Document:

Till Capital Ltd.: Exhibit 4.11 - Filed by newsfilecorp.com

ARRANGEMENT AGREEMENT

THIS AGREEMENT made as of the 18th day of February, 2014

AMONG:

  
    
      AMERICAS BULLION ROYALTY CORP., a company incorporated under
        the laws of British Columbia 

      ("AMB")

      

    

  

AND:

  
    
      RESOURCE HOLDINGS LTD., a company incorporated under the laws
        of Bermuda 

      ("RH")

      

    

  

RECITALS:

A.          
AMB intends to propose to its shareholders a reorganization, involving a series
of transactions, under which certain assets of AMB will be transferred to RH and
RH will acquire all of the issued and outstanding shares of AMB; 

B.          
The Parties intend to carry out the transactions contemplated herein by way of
an arrangement under Division 5 of Part 9 of the Business Corporations Act
(British Columbia); 

C.          
The Parties have entered into this Agreement to provide for the matters referred
to in the foregoing recitals and for other matters relating to such arrangement;
and 

D.          
Each of the Parties has agreed to participate in and support such arrangement
and related transactions; 

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of
the mutual covenants and agreements hereinafter set forth and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties covenant and agree as follows: 

ARTICLE l 
INTERPRETATION

1.1       Definitions 

           
In this Agreement, including the recitals hereto, unless there is something in
the subject matter inconsistent therewith, all capitalized terms defined in the
Plan of Arrangement will have the meanings therein ascribed to them and the
following terms will have the following meanings and grammatical variations of
those terms will have corresponding meanings: 

"Agreement", "herein", "hereof",
"hereto", "hereunder" and similar expressions mean and refer to this arrangement
agreement (including the schedules hereto) as supplemented, modified or amended, and
not to any particular article, section, schedule or other portion hereof; 

- 2 -

"AMB Board" means the board of
directors of AMB as the same is constituted from time to time; 

"AMB Shareholder Approval" has the
meaning ascribed thereto in Subsection 2.2(c); 

"BMA" means the Bermuda Monetary
Authority; 

"Lien" means any mortgage, charge,
pledge, hypothec, security interest, prior claim, encroachment, option, right of
first refusal or first offer, occupancy right, covenant, assignment, lien
(statutory or otherwise), defect of title, or restriction or adverse right or
claim, or other third party interest or encumbrance of any kind, in each case,
whether contingent or absolute; 

"Material Adverse Effect" means, in
respect of any Person, any change, development, effect, event, circumstance,
fact or occurrence that individually or in the aggregate with other such
changes, developments, effects, events, circumstances, facts or occurrences, (x)
is or would reasonably be expected to be, material and adverse to the business,
condition (financial or otherwise), properties, assets (tangible or intangible),
liabilities (including any contingent liabilities), operations, results of
operations or regulatory status of that Person and its Subsidiaries, taken as a
whole, or (y) prevents or materially adversely affects the ability of that
Person to timely perform its obligations under this Agreement, except, any
change, development, effect, event, circumstance, fact or occurrence resulting
from or relating to: (i) the announcement of the execution of this Agreement or
the transactions contemplated hereby; (ii) general political, economic or
financial conditions in Canada, the United States, or Bermuda (provided that
such conditions do not have a materially disproportionate effect on that Person
relative to other companies in its industry); (iii) the state of securities or
commodity markets in general (provided that it does not have a materially
disproportionate effect on that Person relative to other companies in its
industry); (iv) the commencement or continuation of any war, armed hostilities
or acts of terrorism; (v) any change affecting the industries in which the
Company and its Subsidiaries operate (provided that such conditions do not have
a materially disproportionate effect on that Person relative to other companies
in its industry); (vi) any adoption, proposal, implementation or change in Law
or any interpretation of Law by any Governmental Entity; (vii) any natural
disaster; or (viii) any change in exchange rates; 

"Parties" means AMB and RH;

"Plan of Arrangement" means the plan of
arrangement attached hereto as Schedule "A"; 

"Public Documents" means all documents
or information filed on SEDAR by AMB under applicable Securities Laws since and
including January 1, 2012 to and including the date hereof; 

"RH Warrants" means the warrants to
purchase RH common shares pursuant to the warrant certificate between
Multi-Strat Holdings Ltd. and RH dated January 31, 2014. 

- 3 -

"RRL" means Resource Re Ltd., a wholly
owned subsidiary of RH;

"Securities Laws" means the securities
legislation of each province and territory of Canada, the policies and
instruments of the Canadian Securities Administrators, the U.S. Securities Act
and U.S. Exchange Act and all other applicable state, federal and provincial
securities laws, rules and regulations and published policies thereunder, as now
in effect and as they may be promulgated or amended from time to time; 

"Subsidiary" means, with respect to a
Party, any body corporate in respect of which the Party, directly or indirectly
through its interest in or control over one or more other bodies corporate, is
entitled to elect a majority of the directors thereof and for greater certainty
shall include any body corporate, over which such Party, directly or indirectly
through its interest in or control over one or more other bodies corporate,
exercises direction or control or which is in a like relation to such a body
corporate; and

 "TSX-V" means the TSX Venture
Exchange. 

1.2       Currency 

           
All sums of money which are referred to in this Agreement are expressed in
lawful money of Canada unless otherwise specified.

1.3       Interpretation Not
Affected by Headings 

           
The division of this Agreement into articles, sections, subsections, paragraphs
and other portions and the insertion of headings are for convenience of
reference only and shall not affect the construction or interpretation of this
Agreement. 

1.4       Article References 

           
Unless the contrary intention appears, references in this Agreement (excluding
the schedules attached hereto) to an article, section, subsection, paragraph or
schedule by number or letter or both refer to the Article, Section, Subsection,
Paragraph or Schedule, respectively, bearing that designation in this Agreement
(excluding the schedules attached hereto). 

1.5       Extended Meanings 

           
Unless the context otherwise requires, words importing the singular number shall
include the plural and vice versa; words importing any gender shall include all
genders; and words importing persons shall include individuals, authorities,
partnerships, firms, trusts, bodies corporate, governments, governmental bodies,
agencies or instrumentalities, unincorporated bodies of persons and
associations. 

1.6       Certain Phrases, etc.

           
In this Agreement (i) the words "including", "includes" and "include" mean
"including (or includes or include) without limitation", and (ii) the phrase
"the aggregate of", "the total of", "the sum of", or a phrase of similar meaning
means "the aggregate (or total or sum), without duplication, of". 

- 4 -

1.7       Schedules 

           
The following are the Schedules attached to and incorporated into this Agreement
by reference and deemed to be a part hereof: 

Schedule "A" - Plan of Arrangement 

Schedule "B" -NRC Distribution
Agreement 

Schedule "C" -SPD Share Purchase
Agreement 

Schedule "D" -CPUS Distribution
Agreement 

Schedule "E" - RH Share Purchase
Agreement 

Schedule "F" -AMB Contribution
Agreement 

Schedule "G" -Kudu Asset Purchase
Agreement 

Schedule "H" -SPD Subscription
Agreement 

Schedule "I" -NTR Share Purchase
Agreement 

ARTICLE 2 
THE ARRANGEMENT AND RELATED
TRANSACTIONS 

2.1      
Arrangement 

           
As soon as reasonably practicable, and subject to compliance with the terms and
conditions contained herein, AMB shall apply to the Court under section 291of
the BCBCA for an order approving the Arrangement and in connection with such
application shall: 

	 	(a) 	
      forthwith file, proceed with and diligently prosecute an
      application to the Court for the Interim Order; and

	 	 	 
	 	(b) 	
      subject to the passing of the Arrangement Resolution by
      the AMB Shareholders, as contemplated in the Interim Order, file, proceed
      with and diligently prosecute an application to the Court for the Final
      Order.

