section 3(a)), or the proceeds actually received by such Affiliate in an arm’s
length transaction for sale of Other Products, less Allowable Deductions actually incurred by the Affiliate, and the Gold Bullion or
Other Products will be deemed to have been sold by Obligor, the proceeds will be deemed to have been received by Obligor and the Allowable
Deductions will be deemed to have been made by Obligor for purposes of calculating Net Smelter Returns, in each case as if Obligor had
sold (or received or was credited with) such Gold Bullion or Other Products in an arm’s-length transaction.

 

Insurance
Proceeds. In the event Obligor receives insurance proceeds for gold in Gold Bullion or for gold or other minerals in Other Products
lost or damaged, Net Smelter Returns will equal any such insurance proceeds that are received by Obligor for such loss.

 

Allowable
Deductions.

 

For
Gold Bullion. For gold produced and sold as Gold Bullion, “Allowable Deductions” means, to the extent actually
incurred:

 

charges
imposed by a smelter or refinery for refining Gold Bullion from doré or concentrates produced in Obligor’s mill or other
processing plant; however, charges incurred by Obligor for processing raw or crushed ore or other preliminary products in Obligor’s
mill or other processing plant shall not be subtracted in determining Net Smelter Returns;

 

penalty
substance, assaying, and sampling charges imposed on or incurred by Obligor for refining Gold Bullion contained in such production;

 

    	C-3

    	 

    

 

charges
and costs, if any, for transportation and insurance of doré or concentrates produced in Obligor’s mill or other processing
plant to places where such doré or concentrates are smelted, refined and/or sold or otherwise disposed of; and

 

all
taxes paid on production of Gold Bullion, except income tax, including but not limited to, production, severance, sales and privilege
taxes and all local, state and federal taxes that are based on the production of Gold Bullion.

 

For
Other Products. For gold and other minerals of any type produced and sold in Other Products, “Allowable Deductions”
means, to the extent actually incurred:

 

charges
imposed by the smelter, refiner or other processor for smelting, refining or processing gold and other minerals of any type contained
in Other Products, but excluding any and all charges and costs related to Obligor’s mill or other processing plant constructed
for the purpose of milling or processing Other Products;

 

penalty
substance, assaying, and sampling charges imposed by a smelter, refiner or other processor for smelting, refining, or processing gold
and other minerals of any type contained in Other Products, but excluding any and all charges and costs of or related to Obligor’s
mill or other processing plant constructed for the purpose of milling or processing Other Products;

 

charges
and costs, if any, for transportation and insurance of the gold and other minerals of any type contained in Other Products and the beneficiated
products thereof from Obligor’s mill or other processing plant to places where such Other Products or the beneficiated products
thereof are smelted, refined and/or sold or otherwise disposed of; and

 

all
taxes paid on production of the gold and other minerals of any type contained in Other Products, except income tax, including but not
limited to, production, severance, sales and privilege taxes and all local, state and federal taxes that are based on the production
of gold contained in Other Products.

 

Custom
Facilities. In the event Obligor carries out smelting, refining or other processing operations to produce Gold Bullion or gold and
other minerals of any type contained in Other Products in facilities owned or controlled, in whole or in part, by Obligor, which facilities
were not constructed for the sole purpose of smelting, refining or processing crude or intermediate products produced from the Properties,
then charges, costs and penalties for such smelting, refining or processing shall mean the amount Obligor would have incurred as “Allowable
Deductions” under Section 4(a)(i) or Section 4(b)(i) above if such smelting, refining or other processing operations
were carried out at facilities not owned or controlled by Obligor, but in no event will such Allowable Deductions be greater than actual
costs incurred by Obligor with respect to such smelting, refining or other processing.

 

Calculating
and Paying Royalty; Reporting.

 

Calculation.
The dollar amount of the Royalty due to Royalty Holder for a calendar quarter will be the product of the sum of the Net Smelter Returns
for Gold Bullion plus the Net Smelter Returns for the gold and other minerals of any type contained in Other Products for such quarter
multiplied by the Royalty Percentage.

 

    	C-4

    	 

    

 

Payment.

 

Payment
of the Royalty for a calendar quarter will be due by the last day of the month following the end of each calendar quarter in which Gold
Bullion or Other Products containing gold and other minerals of any type are sold or returned or credited to Obligor (the “Payment
Date”). If, for any reason, all information necessary to calculate and make a payment on the Payment Date is not available,
Obligor will make a provisional payment on the Payment Date based on the available information and provide a final reconciliation for
such payment promptly after all needed information becomes available to Obligor. In the event Royalty Holder has been underpaid in any
provisional payment, Obligor will promptly pay the difference to Royalty Holder in cash or other readily available funds and if Royalty
Holder has been overpaid in any provisional payment, Royalty Holder will promptly pay to Obligor the difference in cash or other readily
available funds. All payments of the Royalties will be made by Obligor to Royalty Holder, and will be paid free of any and all withholding
taxes.

