Document:

Exhibit
10.1 

 

 

480
– 1500 West Georgia Street

 

Vancouver,
B.C. V6G 2Z6

 

July 14, 2020

Golden Minerals Company

350 Indiana Street, Suite 650

GMC, Colorado, 80401

 

Attention: Warren Rehn, CEO

 

Dear Sirs:

 

	Re:	Option To Purchase Agreement in respect of the Santa Maria Mine in the State of Chihuahua, Mexico
involving Fabled Copper Corp. (“Fabled”) and Golden Minerals Company. (“GMC”)

 

GMC and Fabled (referred to herein as the
“Parties”, and individually as a Party) have entered into discussions in respect of the grant of an Option to Purchase
by GMC to Fabled concerning mining claims that make up the Santa Maria Mine in the State of Chihuahua, Mexico.

 

This letter of intent (this "Letter
of Intent”) is to confirm the essential terms and conditions upon which Fabled will acquire the Property. Upon execution
of this Letter of Intent, the Parties shall instruct legal counsel to prepare a Definitive Agreement (as hereinafter defined) which
upon execution shall replace and supersede this Letter of Intent. Until such execution, this Letter of Intent shall continue in
full force and effect unless otherwise terminated under the terms hereof.

 

In consideration of the mutual covenants
contained herein, the Parties agree as follows:

 

	1.	Definitions
	 	 

		(a)	“Closing” means the completion of the Transaction and related transactions;
	 	 	 

		(b)	“Closing Date” means that date designated by the Parties which is within five
business days after the receipt of final acceptance from the TSXV for the Transaction;
	 	 	 

		(c)	“Definitive Agreement” means a formal agreement containing the terms in this
Letter Agreement and such other terms, conditions, representations, warranties, conditions, indemnities and agreements as are customary
for transactions of this nature;
	 	 	 

		(d)	“Due Diligence Period” means a period commencing on the date of execution of
this Letter and ending on July 24, 2020;

 

    

     

    

 

		(e)	“Effective Date” means the date of the completion of the Transaction;
	 	 	 

		(f)	"Encumbrances" means mortgages, charges, pledges, security interests, liens, encumbrances,
actions, claims, demands and equities of any nature, including without limitation, any liability for accrued but unpaid taxes;
	 	 	 

		(g)	“Fabled Shares” means common shares in the capital of Fabled;
	 	 	 

		(h)	“Geological Report” means a current Geological Report on the Property issued
to Fabled, and compliant with National Instrument 43-101 – Standards of Disclosure for Mineral Projects;
	 	 	 

		(i)	“GMC” means Golden Minerals Company, a Delaware Corporation
	 	 	 

		(j)	“Private Placement” means an equity private placement by Fabled to raise aggregate
gross proceeds to a minimum of CAD$5,000,000 at a price commensurate with market conditions;
	 	 	 

		(k)	“Property” means the mining claims that make up the Santa Maria Mine in the
State of Chihuahua, Mexico as further described in Schedule “A”;
	 	 	 

		(l)	“Securities Laws” means the securities legislation having application, the regulations
and rules thereunder and all administrative policy statements, instruments, blanket orders, notices, directions and rulings issued
or adopted by the applicable securities regulatory authority, all as amended;
	 	 	 

		(m)	“Transaction” means the issuance of the option to acquire the Property by Fabled;
and
	 	 	 

		(n)	“TSXV” means the TSX Venture Exchange.
	 	 	 

	2.	List of Schedules

 

	2.1	Description	Schedule
	 	 	 
	 	Property Description	“A”
	 	Issued and Outstanding Share Capital
of Fabled	“B”

 

	3.	Completion of Transaction
	 	 

	3.1	Relying upon the representations and warranties herein contained, and subject to the terms and
conditions hereof, at the Closing, the parties will use commercially reasonable efforts to complete the Transaction.
	 	 

	4.	The Transaction
	 	 

	4.1	On the Closing Date, GMC will grant Fabled an option to acquire the Property on the following terms:
	 	 

		(a)	Fabled will pay to GMC on Closing USD$500,000 in cash and issue to GMC, 1,000,000 Fabled Shares;
	 	 	 

		(b)	Fabled will pay to GMC USD$1,500,000 in cash 12 months after Closing;

 

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		(c)	Fabled will pay to GMC USD$2,000,000 in cash 24 months after Closing;
	 	 	 

		(d)	Upon exercise of the option, Fabled will grant to GMC a 1% NSR royalty on the Santa Maria and Punto
Com concessions, in form and substance reasonably satisfactory to GMC.
	 	 	 

	4.2	The Parties agree to use their commercially reasonable efforts to enter into a Definitive Agreement,
on or before August 12, 2020 and prepare all necessary documentation and apply for and obtain TSXV approval of the Transaction
and all other consents, orders or approvals as counsel may advise are necessary or desirable for the implementation of the Transaction.
	 	 

	5.	Fabled Regulatory Requirements
	 	 

	5.1	GMC acknowledges that:
	 	 

		(a)	the Transaction will be subject to the acceptance of the TSXV, which will be contingent on satisfaction
of a number of regulatory requirements including:
	 	 	 

		(i)	Fabled having delivered the Geological Report that is acceptable to the TSXV;
	 	 	 

		(ii)	Fabled having delivered a suitable title opinion on the Property in a form acceptable to the TSXV;
	 	 	 

		(iii)	Fabled having gained the approval of its shareholders for the Transaction; and
	 	 	 

		(iv)	the TSXV accepting the Private Placement and the Transaction in accordance with the rules and policies
of the TSXV; and
	 	 	 

		(b)	the 1,000,000 Fabled Shares to be issued to GMC pursuant to the Transaction will be subject to
resale restrictions under applicable securities laws and the rules and policies of the TSXV and may also be subject to escrow requirements
or other resale restrictions under the rules and policies of the TSXV.
	 	 	 

	6.	Due Diligence
	 	 

	6.1	Fabled and GMC agree that:
	 	 

		(a)	within five business days from the date of execution of this Letter of Intent, Fabled will provide
a complete, final and commercially reasonable request for due diligence materials. GMC shall use commercial reasonable best efforts
to provide to Fabled the requested due diligence materials within ten business days of receipt of the request for such due diligence
materials or as soon as practicable thereafter.
	 	 	 

		(b)	GMC will use commercially reasonable efforts to cooperate with Fabled in complying with the reasonable
requirements of Fabled, and with any auditor or advisor of Fabled including but not limited to providing information for the Geological
Report;
	 	 	 

		(c)	Fabled shall have the Due Diligence Period to determine, acting reasonably, whether its review
has uncovered materially adverse information which makes it commercially unfeasible to complete the Transaction as originally contemplated
by the Parties, at which time Fabled will advise GMC in writing whether, acting reasonably, it intends to terminate the Transaction
on the basis of such information and if so, this Letter of Intent shall terminate and be of no further force and effect;

 

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		(d)	within five business days from the date of execution of this Letter of Intent, GMC will provide
a complete, final and commercially reasonable request for due diligence materials. Fabled shall use commercial reasonable best
efforts to provide to GMC the requested due diligence materials within ten business days of receipt of the request for such due
diligence materials or as soon as practicable thereafter;
	 	 	 

		(e)	Fabled will use commercially reasonable efforts to cooperate with GMC in complying with the reasonable
requirements of GMC, and with any auditor or advisor of GMC;
	 	 	 

		(f)	GMC shall have the Due Diligence Period to determine, acting reasonably, whether its review has
uncovered materially adverse information which makes it commercially unfeasible to complete the Transaction as originally contemplated
by the Parties, at which time GMC will advise Fabled in writing whether, acting reasonably, it intends to terminate the Transaction
on the basis of such information and if so, this Letter of Intent shall terminate and be of no further force and effect; and
	 	 	 

		(g)	Fabled and GMC agree to keep all information and documents provided or otherwise acquired pursuant
to this Section 6 confidential, except to the extent required to be disclosed by law or TSXV rules.
	 	 	 