2.2       Interim Order

           
The Interim Order sought by AMB shall provide, among other things, that for the
purpose of the AMB Meeting:

	 	(a) 	
      for the class of Persons to whom notice is to be provided
      in respect of the Arrangement and the AMB Meeting and for the manner in
      which such notice is to be provided;

	 	 	 
	 	(b) 	
      for confirmation of the record date for the AMB
      Meeting;

- 5 -

	 	(c) 	
      that the requisite approval for the Arrangement
      Resolution shall be two-thirds of the votes cast on the Arrangement
      Resolution by the AMB Shareholders present in person or by proxy at the
      AMB Meeting and voting as a single class (the "AMB Shareholder Approval"),
      with each AMB Share entitling the holder thereof to one vote
    thereon;

	 	 	 
	 	(d) 	
      that, in all other respects, the terms, conditions and
      restrictions of the AMB constating documents, including quorum
      requirements and other matters, shall apply in respect of the AMB
      Meeting;

	 	 	 
	 	(e) 	
      for the grant of Dissent Rights to the AMB Shareholders
      who are registered AMB Shareholders and from whom written objection to the
      Arrangement Resolution is received by AMB not later than 5:00 p.m. on the
      date which is two Business Days prior to the date of the AMB
    Meeting;

	 	(f) 	
      for the notice requirements with respect to the
      presentation of the application to the Court for the Final
  Order;

	 	(g) 	
      that it is AMB's intention to rely upon the exemption
      from registration provided by Section 3(a)(10) of the U.S. Securities Act
      with respect to the issuance of the RH Shares, the Replacement Options and
      the Replacement Warrants to be issued pursuant to the Arrangement, based
      on the Court's approval of the Arrangement;

	 	 	 
	 	(h) 	
      that the AMB Meeting may be adjourned or postponed from
      time to time by the AMB Board, subject to the terms of this Agreement,
      without the need for additional approval of the Court; and

	 	 	 
	 	(i) 	
      for such other matters as AMB or RH may reasonably
      require.

2.3       Commitment to Effect

           
Subject to termination of this Agreement pursuant to Section 3.2 or otherwise,
the Parties agree to be bound by the Plan of Arrangement and each shall use all
commercially reasonable efforts and do all things reasonably required to cause
the Arrangement to become effective on the Effective Date.

2.4       Mutual Conditions
Precedent 

           
The respective obligations of the Parties to complete the transactions
contemplated by this Agreement, shall be subject to the satisfaction of the
following conditions: 

	 	(a) 	
      each of the Interim Order and Final Order shall have been
      granted in form and substance satisfactory to AMB and RH, each acting
      reasonably, and shall not have been set aside or modified in a manner
      which is not acceptable to the Parties (each acting reasonably), on appeal
      or otherwise;

	 	 	 
	 	(b) 	
      the Arrangement Resolution shall have been passed by the
      AMB Shareholders in accordance with the Interim Order and Applicable
      Law;

- 6 -

	 	(c) 	
      the TSX-V shall have conditionally approved the listing
      of the RH Shares issuable under the Arrangement, including on exercise of
      the Replacement Options and the Replacement Warrants and the RH Shares
      issuable under the Kudu Asset Purchase Agreement, subject only to the
      filing of required documents that cannot be filed prior to the Effective
      Time;

	 	 	 
	 	(d) 	
      the Exchange Control Division of the BMA shall have
      confirmed its no-objection under the Bermuda Exchange Control Act 1972
      (and regulations thereunder) for the transfer of the Class A RH Shares to
      AMB under the RH Share Purchase Agreement and the issue of RH Shares to
      Kudu under the Kudu Asset Purchase Agreement;

	 	 	 
	 	(e) 	
      the Insurance Division of the BMA shall have confirmed
      its no-objection under the Insurance Act for the change of shareholder
      controllers of RRL;

	 	(f) 	
      all other material consents, permissions, orders and
      approvals, including any regulatory or judicial approvals or orders, that
      either AMB and RH considers necessary or desirable to effect the
      Arrangement shall have been obtained or received from the persons,
      authorities or bodies having jurisdiction in the circumstances on terms
      and conditions that are considered satisfactory or acceptable by either
      AMB and RH;

	 	(g) 	
      no order or decree pursuant to Applicable Law restraining
      or enJOII\IJ\g the consummation of the Arrangement or any of the other
      transactions contemplated by this Agreement shall be in force immediately
      prior to the Effective Time; 

	 	  	
       

	 	(h) 	
      the AMB Board shall have determined to proceed with the
      Arrangement having considered the number of AMB Shares in respect of which
      Dissent Rights have been exercised; 

	 	  	
       

	 	(i) 	
      the arrangement between Northern Tiger Resources Inc. and
      Redtail Metals Corp. pursuant to the: (i) amended and restated business
      combination agreement dated December 17, 2013 and amended January 21, 2014
      between Northern Tiger Resources Inc., AMB and Redtail Metals Corp. and
      (ii) the plan of arrangement involving Redtail Metals Corp., the Redtail
      Metals Corp. shareholders, the Redtail Metals Corp. optionholders and
      Northern Tiger Resources Inc., shall have completed; 

	 	  	
       

	 	G) 	
      this Agreement shall not have been terminated under
      Section 4.2 or otherwise. 

           
The foregoing conditions are for the mutual benefit of each of the Parties and
may be waived, in whole or in part, by any Party at any time, provided that no
Party may waive any mutual condition on behalf of any other Party. 

2.5       Several
Conditions 

           
The obligation of each Party to complete the transactions contemplated hereby is
subject to the fulfilment or waiver by the other Party of the following
conditions on or before the Effective Time or such other time as specified
below: 

- 7 -

	 	(a) 	
      the representations and warranties made to such Party by
      the other Party in this Agreement shall be true and correct in all
      material respects (unless such representations and warranties are
      qualified by reference to materiality or Material Adverse Effect in which
      case such representations and warranties shall be true and correct) as of
      the Effective Date as if made on and as of such date (except to the extent
      such representations and warranties speak as of an earlier date, in which
      event such representations and warranties shall be true and correct as of
      such earlier date, or except as affected by transactions contemplated or
      permitted by this Agreement);

	 	 	 
	 	(b) 	
      the other Party shall have complied with or fulfilled in
      all material respects each of the covenants of that Party contained in
      this Agreement to be fulfilled or complied with by it on or before the
      Effective Time;

	 	 	 
	 	(c) 	
      there has not occurred any event, occurrence or
      development or a state of circumstances or facts which has had or would,
      individually or in the aggregate, reasonably be expected to have any
      Material Adverse Effect in respect of the other Party; and

	 	 	 
	 	(d) 	
      the other Party shall have delivered to the first Party a
      certificate of one senior officer of the other Party (in each case without
      personal liability) addressed to the first Party dated the Effective Date
      certifying the fulfillment of the conditions in Sections 2.5(a), 2.5(b)
      and 2.5(c).

	 	 	 
	 	(e) 	
      each party thereto shall have entered into and performed
      all of its obligations, as applicable, under:

	 	(i) 	
      the NRC Distribution Agreement attached as Schedule
      "B";

	 	 	 
	 	(ii) 	
      the SPD Share Purchase Agreement attached as Schedule
      "C";

	 	 	 
	 	(iii) 	
      the GPUS Distribution Agreement attached as Schedule
      "D"

	 	 	 
	 	(iv) 	
      the RH Share Purchase Agreement attached as Schedule
      "E";

	 	 	 
	 	(v) 	
      the AMB Contribution Agreement attached as Schedule
      "F";

	 	 	 
	 	(vi) 	
      the Kudu Asset Purchase Agreement attached as Schedule
      "G";

	 	 	 
	 	(vii) 	
      the SPD Subscription Agreement attached as Schedule "H";
      and

	 	 	 
	 	(viii) 	
      the NTR Share Purchase Agreement attached as Schedule
      "I",

except for such obligations as are to
be fulfilled on or after the Effective Time in accordance with the Plan of
Arrangement. 

- 8 -

2.6       Additional Conditions
in Favour of AMB 

           
The obligation of AMB to complete the transactions contemplated hereby is
subject to the fulfilment or waiver of the following conditions on or before the
Effective Time or such other time as specified below: 

	 	(a) 	
      there shall not have been a change, effect, circumstance,
      event or occurrence that has had or could reasonably be expected to have a
      material and adverse effect on the value of the Class A RH Shares proposed
      to be acquired by AMB pursuant to the RH Share Purchase
  Agreement;

	 	 	 
	 	(b) 	
      there shall not have been a change, effect, circumstance,
      event or occurrence that has had or could reasonably be expected to have a
      material and adverse effect on the value of the consideration proposed to
      be received by GPUS pursuant to the SPD Share Purchase
Agreement;

	 	 	 
	 	(c) 	
      there shall not have been a change, effect, circumstance,
      event or occurrence that has had or could reasonably be expected to have a
      material and adverse effect on the value of:

	 	(i) 	
      the assets proposed to be acquired by RH pursuant to the
      Kudu Asset Purchase Agreement;

	 	 	 
	 	(ii) 	
      the shares proposed to be acquired by RH pursuant to the
      SPD Subscription Agreement; and

	 	 	 
	 	(iii) 	
      the consideration proposed to be received by RH pursuant
      to the NFR Share Purchase Agreement.

2.7       Merger of Conditions

           
The conditions set out in Sections 2.4, 2.5 and 2.6 shall be conclusively deemed
to have been satisfied, waived or released at the Effective Time. 

