Document:

Exhibit 4.2

 

[Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.]

INTERNATIONAL BUSINESS MACHINES CORPORATION

1.500% Note due 2029

[CUSIP U45920  AL6

ISIN XS1617845679

COMMON CODE 161784567]

No.:

INTERNATIONAL BUSINESS MACHINES CORPORATION, a corporation duly organized and existing under the laws of the State of New York (herein called the “Company”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum as set forth in the attached Schedule of Increases and Decreases, at the office or agency of the Company in the Borough of Manhattan, The City and State of New York, or any other office or agency designated by the Company for that purpose, on May 23, 2029, in such coin or currency of the member states of the European Monetary Union that have adopted or that adopt the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, annually on May 23 of each year, commencing May 23, 2018, on said principal sum at said office or agency, in like coin or currency, at the rate of 1.500% per annum, from the May 23 next preceding the date of this Note to which interest has been paid, unless the date hereof is a date to which interest has been paid, in which case from the date of this Note, or unless no interest has been paid on the Notes (as defined on the reverse hereof), in which case from May 23, 2017, until payment of said principal sum has been made or duly provided for.  Notwithstanding the foregoing, if the date hereof is after May 8 and before the following May 23, this Note shall bear interest from such May 23; provided, however, that if the Company shall default in the payment of interest due on May 23, then this Note shall bear interest from the next preceding May 23 to which interest has been paid, or, if no interest has been paid on the Notes, from May 23, 2017.  The interest so payable on May 23 will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of

 

business on the May 8, preceding such May 23, unless the Company shall default in the payment of interest due on such interest payment date, in which case such defaulted interest, at the option of the Company, may be paid to the person in whose name this Note is registered at the close of business on a special record date for the payment of such defaulted interest established by notice to the registered holders of Notes not less than ten days preceding such special record date or may be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed.  Payment of interest may, at the option of the Company, be made by check mailed to the registered address of the person entitled thereto.  Interest on this Note will be calculated on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on this Note (or May 23, 2017 if no interest has been paid on this Note), to but excluding the next scheduled interest payment date.

Reference is made to the further provisions of this Note set forth on the reverse hereof.  Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

 

 

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This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

	
Dated:

	
INTERNATIONAL BUSINESS MACHINES CORPORATION

	 	 
	 	
[SEAL]

	 	 
	 	
by

	 	 
	 	 
	 	 
	 	 
	 	
by

	 	 

 

 

 

 

  

3

 

 

TRUSTEE’S CERTIFICATE

OF AUTHENTICATION

This is one of the

Securities of the Series

designated herein issued

under the within-

mentioned Indenture.

THE BANK OF NEW YORK MELLON, as Trustee

 

  

	
by

	 	 
	 	
Authorized Signatory

	 

 

  

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This security is one of a duly authorized issue of unsecured debentures, notes or other evidences of indebtedness of the Company (hereinafter called the “Securities”), of the series hereinafter specified, all issued or to be issued under an indenture dated as of October 1, 1993, duly executed and delivered by the Company to The Bank of New York Mellon, a New York banking corporation, as trustee (hereinafter called the “Trustee”), as supplemented by the First Supplemental Indenture dated as of December 15, 1995, between the Company and the Trustee, as trustee (hereinafter called the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the respective rights and duties thereunder of the Trustee, the Company and the holders of the Securities.  The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest at different rates, may have different conversion prices (if any), may be subject to different redemption provisions, may be subject to different sinking, purchase or analogous funds, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided.  This Security is one of a series designated as the 1.500% Notes due 2029 of the Company (hereinafter called the “Notes”) issued under the Indenture.

In case an Event of Default with respect to the Notes, as defined in the Indenture, shall have occurred and be continuing, the principal hereof together with interest accrued thereon, if any, may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding of all series to be affected (acting as one class), to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the holders of the Securities of such series to be affected; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity of the principal of, or any installment of principal of or interest on, or the currency of payment of, any Security; (ii) reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof; (iii) impair the right to institute suit for the enforcement of any such payment on or after the fixed maturity thereof (or, in the case of redemption, on or after the redemption date); (iv) reduce the percentage in principal amount of the outstanding Securities of any series, the consent of whose holders is required for any such supplemental indenture, or the consent of whose holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided for in the Indenture; (v) change any obligation of the Company, with respect to outstanding Securities of a series, to maintain an office or agency in the places and for the purposes specified in the Indenture for such series; or (vi) modify any of the foregoing provisions or the provisions for the waiver of certain covenants and defaults, except to increase any applicable percentage of the aggregate principal amount of outstanding Securities the consent of the holders of which is required or to provide with respect to any particular series the right to condition the effectiveness

 

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of any supplemental indenture as to that series on the consent of the holders of a specified percentage of the aggregate principal amount of outstanding Securities of such series or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the holder of each outstanding Security affected thereby.  It is also provided in the Indenture that the holders of a majority in aggregate principal amount of the Securities of a series at the time outstanding may on behalf of the holders of all the Securities of such series waive any past default under the Indenture with respect to such series and its consequences, except a default in the payment of the principal of, premium, if any, or interest, if any, on any Security of such series or in respect of a covenant or provision which cannot be modified without the consent of the Holder of each outstanding Security of the series affected.  Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and any Notes which may be issued in exchange or substitution herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Notes.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed.

The Indenture permits the Company to Discharge its obligations with respect to the Notes on the 91st day following the satisfaction of the conditions set forth in the Indenture, which include the deposit with the Trustee of money or Foreign Government Securities or a combination thereof sufficient to pay and discharge each installment of principal of (including premium, if any, on) and interest, if any, on the outstanding Notes.

If the Company shall, in accordance with Section 901 of the Indenture, consolidate with or merge into any other corporation or convey or transfer its properties and assets substantially as an entirety to any Person, the successor shall succeed to, and be substituted for, the Person named as the “Company” on the face of this Note, all on the terms set forth in the Indenture.

The Notes are issuable in registered form without coupons in denominations of €100,000 and any integral multiple of €1,000 in excess thereof.  In the manner and subject to the limitations provided in the Indenture, but without the payment of any service charge, Notes may be exchanged for an equal aggregate principal amount of Notes of other authorized denominations at the office or agency of the Company maintained for such purpose in the Borough of Manhattan, The City and State of New York.