	7.	Standstill
	 	 

	7.1	From the date of execution of this Letter of Intent until completion of the transactions contemplated
herein or the earlier termination hereof, GMC will not, directly or indirectly, solicit, initiate, assist, facilitate, promote
or encourage proposals or offers from, entertain or enter into discussions or negotiations with any persons, entity or group in
connection with the acquisition or distribution of the Property, or any amalgamation, merger, consolidation, arrangement, restructuring,
refinancing, or sale of any material assets or part thereof, unless such action, matter or transaction is part of the transactions
contemplated in this Letter of Intent or is satisfactory to, and is approved in writing in advance by the other Party hereto (with
such approval not being unreasonably withheld or delayed) or is necessary to carry on the normal course of business; provided however,
that this Section 7 shall not apply to any transaction involving the securities of GMC.
	 	 

	8.	[INTENTIONALLY DELETED]
	 	 

	9.	Representations, Warranties and Covenants of GMC
	 	 

	9.1	GMC represents, warrants and covenants to Fabled as of the date hereof and at the Closing that:
	 	 

		(a)	GMC is a corporation duly incorporated, validly existing and in good standing under the laws of
the state of Delaware and has the power, authority and capacity to enter into this Letter of Intent, to carry out its terms and
has all necessary corporate power to own the rights to the Property;
	 	 	 

		(b)	The contracts which give GMC the rights to the Property are in good standing and GMC is not in
default under such contracts;

 

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		(c)	Warren Rehn, CEO of GMC, has sufficient authority to execute and deliver this Letter of Intent;;
	 	 	 

		(d)	neither the execution and delivery of this Letter of Intent, nor the completion of the transactions
contemplated hereby will conflict with or result in any breach of any of the terms and provisions of, or constitute a default under,
the constating documents, director or shareholder minutes of GMC, or any agreement or instrument to which GMC is a party or by
which the Property are bound or any order, decree, statute, regulation, covenant or restriction applicable to GMC;
	 	 	 

		(e)	GMC shall use its commercially reasonable efforts to obtain required consents to the Transaction
of relevant third parties in respect of the Property; and
	 	 	 

		(f)	GMC shall use its commercially reasonable efforts to assist Fabled in the preparation of the Geological
Report.
	 	 	 

	10.	Representations, Warranties and Covenants of Fabled
	 	 

	10.1	Fabled represents and warrants to and agrees with GMC as of the date hereof and on the Closing
that:
	 	 

		(a)	Fabled is a corporation duly incorporated and validly existing under the laws of the Province of
British Columbia and is in good standing with respect to the filing of annual returns, and has the power, authority and capacity
to enter into this Letter of Intent and to carry out its terms and to conduct its business as such businesses is now being conducted;
	 	 	 

		(b)	Fabled is a “reporting issuer” within the meaning of securities laws in British Columbia,
Alberta and Saskatchewan, and is not in default of any requirement of any applicable securities laws and neither the TSXV or any
other regulatory authority having jurisdiction has issued any order preventing or suspending trading of any securities of Fabled;
	 	 	 

		(c)	the common shares of Fabled are listed for trading on the TSXV;
	 	 	 

		(d)	the execution and delivery of this Letter of Intent have been duly authorized by the board of directors
of Fabled;
	 	 	 

		(e)	the authorized share capital of Fabled consists of an unlimited number of common shares without
par value of which as of the date of this Letter of Intent 44,009,760 Fabled Shares are issued and outstanding as fully paid and
non-assessable shares, subject only to the issuance of additional Fabled Shares upon exercise of outstanding options described
in Schedule “B”;
	 	 	 

		(f)	Fabled will use its commercially reasonable efforts to complete the Private Placement prior to
or concurrent with Closing;
	 	 	 

		(g)	as soon as possible following the execution of this Letter of Intent, Fabled shall use its commercially
reasonable efforts to prepare the Geological Report pertaining to the Property;
	 	 	 

		(h)	as soon as possible following the execution of this Letter of Intent and in any event within 10
days of receipt of the Geological Report, Fabled shall use its commercially reasonable efforts to complete and file its application
including, but not limited to the Geological Report pertaining to the Property with the TSXV for acceptance for filing of the Transaction;
and

 

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	11.	General Conditions Precedent
	 	 

	11.1	The respective obligations of the Parties hereto to consummate the transactions contemplated hereby
are subject to the satisfaction, on or before the Closing Date, of the following conditions any of which may be waived by the mutual
consent of such Parties without prejudice to their rights to rely on any other or others of such conditions:
	 	 

		(a)	the TSXV shall have accepted the Transaction;
	 	 	 

		(b)	the Transaction shall have been approved or consented to by the shareholders of Fabled and GMC
if and to the extent required;
	 	 	 

		(c)	the Definitive Agreement, shall have been duly executed and delivered by GMC and Fabled and the
consent of all other relevant parties shall have been received;
	 	 	 

		(d)	where applicable Fabled shall have completed the Fabled Consolidation;
	 	 	 

		(e)	A minimum of CAD$4,000,000 shall have been raised by Fabled via the Private Placement;
	 	 	 

		(f)	there shall not be in force any order or decree restraining or enjoining the consummation of the
transactions contemplated by this Letter of Intent, including, without limitation, the Transaction; and all consents, orders and
approvals required or necessary or desirable for the completion of the transactions provided for in this Letter of Intent shall
have been obtained or received from the persons, authorities or bodies having jurisdiction in the circumstances, all on terms satisfactory
to each of the Parties hereto, acting reasonably; and
	 	 	 

		(g)	Fabled and GMC shall have received from each other any legal opinions from counsel and certificates
from officers with respect to such matters as counsel of Fabled and GMC may require, acting reasonably.
	 	 	 

	12.	Conditions Precedent in favour of Fabled
	 	 

	12.1	Fabled’s obligation to complete the Transaction is subject to the following conditions precedent
which are to be satisfied, as applicable, on or before the Closing:
	 	 

		(a)	Fabled having obtained the consent or approval of any parties from whom consent to the Transaction
is required, including the TSXV;
	 	 	 

		(b)	Fabled having had a reasonable opportunity to review and approve of all material documentation
in connection with the Transaction, including without limitation, the Geological Report pertaining to the Property;
	 	 	 

		(c)	Fabled having been able to obtain a suitable Title Opinion, as such term is defined in the policies
of the TSXV, in respect of the Property;
	 	 	 

		(d)	Fabled having successfully incorporated a wholly owned subsidiary in Mexico;

 

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		(e)	the representations and warranties of GMC contained in this Letter of Intent and the Definitive
Agreement will be true and correct in all material respects at and as of the Closing;
	 	 	 

		(f)	all covenants, agreements and obligations hereunder or under the Definitive Agreement on the part
of GMC to be performed or complied with at or prior to the Closing contained herein will have been performed and complied with
in all material respects; and
	 	 	 

The conditions
set forth in section 12 of this Letter of Intent are for the exclusive benefit of Fabled and may be unilaterally waived by Fabled
to the extent permitted by applicable laws or regulatory requirements in whole or in part at any time.

 

	13.	Conditions Precedent in favour of GMC
	 	 

	13.1	The obligations of GMC to complete the Transaction are subject to the following conditions precedent,
which are to be satisfied, as applicable, on or before the Closing, or such earlier date as may be indicated:
	 	 

		(a)	GMC having had a reasonable opportunity to approve of all documentation in connection with the
filings with the TSXV for acceptance of this Transaction;
	 	 	 

		(b)	Fabled shall have furnished GMC with a conditional approval letter from the TSXV conditionally
accepting the Transaction;
	 	 	 

		(c)	the representations and warranties of Fabled contained herein will be true and correct in all material
respects at and as of the Closing;
	 	 	 

		(d)	all covenants, agreements and obligations hereunder on the part of Fabled to be performed or complied
with at or prior to the Closing contained herein will have been performed and complied with in all material respects; and
	 	 	 

		(e)	Fabled shall have made the option payment due to J. Cervantes on or about August 4, 2020 in the
amount of US$40,000.
	 	 	 