 

Obligor
acknowledges that delinquent payment by Obligor to Royalty Holder of Royalty payments will cause Royalty Holder to incur costs, the exact
amount of which will be difficult to ascertain. Accordingly, if any amount due and payable by Obligor is not received by Royalty Holder
within ten (10) days after such amount is due, then Obligor shall pay to Royalty Holder a late charge equal to four percent (4%) of such
overdue amount. Royalty Holder’s acceptance of such late charge shall not constitute a waiver of Obligor’ default with respect
to such overdue amount, nor prevent Royalty Holder from exercising any of Royalty Holder’s other rights and remedies. If any amount
payable by Obligor remains delinquent for a period more than thirty (30) days, Obligor shall pay to Royalty Holder, in addition to the
delinquent payment, interest from and after the due date at the lesser of: (a) the Prime Rate interest rate quoted as “Prime”
by JPMorgan Chase and Co., at its head office, as the rate may change from day to day (which quoted rate may not be the lowest rate at
which the bank loans funds) plus five (5) percentage points; or (b) the maximum non-usurious rate permitted by applicable Law. If any
portion of any royalty payment (and any related Interest amount) was overpaid, Obligor shall be entitled to offset such amount against
the next royalty payment.

 

Detailed
Statement. All payments of Royalty will be accompanied by a detailed statement explaining the calculation thereof together with any
available settlement sheets received by Obligor from the smelter, refiner or other purchaser of Gold Bullion or gold and other minerals
of any type contained in Other Products.

 

Other
Provisions Related to Payment.

 

Hedging
Transactions. All profits and losses resulting from Obligor’s engaging in any commodity futures trading, option trading, or
metals trading, or any combination thereof, and any other hedging transactions including trading transactions designed to avoid losses
and obtain possible gains due to metal price fluctuations are specifically excluded from calculation of Net Smelter Returns and will
be solely for Obligor’s account.

 

Commingling.
Obligor will have the right to commingle, either underground, at the surface, in stockpiles or at a mill, autoclave, roaster or other
processing facility used by Obligor, ore or concentrates, minerals and other material mined and removed from the Properties with ore,
concentrates, minerals and other material mined and removed from other property. Before commingling, the average grade of the commingled
materials and other measures as are appropriate will first be calculated by Obligor from representative samples, and the weight of such
materials will be determined before commingling using practices which will be as good as or better than prevailing industry practices.
In obtaining representative samples, calculating the average grade of the ore and average recovery percentages, the procedures used will
be as good as or better than prevailing industry practices. Representative samples of the materials to be commingled will be retained
by Obligor and assays (including moisture and penalty substances) and other appropriate analyses of these samples shall be retained for
a reasonable amount of time, but not less than 18 months, after receipt by Royalty Holder of the applicable royalty payment.

 

    	C-5

    	 

    

 

No
Obligation to Mine or Process. Subject to the Agreement, Obligor will have sole discretion to determine the extent of its operations
on or for the benefit of the Properties and the time or the times for development, mining, stockpiling, processing and selling products
produced from the Properties and the suspension or resumption of any operation with respect thereto. Obligor will have no obligation
to Royalty Holder (in its capacity as the holder of this royalty) or otherwise to mine or to conduct any other operation on any of the
Properties.

 

Books,
Records, Inspections and Confidentiality.

 

Inspection
of Books and Records. Royalty Holder will have the right, upon reasonable notice to Obligor, to inspect and copy all books, records,
technical data, information and materials (the “Data”) pertaining to calculation of Royalty payments, including those
with respect to commingling; provided that such inspections will not unreasonably interfere with Obligor’s operations. Obligor
makes no representations or warranties to Royalty Holder concerning any of the Data except that the Data will be prepared in good faith
and Royalty Holder agrees that if it elects to rely on any such Data or any other information made available by Obligor, it does so at
its sole risk, except in the event of bad faith or fraud.