The Company will, subject to the exceptions and limitations set forth below, pay as additional interest on this Note such additional amounts as are necessary in order that the net payment by the Company or a paying agent of the principal of and interest on the Notes to a holder who is not a United States person (as defined below), after deduction for any present or future tax, assessment or other governmental charge of the United States or a political subdivision or taxing authority of or in the United States, imposed by

 

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withholding with respect to the payment, will not be less than the amount provided in this Note to be then due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply:

(1)  to any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the holder, or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as:

(a)  being or having been present or engaged in a trade or business in the United States or having had a permanent establishment in the United States;

(b)  having a current or former relationship with the United States, including a relationship as a citizen or resident of the United States;

(c)  being or having been a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign corporation with respect to the United States or a corporation that has accumulated earnings to avoid United States federal income tax;

(d)  being or having been a “10‐percent shareholder” of the Company as defined in section 871(h)(3) of the United States Internal Revenue Code, as amended (the “Code”) or any successor provision; or

(e)  being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business;

(2)  to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary or partnership, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment;

(3)  to any tax, assessment or other governmental charge that is imposed otherwise or withheld solely by reason of a failure of the holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States Treasury Department or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge;

  

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(4)  to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a paying agent from the payment;

(5)  to any tax, assessment or other governmental charge that is imposed or withheld solely by reason of a change in law, regulation or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;

(6)  to any estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or similar tax, assessment or other governmental charge;

(7)  to any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or interest on any Notes, if such payment can be made without such withholding by any other paying agent;

(8)  to any taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections), any Treasury regulations promulgated thereunder, any official interpretations thereof or any agreements entered into in connection with the implementation thereof;

(9)  to any Notes presented for payment to the extent such payment could have been made without such deduction or withholding if the holder or beneficial owner of the Notes had presented the Notes for payment (where presentation is permitted or required for payment) within 30 days after the date on which such payment became due and payable or date on which payment thereof is duly provided for, whichever is later, except for Additional Amounts with respect to taxes that would have been imposed had the Holder or beneficial owner presented the Notes for payment within such 30-day period; or

(10)   in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8) and (9).

This Note is subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to this Note. Except as specifically provided in this Note, the Company shall not be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision.

As used in this Note, the term “United States” means the United States of America (including the states and the District of Columbia) and its territories, possessions and other areas subject to its jurisdiction, “United States person” means any individual who is a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a United

8

States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source.

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any political subdivision or taxing authority of or in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after May 16, 2017, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become obligated to pay additional amounts as described above with respect to this Note, then the Company may at its option redeem, in whole, but not in part, this Note on not less than 30 nor more than 60 days prior notice, at a redemption price equal to 100% of its principal amount, together with interest accrued but unpaid on this Note to the date fixed for redemption.

This Note will be redeemable, as a whole or in part, at the Company’s option, at any time or from time to time, on at least 30 days, but not more than 60 days, prior notice to the holder of this Note given in accordance with the provisions of the Indenture, at a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed; or (ii) the Optional Redemption Price, plus, in each case, accrued and unpaid interest on this Note to, but excluding, the Redemption Date.

“Optional Redemption Price” means the price, expressed as a percentage (rounded to three decimal places, 0.0005 being rounded upwards), at which the yield (as calculated by the Trustee) on this Note, if it were to be purchased at such price on the third dealing day prior to the date fixed for redemption, would be equal to the yield on such dealing day of the Reference Bond on the basis of the average of four quotations of the average midmarket annual yield to maturity of the Reference Bond prevailing at 11:00 a.m. (Central European time) on such dealing day as determined by the Trustee plus 0.20%.

“Reference Bond” means, in relation to any Optional Redemption Price calculation, the German Government DBR 0.250% due February 15, 2027, or if such bond is no longer in issue, such other European government bond as the Trustee may, with the advice of three brokers of, and/or market makers in, European government bonds selected by the Trustee, determine to be appropriate for determining the Optional Redemption Price.

On and after the Redemption Date, interest will cease to accrue on this Note or any portion of this Note called for redemption (unless we default in the payment of the redemption price and accrued and unpaid interest). On or before the Redemption Date, we will deposit with a paying agent (or the Trustee) money sufficient to pay the redemption price of and accrued and unpaid interest on any portion of this Note to be redeemed on that date. If fewer than all of the Notes of this series are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by a method the Trustee deems to be fair and appropriate.

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Upon due presentation for registration of transfer of this Note at the office or agency of the Company for such registration in the Borough of Manhattan, The City and State of New York, or any other office or agency designated by the Company for such purpose, a new Note or Notes of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith.

Prior to due presentment for registration of transfer of this Note, the Company, the Trustee and any agent of the Company or the Trustee may deem and treat the registered holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue) for the purpose of receiving payment of the principal of, premium, if any, and interest on this Note, as herein provided, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice of the contrary.  All payments made to or upon the order of such registered holder shall, to the extent of the sum or sums paid, effectually satisfy and discharge liability for moneys payable on this Note.

No recourse for the payment of the principal of, premium, if any, or interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. Unless otherwise defined in this Note, all terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

  

10

 

 

SCHEDULE OF INCREASES OR DECREASES

The initial principal amount of this Global Note is € .  The following increases or decreases in this Global Note have been made:

	
Date of

Exchange

	
Amount of decrease in Principal Amount of this Global Note

	
Amount of increase in Principal Amount of this Global Note

	
Principal amount of this Global Note following such decrease or increase

	
Signature of authorized signatory of Trustee or Securities Custodian

	 	 	 	 	 

  

11Exhibit 10.11

BUYER'S CONTRACT NO. OPUS.SP90210

SELLER'S CONTRACT NO. 20161118

CONTRACT Dated September 28, 2016

Between

OCEAN PARTNERS USA, INC.

43 Danbury Road

Wilton, CT

06897

USA

Hereinafter called "Buyer"

and

HUNT MINING CORP.

23800 E. Appleway

Liberty Lake, WA

99019

USA

Hereinafter called "Seller"

and

HUNTWOOD INDUSTRIES, INC.