ARTICLE 3 
GENERAL REPRESENTATIONS, WARRANTIES & COVENANTS

3.1       Mutual Representations
and Warranties 

           
Each Party represents and warrants to the other Party as at the date of this
Agreement and the Effective Date as follows and acknowledge that the other Party
is relying upon such representations and warranties in connection with entering
into this Agreement and participating in the Arrangement: 

	 	(a) 	
      the Party is a company duly incorporated and validly
      subsisting under the laws of its jurisdiction of incorporation and has
      full capacity and authority to enter into this Agreement and to perform
      its covenants and obligations hereunder;

	 	 	 
	 	(b) 	
      this Agreement has been duly executed and delivered by
      it;

- 9 -

	 	(c) 	
      neither the execution and delivery of this Agreement nor
      the performance by the Party of any of its covenants and obligations
      hereunder will constitute a material default under, or be in any material
      contravention or breach of:

	 	 	 	 
	 		(i) 	
      any provision of its constating documents;

	 	 	 	 
	 		(ii) 	
      any judgment, decree, order, law, statute, rule or
      regulation pursuant to Applicable Law; or

	 	 	 	 
	 		(iii) 	
      any agreement or instrument to which it is a Party or by
      which it is bound;

	 	 	 	 
	 	(d) 	
      except for this Arrangement Agreement and the agreements
      scheduled hereto, no Person has any agreement or option or any right or
      privilege capable of becoming an agreement or option for the purchase from
      the Party or any of its Subsidiaries of any material assets of the Party
      or any of its Subsidiaries and neither the Party nor any of its
      Subsidiaries has any agreement or option or any right or privilege capable
      of becoming an agreement or option for the purchase from any Person of any
      securities or any assets which could reasonably be expected to be material
      to the Party; and

	 	(e) 	
      no dissolution, winding-up, bankruptcy, liquidation or
      similar proceedings have been commenced or are pending or proposed in
      respect of the Party or any of its Subsidiaries.

3.2       Representations and
Warranties of RH 

           
RH hereby represents and warrants to AMB as at the date of this Agreement and
the Effective Date the following and acknowledges that AMB is relying upon such
representations and warranties in connection with entering into this Agreement
and participating in the Arrangement: 

	 	(a) 	
      RH's authorized share capital consists of US$12,000
      divided into 11,500,000 common shares with a par value of US$0.001per
      share and 500,000 Class A shares with a par value of US$0.001 per share,
      of which 110,000 Class A shares were issued and outstanding as fully paid
      and non-assessable (which term when used herein means that no further sums
      are required to be paid by the holders thereof in connection with the
      issue thereof) as at February 18, 2014;

	 	 	 
	 	(b) 	
      as at the date hereof and except as contemplated by this
      Agreement, the Plan of Arrangement and the agreements scheduled hereto, RH
      has no options, warrants, conversion privileges, calls or other rights
      (including pre-emptive rights), agreements, arrangements, commitments or
      obligations of it to issue, sell or acquire any securities of it or
      securities or obligations of any kind convertible into or exercisable or
      exchangeable for any securities of it, nor are there outstanding any stock
      appreciation rights, phantom equity or similar rights, agreements,
      arrangements or commitments based upon the share price, book value, income
      or any other attribute of it other than: (i) RH Warrants to acquire 5,500
      RH Shares; (ii) an agreement to issue RH Shares to Kudu in accordance with
      the Kudu Asset Purchase Agreement, and (iii) except
as provided in the bye-laws of RH as constituted on the date of this Agreement; 

- 10 -

	 	(c) 	
      there are no: (i) actions, suits or proceedings, at law
      or in equity, by any Person, (ii) any grievance, arbitration or
      alternative dispute resolution process, or (iii) administrative or other
      proceeding by or before (or to the knowledge of the RH any investigation
      by) any Governmental Entity, pending, or, to the knowledge of RH,
      threatened against or affecting it, its business or any of its assets,
      and, to the knowledge of RH, there is no valid basis for any such action,
      complaint, grievance, suit, proceeding, arbitration or investigation by or
      against it. RH is not subject to any judgment, order or decree entered in
      any lawsuit or proceeding nor has RH settled any claim prior to being
      prosecuted in respect of it. RH is not the plaintiff or complainant in any
      action, suit or proceeding, grievance, arbitration or alternative dispute
      resolution process; and

	 	(d) 	
      since December 31, 2013, RH and its Subsidiaries have
      conducted their business only in the ordinary course of business
      consistent with past practice, excluding matters relating to the proposed
      Arrangement and the related process.

3.3       Representations and
Warranties of AMB 

           
AMB hereby represents and warrants to RH as at the date of this Agreement and
the Effective Date the following and acknowledges that RH is relying upon such
representations and warranties in connection with entering into this Agreement
and participating in the Arrangement: 

	 	(a) 	
      AMB's authorized share capital consists of an unlimited
      number of common shares without par value, of which 180,382,213 common
      shares were issued and outstanding as fully paid and non-assessable as at
      February 18, 2014;

	 	 	 
	 	(b) 	
      as at the date hereof, AMB has no options, warrants,
      conversion privileges, calls or other rights (including pre-emptive
      rights), agreements, arrangements, commitments or obligations of it to
      issue, sell or acquire any securities of it or securities or obligations
      of any kind convertible into or exercisable or exchangeable for any
      securities of it, nor are there outstanding any stock appreciation rights,
      phantom equity or similar rights, agreements, arrangements or commitments
      based upon the share price, book value, income or any other attribute of
      it other than: (i) AMB Warrants to acquire 4,050,000 AMB Shares; and (ii)
      AMB Options to acquire 13,984,625 AMB Shares;

	 	 	 
	 	(c) 	
      there are no: (i) actions, suits or proceedings, at law
      or in equity, by any Person, (ii) any grievance, arbitration or
      alternative dispute resolution process, or (iii) administrative or other
      proceeding by or before (or to the knowledge of the AMB any investigation
      by) any Governmental Entity, pending, or, to the knowledge of AMB,
      threatened against or affecting it, its business or any of its assets,
      and, to the knowledge of AMB, there is no valid basis for any such action,
      complaint, grievance, suit, proceeding, arbitration or investigation by or
      against it. AMB is not subject to any judgment, order or decree entered in
      any lawsuit or proceeding nor has AMB settled any claim prior to being
      prosecuted in respect of it. RH is not the plaintiff or
complainant in any action, suit or proceeding, grievance, arbitration or
alternative dispute resolution process; and 

- 11-

	 	(d) 	
      Since February 28, 2012 AMB and its Subsidiaries have
      conducted their business only in the ordinary course of business
      consistent with past practice, excluding matters relating to the proposed
      Arrangement and the related process and except as disclosed in the Public
      Documents;

3.4       Mutual Covenants 

           
Each Party covenants with the other Party that it will, and will cause its
Subsidiaries to, do and perform all such acts and things, and execute and
deliver all such agreements, assurances, notices and other documents and
instruments, as may reasonably be required to facilitate the carrying out of the
intent and purpose of this Agreement including, without limitation, entering
into and satisfying all of its obligations, as applicable, under : 

	 	(a) 	
      the Plan of Arrangement attached as Schedule
"A"

	 	 	 
	 	(b) 	
      the NRC Distribution Agreement attached as Schedule
      "B";

	 	 	 
	 	(c) 	
      the SPD Share Purchase Agreement attached as Schedule
      "C";

	 	 	 
	 	(d) 	
      the GPUS Distribution Agreement attached as Schedule
      "D"

	 	 	 
	 	(e) 	
      the RH Share Purchase Agreement attached as Schedule
      "E";

	 	 	 
	 	(f) 	
      the AMB Contribution Agreement attached as Schedule
      "F";

	 	 	 
	 	(g) 	
      the Kutlu Asset Purchase Agreement attached as Schedule
      "G";

	 	 	 
	 	(h) 	
      the SPD Subscription Agreement attached as Schedule "H";
      and

	 	 	 
	 	(i) 	
      the NTR Share Purchase Agreement attached as Schedule
      "I".

3.5       Covenants of RH 

           
RH will furnish to AMB all such information regarding RH and its respective
affiliates, including the RH Shares, Replacement Options and the Replacement
Warrants, as may be required by the Interim Order or Applicable Law for
inclusion in the AMB Circular and in any amendments or supplements to such AMB
Circular or other documents related thereto. RH shall ensure that no such
information will contain any untrue statement of a material fact or omit to
state a material fact required to be stated in the AMB Circular in order to make
any information so furnished or any information concerning RH and its respective
affiliates, including the RH Shares, Replacement Options and the Replacement
Warrants, not misleading in light of the circumstances in which they are made.