 

Audit
and Objections. Royalty Holder will have the right to audit the books and records pertaining to production from the Properties and
the calculation of the Royalty and to contest payments of Royalty for a period of twenty-four (24) months following receipt by Royalty
Holder of each Royalty payment. Each Royalty payment will be deemed conclusively correct unless Royalty Holder objects to it in writing
within twenty-four (24) months after receipt of such payment, setting forth in detail the basis for the Royalty Holder’s objection.
If it is finally determined, through agreement by the Parties or following completion of the dispute as set out in Section 7(c)
below, that Royalty Holder has been underpaid in any such payment, Obligor will promptly pay to Royalty Holder the underpaid amount plus
interest in accordance with Section 5(b)(ii). In addition, if it is finally determined, through agreement by the Parties or following
completion of the dispute as set out in Section 7(c) below, that Royalty payments for any calendar year are underpaid by more
than five percent (5%), then Obligor will reimburse Royalty Holder for its reasonable costs incurred in auditing the books and records
of Obligor.

 

Dispute
Resolution.

 

If
Royalty Holder objects to a Royalty payment in a timely manner as set out in Section 7(b) above, then the Parties will meet within
thirty (30) days of Obligor’s receipt of the Royalty Holder’s objection and, acting in good faith, seek to resolve the dispute.
If the Parties fail to resolve the dispute within thirty (30) days of the initial meeting, the dispute will be referred to the respective
chief executive officers (or persons holding analogous positions) of the Parties who will, in good faith, attempt to resolve the dispute
within twenty-one (21) days of such referral. If the chief executive officers of the Parties are unable to resolve the matter within
such 21-day period, then either Party may submit the dispute to a court as provided in Section 7(c)(iii) below.

 

If
any Party objects to the performance by the other Parties of any obligation arising under this Deed or of its interpretation, the Parties
will meet within thirty (30) days of the by the other Party of the objecting Party’s objection and, acting in good faith, seek
to resolve the dispute. If the Parties fail to resolve the dispute within thirty (30) days of the initial meeting, the dispute will be
referred to the respective chief executive officers (or persons holding analogous positions) of the Parties who will, in good faith,
attempt to resolve the dispute within twenty-one (21) days of such referral. If the chief executive officers of the Parties are unable
to resolve the matter within such 21-day period, then either Party may submit the dispute to a court as provided in Section 7(c)(iii)
below.

 

    	C-6

    	 

    

 

Any
dispute arising out of or based upon this Deed or a Royalty payment or may be instituted in the state courts of Nevada or the federal
courts of the United States, in each case located in Reno, Nevada, and each Party irrevocably submits to the exclusive jurisdiction of
such courts. Service of process, summons, notice or other document delivered by mail to such Party’s address set forth herein shall
be effective service of process for dispute brought in any such court. The Parties irrevocably and unconditionally waive any objection
to the laying of venue of any dispute in such courts and irrevocably waive and agree not to plead or claim in any such court that any
such dispute brought in any such court has been brought in an inconvenient forum.

 

EACH
PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A JURY TRIAL IN ANY ACTION, SUIT, OR PROCEEDING OF ANY KIND DIRECTLY OR INDIRECTLY ARISING
OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT. THE JURY TRIAL WAIVER CONTAINED IN THIS DEED IS INTENDED TO APPLY, TO THE FULLEST EXTENT
PERMITTED BY LAW, TO ANY AND ALL DISPUTES AND CONTROVERSIES THAT ARISE OUT OF OR IN ANY WAY RELATE TO ANY OR ALL OF THE MATTERS DESCRIBED
IN THE PRECEDING SENTENCE, INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS OF
ANY KIND. THIS DEED MAY BE FILED WITH ANY COURT OF COMPETENT JURISDICTION AS A PARTY’S WRITTEN CONSENT TO SUCH PARTY’S WAIVER
OF A JURY TRIAL.

 

Except
as otherwise specified herein, in the event of a dispute arising under this Deed is submitted to court, the prevailing Party will be
entitled to payment of its reasonable attorneys’ fees and costs in litigating the dispute.

 

Inspection
of Facilities. Royalty Holder will have the right, upon reasonable notice, to inspect the facilities associated with the Properties
to the extent necessary to confirm Obligor’s proper performance of its obligations in this Deed. Such inspection will be at the
sole risk of Royalty Holder, and Royalty Holder will indemnify Obligor from any liability caused by Royalty Holder’s exercise of
inspection rights, unless such liability is caused by the gross negligence or intentional acts of Obligor or its employees or agents.

 

Confidentiality.

 

No
Party shall, without the express written consent of the other Parties, which consent may be withheld for any purpose, disclose any non-public
information generated or received under this Deed relating to the calculation of Net Smelter Returns or Obligor’s operations on
the Properties or other property (“Confidential Information”), other than to employees, agents or consultants of the
receiving Party in respect of the administration or enforcement of its rights hereunder and who agree to be bound by the confidentiality
provisions of this Deed (the breach of which shall be deemed to be a breach by the Party).