23800 E. Appleway,

Liberty Lake, WA

99019

USA

Hereinafter called "Joint Seller and Guarantor"

1.          DEFINITIONS

	
•

	
the term "metric tonne" means 1000 kilograms or 2204.62 pounds

	
•

	
the term "pound" (lb) means pound avoirdupois, equal to 453.593 grams

	
•

	
the term "ounce" (oz) means ounce troy, equal to 31. 1035 grams

	
•

	
the term "g/t" means grams per dry metric tonne

	
•

	
the term "wet metric ton" or "(wmt)" means metric tonne, wet basis

	
•

	
the term "dry metric ton" or "(dmt)" means metric tonne, dry basis

	
•

	
the term "unit" means 1% of a dry metric ton

	
•

	
the term "ppm" means part per million or 1 gram per dry metric ton

TH - JH

Contract No. OPUS.SP90210 / Page 2 of 17

	
•

	
the term "Concentrate" shall have the meaning set out in clause 3 below

	
•

	
the term "Target Quantity" shall have the meaning set out in clause 2 below

	
•

	
the term "Metal Payments" shall mean the metal payments set out in Schedule 2 to this Contract

	
•

	
the term "Deductions" shall mean the deductions set out in Schedule 2 to this Contract

	
•

	
the term "Quotational Period" shall mean the quotational period set out in Part B of Schedule 1 to this Contract

	
•

	
the term "Working Day and/or Business Day" shall mean Monday to Friday; Saturday, Sunday and legal holidays excluded

	
•

	
the term "Provisional Payment" shall have the meaning set out in clause 8 below

	
•

	
the term "Option Window" shall have the meaning set out in clause 7 below

	
•

	
the term "Estimated Price" shall have the meaning set out in clause 7 below

	
•

	
amounts of money stated in USD, US$ and¢ (U.S. Dollars and cents) are references to the lawful currency of the United States of America

	
•

	
"month of shipment" in respect of any shipment shall mean the calendar month of the Bill of Lading date for that shipment has taken place

	
•

	
"IMO Bulk Cargo Code" means the International Maritime Organization's Code of Safe Practice for Bulk Cargoes as amended from time to time.

	
•

	
LBMA : London Bullion Market Association

	
•

	
LME: London Metal Exchange

	
•

	
Any abbreviations used in relation to the alternative methods of delivery shall be as defined in INCOTERMS®2010 (as amended, updated or replaced from time to time).

	
•

	
Where the words include(s), including or In particular are used in this Contract, they are deemed to have the words without limitation following them. Where the context permits, the words other and otherwise are illustrative and shall not limit the sense of the words preceding them.

	
•

	
The Schedule(s} to this Contract form(s} part of this Contract and shall have effect as if set out in full in the body of this Contract Any reference to this Contract includes the Schedule(s).

	
•

	
Clause, Schedule and paragraph headings shall not affect the interpretation of this Contract. References to clauses and schedules are to the clauses and schedules of this Contract.

2.          DURATION AND QUANTITY

This Contract commences on September 28, 2016 and shall remain in force until completion of the parties obligations herein.

Subject to the terms of this Contract, the Seller agrees to sell to the Buyer and Buyer agrees to buy from the Seller Silver-Gold concentrates as set out in Clause 3 and in accordance with the terms and conditions of this Contract. The parties intend that the Buyer shall buy such quantities of the Concentrate as are set out in the Part A of Schedule 1 to this Contract, subject to the paragraph below.

The parties hereto accept and acknowledge that the shipment quantities set out in Part A of Schedule 1 to this Contract are approximations and that the actual quantity of Concentrate in each shipment may vary therefrom. To the extent that the quantity of Concentrate in any shipment exceeds, or is exceeded by, the quantity set out in Part A of Schedule 1 to this Contract (the "Target Quantity" for that shipment) by 10% more or less of the Target Quantity, the Seller shall be deemed to have satisfied its obligations under this Contract in full.

3.          QUALITY

The Concentrate to be delivered under this Contract shall be Silver-Gold Concentrate from Hunt Mining with the below typical specification (hereinafter referred to as the "Concentrate"):

	
Au

	
g/dmt

	
30-70

	
Ag

	
Kg/dmt

	
30-100

TH - JH

Contract No. OPUS.SP90210 / Page 3 of 17

	
AI

	
%

	
3.7

	
As

	
%

	
0.7-1.2

	
Ba

	
%

	
< 0.1

	
Bi

	
ppm

	
< 50

	
Ca

	
%

	
0.13

	
Cd

	
ppm

	
50

	
Cl

	
ppm

	
< 100

	
Co

	
ppm

	
50

	
Cr

	
ppm

	
10

	
Cu

	
%

	
1-3

	
F

	
ppm

	
< 50

	
Fe

	
%

	
15-30

	
Hg

	
ppm

	
10-50

	
La

	
ppm

	
30

	
Mg

	
%

	
0.03

	
Mn

	
ppm

	
125

	
Mo

	
ppm

	
10-30

	
Na

	
%

	
< 0.05

	
Ni

	
ppm

	
20

	
P

	
ppm

	
100

	
Pb

	
%

	
1.5-2.0

	
S

	
%

	
20-25

	
Sb

	
%

	
0.1-0.2

	
Sc

	
ppm

	
< 5

	
Se

	
ppm

	
50

	
Si02

	
%

	
37

	
Sn

	
ppm

	
20

	
Sr

	
%

	
< 10

	
Te

	
ppm

	
< 30

	
Ti

	
%

	
0.10

	
Tl

	
ppm

	
< 10

	
V

	
ppm

	
< 10

	
Zn

	
%

	
3

The Seller warrants that the Concentrate shall be suitable for ocean transportation in accordance with the IMO Bulk Cargo Code and that it owns or shall own or has or shall have the unrestricted right to sell the Concentrate to the Buyer with good and marketable title thereto.

The radioactivity in material shall be in permissible limits set by IAEA (International Atomic Energy Agency). The Seller shall use all reasonable endeavours to ensure the Concentrate shall be free from any deleterious elements materially harmful to the normal zinc smelting and refining processes. If for any reason, any of the typical known assays changes significantly, Seller will advise Buyer in good time prior to the shipping allocations being made and Buyer and Seller will discuss in good faith in order to overcome any problem that may be created by the change in quality. Where the actual assay analysis of the Concentrate delivered reveals that this is not the case, the Buyer must promptly notify the Seller of such fact and the parties shall meet to discuss and agree a suitable resolution.

4.         SHIPMENT

Subject to the other terms of this Contract, the Concentrate shall be shipped in bags in standard or heavy duty 20ft containers at Seller's option in accordance with the shipment schedule set out in Part A of Schedule 1 to this Contract.

TH - JH

Contract No. OPUS.SP90210 / Page 4 of 17

Notwithstanding the shipment timings set out in Part A of Schedule 1 to this Contract, all shipments are subject to availability of suitable vessels for freight transport If pallets are used in the shipment of bags a certificate from a 3ro party must be provided to confirm that the pallets have been properly fumigated.