- 12-

ARTICLE 4 
AMENDMENT AND TERMINATION 

4.1       Amendment 

	(1) 	
      Subject to any mandatorily applicable restrictions under
      the BCBCA or the Interim Order, this Agreement, including the Plan of
      Arrangement, may at any time and from time to time before or after the
      holding of the AMB Meeting be amended, modified or supplemented (an
      "Amendment") by joint agreement of AMB and RH without further notice to or
      authorization on the part of the AMB Shareholders, provided that any such
      Amendment is filed with the Court before the Court approves the Final
      Order and, if made following the AMB Meeting, approved by the Court and,
      if required by the Court, communicated or approved to the AMB
      Shareholders, AMB Optionholders and AMB Warrantholders.

	 	 
	(2) 	
      Notwithstanding Section 4.1(1), if any Amendment would
      reasonably be expected to affect an AMB Shareholder's decision to vote for
      or against the Arrangement Resolution, notice of such Amendment shall be
      given to AMB Shareholders, AMB Warrantholders and AMB Optionholders by
      press release, newspaper, advertisement, prepaid ordinary mail, or by the
      method most reasonably practicable in the circumstances, as AMB and RH may
      agree, each acting reasonably.

	 	 
	(3) 	
      Notwithstanding Section 4.1(1), any Amendment agreed to
      in writing by AMB and RH prior to the Effective Time
  that:

	 	(a) 	
      concerns a matter that either:

	 	 	 	 
	 		(i) 	
      is of an administrative nature required to better give
      effect to the implementation of this Agreement; or

	 	 	 	 
	 		(ii) 	
      relates to how AMB will be capitalized, financed or
      structured after the Effective Time; and

	 	 	 	 
	 	(b) 	
      is not adverse to the financial or economic interests of
      any Person (in his, her or its capacity as an AMB Shareholder, AMB
      Optionholder or AMB Warrantholder) who was, immediately prior to exchange
      of such securities for RH Shares, Replacement Options or Replacement
      Warrants, the registered holder of AMB Shares, AMB Options or AMB
      Warrants, will not require Court approval or communication to the AMB
      Shareholders, AMB Optionholders or AMB
Warrantholders.

	(4) 	
      Notwithstanding Section 4.1(1), 4.1(2) or 4.1(3) above,
      any Amendment may be made following the Effective Time unilaterally by RH
      provided, however, that it concerns a matter that, in the reasonable
      opinion of RH, is of an administrative nature required to better give
      effect to the implementation of this Agreement and is not materially
      adverse to the economic interest of any Person (in his, her or its
      capacity as am AMB Shareholder, AMB Warrantholders or AMB Optionholder)
      who was, immediately prior to the exchange of such AMB Shares, AMB
      Warrants or AMB Options for RH Shares, Replacement Warrants or Replacement
      Options, respectively, the registered holder of AMB Shares, AMB Warrants
      or AMB Options.

- 13-

4.2       Termination 

           
This Agreement may at any time before or after the holding of the AMB Meeting,
and before or after the granting of the Final Order, be terminated and the Plan
of Arrangement withdrawn by direction of the AMB Board without further action on
the part of the AMB Shareholders, and nothing expressed or implied herein or in
the Plan of Arrangement shall be construed as fettering the absolute discretion
of the AMB Board to elect to terminate this Agreement and discontinue efforts to
effect the Plan of Arrangement for whatever reason it may consider appropriate.

ARTICLE 5
GENERAL 

5.1       Notices 

           
All notices and other communications given or made pursuant hereto shall be in
writing and shall be deemed to have been duly given or made as of the date
delivered or sent if delivered personally or sent by facsimile transmission
(with transmission confirmation), or as of the following Business Day if sent by
prepaid overnight courier, to the Parties at the following addresses (or at such
other addresses as shall be specified by any Party by notice to the other given
in accordance with these provisions): 

	 	(1) 	
      if to AMB:

	 	 	 
	 		
      Americas Bullion Royalty Corp. 
11521North Warren
      Street, 
Hayden, Idaho, USA 83835

	 	 	 
	 		
      Attention:            
      William Sheriff
      
Facsimile:              
      (208)635-5465

	 	 	 
	 		
      with a copy (which shall not constitute notice)
  to:

	 	 	 
			
      Stikeman Elliott LLP

	 		
      Suite 1700, 666 Burrard Street, 
Vancouver, British
      Columbia V6C 2X8

	 	 	 
	 		
      Attention:            
      John Stark
      
Facsimile:             
       (604) 681-1825

	 	 	 
	 	(2) 	
      if to Resource Holdings Ltd.:

	 	 	 
	 		
      Resource Holdings Ltd. 
Crawford House 
50 Cedar
      Avenue 
Hamilton, HM 11Bermuda

	 	 	 
	 		
      Attention:            
      Joseph Taussig
      
Facsimile:             
       (441) 295-6566

- 14-

with a copy (which shall not
constitute notice) to:

ASW Law Limited 
Crawford House

50 Cedar Avenue, 
Hamilton, HM 11Bermuda

Attention:            
Kim Willey

Facsimile:             
 (441) 295-6566

5.2       Expenses 

           
All expenses relating to the Arrangement shall be borne by AMB. 

5.3       Binding Effect 

           
This Agreement shall be binding upon and enure to the benefit of the Parties
hereto and their respective successors and permitted assigns.

5.4       Assignment 

           
No Party hereto may assign its rights or obligations under this Agreement. 

5.5       Waiver 

           
No waiver or release by any Party hereto shall be effective unless in writing
signed by the Party granting the same.

5.6       Governing Law 

           
This Agreement shall be governed by and construed in accordance with the laws of
the Province of British Columbia and the laws of Canada applicable therein and
shall be treated in all respects as a British Columbia contract. Each of the
Parties hereby irrevocably attorns to the exclusive jurisdiction of the courts
of the Province of British Columbia in respect of all matters arising under and
in relation to this Agreement and the Arrangement and waives any defences to the
maintenance of an action in the Courts of the Province of British Columbia. EACH
PARTY TO THIS AGREEMENT HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT. 

5.7       Time of Essence 

           
Time shall be of the essence in this Agreement. 

5.8       Severability 

           
If any term or other provision of this Agreement is invalid, illegal or
incapable of being enforced by any rule or Law or public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full
force and effect so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any
Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall
negotiate in good faith to modify this Agreement so as to effect 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. 

- 15-

5.9       Entire Agreement 

           
This Agreement constitutes the entire agreement, and supersede all other prior
agreements and understandings between the Parties with respect to the subject
matter hereof and thereof. 

5.10      Counterparts, Execution 

           
This Agreement may be executed in one or more counterparts, each of which shall
be deemed to be an original but all of which together shall constitute one and
the same instrument. The Parties shall be entitled to rely upon delivery of an
executed facsimile or similar executed electronic copy of this Agreement, and
such facsimile or similar executed electronic copy shall be legally effective to
create a valid and binding agreement between the Parties. 

[Signature page follows]

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

	 	AMERICAS BULLION ROYALTY CORP.
	 	 	 
	 	By:	/s/ William Sheriff
	 	 	

    
	 	 	Authorized Signatory
	 	 	 

	 	RESOURCE HOLDINGS LTD.
	 	 	 
	 	By:	/s/ Joseph Taussig
	 	 	

    
	 	 	Authorized Signatory
	 	 	 

Schedule "A" 

Plan of Arranement

Please see attached. 

1

SCHEDULE A 
PLAN OF ARRANGEMENT

PLAN OF ARRANGEMENT UNDER THE PROVISIONS OF DIVISION 5 OF PART 9
OF
THE BU SINESS CORPORATIONS ACT (BRITISH COLUMBIA) 

ARTICLE l 
INTERPRETATION

1.1       
Definitions

Unless indicated otherwise, where used in this Plan of
Arrangement the following terms shall have the following meanings (and
grammatical variations of such terms shall have corresponding meanings): 

"AMB" means Americas Bullion Royalty Corp.

"AMB Circular" means the notice of the AMB Meeting and
accompanying management information circular, including all schedules,
appendices and exhibits to, and information incorporated by reference in, such
management information circular, to be sent to the AMB Shareholders in
connection with the AMB Meeting, as amended, supplemented or otherwise modified
from time to time. 

"AMB Contribution Agreement" means the contribution agreement,
substantially in the form attached as Schedule F to the Arrangement Agreement,
between AMB and RH to be entered into at or prior to the Effective Time,
providing for, among other things, the transfer of certain assets by AMB to RH,
as it may be amended, modified or supplemented from time to time in accordance
with its terms (provided that such amendment, modification or supplement is
approved by each of AMB and RH). 

"AMB Meeting" means the special meeting of AMB Shareholders,
including any adjournment or postponement thereof, to be called and held in
accordance with the Interim Order to consider the Arrangement Resolution and for
any other purpose as may be set out in the AMB Circular. 