 

Any
Party may disclose Confidential Information received from another Party (A) to a prospective lender to whom or to which the Party may,
in good faith, grant a security interest in its interest in the Properties, or (B) to a prospective purchaser of all or part of a Party’s
interest in the Royalty or the Properties, but only, in each case, if the prospective recipient of Confidential Information has executed
a confidentiality agreement that includes confidentiality provisions substantially similar to this subsection.

 

    	C-7

    	 

    

 

Confidential
Information may also be disclosed if such disclosure is required for compliance with applicable laws, rules, regulations or orders of
any governmental agency or stock exchange having jurisdiction over a Party; provided, however, that the notice shall have
been given to the non-disclosing Party or Parties of such disclosure as far in advance of such disclosure as is reasonably practicable
and the disclosing Party or Parties ensures that only such information as is necessary to comply with the obligations is disclosed.

 

Compliance
with Laws, Reclamation, Environmental Obligations and Indemnities.

 

Compliance
with Laws. Obligor shall comply with all applicable federal, state and local laws, regulations and ordinances relating to Obligor’s
activities and operations on or relating to the Properties.

 

Reclamation,
Environmental Obligations and Indemnities. Obligor shall perform all reclamation required under federal, state and local laws, regulations
and ordinances relating to Obligor’s activities or operations on or relating to the Properties. Obligor shall defend, indemnify
and hold harmless Royalty Holder from and against any and all actions, claims, costs, damages, expenses (including attorney’s fees
and legal costs), liabilities and responsibilities arising from or relating to Obligor’s activities or operations on or relating
to the Property, including those under laws, regulations and ordinances intended to protect or preserve the environment or to reclaim
the Properties. Obligor’s obligations under this Section 8(b) shall survive the abandonment, surrender or transfer of the
Properties.

 

Insurance.
Obligor shall use commercially reasonable efforts to maintain in good standing any policies of insurance maintained by Obligor in respect
of the Properties and the mineral products and present all claims under such policies in a due and timely manner.

 

Title
Maintenance.

 

Title
Maintenance and Taxes. Subject to Obligor’s right to abandon all or any part of the Properties, Obligor shall maintain title
to the Properties, including paying when due all taxes on or with respect to the Properties.

 

Assessment
Work and Claim Maintenance Fees. Subject to Obligor’s right to abandon all or any part of the Properties, Obligor shall perform
all required assessment work on, pay all mining claim maintenance fees for the Properties, and make such filings and recordings as are
necessary to maintain title to the Properties in accordance with applicable federal and state laws and regulations.

 

[Remainder
of page intentionally left blank.]

 

    	C-8

    	 

    

 

General
Provisions.

 

Transfers.

 

Obligor
may freely transfer all or any portion of its interest in the Properties so long as such transfer is expressly made subject to the Royalty.
If Obligor transfers all or any portion of its interest in the Properties, Obligor will obtain from the transferee a written acknowledgement
and assumption of the obligations of Obligor under this Deed with respect to the interest so transferred, and promptly provide evidence
of such acknowledgement and assumption to Royalty Holder. Upon obtaining and delivering such acknowledgment and assumption to Royalty
Holder, Obligor will thereupon be relieved of all liability for payment of the Royalty with respect to the Properties transferred for
any Royalty that may thereafter arise with respect to such transferred interest, except with respect to any Royalty payments made prior
to the date of transfer, which will continue to be governed by this Deed.

 

In
the event Obligor desires to mortgage, pledge, encumber or otherwise create a security interest in all or any portion of the Properties
or products produced from the Properties, Obligor will cause each agreement, indenture, bond, deed of trust, filing, application or other
instrument that creates or purports to create a lien, mortgage, security interest or other charge secured by any interest in any of the
Properties or such products to include an express agreement and acknowledgement by the parties to such instrument, in form and substance
reasonably satisfactory to Royalty Holder, that the Royalty is (A) senior in right of payment and collection from revenues to any and
all obligations created thereby in respect of any of the Properties or such products, and (B) that the Royalty is an independent interest
in the Properties and is not subject to foreclosure pursuant to such mortgage, encumbrance or other form of security interest.

 

Royalty
Holder may freely transfer, mortgage, pledge, encumber or otherwise create a security interest in all or any portion of the Royalty,
provided that Obligor will have no obligation to make payments of Royalty to a transferee until receipt of written notice of the transfer
and a copy of the transferring document.

 

No
Partnership or Special Relationship. The relationship of Obligor and Royalty Holder with respect to the Royalty will not be construed
to create, expressly or by implication, a joint venture, mining partnership, commercial partnership, or other partnership relationship.

 

Certain
Definitions. As used in the Deed, the term “Royalty Holder” will include all of the successors-in-interest to
the Royalty Holder, and the term “Obligor” will include all of Obligor’s successors-in-interest.