5.         DELIVERY

Subject to the other terms of this Contract, the Seller shall arrange for delivery of the Concentrate FOB (lncoterms®2010) to the loading port or ports set out in Part C of Schedule 1 to this Contract.

The prices referred to in this Contract shall only be inclusive of delivery FOB, as set out above, to the port or ports of loading set out in Part C of Schedule 1 to this Contract. The Seller shall be solely responsible for all the terminal handling charge at such port or ports and all other costs, expenses and liabilities, up to the time Concentrate are loading on board the sea going vessel.

6.         PRICE

The price, per dry metric ton of Concentrate, for each shipment of Concentrate shall be calculated on the basis of the value of the applicable Metal Payments in respect of that shipment of Concentrate less the applicable Deductions, if any, as set out in Schedule 2 to this Contract, in respect of that shipment of Concentrate (the "Final Price").

7.         PRICING MECHANICS

Fixing Price Prior To Quotational Period

Subject to the other terms of this Contract including adjustment pursuant to clause 8 below, the Seller may elect to 'fix' pricing, adjusted to the Quotation period as set out in Part B of Schedule 1 to the Contract, in respect of each shipment or part shipment of Concentrate, by notifying the Buyer on phone or in writing of its election at any point within the Option Window.

For the purposes of this clause 7, the "Option Window" shall be the period from the date on which the Buyer confirms receipt of the signed Contract up to, and including, the second day on which the LME is open for trading prior to the commencement of the Quotational Period (as set out in Part B of Schedule 1 of this Contract).

If the Seller so notifies the Buyer within the Option Window, the Buyer shall notify the Seller of its proposed fixed price for that shipment (or part shipment) of Concentrate.

If the Seller does not so notify the Buyer within the Option Window, or such notification only related to part of a shipment or to the extent that the parties cannot agree on the fixed price to apply to a shipment or part shipment of Concentrate pursuant to the preceding paragraph, pricing shall be determined in accordance with Quotation period as set out in Part B of Schedule 1 to the Contract

If the price for any payable metals drops below 92.5% of the below mentioned estimated price then the Seller shall be obligated to exercise the pricing option on the same day.

Any over I under pricing profit or loss calculated in accordance with Quotation period as set out in Part 8 of Schedule 1 to the Contract, shall be for the account of the Seller.

All pricing instructions must be given in writing.

No backpricing or liquidation of any priced positions is allowed.

TH - JH

Contract No. OPUS.SP90210 / Page 5 of 17

Estimated Price

Where no fixed pricing has been agreed pursuant to this clause 7, the "Estimated Price" for a shipment shall be calculated by the Seller by reference to the Bill of Lading weight for such shipment, estimated assays based on the typical analysis referred to in clause 3 above and the applicable metals price referred to in Schedule 2 to this Contract but averaged LME price for the 5 (five) trading days prior to the date of Bill of Lading (the "Standard Calculation").

Where fixed pricing has been agreed in relation to an entire shipment of Concentrate, the Estimated Price for that shipment shall be calculated by the Seller by reference to the Bill of Lading weight for such shipment and the agreed fixed price (the ''Fixed Price Calculation").

Where fixed pricing has been agreed in relation to part of a shipment of Concentrate, the Estimated Price for that shipment shall be calculated on the basis of the arithmetical mean of: (i) the total Estimated Price for that part of the shipment where pricing has not been fixed based on the Standard Calculation; and (ii) the total Estimated Price for that part of the shipment where pricing has been fixed based on the Fixed Price Calculation price for the 5 (five) trading days prior to the date of Bill of Lading (the "Standard Calculation").

8.         PAYMENT

Currency:

All invoices or credit notes shall be in U.S. Dollars and Cents, and all payments shall be made by the relevant party in U.S. Dollars and Cents. Each party accepts their own risk in relation to currency exchange rate fluctuations, save where payments are made in a currency other than U.S. Dollars and Cents without prior written agreement from the other party (in which case the party attempting to make such payment shall bear all currency exchange rate fluctuation risk).

Provisional Payment

The "Provisional Documents" are:

	
 ‒

	
the Provisional Invoice (as defined below);

	
 ‒

	
full set (3 out of 3) of original shipped on-board Bills of Lading issued as per Buyer's instructions;

	
 ‒

	
Provisional Weight & Moisture certificate to be issued by an independent, internationally recognized surveyor;

	
 ‒

	
Provisional assay certificate to be issued by an independent, internationally recognized laboratory;

	
 ‒

	
Packing List issued by Seller;

	
 ‒

	
Certificate of Origin from the local chamber of commerce;

	
 ‒

	
Declaration from Seller confirming that shipment contains no solid wood material;

	
 ‒

	
MSDS Sheet;

	
 ‒

	
A Fumigation Certificate of Zika to be provided by Seller;

	
 ‒

	
A Fumigation Certificate, issued by a 3n1 party, to confirm that the pallets used have been fumigated

(in case material is shipped on pallets in containers).

ADVANCE PAYMENT

Please refer to Advance Payment Facility Agreement- APFUS1601 dated 28th October 2016 and any later amendments. The Seller and Joint Seller shall repay the advance by deduction against Provisional Payment at a rate of $15,000 per wet metric ton of Concentrate as evidenced by the wet metric tons stated on the original bills of lading. The date of repayment will be taken as the date in which the last container is sealed for that shipment.

Provisional Payment:

The Seller shall be entitled to charge and invoice (such invoice being the "Provisional Invoice") the Buyer for a provisional payment of 90% of the Estimated Price in respect of each shipment of Concentrate, once such Estimated Price has been calculated in accordance with clause 7 above against presentation of Provisional Documents.

TH - JH

Contract No. OPUS.SP90210 / Page 6 of 17

Final Payment:

As soon as reasonably practicable following final weights and assays being determined in accordance with clauses 12 and 13 hereof in respect of a shipment of Concentrate, the Seller shall calculate the Final Price and prepare and forward to Buyer a final invoice (or credit note) in respect of that shipment based on the difference between the Final Price and the Provisional Payments.

Where an additional payment is due from the Buyer, the Buyer shall ensure it is made promptly upon presentation of the Sellers final invoice. Where payment is due from the Seller, the Seller ensure it is made promptly upon receipt of the Buyers payment details.

The "Final Documents" are:

	
‒

	
the Final Invoice.