The conditions set forth in section
13 of this Letter of Intent are for the exclusive benefit of GMC and may be waived by GMC in whole or in part at any time.

 

	14.	Public Disclosure
	 	 

	14.1	No disclosure or announcement, public or otherwise, in respect of this Letter of Intent or the
transactions contemplated herein will be made by any Party without the prior written agreement of the other Parties as to timing,
content and method, providing that the obligations herein will not prevent either Party from making, after consultation with the
other Parties, such disclosure as its counsel advises is required by applicable laws or the rules and policies of the TSXV.
	 	 

	14.2	Unless and until the transactions contemplated in this Letter of Intent will have been completed,
except with the prior written consent of the other Parties, each of the Parties and its respective employees, officers, directors,
shareholders, agents, advisors and other representatives will hold all information received from the other Party in strictest confidence,
except such information and documents already available to the public or as are required to be filed or disclosed by applicable
law.

 

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	14.3	All such information and documents in any form or medium whatsoever, including but without limitation
copies thereof and derivative materials made therefrom will be returned to the Party originally delivering them, or at the direction
of such Party, destroyed in the event that the transactions provided for in this Letter of Intent are not completed.
	 	 

	15.	Termination
	 	 

	15.1	This Letter of Intent may be terminated by mutual agreement of the respective Parties hereto.
	 	 

	15.2	Unless otherwise agreed in writing by Fabled and GMC, this Letter of Intent shall terminate without
further notice or agreement in the event that:
	 	 

		(a)	the Transaction is rejected by the TSXV and all recourse or rights of appeal have been exhausted;
	 	 	 

		(b)	any conditions precedent set out in Sections 11, 12 and 13 hereof are not satisfied, released or
waived on or before the Effective Date or such earlier date indicated therein; or
	 	 	 

		(c)	the Effective Date has not occurred on or before September 30, 2020 or such later date as may be
approved in writing by Fabled and GMC.
	 	 	 

	15.3	Unless otherwise agreed in writing by Fabled and GMC, Fabled may terminate this Letter of Intent
by notice to GMC if it elects not to make the payment set forth in Section 13.1(e), provided, however, that if such notice of termination
has not been received prior to July 31, 2020, then Fabled shall be obligated to make such payment or reimburse GMC if it makes
such payment, regardless of whether the Transaction is consummated or the option is exercised.
	 	 

	16.	General
	 	 

	16.1	The representations, warranties and covenants made by Fabled and GMC in this Letter of Intent will
survive the Closing and, notwithstanding such Closing or any investigation made by or on behalf of either Fabled and GMC or any
other person acting on their behalf, will continue in full force and effect for a period of one year after the Closing.
	 	 

	16.2	Each of Fabled and GMC agree that, whether or not the Transaction
                                  is consummated, each will pay its own and its representatives’ fees and expenses, including
                                  any fee for advice or opinions incurred in connection with the negotiation, preparation, execution
                                  and delivery of this Letter of Intent Agreement and any other agreements, documents, opinions
                                  or evaluations contemplated hereby, including the Definitive Agreement.
	 	 

	16.3	This Letter of Intent will enure to the benefit of and be binding upon the Parties hereto and their
respective successors and permitted assigns. This Letter of Intent may not be assigned by any Party without the prior written consent
of the others.
	 	 

	16.4	This Letter of Intent may be executed in several counterparts, each of which will be deemed to
be an original and all of which will together constitute one and the same instrument. Delivery of a copy by facsimile or other
electronic means will be deemed to be delivery of an original.
	 	 

	16.5	This Letter of Intent is intended to be a binding agreement between the Parties subject to the
terms and conditions hereof.

 

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	16.6	Time is of the essence of this Letter of Intent.
	 	 

	16.7	This Letter of Intent will be governed by and construed in accordance with the laws of the Province
of British Columbia and the laws of Canada applicable therein.
	 	 

	16.8	If any provision of this Letter of Intent is invalid, illegal, or incapable of being enforced by
reason of any rule of law or public policy, then such provision will be severed from and will not affect any other provision of
this Letter of Intent. Upon such determination, the Parties will negotiate in good faith to modify such terms or provisions so
as to affect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions
contemplated hereby are fulfilled to the fullest extent possible. All other provisions of this Letter of Intent will, nevertheless,
remain in full force and effect and no provision will be deemed dependent upon any other provision unless so expressed.

 

[Signature
page follows.]

 

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If you agree to the above
terms, kindly sign two copies of this letter signifying your approval and acceptance and return one fully executed letter to the
writer at your earliest convenience. Upon acceptance this offer becomes a binding agreement subject to its terms.

 

	 	Yours truly,
	 	 
	 	FABLED COPPER CORP.
	 	 
	 	Per: 	/s/ David. W. Smalley
	 	David W. Smalley, Lead Director

 

The undersigned hereby agrees to the foregoing terms and conditions
of this Letter of Intent this 14th day of July, 2020.

 

GOLDEN MINERALS COMPANY

 

	Per: 	/s/ Warren Rehn	 
	Warren Rehn, CEO	 

 

    Page 10 of 10Exhibit 10.1

 

SHARE PURCHASE AGREEMENT

 

THIS SHARE PURCHASE
AGREEMENT (this "Agreement") is made and entered into as of, June 19, 2020, by and among CLEARWATER GOLD MINING CORPORATION,
an Idaho Corporation (the "Company"), whose principal place of business is located at 1256 Elmira Rd, Sandpoint, Idaho
83864, its sole Shareholder Gregory Schifrin (the "Shareholder"), and MAGELLAN GOLD CORPORATION, a Nevada corporation
(the "Buyer"), whose principal place of business is located at 2101-A Harrison Drive PMB#312 Vacaville, California 95687.

 

WHEREAS, the Shareholder,
owns 100% of the issued and outstanding shares of common stock of the Company; and

 

WHEREAS,
the Buyer desires to acquire from the Shareholder and the Shareholder desire to sell to the Buyer One Million (1,000,000) shares
of common stock of the Company (the "Company Shares"), representing 100% of the issue and outstanding shares of capital
stock in the Company, in exchange for the issuance and transfer of up to One Million (1,000,000) shares of the voting common stock
of Buyer (the "MAGE Shares"), upon the terms and subject to the conditions set forth in this Agreement.

 

NOW THEREFORE, in consideration
of the mutual covenants, agreements, representations and warranties contained herein, the Parties hereby agree as follows:

 

		1.	Purchase and Sale of Company Shares.

 

a.            
Basic Transaction. Subject to the terms and conditions of this Agreement, on the Closing Date, the Shareholder shall
transfer, assign, convey and set over to the Buyer, and the Buyer shall acquire and receive from the Shareholder, any and all of
the Shareholder’s respective rights, title and interests in and to the Company Shares set forth next to its name on Schedule
A attached hereto. In addition to the MAGE Share issuance described in Section 9(b) below, the Buyer shall pay to Schifrin the
sum of $12,500 concurrently with the execution of this Agreement and an additional $12,500 within thirty (30) days of the signing
of this Agreement. In addition the Buyer will execute and deliver at Closing a promissory note (“Note”), payable to
the order of Gregory Schifrin, in the principal sum of One Hundred Twenty Five Thousand Dollars ($125,000), in the form of Note
attached as Exhibit E. The obligation of Buyer to pay the Note will be secured by (i) a Stock Pledge Agreement covering the Company
Shares purchased by Buyer in the form of Exhibit F and (ii) a UCC Security Agreement covering the assets of the Company in the
form of Exhibit G.