 

Tailings
and Other Waste Material. All tailings, residues, waste rock, spoiled leach materials, and other materials resulting from Obligor’s
operations and activities with respect to the Properties shall be the sole property of Obligor but if Obligor processes such materials
in the future, all gold and other minerals produced from such materials will be subject to the Royalty and the terms of this Deed.

 

Notices.
Any notice, demand or other communication under this Deed (“Notice”) required or permitted to be given or made under
this Deed will be in writing and shall be given to a Party at the address below (i) by courier or recognized overnight delivery service,
or (ii) by registered or certified mail, return receipt requested. All Notices shall be effective and will be deemed delivered (A) if
by courier or recognized overnight delivery service on the date of delivery, (B) if solely by mail on the day delivered as shown on the
actual receipt. A Party may change its address for purposes of Notices from time-to-time by Notice to the other Party.

 

    	C-9

    	 

    

 

	If
    to Obligor:	Smooth
    Rock Ventures, LLC
	 	103
    South Main Street
	 	Yerington,
NV 89447
		Attn: Alan Day

 

	If
    to Royalty Holder:	Nevada
    Canyon LLC
	 	316
    California Ave, Ste. 543
	 	Reno,
    NV 89509
	 	Attn:
    Jeffrey Cocks 

 

Section
Headings. The section headings contained in this Deed are inserted for convenience only and do not affect in any way the meaning
or interpretation of this Deed.

 

Amendment.
No amendment of any provision of this Deed will be valid with respect to any Party unless the same shall be in writing and signed by
each Party. No waiver by any Party of any default or covenant hereunder, whether intentional or not, will be deemed to extend to any
prior or subsequent default or covenant or affect in any way any rights arising by virtue of any prior or subsequent occurrence.

 

Invalidity.
If any term or provision of this Deed is invalid or unenforceable in any situation in any jurisdiction it will not affect the validity
or enforceability of the remaining terms and provisions.

 

Governing
Law. This Deed will be governed by and construed in accordance with the laws of the State of Nevada without giving effect to any
choice or conflicts of law provision or rule (whether of the State of Nevada or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of Nevada.

 

Interpretation.
The Parties have participated jointly in the negotiation and drafting of this Deed. In the event an ambiguity or question of intent or
interpretation arises, this Deed will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise
favoring or disfavoring either Party by virtue of the authorship of any of the provisions of this Deed.

 

Counting.
If the final day of any period or any date of performance under this Deed falls on a Saturday, Sunday or legal holiday in Nevada, then
the final day of the period or the date of performance will be extended to the next day that is not a Saturday, Sunday or legal holiday
in Nevada. For purposes of computing the time for performance of any obligation hereunder, however, Saturday, Sundays and legal holidays
will be included.

 

Counterparts.
This Deed may be executed in several counterparts, each of which shall be deemed to be an original, and all of which shall together constitute
one and the same instrument, and delivery of an executed copy of this Deed by email transmission or by other means of electronic communication
capable of producing a printed copy shall be deemed to be execution and delivery of this Deed as of the date first above written.

 

[Signature
page follows.]

 

    	C-10

    	 

    

 

The
Parties have executed this Deed effective as of the Effective Date.

  

Obligor:

 

Smooth
Rock Ventures, LLC, a Nevada limited liability company

 

	By:	 	 
	 	 	 
	Name:	Alan
    Day	 
	 	 	 
	Title:	Managing
    Member	 

 

	Royalty
    Holder:	 
	 	 
	Nevada
    Canyon LLC, a Nevada limited liability company	 
	 	 
	By
    its Manager:	 
	 	 
	NEVADA
    CANYON GOLD CORP., a Nevada corporation 	 
	 	 
	By:	 	 
	 	 	 
	Name:	Jeffrey
    A. Cocks	 
	 	 	 
	Title:	President	 

 

[Notarial
page follows.]

 

    	C-11

    	 

    

 

 

STATE
OF ______________________)

                                                                            )
ss.

COUNTY
OF_____________________)

 

This
Royalty Deed was acknowledged me before me on this ____ day of ______________, 2022, by Alan Day, as the Managing Member of Smooth Rock
Ventures, LLC, a Nevada limited liability company.

 

______________________________________

Notary
Public

 

My
commission expires: __________________

 

STATE
OF ______________________)

                                                                            )
ss.

COUNTY
OF_____________________)

 

This
Royalty Deed was acknowledged me before me on this ____ day of _____________, 2022, by Jeffrey A. Cocks, as the President of Nevada Canyon
Gold Corp., a Nevada corporation, as the Manager of Nevada Canyon LLC, a Nevada limited liability company.