9.         TOTAL AND PARTIAL LOSS AND DAMAGE

All Concentrate lost or damaged after risk, as per lncoterms®2010, has passed to the Buyer in accordance with clause 11, shall be treated as if they had been safely delivered to the Buyer for the purposes of determining whether the obligation of the Seller to deliver and sell, and the obligation of the Buyer to buy Concentrate in accordance with clause 2 has been fulfilled.

Total Loss:

In case of total loss of, or damage to Concentrate after risk, as per lncoterms®2010, has been transferred to the Buyer in accordance with clause 11, payment shall be made as if the shipment had been safely delivered.

The amount payable shall be calculated based on the original Bill of Lading weights, and the provisional moisture and provisional assays of the loaded Concentrate and otherwise in accordance with the terms of this Contract. Insurance to be claimed by Buyer in such a case.

In the case of the total loss of any shipment, the Date of Arrival shall be deemed to be the 25th day after the on board date of the Bill of Lading for the shipment.

Partial Loss:

In case of partial loss of, or damage to Concentrate after risk, as per lncoterms®2010, has been transferred to the Buyer in accordance with clause 11, payment shall be made as if the shipment had been safely delivered.

The amount payable shall be calculated based on the original Bill of Lading weights, and the final moisture and final assays on that part of the Concentrate which has been safely delivered in good condition and otherwise in accordance with the terms of this Contract. Insurance to be claimed by Buyer in such a case.

10.       INSURANCE

The Seller is not obligated to insure the cargo, but it is highly recommended they insure each shipment from the mine site to the FOB delivery point.

11.       TITLE AND RISK

Title to the Concentrate for each shipment or any part thereof, shall pass from Seller to Buyer on receipt by Seller of the first provisional payment in accordance with clause 8 of this Contract.

Risk to the Concentrate shall pass from Seller to Buyer as per lncoterms®2010.

TH - JH

Contract No. OPUS.SP90210 / Page 7 of 17

12.        WEIGHING SAMPLING AND MOISTURE DETERMINATION

Provisional weighing, sampling, sample preparation and determination of moisture of the Concentrate at a mutually agreed location, by Inspectorate according to ISO Standards. The appointment of the independent internationally recognized surveyor shall be on a con-joint basis between the Buyer and Seller with the cost split 50/50 between the Buyer and Seller.

Final weighing, sampling, sample preparation and determination of moisture of the Concentrate shall be carried out at Receiver's works by independent. internationally recognized surveyor according to ISO Standards. Seller shall have the right to be represented at its own expense by an internationally recognised surveyor when the final weighing, sampling and moisture determination is being carried out. Buyer and Seller can appoint a mutually acceptable surveyor on conjoint basis, with costs to be shared equally for carrying out the weighing, sampling and determination of moisture.

The weight determined by light & heavy bags shall govern for final settlement.

The final weighing, sampling and moisture determination shall be carried out in lots of about either 50wmt each, to be mutually agreed, in accordance with accepted industry standards according to ISO standards, and repeated for each lot. Each lot shall comprise a separate and complete delivery for the purpose of this Contract

The results of the entire weighing, sampling and moisture determination operation shall be mutually agreed between the representatives of all parties concerned.

Each sample shall be prepared in the internationally acceptable manner with a minimum sample weight of 250 (two hundred and fifty) grams.

The composite sample for each lot shall be divided into 6 equal portions: 2 for Seller, 2 for Buyer, and 2 to be properly packed, sealed, labelled and retained by the Independent surveyor respectively as reserve samples for analysis by umpires if required under clause 13. More samples maybe freely requested by the Buyer. All samples shall be sealed and signed jointly by both Buyer's and Seller's representative.

13.        ASSAYING

Each party shall undertake assaying for the relevant metals referred to under 'Metal Payments' In schedule 2 to this Contract on their respective samples taken pursuant to clause 12 above, using all reasonable endeavours to ensure that its assayers are suitably qualified, skilled and experienced and utilize reliable and appropriate assaying procedures and equipment in accordance with best industry practices generally recognized by the mining and smelting industry throughout the world.

Assay results for Gold shall be reported in grams per DMT, two decimal places required.

Assay certificate for exchange shall be issued by an independent international lab and shall be exchanged by email or fax as mutually agreed, on a date to be agreed upon in advance, but in any event within 45 days after last receipt of the samples at the port of discharge. The Buyer reserves the right to exchange the Sellers certificate directly with the Buyers receiver and subsequently exchange the Buyers receiver's certificate with the Seller. The assays of gold shall be exchanged on lot by lot basis. Assay for gold shall be made by fire assay and corrected for cupellation, volatilization and slag losses. Seller and Buyer undertake to agree on a date for the exchange of assays as soon as possible.

For Payable elements should the difference between the results of both parties be not more than the following splitting limits:

Gold          To be Mutually agreed between Buyer and Seller

Silver         To be Mutually agreed between Buyer and Seller

TH - JH

Contract No. OPUS.SP90210 / Page 8 of 17

Arsenic      To be Mutually agreed between Buyer and Seller

then the exact mean of the two results shall be taken as the agreed assay for the purpose of final accounting. In the event of greater difference, umpire assaying shall be performed on the sample(s) reserved for this purpose by a laboratory(s) to be mutually agreed upon by Buyer and Seller, which shall be from the following list of laboratories:

Alfred H Knight International Ltd.

Eccleston Grange, Prescot Road,

St. Helens, Merseyside

England WA 10 3BQ

Laboratory Services International BV

Pittsburghstraat 9

3047 BL Rotterdam

Netherlands

RC Inspection

Gustoweg 66, NL 3029 AS

Rotterdam. Holland

Alex Stewart International Corporation

Unit 28 Olympic Way, Sefton Business Park, Aintree,

Liverpool, Merseyside, L30 1RD

ALS Inspection UK Ltd.

Caddick Road, Knowsley Industrial Estate

Knowsley, Merseyside 134 9ER, England

Bachelet Laboratories

Liege Science Park, Avenue du Pre-Ally, 26

B-4031 Angleur. Belgium

SGS Nederland B.V.

Mineral Services, Malledijk 18

PO Box 200, 3208 LA/3200 AE Spijkenisse

Netherlands

If any of the above companies act as either Buyer's or Seller's laboratory on the assaying or act as either Buyers or Seller's representative during the weighing, sampling and moisture determination, then this laboratory shall be disqualified from acting as an umpire party.

The umpire decided upon pursuant to this clause 13 shall be instructed to advise both the Seller and the Buyer of the results of the umpire's assay by letter sent by email & courier.