 

b.            
Purchase Price; Payment. The purchase price for all of the Company Shares shall be the issuance by the Buyer to the
Shareholder of a total of One Million (1,000,000) restricted shares of common stock of the Buyer at a rate of one (1) share for
every one (1) Company Share transferred hereunder, to be issued to the Shareholder in the amounts and under the terms as follows;
250,000 shares at the time of closing, 250,000 shares at the time the Center Mine receives its permit to reopen the main portal
of the mine, 250,000 shares at the point the main portal has been reopened and 250,000 two-years from closing concurrent with the
pay-off of the $125,000 promissory note being delivered to the Shareholder as part of the purchase price.

 

c.             Net
Smelter Return Royalty. The Company will grant to Schifrin a Net Smelter Return Royalty equal to 1.0% of the
Company’s Net Smelter Return. In the event the resource is confirmed to contain a resource of 1.0 million or more
ounces, the Net Smelter Return Royalty shall be 1.5% of the Company’s Net Smelter Return. The form of Net Smelter
Return Royalty Agreement is attached hereto as Schedule B.

 

d.            
Finders Fee. Schifrin has been engaged in the mineral exploration for over 30 years and has ongoing relationships
and opportunities in the mineral exploration field, for a period of two years from the Closing Schifrin and the Buyer will negotiate
an appropriate finder’s fee arrangement for any additional properties that Schifrin brings to the Buyer.

 

e.            
The Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take
place at the office of Michael Lavigne in Wallace, Idaho commencing at 10:00 a.m. local time on June 30, 2020 or such other date,
time or place as the Buyer and the Shareholders may mutually determine and agree to (the “Closing Date”). The Company
and the Buyer agree to make the effective date of this agreement July 1, 2020.

 

 

 

    	 	1	 

     

    

 

f.             
Deliveries at Closing. At the Closing, (i) the Shareholder will deliver to the Buyer the stock certificate(s) representing
all of the Company Shares, endorsed in blank or accompanied by duly executed assignment documents, and (ii) the Buyer will deliver
to the Shareholder, duly authorized and issued certificates for the MAGE Shares in the aggregate amounts set forth on Schedule
C hereto, and as provided in Section 3(b)(viii) and (iii) the parties will deliver to one another the additional agreements
and documents described in Section 3, executed as provided therein.

 

g.            
At the time of Closing Gregory Schifrin will be appointed as a director of Magellan Gold Corporation. At the time of Closing,
the Board of Directors of the Company shall be reconstituted to consist of: John Power, Mark Rodenback and Greg Schifrin and the
executive officers of the Company shall be reconstituted to consist of Michael Lavigne and John Power.

 

h.            
Certain Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings
ascribed below:

 

		(i)	"Knowledge" including the phrase "to the Company's knowledge"
shall mean the actual knowledge of the following officers of the Company: Gregory Schifrin.

 

		(ii)	"Material Adverse Effect" means a material adverse effect on the
business, assets, liabilities, financial condition, property, or results of operations of the Company.

 

		2.	Representations and Warranties Concerning the Transaction.

 

a.             
Representations and Warranties of the Shareholder. Shareholder represents and warrants to the Buyer that the statements
contained in this Section 2.a are correct and complete as of the date hereof and will be correct and complete as of the Closing
Date, unless an exception to a representation or warranty made herein is set forth in attached Schedule D, Shareholder’s
Disclosure Schedule, which is incorporated herein by reference. The Shareholder’s Disclosure Schedule is arranged in paragraphs
corresponding to the lettered and numbered paragraphs contained in this Section 2.a.

 

(i)            
Ownership of Shares. As of the date hereof, the Shareholder: (1) owns the number of Company Shares set forth opposite
his/her/its name on Schedule A hereto, and has not assigned, pledged, or otherwise encumbered said Company Shares with a
lien or security interest; (2) has good and marketable title thereto; (3) the Company Shares represents his/her/its entire interest
in the Company, and he/she/it has no other interests or rights which are convertible into shares of the Company or any right or
option to acquire any further interest in shares of the Company; (4) the Company shares are free and clear of all other restrictions,
other than those imposed by applicable state and federal securities laws; (5) the Company Shares are not subject to any agreements,
including any buy-sell or shareholder agreements, that would contravene, conflict with, restrict or otherwise impair or limit any
Shareholder’s ability to consummate the transactions contemplated under this agreement; and (6) the Company Shares represent
100% of the issued and outstanding shares of common stock of the Company and there exist no options, warrants or securities convertible
into or exercisable to purchase shares of the Company’s common stock.

 

(ii)          
No Misleading Statements or Omissions. To the knowledge of the Shareholder, neither this Agreement nor any Schedule
or document attached hereto, contains any materially misleading statement, or omits any fact or statement necessary to make the
other statements or facts therein set forth not materially misleading.

 

(iii)          
Authorization of Transaction; Enforceability of the Agreement. The Shareholder has full power and authority to execute
and deliver this Agreement and to perform such Shareholder’s obligations hereunder. When duly executed and delivered, this
Agreement constitutes the valid and legally binding obligation of the Shareholder, enforceable in accordance with its terms and
conditions, except to the extent limited by applicable bankruptcy, reorganization, insolvency, moratorium or other laws relating
to or affecting generally the enforcement of creditor’s rights. The Shareholder need not give any notice to, make any filing
with, or obtain any authorization, consent, or approval of any government or governmental agency in order to consummate the transactions
contemplated by this Agreement.

 

 

 

    	 	2	 

     

    

 

(iv)         
Shareholder’s Sophistication. The Shareholder has a high degree of business and financial sophistication and
has such knowledge and experience in financial and business matters that each has determined and evaluated the merits and risks
of an investment in the MAGE Shares for such Shareholders’ own account. The Shareholder acknowledges that it is able to fend
for itself and bear the economic risk of its investment, including the complete loss thereof.

 

(v)          
Restricted Securities. The Shareholder understands that the MAGE Shares are characterized as “restricted securities”
under the federal securities laws inasmuch as they are being acquired from MAGE in a transaction not involving a public offering
and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities Act
of 1933, as amended (the “Securities Act”), only in certain limited circumstances. In this connection, the Shareholder
is familiar with Rule 144, as presently in effect, and understand the resale limitations imposed thereby and by the Securities
Act. The Shareholder Investor understands Rule 144 is not currently available for the sale of the MAGE Shares and my never be so
available.

 

b.            
Representations and Warranties with Respect to the Company/Shareholder. The Shareholder represents and warrants to
the Buyer that the statement contained in this Section 2.b are correct and complete as of the date hereof, and will be correct
and complete as of the Closing Date, unless an exception to a representation or warranty made herein is set forth in the attached
Schedule D, the Company’s Disclosure Schedule, which is incorporated herein by reference.

 

(i)            
Organization and Authorization. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Idaho with full corporate power and authority to carry on its business as now conducted and to own
and operate its assets, properties and business.

 

(ii)           
Capitalization. The authorized capital stock of the Company consists of 100,000,000 shares of common stock, with
a par value of One Cent ($.01) per share and 100,000,000 shares of preferred stock with a par of One Tenth of One Cent ($.001).
As of the date hereof, 1.000,000 of such common shares of the Company are issued and outstanding and no shares of preferred stock
are issued and outstanding. All of the issued and outstanding shares of common stock of the Company have been duly authorized,
are fully paid and nonassessable, and were issued in compliance with all applicable federal and state securities laws. There are
no outstanding options, warrants, rights, conversion rights, contracts, calls, puts, agreements or commitments of any kind relating
to the issuance, sale, disposition, acquisition or transfer of any equity securities or other securities of the Company, and there
are no voting trusts, proxies, or any other agreements or understandings with respect to the voting of the capital stock of the
Company. There are no outstanding or authorized stock appreciation, phantom stock, or similar rights with respect to the Company.

 

(iii)          
No Conflict. Neither the execution and delivery of this Agreement, nor the consummation of the transfer and sale
of the Company Shares to the Buyer will: (a) violate any provision of the Articles of Incorporation, the Bylaws, or any other governing
instrument of the Company; (b) violate, or be in conflict with, or constitute a default (or an event which, with notice or lapse
of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance required by,
or excuse performance by any person of its obligations under, or cause the acceleration of the maturity of any de t or obligation
pursuant to, or result in the creation or imposition of any encumbrance upon an property or assets of the Company under, any material
agreement or commitment to which the Company is a party or by which any of its properties or assets are bound or subject; or (c)
violate any statute or law or any judgment, decree, order, regulation or rule of any court or other governmental agency applicable
to the Company.