"AMB Option Plan" means the incentive stock option plan of AMB,
effective as of May 27, 2010. 

"AMB Options" means the outstanding options to acquire AMB
Shares granted under the AMB Option Plan. 

"AMB Optionholders" means holders of AMB Options. 

"AMB Shares" means the common shares of AMB. 

"AMB Shareholders" means holders of AMB Shares. 

"AMB Warrants" means the outstanding warrants to purchase AMB
Shares. 

"AMB Warrantholders" means holders of AMB Warrants. 

- 2 -

"Applicable Law" means all laws (including common law),
statutes, codes, ordinances, decrees, rules, regulations, by-laws, policies,
judicial or arbitral or administrative or ministerial or departmental or
regulatory judgements, orders, decisions, rulings or awards, including general
principles of common and civil law, and conditions of any grant of approval,
permission, authority or license of any court, Governmental Entity or statutory
body applicable to a Person or its business, undertaking, property or
securities. 

"Arrangement" means the arrangement under the provisions of
Division 5 of Part 9 of the BCBCA on the terms and subject to the conditions set
out in this Plan of Arrangement, subject to any amendments or variations made in
accordance with the Arrangement Agreement or Section 5.1of this Plan of
Arrangement or made at the direction of the Court in the Final Order with the
prior written consent of AMB and RH, each acting reasonably. 

"Arrangement Agreement" means the arrangement agreement dated
as of February 18, 2014 between AMB and RH (including the Schedules thereto) as
it may be amended, modified or supplemented from time to time in accordance with
its terms. 

"Arrangement Resolution" means the special resolution approving
the Plan of Arrangement presented to the AMB Shareholders at the AMB Meeting.

"BCBCA" means the Business Corporation Act (British
Columbia). 

"Business Day" means a day of the year, other than a Saturday,
Sunday or any day on which major banks are closed for business in Vancouver,
British Columbia. 

"Class A RH Shares" means the Class A shares with par value of
US$ 0.001 per share of RH with the rights and restrictions as set out in the
bye-laws of RH as constituted on the date of the Arrangement Agreement. 

"Court" means the Supreme Court of British Columbia. 

"Depositary" means Olympia Trust Company, at its offices set
out in the Letter of Transmittal. 

"Dissent Share" means the AMB Shares held by a Dissenting AMB
Shareholder in respect of which Dissent Rights are validly exercised by such
holder. 

"Dissent Rights" has the meaning specified in Section 3.lof
this Plan of Arrangement. 

"Dissenting AMB Shareholder" means a registered holder of AMB
Shares who has validly exercised its Dissent Rights and has not withdrawn or
been deemed to have withdrawn such exercise of Dissent Rights.

"Effective Date" means the date upon which AMB and RH agree in
writing as the date upon which the Arrangement will become effective or, in the
absence of such agreement, five Business Days following the satisfaction or
waiver of all conditions to completion of the Arrangement set out in Section
2.4, 2.5 and 2.6 of the Arrangement Agreement (excluding such conditions that,
by their terms, cannot be satisfied until the Effective Date, but subject to the
satisfaction or, where not prohibited, waiver of those conditions as of the
Effective Date by the applicable party for whose benefit such conditions exist).

- 3 -

"Effective Time" means 12:01a.m. (Vancouver time) on the
Effective Date, or such other time as AMB and RH may agree to in writing before
the Effective Date. 

"Exchange Ratio" means 0.01, or such other number as the
directors of AMB may determine in accordance with Section 2.5 of this Plan of
Arrangement. 

"Final Order" means the final order of the Court approving the
Arrangement, as such order may be amended by the Court at any time prior to the
Effective Date or, if appealed, then, unless such appeal is withdrawn or denied,
as affirmed or as amended on appeal.

"Former AMB Shareholder" means a registered holder of AMB
Shares immediately prior to the Effective Time. 

"GPUS" means Golden Predator US Holding Corp., a wholly owned
subsidiary of AMB. 

"GPUS Distribution Agreement" means the distribution agreement,
substantially in the form attached as Schedule D to the Arrangement Agreement,
between GPUS and AMB to be entered into at or prior to the Effective Time,
providing for, among other things, the transfer of certain assets by GPUS to
AMB, as it may be amended, modified or supplemented from time to time in
accordance with its terms (provided that such amendment, modification or
supplement is approved by each of AMB and RH). 

"Governmental Entity" means (i) any international,
multinational, national, federal, provincial, state, regional, municipal, local
or other government, governmental or public department, central bank, court,
tribunal, arbitral body, commission, board, bureau, ministry, agency or
instrumentality, domestic or foreign, (ii) any subdivision, agent or authority
of any of the foregoing, (iii) any quasi-governmental, private body or
independent body exercising any regulatory, supervisory, expropriation or taxing
authority under or for the account of any of the foregoing or (iv) any stock
exchange. 

"Interim Order" means the interim order of the Court providing
for, among other things, the calling and holding of the AMB Meeting, as such
order may be amended by the Court. 

"In the Money Amount" means in respect of a stock option at any
time, the amount, if any, by which the fair market value, at that time, of the
securities subject to the option on a per security basis exceeds the exercise
price on a per security basis of the option.

"Kudu" means Kudu Partners, L.P.

"Kudu Asset Purchase Agreement" means the asset purchase
agreement, substantially in the form attached as Schedule G to the Arrangement
Agreement, between RH and Kudu to be entered into at or prior to the Effective
Time, providing for, among other things, the purchase of certain assets by RH
from Kudu, as it may be amended, modified or supplemented from time to time in
accordance with its terms (provided that such amendment, modification or
supplement is approved by each of AMB and RH). 

"Law" means, with respect to any Person, any and all Applicable
Law (statutory, common or otherwise), constitution, treaty, convention,
ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling
notice or other similar requirement, whether domestic or foreign, enacted, adopted, promulgated or applied by a Governmental
Entity that is binding upon or applicable to such Person or its business,
undertaking, property or securities, and to the extent that they have the force
of law, policies, guidelines, notices and protocols of any Governmental Entity,
as amended. 

- 4 -

"Letter of Transmittal" means the letter of transmittal to be
delivered by AMB to AMB Shareholders for use in connection with the Arrangement.

"Lien" means any mortgage, charge, pledge, hypothec, security
interest, prior claim, encroachments, option, right of first refusal or first
offer, occupancy right, covenant, assignment, lien (statutory or otherwise),
defect of title, or restriction or adverse right or claim, or other third party
interest or encumbrance of any kind, in each case, whether contingent or
absolute. 

"New Bye-laws" means the new bye-laws which will be adopted by
RH under this Plan of Arrangement substantially in the form attached hereto as
Schedule "A". 

"NRC" means Nevada Royalty Corp.

"NRC Distribution Agreement" means the distribution agreement,
substantially in the form attached as Schedule B to the Arrangement Agreement,
between NRC and GPUS to be entered into at or prior to the Effective Time,
providing for, among other things, the transfer of certain assets by NRC to
GPUS, as it may be amended, modified or supplemented from time to time in
accordance with its terms (provided that such amendment, modification or
supplement is approved by each of AMB and RH). 

"NTR" means Northern Tiger Resources Inc. following its
acquisition of Redtail Metals Corp. 

"NTR Share Purchase Agreement" means the share purchase
agreement, substantially in the form attached as Schedule I to the Arrangement
Agreement, between NTR and RH to be entered into at or prior to the Effective
Time, providing, among other things, for the purchase of all of the issued and
outstanding AMB Shares by NTR, the grant of certain royalties by AMB to RH and
the subscription of shares of NTR by RH, as it may be amended, modified or
supplemented from time to time in accordance with its terms (provided that such
amendment, modification or supplement is approved by each of AMB and RH). 

"Old RH Share" means common shares with par value of US$ 0.001
per share of RH with the rights and restrictions as set out in the bye-laws of
RH as constituted on the date of the Arrangement Agreement. 

"Out of the Money Amount" means in respect of a stock option at
any time, the amount, if any, by which the exercise price on a per security
basis of the option exceeds the fair market value, at that time, of the
securities subject to the option on a per security basis. 

"Person" includes any individual, partnership, association,
body corporate, organization, trust, estate, trustee, executor, administrator,
legal representative, government (including Governmental Entity), syndicate or
other entity, whether or not having legal status. 

- 5 -

"Plan of Arrangement" means this plan of arrangement, and any
amendments or variations made in accordance with Section 4.1of the Arrangement
Agreement or Section 5.1 of this Plan of Arrangement or made at the direction of
the Court in the Final Order. 

"Replacement Option" has the meaning ascribed thereto in
Subsection 2.3(m). 

"Replacement Warrant" has the meaning ascribed thereto in
Subsection 2.3(n). 