 

______________________________________

Notary
Public

 

My
commission expires: __________________

 

    	C-12

    	 

    

 

Exhibit
A

Description
of Properties

 

The
Properties consist of the following one hundred and sixteen (116) unpatented lode mining claims situated in Sections 7 through 9 and
17 through 21, T. 1 S., R. 34 E., MDM, in Esmeralda County, Nevada:

 

	 	 	 	 	 	 	County	 	BLM
	#	 	Claim
    Name	 	Location
    Date	 	Document
    No.	 	Legacy
    NMC No.	 	Serial
    No.
	1	 	PAL-1	 	10/21/2016	 	206196	 	NMC1137074	 	NV101546794
	2	 	PAL-2	 	10/21/2016	 	206197	 	NMC1137075	 	NV101546795
	3	 	PAL-6	 	10/21/2016	 	206201	 	NMC1137079	 	NV101546796
	4	 	PAL-7	 	10/21/2016	 	206202	 	NMC1137080	 	NV101546797
	5	 	PAL-9	 	10/21/2016	 	206204	 	NMC1137082	 	NV101546798
	6	 	PAL-13	 	10/21/2016	 	206208	 	NMC1137086	 	NV101546799
	7	 	PAL-15	 	10/21/2016	 	206210	 	NMC1137088	 	NV101546800
	8	 	PAL-17	 	10/21/2016	 	206212	 	NMC1137090	 	NV101546801
	9	 	PAL-33	 	10/21/2016	 	206228	 	NMC1137106	 	NV101546802
	10	 	PAL-34	 	10/21/2016	 	206229	 	NMC1137107	 	NV101546803
	11	 	PAL-35	 	10/21/2016	 	206230	 	NMC1137108	 	NV101546804
	12	 	PAL-36	 	10/21/2016	 	206231	 	NMC1137109	 	NV101546805
	13	 	PAL-37	 	10/21/2016	 	206232	 	NMC1137110	 	NV101546806
	14	 	PAL-38	 	10/21/2016	 	206233	 	NMC1137111	 	NV101546807
	15	 	PAL-39	 	10/21/2016	 	206234	 	NMC1137112	 	NV101546808
	16	 	PAL-40	 	10/21/2016	 	206235	 	NMC1137113	 	NV101546809
	17	 	PAL-43	 	10/21/2016	 	206238	 	NMC1137116	 	NV101546810
	18	 	PAL-44	 	10/21/2016	 	206239	 	NMC1137117	 	NV101548110
	19	 	PAL-45	 	10/21/2016	 	206240	 	NMC1137118	 	NV101548111
	20	 	PAL-46	 	10/21/2016	 	206241	 	NMC1137119	 	NV101548112
	21	 	PAL-47	 	10/21/2016	 	206242	 	NMC1137120	 	NV101548113
	22	 	PAL-48	 	10/21/2016	 	206243	 	NMC1137121	 	NV101548114
	23	 	PAL-49	 	10/21/2016	 	206244	 	NMC1137122	 	NV101548115
	24	 	PAL-50	 	10/21/2016	 	206245	 	NMC1137123	 	NV101548116
	25	 	PAL-52	 	10/21/2016	 	206247	 	NMC1137125	 	NV101548117
	26	 	PAL-54	 	10/21/2016	 	206249	 	NMC1137127	 	NV101548118
	27	 	PAL-58	 	10/21/2016	 	206253	 	NMC1137131	 	NV101548119
	28	 	PAL-60	 	10/21/2016	 	206255	 	NMC1137133	 	NV101548120
	29	 	PAL-62	 	10/21/2016	 	206257	 	NMC1137135	 	NV101752169
	30	 	PAL-64	 	10/21/2016	 	206259	 	NMC1137137	 	NV101752170
	31	 	PAL-66	 	10/21/2016	 	206261	 	NMC1137139	 	NV101752171
	32	 	PAL-68	 	10/21/2016	 	206263	 	NMC1137141	 	NV101752172
	33	 	D#29	 	2/15/2018	 	2018-210928	 	NMC1166722	 	NV101560492
	34	 	D#58	 	2/15/2018	 	2018-210929	 	NMC1166723	 	NV101560493

 

    	C-13

    	 

    

 