 

(iv)          
Consent. No consent, approval or authorization of, or declaration, filing or registration with, any governmental body or
agency is required to be made or obtained by the Company in connection with the execution, delivery and performance of this Agreement
by the Company. In addition, no consent of any other person or entity is required to be obtained by the Company prior to the execution,
delivery and performance of this Agreement by the Company, or, to the best of the Shareholder’s knowledge, the consummation
of the acquisition by the Buyer of the Company Shares or the transfer of the MAGE Shares to the Shareholder.

 

(v)          
Financial Information. The Company has delivered to the Buyer all of the financial information of the Company (collectively,
the "Company Financial Information"). Except as set forth in the Company Financial Information, the Company has no material
liabilities or obligations, contingent or otherwise, which, in all such cases, individually and in the aggregate would not have
a Material Adverse Effect.

 

 

 

    	 	3	 

     

    

 

(vi)          
Title to Property; Sufficiency of Assets. The Company owns all the material properties and assets (real, personal
and mixed, tangible and intangible) that are reflected in the Company Financial Information. All properties and assets reflected
in the Company Financial Information are free and clear of all encumbrances. The assets and property owned or leased by the Company
constitute all of the property and assets necessary to conduct the Company's business as currently conducted. The attached Schedule
D the Company's Disclosure Schedule, which is incorporated herein by reference, contains a complete list of all material assets
owned by the Company.

 

(vii)         
Litigation. There is no action, lawsuit inquiry, proceeding or investigation, administrative or judicial, by or before
any court or governmental body pending or, to the Shareholder’s knowledge, threatened against or involving the Company, any
of its predecessor entities, or the shares of capital stock of the Company. The Company is not subject to any judgment, order or
decree that has or is likely to have a material adverse effect on the business, assets, properties or financial condition of the
Company. The Company is not in violation of any law, ordinance or regulation of any kind whatsoever including, but not limited
to the Securities Act of 1933, the Securities Exchange Act of 1934, as amended, and the Rules and Regulations of the U.S. Securities
and Exchange Commission, or the securities laws and regulations of any state.

 

(viii)        
No Material Adverse Change. Since the submission of the Company Financial Information, there has not been any material
adverse change in the business, assets, properties or financial condition of the Company.

 

(ix)          
Contracts and Commitments. All material contracts, commitments and agreements to which the company is a party to,
or by which any of its properties or assets are subject or bound, are set forth on the attached Schedule D. Copies of all
such contracts and agreements shall be delivered to the Buyer prior to the Closing Date, and all such contracts and agreements
are in full force and effect in accordance with the terms thereof.

 

(x)           
Taxes. All federal, state and local income or other taxes that it is required to be paid for the period(s) up to
and through the Closing Date with all governmental agencies, wherever situate, has paid or accrued for payment all taxes, such
that a failure to file, pay or accrue will not have a material adverse effect on the Company. There is no (nor has there been any
request for an) agreement, waiver or consent providing for an extension of time with respect to the assessment of any taxes attributable
to the Company or its assets or operations, and no power of attorney granted by the Company with respect to any tax matter is currently
in force. There is no action, suit, proceeding, investigation, audit, claim, demand, deficiency or additional assessment pending
or threatened against the Company, or with respect to any tax attributable to the Company or its assets or operations.

 

(xi)          
Licenses and Permits. The Company has all material governmental licenses, authorizations, consents and approvals
necessary to carry on its business as now conducted. The attached Schedule D correctly sets forth a list and status of each
material license, franchise, permit, order, registration, certificate, approval or other similar authorization affecting, or relating
in any way to, the assets or business of the Company (collectively, the "Permits"), and each pending application for
any Permit including the name of the Government Agency or entity issuing such Permit or with which such application is pending.
except as set forth on the attached Schedule D, (a) the Permits are valid and in full force and effect; (b) the Company
is not or has not been in violation of or default under, and, to the Shareholder’s knowledge, no condition exists that with
notice or lapse of time or both would consti1ute a violation of or default under, the Permits; (c) no proceeding is pending or,
to the Shareholder’s knowledge, threatened, to revoke or limit any Permit; and (d) none of the Permits will be terminated
or impaired or become terminable, in whole or in part, as a result of the transactions contemplated by this Agreement. The Company
is in compliance in all material respects with the terms of such Permits.

 

(xii)         
Environmental Matters.

 

		(a)	Except as identified in Schedule D:

 

I.             
No written complaint, notification, demand, request for information, citation, summons or order has been received by the
Company, no penalty has been assessed, and no written investigation notice, action, claim or review (or any basis therefor) is
pending or, to the Shareholder’s knowledge, is threatened by any governmental authority or other person with respect to any
matters relating to the Company or any person for which the Company has retained or assumed liability either contractually or by
operation of law, and relating to or arising out of any Environmental Law;

 

 

 

    	 	4	 

     

    

 

II.            To
the Shareholder’s knowledge after due inquiry, there are no liabilities of or relating to the Company of any kind whatsoever,
whether accrued, contingent, absolute, determined, determinable or otherwise, arising under or relating to any Environmental Law,
and to the Shareholder’s knowledge there are no facts, conditions, situations or set of circumstances that would reasonably
be expected to result in or be the basis for any such liability;

 

III.          
The Company is and has been in compliance with all Environmental Laws in material respects, and has obtained and is in compliance
with all Environmental Permits in all material respects; and

 

IV.          
The Company has not performed or subcontracted for the performance of, with respect to any contract, its own facilities
or otherwise, any activity involving the disturbance, abatement, repair or removal of any Material of Environmental Concern.

 

		(b)	To the Shareholder’s knowledge after due inquiry, and except as set
forth on the attached Schedule D, the company is not currently under any obligation to take any action pursuant to any Environmental
Laws requiring (i) the performance of site assessment for Materials of Environmental Concern, (ii) the removal or remediation of
Materials of Environmental Concern, (iii) the giving of notice to, or receiving the approval of, any Governmental Entity, or (iv)
the recording or delivery to any other Person of any disclosure document or statement pertaining to environmental matters by virtue
of the Transactions or as a condition to the effectiveness of any of the Transactions.

 

		(c)	There has been no environmental investigation, study, audit, test, review
or other analysis conducted in relation to the current or prior business of the Company, or any property or facility owned, leased
or operated by the Company which the Company has in its possession and which has not been delivered to the Buyer.

 

(xiii)        
Employees. The Company has no employees.

 

(xiv)        
No Misleading Statements or Omissions. No representation or warranty of the Company herein or in the Company Financial
Information, or any Schedule hereto, and no written statement or certificate furnished or to be furnished by or on behalf of the
Company to the Buyer pursuant hereto or in connection with the transactions contemplated hereby, will contain as of the date hereof
and on the Closing Date, any untrue statement of a material fact or will omit to state a material fact necessary in light of the
circumstances to make the statements contained herein or therein not misleading.

 

(xv)         
Survival of Representations and Warranties. All representations, warranties, covenants and agreements made herein
and, in the Schedules attached hereto shall survive for one year following the execution, delivery and perform nee of this Agreement,
the acquisition of the Company Shares, and the issuance and transfer of the MAGE Shares pursuant hereto.

 

(xiv) Brokers’
Fees. The Company has no liability of' obligation to pay any fees or commissions to any broker, finder, or agent with respect
to the transactions contemplated by this Agreement for which the Company could become liable or obligated.

 

c.            
Representation and Warranties of Buyer. The Buyer represents and warrants to the Shareholder that the statements
contained in this Section 2.c are correct and complete as of the date hereof and will be correct and complete as to the Closing
Date.