Should the umpire's determination fall between the results of the assays conducted by the Buyer and the Seller, or coincide with either the Buyer's or the Seller's assay, then the arithmetical mean of the umpire's assay and the assay of the party nearest to the umpire's assay shall be taken as the agreed assay in respect of the lot in question. Should the umpire's assay be the exact mean of the Buyer's and the Seller's assay, the umpire's assay shall be taken as the agreed assay in respect of the lot in question. Should the umpire's assay fall elsewhere, then the arithmetical mean of the umpire's assay and the assay of the party nearest to the umpire's assay shall be taken as the agreed assay in respect of the lot in question.

In all cases, the cost of the umpire's assay shall be paid by the party whose result varied the most from the umpire's assay, unless the umpire's assays is the exact mean of the Buyer's and the Sellers assay, in which event the cost of the umpire's assay shall be borne equally between the Buyer and the Seller.

TH - JH

Contract No. OPUS.SP90210 / Page 9 of 17

14.        TAXES, TARIFFS AND DUTIES

Any applicable taxes, tariffs and duties, whether present or imposed on the Concentrate or contained metal or on commercial documents relating thereto arising in the jurisdiction in which the port(s) of discharge is/are located shall be borne solely by the Buyer and the Buyer shall fully indemnify the Seller accordingly at all times. Any applicable taxes, tariffs and duties, whether present or imposed on the Concentrate or contained metal or on commercial documents relating thereto arising in the jurisdiction in which the Concentrate is produced or exported from by Seller or Seller's supplier shall be borne solely by the Seller and the Seller shall fully indemnify the Buyer accordingly at all times. Seller shall provide to Buyer promptly any documents requested by Buyer in order to obtain to comply with Buyer's obligations related to the import taxes, tariffs, duties and licenses associated with the Concentrates.

15.        LICENSES

Seller must obtain, at its own risk and expense, any export license or other official authorization and carry out all customs formalities necessary for the export of the Concentrates. Where applicable, Buyer shall obtain, at its own risk and expense, any import license or other official authorization and carry out all customs formalities for the import of the Concentrates. Seller shall provide to Buyer promptly any necessary documents requested by Buyer in order to obtain any of the aforementioned licenses. authorizations or custom formalities.

16.        FORCE MAJEURE

Neither party to this Contract shall be liable for any delay in performing or failure to perform its obligations (except for delay or failure to pay money when due) due to events including but not limited to any war, warlike operation or act, revolution, act of God, flood, storm, earthquake, fire, explosion, strike, lockout, stoppage of work, combination of workmen, interference of Trade Unions, act of government or government appointed agents or local, foreign, national or international or other public authority. any court order or judgement, decree, embargo, confiscation, sabotage, tidal wave, law, act, order, proclamation, regulation, ordinance, carrier failure or delay, inability to obtain raw materials, plant equipment or materials required for maintenance, replacement or repair, fire, obstruction or blockage of port or wharf, lack of railway or seaborne freight facilities or delays en route whether due to mechanical fault or to action of the elements, or, in the event of any other disabling causes whatsoever beyond the reasonable control of the parties concerned, including but not restricted to, permanent or temporary mine closure for economic or others reasons, (any such cause being hereinafter called ("Force Majeure") preventing or hindering a party from performing its obligations in the Contract (including if a Force Majeure event prevents performance by the producing mine, or receipt or treatment by the consuming smelter). Failure to deliver or to accept delivery in whole or in part because of the occurrence of an event of Force Majeure shall not constitute a default hereunder or subject either party to liability for any resulting loss or damage.

Upon the occurrence of any event of Force Majeure, the party affected by the event of Force Majeure shall within 3 (three) Business Days of the occurrence notify the other party hereto in writing of such event and shall specify in reasonable detail the facts constituting such event of Force Majeure. Where such notice is not given within the time required, Force Majeure shall not justify the non-fulfilment of any obligations under this Contract.

Both parties agree to use their respective reasonable efforts to cure any event of Force Majeure to the extent that it is reasonably possible to do so, it being understood that the settlement of strikes, lockouts, and any other industrial disputes shall be within the sole discretion of the party asserting Force Majeure.

Failure to deliver or accept delivery of the Material which is excused by or results of an event of Force Majeure shall extend the term of this Contract for a period equal to the period of such failure. If such a failure caused by an event of Force Majeure shall continue for more than 90 (ninety) calendar days, then

TH - JH

Contract No. OPUS.SP90210 / Page 10 of 17

the party not having declared Force Majeure shall have the right by written notice to cancel the affected quantity of the Concentrate with immediate effect.

This clause shall not apply to any obligations to pay, indemnify or provide security or to any Concentrate for which vessel, truck or railway wagon space has been booked, pricing has been established, the Quotational period has commenced and/or payment has been made unless Buyer and Seller have expressly consented in writing. In these cases parties shall find a reasonable solution for both sides in a fair and equitable manner.

In the event of Force Majeure the Seller shall allocate its available supplies of such material. if any, among any or all of its existing customers in a fair and equitable manner. In addition. where the Seller is the affected party, it shall offer to supply, from another source. goods of similar quality in substitution for the material subject to the Force Majeure event to satisfy that amount which would have otherwise been sold and purchased hereunder at a price which may be more or less than the price hereunder.

Within 30 (thirty) days of the cessation of the Force Majeure event. the Parties shall reach agreement as to Seller's obligation to deliver and the Buyer's obligation to accept material of that quantity of material that could not be delivered and accepted hereunder because of the Force Majeure event, provided always that any such shortfall quantity has not been replaced by material pursuant to the terms above.

17.       SUSPENSION OF QUOTATIONS

The metal price quotations specified under this Contract are the quotations currently in general use for the pricing of the relevant metals listed in Schedule 2 to this Contract and which may be found within concentrate akin to the Concentrate.

In the event that any of these price quotations ceases to exist. ceases to be published, publishes an erroneous price quotation and does not later correct it, or should no longer be internationally recognized as the basis for the settlement of contracts for concentrate of the same kind as the Concentrate. then upon the request of either party the Buyer and the Seller shall promptly consult together with a view to agreeing on a new pricing basis and on the date for bringing such basis into effect. with the basic objective of securing the continuity of fair pricing under the Contract.

Until such time as the new pricing basis is agreed between the parties, the Seller shall be entitled, on provision of written notice to the Buyer, and formal written acceptance by Buyer, to invoice the Buyer provisionally (and the Buyer shall pay such provisional sums in accordance with clause 8 above) on the basis of the applicable price applied to the last shipment of Concentrate sold by the Seller to the Buyer under this Contract prior to the date of such notice being given.