	 	 	 	 	 	 	County	 	BLM
	#	 	Claim
    Name	 	Location
    Date	 	Document
    No.	 	Legacy
    NMC No.	 	Serial
    No.
	35	 	D#74	 	2/15/2018	 	2018-210930	 	NMC1166724	 	NV101561284
	36	 	D#75	 	2/15/2018	 	2018-210931	 	NMC1166725	 	NV101561285
	37	 	D#76	 	2/15/2018	 	2018-210932	 	NMC1166726	 	NV101561286
	38	 	D#77	 	2/15/2018	 	2018-210933	 	NMC1166727	 	NV101561287
	39	 	D#78	 	2/15/2018	 	2018-210934	 	NMC1166728	 	NV101561288
	40	 	D#79	 	2/15/2018	 	2018-210935	 	NMC1166729	 	NV101561289
	41	 	D#80	 	2/15/2018	 	2018-210936	 	NMC1166730	 	NV101561290
	42	 	D#81	 	2/15/2018	 	2018-210937	 	NMC1166731	 	NV101561291
	43	 	D#112	 	2/15/2018	 	2018-210939	 	NMC1166732	 	NV101561292
	44	 	D#113	 	2/15/2018	 	2018-210940	 	NMC1166733	 	NV101561293
	45	 	D#114	 	2/15/2018	 	2018-210941	 	NMC1166734	 	NV101561294
	46	 	D#115	 	2/15/2018	 	2018-210942	 	NMC1166735	 	NV101561295
	47	 	D#116	 	2/15/2018	 	2018-210943	 	NMC1166736	 	NV101561296
	48	 	D#117	 	2/15/2018	 	2018-210944	 	NMC1166737	 	NV101561297
	49	 	D#134	 	2/15/2018	 	2018-210945	 	NMC1166738	 	NV101561298
	50	 	D#135	 	2/15/2018	 	2018-210946	 	NMC1166739	 	NV101561299
	51	 	D#136	 	2/15/2018	 	2018-210947	 	NMC1166740	 	NV101561300
	52	 	D#137	 	2/15/2018	 	2018-210948	 	NMC1166741	 	NV101561301
	53	 	CURRAN
    NO 1	 	2/15/2018	 	2018-210950	 	NMC1166742	 	NV101564425
	54	 	CURRAN
    NO 2	 	2/15/2018	 	2018-210951	 	NMC1166743	 	NV101564426
	55	 	D#15	 	2/15/2018	 	2018-210952	 	NMC1166744	 	NV101564427
	56	 	D#16	 	2/15/2018	 	2018-210953	 	NMC1166745	 	NV101564428
	57	 	D#17	 	2/15/2018	 	2018-210954	 	NMC1166746	 	NV101564429
	58	 	D#18	 	2/15/2018	 	2018-210955	 	NMC1166747	 	NV101564430
	59	 	D#106	 	2/15/2018	 	2018-210956	 	NMC1166748	 	NV101564431
	60	 	D#108	 	2/15/2018	 	2018-210957	 	NMC1166749	 	NV101564432
	61	 	D#110	 	2/15/2018	 	2018-210958	 	NMC1166750	 	NV101564433
	62	 	D#111	 	2/15/2018	 	2018-210959	 	NMC1166751	 	NV101564434
	63	 	PAL-4	 	4/21/2018	 	2018-212156	 	NMC1173913	 	NV101784477
	64	 	PAL-5	 	4/21/2018	 	2018-212157	 	NMC1173914	 	NV101784478
	65	 	PAL-41	 	4/21/2018	 	2018-212158	 	NMC1173915	 	NV101784479
	66	 	PAL-42	 	4/21/2018	 	2018-212159	 	NMC1173916	 	NV101784480
	67	 	PAL-53	 	4/21/2018	 	2018-212160	 	NMC1173917	 	NV101784481
	68	 	PAL-55	 	4/21/2018	 	2018-212161	 	NMC1173918	 	NV101784482
	69	 	PAL-56	 	4/21/2018	 	2018-212162	 	NMC1173919	 	NV101784483
	70	 	PAL-57	 	4/21/2018	 	2018-212163	 	NMC1173920	 	NV101784484
	71	 	PAL-59	 	4/21/2018	 	2018-212164	 	NMC1173921	 	NV101784485
	72	 	PAL-61	 	4/21/2018	 	2018-212165	 	NMC1173922	 	NV101784486
	73	 	PAL-63	 	4/21/2018	 	2018-212166	 	NMC1173923	 	NV101784487
	74	 	PAL-65	 	4/21/2018	 	2018-212167	 	NMC1173924	 	NV101784488
	75	 	PAL-67	 	4/21/2018	 	2018-212168	 	NMC1173925	 	NV101784489

 

    	C-14

    	 

    

 