 

(i)            
Organization and Authorization. The Buyer is a corporation duly organized, validly existing and in good standing
under the laws of the State of Nevada with full corporate power and authority to carry on its business as now conducted and to
own and operate its assets, properties and business. The Buyer has full corporate power and authority to execute and deliver this
Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement have been duly authorized
by all necessary corporate action of the Buyer, its Board of Directors and its shareholders (to the extent shareholder approval
is required), and this Agreement constitutes valid and legally binding obligation of Buyer, enforceable against it in accordance
with its terms.

 

 

 

    	 	5	 

     

    

 

(ii)           
Capitalization. The authorized capital stock of the Buyer consists of 1,000,000,000 shares of common stock, $.001
par value per share, and 2,500,000 shares of preferred stock, $10.00 par value per share. As of the date hereof, 5,608,447 of common
shares of the Buyer are issued and outstanding, and 242,269 shares of preferred stock are issued and outstanding. All of the issued
and outstanding shares of common stock of the Buyer, have been duly authorized, are fully paid and nonassessable, and, together
with the convertible promissory notes referenced below, were issued in compliance with all applicable federal and state securities
laws. Except as set forth in Schedule E, there are no outstanding options, warrants, rights, conversion rights, contracts, calls,
puts, agreements or commitments of any kind relating to the issuance, sale, disposition, acquisition or transfer of any equity
securities or other securities of the Buyer, an there are no voting trusts, proxies, or any other agreements or understandings
with respect to the voting of the capital stock of Buyer. There are no outstanding or authorized stock appreciation, phantom stock,
or similar rights with respect to the Buyer. The Buyer is not under any obligation to register under the Securities Act any of
its currently outstanding securities or any securities issuable upon the conversion of the convertible promissory notes referenced
below, or any other of its currently outstanding securities.

 

(iii)          
No Conflict. The Articles of Incorporation of Buyer, and all amendments thereto made through the date of this Agreement,
have been duly a proved and adopted by all parties whose approval was required under applicable law. The Buyer is not in violation
or default (a) of any provision of its Articles of Incorporation or Bylaws, (b) of any instrument, judgment, order, writ or decree,
(c) under any note, indenture or mortgage, or (d) under any material lease, agreement, contract or purchase order to which it is
a party or by which it is bound, or (e) of any provision of federal or state statute, rule or regulation applicable to the Buyer,
the violation of which would have a Material Adverse Effect. he execution, delivery and performance of this Agreement or of any
Transaction Agreement not result in any such violation, or be in conflict with, or constitute, with or without that passage of
time or giving of notice, either (x) a default under, or result in the termination of, or accelerate or excuse the performance
required by any such provision, instrument, judgment, order, writ, decree, contract or agreement, or (y) result in the creation
or imposition of any lien, charge, or encumbrance upon any property or assets of the Buyer or nonrenewal of any material permit
or license applicable to the Buyer.

 

(iv)          
MAGE Shares. Upon their issuance to the Shareholder upon the satisfaction of the conditions to such issuance, the
MAGE Shares will be duly and validly authorized, fully paid and non-assessable, and issued in accordance with all registration
or qualification requirements under applicable federal and state securities laws, or pursuant to valid exemptions therefrom. The
issuance and delivery to the Shareholder of the share certificates for the MAGE Shares as provided in Section 1 upon satisfaction
of the conditions precedent to for each issuance will result in the Shareholder’s acquisition, in the aggregate, of record
and beneficial ownership of up to One Million (1,000,000) shares of the common stock of the Buyer, free and clear of all encumbrances,
subject to any restrictions under applicable state and federal securities laws.

 

(v)          
Consent. No consent, approval or authorization of, or declaration, filing or registration with, any governmental
body or agency is required to be made or obtained by the Buyer in connection with the execution, delivery and performance of this
Agreement by the Buyer. In addition, no consent of any other person or entity is required to be obtained by the Buyer prior to
the execution, delivery and performance of this Agreement by the Buyer, or the consummation of the acquisition by the Buyer of
the Company Shares, or the transfer of the MAGE Shares to the Shareholder.

 

(vi)          
Financial Statements. The Buyer has delivered to the Shareholder balance sheets and statements of income of the Buyer
as of and for the fiscal years ended December 31, 2018 and December 31, 2019 (collectively, the "MAGE” Financial Statements").
Such MAGE Financial Statements and notes are true, correct, an complete in all material respects, prepared in accordance with U.S.
GAAP applied on a consistent basis throughout the periods covered thereby, are consistent with the books and records of the Buyer,
and fairly present the consolidated financial condition and results of operations of the Buyer as at the respective dates thereof
and for the periods therein. Except as set forth in the MAGE Financial Statements, the Buyer has no material liabilities or obligations,
contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business subsequent to December 31, 2019;
(ii) obligations under contracts and commitments incurred in the ordinary course of business; and (iii)liabilities and obligations
of a type or nature not required under AAP to be reflected in the MAGE Financial Statements, which, in all such cases, individually
and in the aggregate would not have a Material Adverse Effect.

 

 

 

    	 	6	 

     

    

 

(vii)        
Title to Property. The Buyer owns all the material properties and assets (real, personal and mixed, tangible and
intangible) that are reflected in the MAGE Financial Statements. All properties and assets reflected in the MAGE Financial Statements
are free and clear of all encumbrances.

 

(viii)        
Litigation. There is no action, lawsuit,' inquiry, proceeding or investigation, administrative or judicial, by or
before any court or governmental body pending or threatened against or involving the Buyer, any of its predecessor entities, or
the shares of capital stock of the Buyer. The Buyer is not subject to any judgment, order or decree that has or is likely to have
a material adverse effect on the business, assets, properties or financial condition of the Buyer. The Buyer is not in violation
of any law, ordinance or regulation of any kind whatsoever, including, but not limited to the Securities Act of 1933, the Securities
Exchange Act of 1934, as amended, and the Rules and Regulations of the U.S. Securities and Exchange Commission, or the securities
laws and regulations of any state.

 

(ix)          
No Material Adverse Change. Since December 31, 2019, there has not been any material adverse change in the business,
assets, properties or financial condition of the Buyer.

 

(x)           
Contracts and Commitments. All contracts, commitments and agreements to which the Buyer is a party, or by which any
of its properties or assets are subject or bound, are set forth on the attached Schedule E, Buyer's Disclosure Schedule,
which is incorporated herein by reference. Copies of all such contracts and agreements shall be delivered to the Shareholder prior
to the Closing Date, and all such contracts and agreements are in full force and effect in accordance with the terms thereof.

 

(xi)          
Taxes. The Buyer has timely paid or accrue all federal, state and local income or other taxes that it is required
to file for the period(s) up to and through the Closing Date with all governmental agencies, wherever situate, and has paid or
accrued for payment all taxes, such that a failure to file, pay or accrue will not have a material adverse effect on the Buyer
or the MAGE Shares. There is no (nor has there been any request for an) agreement, waiver or consent providing for an extension
of time with respect to the assessment of any taxes attributable to the Buyer or its assets or operations, and no power of attorney
granted by the Buyer with respect to any tax matter is currently in force. There is no action, suit, proceeding, investigation,
audit, claim, demand, deficiency or additional assessment pending or threatened against the Buyer, or with respect to any tax attributable
to Buyer or is assets or operations.

 

(xii)         
No Misleading Statements or Omissions. No representation or warranty of the Buyer herein or in the MAGE Financial
Statements, or any Schedule hereto, and no written statement or certificate furnished or to be furnished by or on behalf of the
Buyer to the Shareholder pursuant hereto or in connection with the transactions contemplated hereby, will contain as of the date
hereof and on the Closing Date, any untrue statement of a material fact or will omit to state a material fact necessary in light
of the circumstances to make the statements contained herein or therein not misleading.

 

(xiii)       
Survival of Representations and Warranties. All representations, warranties, covenants and agreements made herein
and, in the Schedules attached hereto shall survive for one year following the execution, delivery and performance of this Agreement,
and the issuance and transfer of the MAGE Shares pursuant hereto.