"RH" means Resource Holdings Ltd.

"RH Share Purchase Agreement" means the share purchase
agreement, substantially in the form attached as Schedule E to the Arrangement
Agreement, between AMB and RH to be entered into at or prior to the Effective
Time, providing for, among other things, the purchase of all of the issued and
outstanding RH Shares by AMB, as it may be amended, modified or supplemented
from time to time in accordance with its terms. 

"RH Shares" means restricted voting shares with par
value of US$ 0.001 per share of RH with the rights and restrictions as set out
in the New Bye-laws. 

"SMC" means Springer Mining Company.

"SPD" means Silver Predator Corp. 

"SPD Share Purchase Agreement" means the share purchase
agreement, substantially in the form attached as Schedule C to the Arrangement
Agreement, between GPUS and to be entered into at or prior to the Effective
Time, providing for, among other things, the purchase by SPD of all of the
issued and outstanding shares of each of NRC and SMC and the granting of certain
royalties by each of SMC and NRC to GPUS, as it may be amended, modified or
supplemented from time to time in accordance with its terms (provided that such
amendment, modification or supplement is approved by each of AMB and RH). 

"SPD Subscription Agreement" means the
subscription agreement, substantially in the form attached as Schedule H to the
Arrangement Agreement, between RH and SPD to be entered into at or prior to the
Effective Time, providing for, among other things, the subscription of certain
shares of SPD by RH, as it may be amended, modified or supplemented from time to
time in accordance with its terms (provided that such amendment, modification or
supplement is approved by each of AMB and RH). 

"Tax Act" means the Income Tax Act (Canada). 

"TSX-V" means the TSX Venture Exchange. 

1.2        Certain Rules of
Interpretation. 

In this Agreement, unless otherwise specified:

	(1) 	
      Headings, etc. The division of this Plan of Arrangement
      into Articles and Sections and the insertion of headings are for
      convenient reference only and do not affect the construction or
      interpretation of this Plan of Arrangement.

- 6 -

	(2) 	
      Currency. Unless otherwise indicated, all references to
      dollars or to $ are references to Canadian dollars.

	 	 
	(3) 	
      Gender and Number. Any reference to gender includes both
      genders and no gender. Words importing the singular number only include
      the plural and vice versa.

	 	 
	(4) 	
      Certain Phrases, etc. The words (i) "including",
      "includes" and "include" mean "including (or includes or include) without
      limitation," (ii) "the aggregate of", "the total of", "the sum of", or a
      phrase of similar meaning means "the aggregate (or total or sum), without
      duplication, of," and (iii) unless stated otherwise, "Article", "Section",
      "Subsection" followed by a number or letter mean and refer to the
      specified Article or Section or Subsection to this Plan of
    Arrangement.

	 	 
	(5) 	
      Statutes. Any reference to a statute refers to such
      statute and all rules and regulations made under it, as it or they may
      have been or may from time to time be amended or re- enacted, unless
      stated otherwise.

	 	 
	(6) 	
      Computation of Time. A period of time is to be computed
      as beginning on the day following the event that began the period and
      ending at 5:00 p.m. on the last day of the period, if the last day of the
      period is a Business Day, or at 5:00 p.m. on the next Business Day if the
      last day of the period is not a Business Day. If the date on which any
      action is required or permitted to be taken under this Plan of Arrangement
      by a Person is not a Business Day, such action shall be required or
      permitted to be taken on the next succeeding day which is a Business
      Day.

	 	 
	(7) 	
      Time References. References to time are to local time,
      Vancouver, British Columbia.

ARTICLE 2 
THE ARRANGEMENT

2.1        Arrangement
Agreement

This Plan of Arrangement is made pursuant to the Arrangement
Agreement.

2.2        Binding
Effect

At the Effective Time, the Arrangement will become effective,
and be binding on AMB, RH, all registered holders and beneficial owners of AMB
Shares (including Dissenting AMB Shareholders), AMB Optionholders, AMB
Warrantholders, the registrant and transfer agent of AMB, and the Depositary.

2.3       
Arrangement

Commencing at the Effective Time, the following shall occur and
shall be deemed to occur in the following order, each occurring in order after
the previous event without any further authorization, act or formality required
on the part of any Person: 

- 7 -

	 	(a) 	
      the transactions contemplated by the NRC Distribution
      Agreement shall occur in accordance with and on the terms and conditions
      specified in the NRC Distribution Agreement;

	 	 	 
	 	(b) 	
      the transactions contemplated by the SPD Share Purchase
      Agreement shall occur in accordance with and on the terms and conditions
      specified in the SPD Share Purchase Agreement;

	 	 	 
	 	(c) 	
      the transactions contemplated by the GPUS Distribution
      Agreement shall occur in accordance with and on the terms and conditions
      specified in the GPUS Distribution Agreement;

	 	 	 
	 	(d) 	
      the transactions contemplated by the RH Share Purchase
      Agreement shall occur in accordance with and on the terms and conditions
      specified in the RH Share Purchase Agreement;

	 	 	 
	 	(e) 	
      new directors of RH shall be appointed by AMB;

	 	 	 
	 	(f) 	
      all of the issued and outstanding Class A RH Shares shall
      be converted to Old RH Shares in accordance with the rights and
      restrictions attached thereto;

	 	 	 
	 	(g) 	
      RH's authorized share capital shall be altered such that
      the Class A RH Shares are cancelled, the rights and restrictions attaching
      to the Old RH Shares shall be amended such that such shares shall become
      RH Shares and RH shall adopt the New Bye-Laws;

	 	 	 
	 	(h) 	
      the transactions contemplated by the AMB Contribution
      Agreement shall occur in accordance with and on the terms and conditions
      specified in the AMB Contribution Agreement;

	 	 	 
	 	(i) 	
      the transactions contemplated by the Kudu Asset Purchase
      Agreement shall occur in accordance with and on the terms and conditions
      specified in the Kudu Asset Purchase
Agreement;

	 	(j) 	
      each Dissent Share held by a Dissenting AMB Shareholder
      shall be and shall be deemed to have been transferred to RH,
and:

	 	 	 	 
	 		(i) 	
      each Dissenting AMB Shareholder shall cease to be the
      registered holder of the holder's Dissent Shares and shall cease to have
      any rights as an AMB Shareholder in respect of such Dissent Shares other
      than the right to be paid fair value by RH for such Dissent Shares as set
      out in Article 3;

	 	 	 	 
	 		(ii) 	
      each Dissenting AMB Shareholder's name shall be and shall
      be deemed to be removed as the holder of Dissent Shares from the central
      security register of AMB; and

	 	 	 	 
	 		(iii) 	
      RH shall be and shall be deemed to be the holder of all
      Dissent Shares and the central securities register of AMB shall be and
      shall be deemed to be revised accordingly;

- 8 -

	 	(k) 	
      subject to Section 2.4, each AMB Share (other than any
      Dissent Shares) shall be and shall be deemed to be transferred by the
      holder thereof to RH for such number of RH Shares as is equal to the
      Exchange Ratio, and:

	 	 	 	 
	 		(i) 	
      the holder thereof shall cease to be the holder of the
      AMB Share and shall be and shall be deemed to be removed from the central
      securities register of AMB and entered into the register of holders of RH
      Shares as the holder of RH Shares received by the holder pursuant to this
      Subsection 2.3(k);

	 	 	 	 
	 		(ii) 	
      the holder thereof shall be deemed to have executed and
      delivered all consents, releases, assignments and waivers, statutory or
      otherwise, required to transfer and assign the AMB Share hereunder;
    and

	 	 	 	 
	 		(iii) 	
      RH shall be and shall be deemed to be the holder of all
      of the outstanding AMB Shares and the central securities register of AMB
      shall be and shall be deemed to be revised
accordingly;

	 	(1) 	
      each RH Share held by AMB shall be and shall be deemed to
      have been surrendered by AMB to RH for cancellation for no consideration,
      and shall be and shall be deemed to be cancelled by RH for no
      consideration and the name of AMB shall be and shall be deemed to be
      removed from the register of holders of RH
Shares;