	 	 	 	 	 	 	County	 	BLM
	#	 	Claim
    Name	 	Location
    Date	 	Document
    No.	 	Legacy
    NMC No.	 	Serial
    No.
	76	 	PAL-69	 	4/21/2018	 	2018-212169	 	NMC1173926	 	NV101784490
	77	 	PAL-70	 	4/21/2018	 	2018-212170	 	NMC1173927	 	NV101784491
	78	 	PAL-71	 	4/21/2018	 	2018-212171	 	NMC1173928	 	NV101784492
	79	 	PAL-72	 	4/21/2018	 	2018-212172	 	NMC1173929	 	NV101784493
	80	 	SM
    1	 	9/9/2020	 	2020-221824	 	NMC1208982	 	NV101921057
	81	 	SM
    2	 	9/9/2020	 	2020-221825	 	NMC1208983	 	NV101921058
	82	 	SM
    3	 	9/9/2020	 	2020-221826	 	NMC1208984	 	NV101921059
	83	 	SM
    4	 	9/9/2020	 	2020-221827	 	NMC1208985	 	NV101921060
	84	 	SM
    5	 	9/9/2020	 	2020-221828	 	NMC1208986	 	NV101921061
	85	 	SM
    6	 	9/9/2020	 	2020-221829	 	NMC1208987	 	NV101921062
	86	 	SM
    7	 	9/9/2020	 	2020-221830	 	NMC1208988	 	NV101921063
	87	 	SM
    8	 	9/9/2020	 	2020-221831	 	NMC1208989	 	NV101921064
	88	 	SM
    9	 	9/9/2020	 	2020-221832	 	NMC1208990	 	NV101921065
	89	 	SM
    10	 	9/9/2020	 	2020-221833	 	NMC1208991	 	NV101921066
	90	 	SM
    11	 	9/9/2020	 	2020-221834	 	NMC1208992	 	NV101921067
	91	 	SM
    12	 	9/9/2020	 	2020-221835	 	NMC1208993	 	NV101921068
	92	 	SM
    13	 	9/9/2020	 	2020-221836	 	NMC1208994	 	NV101921069
	93	 	SM
    14	 	9/9/2020	 	2020-221837	 	NMC1208995	 	NV101921070
	94	 	SM
    15	 	9/9/2020	 	2020-221838	 	NMC1208996	 	NV101921071
	95	 	SM
    16	 	9/9/2020	 	2020-221839	 	NMC1208997	 	NV101921072
	96	 	SM
    17	 	9/9/2020	 	2020-221840	 	NMC1208998	 	NV101921073
	97	 	SM
    18	 	9/9/2020	 	2020-221841	 	NMC1208999	 	NV101921074
	98	 	SM
    19	 	9/9/2020	 	2020-221842	 	NMC1209000	 	NV101921075
	99	 	SM
    20	 	9/9/2020	 	2020-221843	 	NMC1209001	 	NV101921076
	100	 	SM
    21	 	9/9/2020	 	2020-221844	 	NMC1209002	 	NV101921512
	101	 	SM
    22	 	9/9/2020	 	2020-221845	 	NMC1209003	 	NV101921513
	102	 	SM
    23	 	9/9/2020	 	2020-221846	 	NMC1209004	 	NV101921514
	103	 	SM
    24	 	9/9/2020	 	2020-221847	 	NMC1209005	 	NV101921515
	104	 	SM
    25	 	9/9/2020	 	2020-221848	 	NMC1209006	 	NV101921516
	105	 	SM
    26	 	9/9/2020	 	2020-221849	 	NMC1209007	 	NV101921517
	106	 	SM
    27	 	9/9/2020	 	2020-221850	 	NMC1209008	 	NV101921518
	107	 	SM
    28	 	9/9/2020	 	2020-221851	 	NMC1209009	 	NV101921519
	108	 	SM
    29	 	9/9/2020	 	2020-221852	 	NMC1209010	 	NV101921520
	109	 	SM
    30	 	9/9/2020	 	2020-221853	 	NMC1209011	 	NV101921521
	110	 	SM
    31	 	9/9/2020	 	2020-221854	 	NMC1209012	 	NV101921522
	111	 	SM
    32	 	9/9/2020	 	2020-221855	 	NMC1209013	 	NV101921523
	112	 	SM
    33	 	9/9/2020	 	2020-221856	 	NMC1209014	 	NV101921524
	113	 	SM
    34	 	9/9/2020	 	2020-221857	 	NMC1209015	 	NV101921525
	114	 	SM
    35	 	9/9/2020	 	2020-221858	 	NMC1209016	 	NV101921526
	115	 	SM
    36	 	9/9/2020	 	2020-221859	 	NMC1209017	 	NV101921527
	116	 	SM
    37	 	9/9/2020	 	2020-221860	 	NMC1209018	 	NV101921528

 

Total
of one hundred and sixteen (116) unpatented lode mining claims.

 

    	C-15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]