 

(xiv)       
Brokers’ Fees. The Buyer has no liability or obligation to pay any fees or commissions to any broker, finder,
or agent with respect to the transactions contemplated by this Agreement for which the Company or Shareholder come become liable
or obligated.

 

(xv)         
Investment. The Buyer is not acquiring the Company Shares with a view to or for sale in connection with any distribution
thereof within the meaning of the Securities Act. Buyer represents and warrants it understands that the Company Shares have not
been registered under the Securities Act and, therefore, cannot be resold unless subsequently registered under the Securities Act
or an exemption from registration is available.

 

 

 

    	 	7	 

     

    

 

		3.	Conditions Precedent to Closing.

 

a.            
Conditions to Obligation of Buyer. The obligation of the Buyer to consummate the transactions to be performed by
it in connection with the Closing is subject to satisfaction of the following conditions:

 

(i)            
The representations and warranties of the Shareholder set forth in Section
2.a above shall be true and correct in all material respects at and as of the Closing Date;

 

(ii)           
 The Shareholder shall have performed and complied with all of their covenants hereunder in all material respects through
the Closing;

 

(iii)         
This Agreement and the transactions contemplated herein shall have been duly approved and authorized by the Board of Directors
and if required, the shareholders, of the Buyer;

 

(iv)          
The Buyer shall have completed, to its satisfaction, their due diligence investigation and review of the business, capitalization,
assets, liabilities, properties, material contracts and financial condition of the Company, and the results of such investigation
shall be satisfactory to the Buyer in its sole discretion; and

 

(v)           
The Shareholder shall have delivered to the Buyer at the Closing the certificates evidencing their respective Company Shares,
duly endorsed for transfer;

 

The Buyer
may waive any condition specified in this Section 3.a if it executes a writing so stating at or prior to the Closing.

 

b.            
Conditions and Obligations of the Shareholder. The obligation of the Shareholder to consummate the transactions to
be performed by him in connection with the Closing is subject to satisfaction of the following conditions:

 

(i)            
The representations and warranties of the Buyer set forth in Section 2.b above shall be true and correct in all material
respects at and as of the Closing Date;

 

(ii)           
The Buyer shall have performed and complied with all of its covenants hereunder in all material respects through the Closing;

 

(iii)           No
action, suit, or proceeding shall be pending before any court or quasi-judicial or administrative agency of any federal,
state, local, or foreign jurisdiction wherein an unfavorable judgment, order, decree, stipulation, injunction, or charge would: (A) prevent consummation of any of the transactions
contemplated by this Agreement, or (B) cause any of the transactions contemplated by this Agreement to be rescinded
before consummation, or C) require divestiture of any of the MAGE Shares by the Shareholder (and no such judgment, order,
decree, stipulation, injunction, or charge shall be in effect);

 

(iv)          
This Agreement and the transactions contemplated herein shall have been duly approved and authorized by the Board of Directors
and the shareholder, if required, of the Company;

 

(v)          
The Shareholder shall have completed, to his satisfaction, his due diligence investigation and review of the business, capitalization,
assets, liabilities, properties, material contracts and financial condition of the Buyer, and the results of such investigation
shall be satisfactory to the Shareholder in their sole discretion; and

 

 

 

    	 	8	 

     

    

 

(vi)         
The Buyer shall have delivered to the Shareholder at the Closing a certificate representing 250,000 of MAGE Shares to be
issued to such Shareholder pursuant to the terms of this Agreement, the balance of the 750,000 MAGE Shares to be delivered directly
to such Shareholder if and when Shareholder has earned such shares pursuant to Section 1b. The Shares may be notated with one or
all of the following or similar legends:

 

THE
SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE AFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

(vii)        
As of the Closing, the authorized size of the Buyer's Board of Directors shall be, and the Board shall be comprised of John
Power, Mark Rodenback, and Gregory Schifrin. In the future the Buyer may expand its board as provided in its By-laws.

 

(viii)        
The Buyer will tender to the Shareholder the original, executed version of the Promissory Note described in Section 1.c.

 

(ix)          
The Buyer and Shareholder shall have executed and delivered the Stock Pledge Agreement and UCC Security Agreement described
in Section 1(a) of this Agreement.

 

The Shareholder may waive any
condition specified in Section 3.b. if the Shareholder execute a writing so stating at or prior to the Closing.

 

		4.	Post-Closing Covenants. 

 

(i)            
The Parties agree that if, at any time after the Closing, any further action is necessary or desirable to carry out the
purposes of this Agreement, each of the Parties will take such further action (including the execution and delivery of such further
instruments and documents) as any other Party reasonably may request, all at the sole cost and expense of the requesting Party.

 

(ii)           
For so long as the Note is outstanding and unpaid, Buyer will notify Shareholder no later than August 1 of each calendar
year if Buyer intends to not renew any of the Company mining claims; whereupon the Shareholder shall have the right to undertake
such renewal for his own account.

 

		5.	Termination.

 

a.             
Grounds for Termination. This Agreement may be terminated before the Closing occurs only as follows:

 

(i)            
At any time by mutual written agreement of the Buyer and the Shareholder.

 

(ii)           
By the Shareholder, by notice to the Buyer at any time, if one or more of the conditions specified in Section 3.b is not
satisfied at the time at which the Closing is scheduled to occur or if satisfaction of such a condition is or becomes impossible,
or if the Buyer shall have breached any material covenant herein or hall have made a material misrepresentation herein.

 

 

 

    	 	9	 

     

    

 

(iii)          
By the Buyer, by notice to the Shareholder at any time, if one or more of the conditions specified in Section 3.a is not
satisfied at the time at which the Closing is scheduled to occur or if satisfaction of such a condition is or becomes impossible,
or if one or more of the Shareholders shall have breached any material covenant herein or shall have made a material misrepresentation
herein.

 

(iv)          
By either the Buyer or the Shareholder, if any legal proceeding shall have been instituted or shall be imminently threatened,
to delay, restrain or prevent the consummation of this Agreement.

 

b.            
Effect of Termination. If this Agreement is terminated pursuant to Section 5.a, this Agreement shall terminate without
any liability or further obligation of any party to the other, and each party shall bear its own costs and expenses.

 

		6.	Remedies for Breach.

 

a.            
Survival. All of the representations, warranties, and covenants of the Parties contained in or made pursuant to this
Agreement that are not waived by the party for whose benefit the covenant or agreement exists, shall survive the Closing and continue
in full force and effect for a period of one year following the Closing.

 

b.            
Breach by Buyer. In the event of: (a) any breach of any of the representations or warranties of Buyer set forth in
herein; (b) any breach of any covenant or agreement made by Buyer under this Agreement; or (c) the arising of any material obligation
from an event that occurred, or circumstances that arose, prior to the Closing Date involving Buyer and not disclosed herein, the
Shareholders shall be entitled to an offset for all Losses (as hereafter defined) arising from such event (a "Cause Event").

 

c.            
Breach by Shareholder. In the event of: (a) any breach of any of the representations or warranties of the Shareholder
set forth in herein; (b) any breach of any covenant or agreement made by the Shareholder under this Agreement; or (c) the arising
of any material obligation from an event that occurred, or circumstances that arose, prior to the Closing Date involving the Shareholders
and not disclosed herein, the Buyer shall be entitled to an offset for all Losses (as hereafter defined) arising from such event
(also a "Cause Event").

 

d.
            “Losses” Defined. In this Agreement, the term
"Losses" means and includes all losses, claims, liabilities, damages, judgments, liabilities, payments,
obligations, costs and expenses (including, without limitation, any reasonable legal fees and costs and expenses incurred
after the Closing Date in defense or in connection with any alleged or asserted liability, payment or obligation as to which
indemnification may apply hereunder), regardless of whether or not any liability, payment, obligation or judgment is
ultimately imposed and whether or not Buyer or Shareholder is made or becomes a party to any such action, suit or proceeding
in respect thereof, voluntarily or involuntarily.