	 	(m) 	
      each outstanding AMB Option shall be and shall be deemed
      to be exchanged for an option (each, a "Replacement Option") to
      purchase from RH the number of RH Shares equal to: (i) the Exchange Ratio
      multiplied by (ii) the number of AMB Shares subject to such AMB Option
      immediately prior to the Effective Time. If the foregoing calculation
      would result in the total Replacement Options of a particular holder being
      exercisable for a number of RH Shares that includes a fractional RH Share,
      the total number of RH Shares subject to such holder's total Replacement
      Options shall be rounded down to the nearest whole number of RH Shares.
      Such Replacement Option shall provide for an exercise price per RH Share
      (rounded up to the nearest whole cent, subject to the last sentence of
      this Subsection 2.3(m)) equal to: (x) the exercise price per AMB Share
      subject to such AMB Option immediately prior to the Effective Time;
      divided by (y) the Exchange Ratio. All other terms and conditions of a
      Replacement Option, including the term to expiry, conditions to and manner
      of exercise, will be the same as the AMB Option for which it was
      exchanged. Notwithstanding the foregoing, if required, the exercise price
      per RH Share underlying each Replacement Option of any particular holder
      shall be, and shall be deemed to be, adjusted by the amount, and only to
      the extent, necessary to ensure that the In the Money Amount of the
      Replacement Option does not exceed the In the Money Amount, or that the
      Out of the Money Amount of the Replacement Option is not less than the Out
      of the Money Amount, of the original AMB Option immediately before the
      exchange;

- 9 -

	 	(n) 	
      each outstanding AMB Warrant shall be and shall be deemed
      to be exchanged for a warrant (each a "Replacement Warrant") to purchase
      from RH the number of RH Shares equal to: (i) the Exchange Ratio
      multiplied by (ii) the number of AMB Shares subject to such AMB Warrant
      immediately prior to the Effective Time. If the foregoing calculation
      results in the total Replacement Warrants of a particular holder being
      exercisable for a number of RH Shares that includes a fractional RH Share,
      the total number of RH Shares subject to such holder's total Replacement
      Warrants shall be rounded down to the nearest whole number of RH Shares.
      Such Replacement Warrants shall provide for an exercise price per RH Share
      (rounded up to the nearest whole cent) equal to: (x) the exercise price
      per AMB Share subject to such AMB Warrant immediately prior to the
      Effective Time; divided by (y) the Exchange Ratio. All other terms and
      conditions of a Replacement Warrant, including the term to expiry,
      conditions to and manner of exercise, will be the same as the AMB Warrant
      for which it was exchanged;

	 	 	 
	 	(o) 	
      the transactions contemplated by the SPD Subscription
      Agreement shall occur in accordance with and on the terms and conditions
      specified in the SPD Subscription Agreement; and

	 	 	 
	 	(p) 	
      the transactions contemplated by the NTR Share Purchase
      Agreement shall occur in accordance with and on the terms and conditions
      specified in the NTR Share Purchase Agreement,

provided that none of the foregoing will occur or be
deemed to occur unless all of the foregoing occurs or is deemed to occur. 

2.4        No Fractional RH
Shares 

In no event shall an AMB Shareholder be entitled to a
fractional RH Share. Where the aggregate number of RH Shares to be issued to a
AMB Shareholder as consideration under this Arrangement would result in a
fraction of a RH Share being issuable, the number of RH Shares to be received by
such AMB Shareholder shall be rounded down to the nearest whole RH Share and no
AMB Shareholder will be entitled to any compensation in respect of such
fractional RH Share. 

2.5        Amendment of
Exchange Ratio

The directors of AMB may, at any time prior to the Effective
Time, by resolution of the AMB board of directors, alter the Exchange Ratio if
it determines that it is necessary or advisable to do so in order to ensure that
RH will, upon completion of the Arrangement, meet the minimum distribution
requirements of the TSX-V applicable to a Tier 1 Issuer (as defined in the TSX-V
Corporate Finance Manual). 

- 10 -

ARTICLE 3 
RIGHTS OF DISSENT

3.1        Rights of
Dissent

Registered holders of AMB Shares may exercise dissent rights
("Dissent Rights") in connection with the Arrangement pursuant to and in the
manner set forth in Sections 237 to 247 of the BCBCA, as modified by the Interim
Order and this Section 3.1; provided that, notwithstanding Section 242 of the
BCBCA, the written objection to the Arrangement Resolution referred to in
Section 242 of the BCBCA must be received by the Company not later than 5:00
p.m. (Vancouver) on that date which is two Business Days immediately preceding
the date of the AMB Meeting (as it may be adjourned or postponed from time to
time). Each Dissenting AMB Shareholder who: 

	 	(a) 	
      is ultimately entitled to be paid fair value for the
      holder's Dissent Shares and in respect of which Dissent Rights have been
      validly exercised, will be entitled to be paid the fair value of such
      Dissent Shares by RH, which fair value, notwithstanding anything to the
      contrary in the BCBCA, shall be determined as of the close of business on
      the date before the Effective Date, shall be deemed to have transferred
      such Dissent Shares to RH in accordance with Subsection 2.3G), and will
      not be entitled to any other payment or consideration, including any
      payment that would be payable under the Arrangement had such holder not
      exercised Dissent Rights in respect of such Dissent Shares; or

	 	 	 
	 	(b) 	
      is ultimately not entitled, for any reason, to be paid
      fair value for the holder's Dissent Shares and in respect of which Dissent
      Rights have been exercised shall be deemed to have participated in the
      Arrangement on the same basis as a non- dissenting holder of AMB
      Shares.

3.2        Recognition of
Dissenting Holders

	(1) 	
      In no circumstances shall AMB, RH or any other Person be
      required to recognize a Person exercising Dissent Rights unless such
      Person is the registered holder of the Dissent Shares in respect of which
      such rights are sought to be exercised.

	 	 
	(2) 	
      For greater certainty, in no case shall AMB, RH or any
      other Person be required to recognize a Dissenting AMB Shareholder as a
      registered or beneficial owner of Dissent Shares in respect of which
      Dissent Rights have been validly exercised after the completion of the
      transfer under Subsection 2.3G), and the names of such Dissenting AMB
      Shareholders shall be removed from the registers of holders of Dissent
      Shares in respect of which Dissent Rights have been validly exercised in
      accordance with Subsection 2.3G).

	 	 
	(3) 	
      In addition to any other restrictions under Section 238
      of the BCBCA, none of the following shall be entitled to exercise Dissent
      Rights: (i) AMB Optionholders, (ii) AMB Warrantholders and (iii) AMB
      Shareholders who vote or have instructed a proxyholder to vote in favour
      of the Arrangement Resolution.

- 11-

ARTICLE 4
CERTIFICATES AND PAYMENTS

	4.1 	
      Certificates

	 	 	 
		(a) 	
      Following the receipt of the Final Order and prior to the
      Effective Date, RH shall deliver or arrange to be delivered to the
      Depository sufficient certificates representing the RH Shares to be issued
      to Former AMB Shareholders in accordance with the provisions of Subsection
      2.3(k), to be held by the Depository as agent and nominee for such Former
      AMB Shareholders for distribution to such Former AMB Shareholders in
      accordance with the provisions of this Article 4. 

	 	 	
       

		(b) 	
      Subject to Subsection 4.l(e) and Section 4.2, as soon as
      practicable following the later of the Effective Time and the date of
      deposit with the Depositary by a former registered holder of AMB Shares of
      a duly completed and executed Letter of Transmittal, a certificate (if
      any) that immediately before the Effective Time represented one or more
      outstanding AMB Shares that were exchanged for RH Shares in accordance
      with Subsection 2.3(k) and such additional documents as the Depository may
      reasonably require, the Depositary shall, and RH shall cause the
      Depository to deliver to, such Former AMB Shareholder a certificate
      representing the RH Shares to which such Former AMB Shareholder has the
      right to receive under Subsection 2.3(k) less any amounts withheld
      pursuant to Section 4.3.

	 	 	
       

		(c) 	
      Subject to Subsection 4.l(e), each Former AMB Shareholder
      entitled to receive RH Shares under the Arrangement shall be and be deemed
      to be the registered holder for all purposes as of the Effective Time of
      the number of RH Shares to which such Former AMB Shareholder is entitled
      under the Arrangement.

	 	 	
       

		(d) 	
      Subject to Subsections 4.l(e) and 4.l(g), all dividends
      paid or other distributions made on or after the Effective Time on or in
      respect of any RH Shares which any Former AMB Shareholder is entitled to
      receive under Subsection 2.3(k), but for which a certificate has not yet
      been delivered to such Former AMB Shareholder in accordance with
      Subsection 4.l(b), shall be paid or made to such Former AMB Shareholder,
      without interest, when a duly completed and executed Letter of
      Transmittal, a certificate (if any) that immediately before the Effective
      Time represented the outstanding AMB Shares that were exchanged for such
      RH Shares in accordance with Subsection 2.3(k) and such additional
      documents and instruments as the Depositary may reasonably require are
      deposited in accordance with Subsection 4.l(b).