18.        GOVERNING LAW AND ARBITRATION

GOVERNING LAW:

This Contract, including the arbitration clause, shall be governed by, interpreted and construed in accordance with the substantive laws of England and Wales excluding the United Nations Convention on contracts for the International Sales of Goods of April 11, 1980 (CISG).

ARBITRATION:

Any dispute arising out of or in connection with this Contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration under the Rules of the London Court of International Arbitration (LCIA), which Rules are deemed to be incorporated by reference into this clause. The seat, or legal place, of arbitration shall be London. The language to be used in the arbitration shall be English. The number of arbitrators shall be 3 (three) (one arbitrator to be appointed by each party, and the third to be chosen by the two party-appointed arbitrators). The parties waive irrevocably their right to any form of appeal, review or recourse to any state court or other judicial authority.

TH - JH

Contract No. OPUS.SP90210 / Page 11 of 17

19.       SUCCESSORS AND ASSIGNMENT

This Contract and all its provisions shall be binding upon and endure to the benefit of the successors and assigns of the respective parties hereto. Neither party shall assign or novate this Contract or their rights or obligations hereunder without the written consent of the other party. which consent shall not be unreasonably withheld.

20.       NOTICES

It is agreed that any and all notices required or permitted to be given to either party under the terms of this Contract shall be notified in person or by facsimile or e-mail followed by special courier, if needed, addressed to the party to be notified at the following respective addresses, or any other addresses regarding which the respective parties have been informed prior to the sending of such notices, namely:

BUYER:

OCEAN PARTNERS USA, INC.

43 Danbury Road

Wilton

CT 06897

USA

E-maH:jay.hemenway@oceanpartners.com

SELLER:

HUNT MINING CORP.

23800 E. Appleway

Liberty Lake, WA

99019

USA

E-Mail: th@huntwood.com

If a notice or other communication has been properly sent or delivered in accordance with this clause, it shall be deemed to have been received as follows:

		a)	
if delivered personally, at the time of delivery; or

		b)	
if delivered by special courier, at the time of signature of the courier's receipt; or

		c)	
in the case of fax or email it shall be deemed to have been received at the time of transmission or on the consecutive business day if the time of transmission is outside of normal business

hours at the place of receipt.

For the purposes of this clause all times are to be read as local time in the place of deemed receipt; and if deemed receipt under this clause is not within business hours (meaning 9.00 am to 5.00 pm Monday to Friday on a day that is not a public holiday in the place of receipt), the notice is deemed to have been received when business next starts in the place of receipt

To prove delivery, it is sufficient to prove that if sent by email no error message was received from the Intended recipient that such email has not been successfully delivered, and if sent by facsimile, delivery confirmation or successful transmission confirmation was received.

The provisions of this clause 20 shall not apply to the service of any process in any legal action or proceedings.

21.        LIABILITY

In no event shall either Party be liable for any indirect or consequential damages (including loss of profits) resulting from Its performance or non-performance of its obligations hereunder.

TH - JH

Contract No. OPUS.SP90210 / Page 12 of 17

This clause 21 shall survive termination of this Contract for any reason.

22.        TERMINATION

Either party may elect to terminate this Contract in the event that the other party fails to pay any amount payable hereunder as and when due and such default has continued unremedied for a period of 45 (forty five) calendar days after written notice thereof is given by the party to whom the sums are due save for if such party has failed to make payment due to quality or other associated claims under this Contract.

This Contract shall terminate at the option of either party if the other party materially defaults in the performance or observance of any material obligations hereunder and fails to remedy the default within 45 (forty five) calendar days after receiving written demand therefor. This Contract shall terminate at the option of either party if the other party becomes insolvent or bankrupt or makes an assignment for the benefit of creditors, or if a receiver or trustee in bankruptcy is appointed for the other party, or if any proceeding in bankruptcy, receivership, or liquidation is instituted against the other party and is not dismissed within 45 (forty five) calendar days following commencement thereof.

All accrued sums, rights and obligations arising hereunder that are still outstanding at the time of termination of this Contract shall survive such termination and shall not be affected thereby. Termination of this Contract shall not affect any shipments of Concentrate ordered by the Buyer prior to such termination which shall continue and be paid for as if this Contract were continuing, without liability to the Buyer. Where such cancellation occurs and the Buyer has paid a Provisional Payment to the Seller, the Seller shall reimburse the same within [fourteen (14) calendar days] of such cancellation.

On termination of this Contract (however arising) the following clauses shall survive and continue in full force and effect: 3, 6, 8, 9, 11 to 14 (inclusive) and 18 to 27 (inclusive).

23.        VARIATIONS and WAIVER

This Contract may only be varied by agreement in writing signed by duly authorized representatives of the Buyer and Seller.

A waiver (which may be given subject to conditions) of any right or remedy provided under this Contract or by law shall only be effective if it is in writing and shall apply only to the party to whom it is addressed and for the specific circumstances for which it is given. It shall not prevent the party who has given the waiver from subsequently relying on the right or remedy in other circumstances.

Unless specifically provided otherwise, rights arising under this Contract are cumulative and do not exclude rights provided by law.

24.        ENTIRE CONTRACT

This Contract and any documents or schedules referred to in it constitute the whole Contract between the parties and supersede any previous arrangement, understanding or agreement between them relating to the subject matter of this agreement.

Each party acknowledges that, in entering into this Contract and the documents and schedules referred to in it, it does not rely on any statement, representation, assurance or warranty ("Representation") of any person {whether a party to this Contract or not) other than as expressly set out in this Contract or those documents or schedules. Each party agrees that the only remedies available to it arising out of or in connection with a Representation shall be for breach of contract as expressly provided in this Contract, save that nothing in this clause shall limit or exclude any liability for fraud or fraudulent misrepresentation.

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Contract No. OPUS.SP90210 / Page 13 of 17

If any provision of this Contract (or part of any provision) is found by any court or other authority of competent jurisdiction to be invalid, illegal or unenforceable, that provision or part-provision, to the extent required, shall be deemed not to form part of the Contract, and the validity and enforceability of the other provisions of the Contract shall not be affected.

A person who is not a party to this Contract shall not have any rights whatsoever under or in connection with it.