 

e.            
Remedy Not Exclusive. The foregoing offset provisions are in addition to, and not in derogation of, any statutory
or common law remedy any Party may have for breach of representation,
warranty, or covenant.

 

f.             
Additional Indemnifications. Each party agrees to indemnify, defend and hold harmless the other party as a result
of any claims that may be brought by any third party alleging any impropriety on the part of either party as a result of such party's
entering into this Agreement and consummating the transactions contemplated hereby.

 

		7.	Miscellaneous.

 

a.            
Press Release and Announcements. No Party shall issue any press release or announcement relating to the subject
matter of this Agreement prior to the Closing without the prior written approval of the other Party unless such Party is under
a legal obligation to make such announcement.

 

 

 

    	 	10	 

     

    

 

b.            
No Third-Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any person other than the
Parties and their respective successors and permitted assigns.

 

c.            
Entire Agreement. This Agreement (including the documents referred to herein) constitutes the entire agreement between
the Parties and supersede any prior understandings, agreements, or representations by or among the Parties, written or oral, that
may have related in any way to the subject matter hereof.

 

d.            
Succession and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties named herein
and their respective successor and permitted assigns. No Party may assign this Agreement or any of his or its rights, interests,
or obligations hereunder without the prior written consent of the other Party.

 

e.             
Counterparts. This Agreement may be executed in two or more counterparts and by facsimile, each of which shall be
deemed an original but all of which together will constitute one and the same instrument.

 

f.             
Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect
in any way the meaning or interpretation of this Agreement.

 

g.            
Notices. All notices, consents, demands, assignments, claims, and other communications hereunder shall be in writing,
and shall be deemed to have been duly given: (a) when received, if delivered by hand; (b) when sent by telex, facsimile or (with
receipt confirmed), provided that a copy is concurrently mailed to the intended recipient by registered mail, return receipt requested;
(c) one day after delivery to a nationally recognized overnight courier service; or (d) three (3) days after mailing by certified
or registered mail, postage prepaid and return receipt requested, in each case to the appropriate addresses, telex numbers, email
address and facsimile numbers set forth below (or to such other addresses, telex numbers, email address and facsimile numbers as
a party may designate by notice to the other parties):

 

	If to the Shareholder:	 	With a copy to:
	 	 	 
	________________________	 	________________________
	 	 	 
	________________________	 	________________________
	 	 	 
	________________________	 	________________________
	 	 	 
	________________________	 	________________________
	 	 	 
	If to the Buyer:	 	With a copy to:
	 	 	 
	Magellan Gold
Corporation	 	Clifford L. Neuman, P.C.
	 	 	 
	P.O. Box
114	 	6800 N. 79th Street, Suite 200
	 	 	 
	The Sea Ranch,
CA 95497	 	Niwot, CO 80503
	 	 	 
	Attention:
John Power	 	 
	 	 	 
	Email: johncaseypower@gmail.com	 	clneuman@neuman.com

 

 

 

    	 	11	 

     

    

 

 

h.            
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Idaho,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Idaho or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Idaho.

 

i.             
Resolution of Disputes. The parties agree that, in the event of a dispute between them arising from, concerning or
in any way related to this Agreement, the Parties shall undertake good faith efforts to negotiate the resolution of the matter
amicably between them for a period of no longer than thirty (30) days following written notice of the dispute provided by either
Party. If these negotiations prove to be unsuccessful for any reason,
either party shall be entitled to initiate an action to resolve such dispute. The Parties hereby agree that the venue for any such
action shall be Shoshone County, Idaho.

 

j.             
Amendments and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in
writing and signed by the Buyer and all of the Shareholders. No waiver by any Party of any default, misrepresentation, or breach
of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation,
or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent occurrence.

 

k.            
Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction
shall not affect the validity or enforceability of the remaining terms and provisions hereof, or the validity or enforceability
of the offending term or provision in any other situation or in any other jurisdiction. If
the mal judgment of a court of competent jurisdiction declares that any term or provision hereof is invalid or unenforceable,
the Parties agree that the court making the determination of invalidity or unenforceability shall have the power to reduce the
scope or duration of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term
or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid
or unenforceable term or provision, and this Agreement shall be
enforceable as so modified after the expiration of the time within which the judgment may be appealed.

 

l.             
Expenses. Each of the Parties will bear their own costs and expenses (including legal fees and expenses) incurred
in connection with this Agreement and the transactions contemplated hereby.

 

m.           
Construction and Shareholder’s Waiver Regarding 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 shall be applied against
any Party. In addition, by executing this Agreement below, the Shareholder hereby acknowledge that he has had the opportunity to
seek independent counsel to review this Agreement, and that they have either (a) retained independent counsel, or (b) chosen not
to do so at own risk. Further, in consideration for the Buyer's drafting of this document, the Shareholder hereby waive any argument,
in any litigation, that this document should be construe against the drafting party. Any reference to any federal, state, local,
or foreign statute or laws all be deemed also to refer to all rules and regulations promulgated thereunder, unless the context
requires otherwise. The Parties intend that each representation, warranty, and covenant contained herein shall have independent
significance. If any Party has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists another representation, warranty, or covenant relating to the same subject matter (regardless of the relative levels
of specificity) which the Party has not breached shall not detract from or mitigate the fact that the Party is in breach of the
first representation, warranty, or covenant.

 

n.            
Incorporation of Schedules. The Schedules identified in this Agreement are incorporated herein by reference and made
part hereof.

 

o.            
Specific Performance. The Shareholder and Buyer acknowledges and agrees that the other Party would be damaged irreparably
in the event any of the provisions of this Agreement are not performed in accordance with their specific term or otherwise are
breached. Accordingly, the Shareholder and Buyer agrees that the other Party shall be entitled to an injunction or injunctions
to prevent breaches of the provision of this Agreement and to enforce specifically this Agreement and the terms and provisions
hereof in any action instituted in addition to any other remedy to which they may be entitled at law or in equity, subject to the
agreements regarding venue in Section 7.i above.

 

 

 

    	 	12	 

     

    

 

p.            
No Transfer of Attorney-Client Privilege. The Buyer acknowledges and agrees that upon closing of the transactions
contemplated by this Agreement the right to assert the attorney-client privilege as to communications regarding any matter in which
the Company engaged legal counsel at or prior to the closing, including without limitation the negotiation and preparation of this
Agreement, will not be transferred as an asset of or by virtue of Buyer's ownership of the shares of the Company, but will be retained
by the Shareholder.

 

q.            
Acknowledgement of the Buyer. The Buyer is a sophisticated party, through its officers and directors, and acknowledges
that it has had a full, fair and ample opportunity to review the affairs, business, history, records and accounts as the case may
be, of the Company and has satisfied itself as to the same. The Buyer relies upon the results of its own investigation and experience
except to the extent that a specific warranty or representation has been made herein by the Shareholder.

 

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    	 	13	 

     

    

 

SIGNATURES

 

IN WITNESS WHEREOF, the Parties hereto have
executed this Agreement as of the date first above written.

 

 

	Buyer:	 	 
	 	 	 
	MAGELLAN GOLD CORPORATION	 	 
	 	 	Address:
	 	 	P.O. Box 114
	/s/ John. C. Power                                         	 	The Sea Ranch, CA 95497
	Print Name: John C. Power 	 	Attn: John Power
	Title: President & CFO.	 	 
	 	 	 
	 	 	 
	Company:	 	 
	 	 	Address:
	By: /s/ Gregory Schifrin                                 	 	_______________________
	Print Name: Gregory Schifrin	 	_______________________
	Title: __________________________	 	_______________________
	 	 	 
	 	 	 
	Shareholder:	 	 
	 	 	Address:
	 	 	_______________________
	/s/ Gregory Schifrin                                     	 	_______________________
	(Signature)	 	_______________________
	 

	 	 

 

 

 

 

    	 	14

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