25.        CONFIDENTIALITY

Each party shall at all times during this Contract and thereafter keep in strict confidence all technical or commercial know-how, specifications, inventions, processes, business plans, trade secrets, commercial terms, the detail of this Contract itself and all other information and matters which are of a confidential nature and have been disclosed to that party by the other party, its employees, agents, consultants or subcontractors and any other confidential information concerning the other party's business or its products which the receiving party may obtain.

Either party may disclose such information to its personnel who need to know such information for the purposes of carrying out their obligations under this Contract, subject to procuring their compliance with these obligations, and as may be required by law, court order or any governmental or regulatory authority. Neither party shall use any such information for any purpose other than to perform its obligations under this Contract.

26.        COMPLIANCE

Both parties warrant, represent and undertake to the other party that they will comply with all applicable laws, rules and regulations including without limitation to sanctions, anti-corruption, anti-money laundering and tax laws in performing this Contract.

27.        MSDS I CLP

The Seller (either on its own or by its appointed only representative, as applicable) undertakes, and assumes all responsibilities, to comply with regulation of the Council on Classification, Labelling and Packaging of Substances and Mixtures (CLP) and all applicable laws, including (without limitation) obligations pertaining to classification, labeling, (extended) safety data sheets and notification requirements of the Material under this Contract.

The Seller represents and warrants to the Buyer that the Material fully complies with the CLP requirements and all applicable laws, and undertakes to promptly provide the Buyer with documentation (including, without limitation, (extended) safety data sheets and chemical composition analysis) evidencing CLP compliance and to promptly inform the Buyer the identified use(s) for which the registration has been obtained.

The Seller shall indemnify and hold harmless the Buyer against any and all costs, expenses, losses and damages arising out of or in connection with any delay or failure on the part of the Seller to comply with the requirements of CLP, including (without limitation) its failure to notify the Buyer of any change in the identity of its only representative (if applicable).

TH - JH

Contract No. OPUS.SP90210 / Page 14 of 17

IN WITNESS WHEREOF the parties hereto have executed  this Contract as of the day and year first above written.

	
Signed by:

	
TIMOTHY HUNT

	 	 
	 	 	 	 
	
For and on behalf of Seller:

	
HUNT MINING CORP.

	 	 
	 	 	 	 
	 	 	 	 
	
Name in Print:

	
TIM R. HUNT

	 	 
	 	 	 	 
	
Title:

	
President/CEO

	 	 
	 	 	 	 
	
Date:

	
11/21/2016

	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
Signed by:

	
TIMOTHY HUNT

	 	 
	 	 	 	 
	
For and on behalf·Joint Seller and Guarantor:

	 	 
	 	
HUNTWOOD INDUSTRIES, INC.

	 	 
	 	 	 	 
	 	 	 	 
	
Name in Print:

	
TIM R. HUNT

	 	 
	 	 	 	 
	
Title:

	
President/CEO

	 	 
	 	 	 	 
	
Date:

	
11/21/2016

	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
Signed by:

	
JAY HEMENWAY

	 	
BRENT OMLAND

	 	 	 	 
	
For and on behalf of Buyer

	
OCEAN PARTNERS USA, INC.

	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
Name in Print:

	
Jay Hemenway

	 	
Brent Omland

	 	 	 	 
	
Title:

	
Trader

	 	
Director

	 	 	 	 
	
Date:

	
Nov 18/16

	 	
Nov 18, 2016

TH - JH

Contract No. OPUS.SP90210 / Page 15 of 17

SCHEDULE 1

PART A- Target Quantity and Shipment Schedule

140-200WMT. +/-10% at Seller's option in all case

The Concentrate shall be shipped during November and December 2016 in shipments of minimum size 45wmt +/-10%

PART B – Quotational Period

The Quotational Period for all Payable Metals shall be Second Month after Month of Arrival at the Discharge Port (2MAMA)

PART C - Delivery Port

The Concentrate is to be delivered FOB (lncoterms®2010) Puerto Deseado, Argentina.

TH - JH

Contract No. OPUS.SP90210 / Page 16 of 17

SCHEDULE 2

Metal Payments

In respect of each shipment of Concentrate, the Buyer shall pay the following:

		Silver:	
The Buyer shall pay for the lower of (i) 96% of the silver content in the Concentrate in that shipment as determined in accordance with this Contract or (ii) the total number of units of such content less a deduction of two hundred (200) grams, determined in accordance with this Contract, at a price equal to the daily US$ LBMA spot quotation price for silver, as provided by CME-TR (CME-Thomson Reuters) and averaged over the Quotational Period in accordance with Part B of Schedule 1 of this Contract.

		Gold:	
The Buyer shall pay for the lower of (i) 95% of the gold content in the Concentrate in that shipment as determined in accordance with this Contract or (ii) the total number of units of such content less a deduction of one (1) gram, at a price equal to the mean of the daily US$ London Bullion morning and afternoon quotations for gold as published in the London "Metal Bulletin" ( or such other information source published by the LME from time to time which may replace it), averaged over the Quotational Period in accordance with Part B of Schedule 1 to this Contract.

Deductions

The following deductions may be applied in respect of each shipment of Concentrate, where relevant. The Seller shall allow:

Treatment Charge

A treatment charge of US$225.00 (two hundred twenty five) per dmt of Concentrate delivered as part of that shipment

Silver Refining Charge

Seller shall allow Buyer a silver refining charge of US$1.40 per troy ounce (or pro rata for each fraction of an ounce) of the payable silver from that shipment of Concentrate in respect of which the above Metal Payment for silver applies.

The refining charge shall be increased by US$ 0.05 (zero decimal zero five) per oz of payable silver for each US$ 1 (one) variation in the silver price above US$ 18.00 (eighteen) per oz (fractions pro-rata).

Gold Refining Charge

Seller shall allow Buyer a gold refining charge of US$15.00 per troy ounce (or pro rata for each fraction of an ounce) of the payable gold from that shipment of Concentrate in respect of which the above Metal Payment for gold applies.

The refining charge shall be increased by US$ 0.05 (zero decimal zero five) per oz of payable gold for each US$ 1 (one) variation in the gold price above US$ 1,300.00 (one thousand three hundred) per oz (fractions pro-rata).

Freight Credit

Seller shall allow Buyer a freight credit of the actual freight cost from FOB Puerto Deseado to CIP Vancouver Canada or equivalent including any 'ad valorem' the transportation companies may apply.

TH - JH

Contract No. OPUS.SP90210 / Page 17 of 17

Penalties

		As:	
Seller will allow Buyer a penalty of US$3.00 per each 0.1% the As content exceeds over 0.1%: Fractions pro rata.

TH - JH

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