	 	 	
       

		(e) 	
      Subject to Article 3, after the Effective Time, any
      certificate formerly representing AMB Shares shall cease to represent any
      right with respect to AMB Shares and shall represent only the right to
      receive RH Shares to which the Former AMB Shareholder is entitled under
      Subsection 2.3(k) and any dividend or other distribution to which the
      Former AMB Shareholder is entitled under Subsection 4. l(d), and any such
      certificate formerly representing AMB Shares not
duly deposited on or prior to the sixth
anniversary of the Effective Date shall cease to represent a claim or interest
of any kind or nature, including a claim for dividends or other distributions
under Subsection 4.1(d), against AMB or RH by a Former AMB Shareholder. On such
date, all RH Shares to which the Former AMB Shareholder was entitled shall be
deemed to have been cancelled without any repayment of capital in respect
thereof and any certificates representing such RH Shares shall be cancelled, and
any and all interest or claim of any Former AMB Shareholders in such RH Shares
shall terminate as of such date. 

- 12

	 	(f) 	
      Immediately after the Effective Time, any document or
      instrument previously evidencing outstanding AMB Warrants shall thereafter
      evidence the Replacement Warrants to which the former holder of such AMB
      Warrants is entitled to receive pursuant to Subsection 2.3(n). A former
      holder of AMB Warrants shall be entitled, upon delivery to RH after the
      Effective Time of the certificate or other document or agreement
      previously evidencing an outstanding AMB Warrant, and such other documents
      as RH may reasonably require, to receive a replacement certificate or
      other document or agreement evidencing the Replacement Warrants, as the
      case may be, to which such holder is entitled, which reflects the terms of
      the Replacement Warrants and the Plan of Arrangement. 

	 	 	     
	 	(g) 	
      No holder of AMB Shares as at the Effective Time shall be
      entitled to receive any consideration with respect to such AMB Shares
      other than any payment to which such holder is entitled to receive in
      accordance with Section 2.3 and this Section 4.1 and, for greater
      certainty, no such holder with be entitled to receive any interest,
      dividends, premium or other payment in connection therewith, other than
      any declared but unpaid dividends. 

4.2        Lost
Certificates

In the event any certificate which immediately prior to the
Effective Time represented one or more outstanding AMB Shares that were
transferred pursuant to Subsection 2.3(k) or represented one or more outstanding
AMB Warrants that were replaced pursuant to Subsection 2.3(n) shall have been
lost, stolen or destroyed, upon the making of an affidavit of that fact by the
Person claiming such certificate to be lost, stolen or destroyed, and who was
listed immediately prior to the Effective Time as the registered holder thereof
in the central securities register or other applicable records maintained by
AMB, the Depositary or RH, as the case may be, will issue in exchange for such
lost, stolen or destroyed certificate, the RH Shares and/ or Replacement
Warrants, as applicable, to which such Person is entitled in accordance with
Section 2.3. When authorizing such payment in exchange for any lost, stolen or
destroyed certificate, the Person to whom such RH Shares and/ or Replacement
Warrants, as applicable, are to be delivered shall as a condition precedent to
the delivery of such RH Shares and/ or Replacement Warrants, as applicable, give
a bond satisfactory to RH, AMB and the Depositary (acting reasonably) in such
sum as RH may direct, or otherwise indemnify RH, AMB and the Depository in a
manner satisfactory to RH, AMB and the Depository, respectively, acting
reasonably, against any claim that may be made against RH, AMB and the
Depository with respect to the certificate alleged to have been lost, stolen or
destroyed. 

- 13 

4.3        Withholding
Rights 

RH or the Depositary shall be entitled to deduct and withhold
from any amount payable to any Person under the Plan of Arrangement (including,
without limitation, any amounts payable pursuant to Section 3.1), such amounts
as RH or the Depositary determines, acting reasonably, are required or permitted
to be deducted and withheld with respect to such payment under the Tax Act, the
United States Internal Revenue Code of 1986 or any provision of any other Law.
To the extent that amounts are so withheld, such withheld amounts shall be
treated for all purposes hereof as having been paid to the Person in respect of
which such withholding was made, provided that such amounts are actually
remitted to the appropriate taxing authority. 

4.4        No Liens

Any exchange or transfer of securities pursuant to this Plan of
Arrangement shall be free and clear of any Liens or other claims of third
parties of any kind. 

4.5       
Paramountcy

From and after the Effective Time: (a) this Plan of Arrangement
shall take precedence and priority over any and all AMB Shares, AMB Options and
AMB Warrants issued prior to the Effective Time, (b) the rights and obligations
of AMB, RH and the Depositary and any transfer agent or other depositary
therefor in relation to any AMB Shares, AMB Options or AMB Warrants outstanding
as at the Effective Time, shall be solely as provided for in this Plan of
Arrangement, and (c) all actions, causes of action, claims or proceedings
(actual or contingent and whether or not previously asserted) based on or in any
way relating to any AMB Shares, AMB Options or AMB Warrants outstanding as at
the Effective Time shall be deemed to have been settled, compromised, released
and determined without liability except as set forth in this Plan of
Arrangement. 

ARTICLE 5 
AMENDMENTS

5.1        Amendments to
Plan of Arrangement

	(1) 	
      Subject to the provisions of the Interim Order, any
      amendment, modification or supplement to this Plan of Arrangement (an
      "Amendment") may be proposed jointly by AMB and RH at or prior to the AMB
      Meeting. If such Amendment, if disclosed, would reasonably be expected to
      affect an AMB Shareholder's decision to vote for or against the
      Arrangement Resolution, notice of such Amendment shall be given to AMB
      Shareholders, AMB Warrantholders and AMB Optionholders by press release,
      newspaper, advertisement, prepaid ordinary mail, or by the method most
      reasonably practicable in the circumstances, as AMB and RH may agree, each
      acting reasonably. Any Amendment so proposed shall become part of this
      Plan of Arrangement for all purposes and the Plan of Arrangement, as
      amended, shall be the subject of the Arrangement Resolution.

	 	 
	(2) 	
      Any amendment that is approved or directed by the Court
      shall be effective only if it is agreed to in writing by AMB and RH and,
      if required by the Court it is approved by all or some or all of the AMB
      Shareholders voting in the manner directed by the
Court.

- 14

	(3) 	
      Notwithstanding Subsections 5.1(1) or 5.1(2) above, any
      Amendment agreed to in writing by AMB and RH prior to the Effective Time
      that:

	 	 	 	 
		(a) 	
      concerns a matter that either:

	 	 	 	 
			(i) 	
      is of an administrative nature required to better give
      effect to the implementation of the Plan of Arrangement; or

	 	 	 	 
			(ii) 	
      relates to how AMB will be capitalized, financed or
      structured after the Effective Time; and

	 	 	 	 
		(b) 	
      is not adverse to the financial or economic interests of
      any Person (in his, her or its capacity as an AMB Shareholder, AMB
      Optionholder or AMB Warrantholder) who was, immediately prior to exchange
      of such securities for RH Shares, Replacement Options or Replacement
      Warrants, the registered holder of AMB Shares, AMB Options or AMB
      Warrants, as the case may be, pursuant to Section 2.3,

	 	 	 	 
		
      will not require Court approval or communication to the
      AMB Shareholders, AMB Optionholders or AMB Warrantholders.

	 	 	 	 
	(4) 	
      Notwithstanding Subsections 5.1(1), 5.1(2) or 5.1(3)
      above, any Amendment may be made following the Effective Time unilaterally
      by RH provided, however, that it concerns a matter that, in the reasonable
      opinion of RH, is of an administrative nature required to better give
      effect to the implementation of this Plan of Arrangement and is not
      adverse to the economic interest of any Person (in his, her or its
      capacity as an AMB Shareholder, AMB Warrantholders or AMB Optionholder)
      who was, immediately prior to the exchange of such AMB Shares, AMB
      Warrants or AMB Options for RH Shares, Replacement Warrants or Replacement
      Options, respectively, the registered holder of AMB Shares, AMB Warrants
      or AMB Options, as the case may be, pursuant to Section
  2.3.

ARTICLE 6 
FURTHER ASSURANCES

6.1        Further
Assurances

Notwithstanding that the transactions and events set out in
this Plan of Arrangement shall occur and shall be deemed to occur in the order
set out in this Plan of Arrangement without any further act or formality, each
of AMB and RH shall make, do and execute, or cause to be made, done and
executed, all such further acts, deeds, agreements, transfers, assurances,
instruments or documents as may reasonably be required by either of them in
order to further document or evidence any of the transactions or events set out
in this Plan of Arrangement. 

Schedule "A" 
New Bye-laws

 

See attached 

B Y E - L A W S

OF

 

[ Resource Holdings Ltd. ] 

CERTIFIED that the within-written by-laws are a true copy of
the bye-laws of [ Resource Holdings Ltd. ] (the "Company") as approved
and adopted as the bye-laws of the Company (the "Bye-Laws") at the special
general meeting of the members of the Company held by a written resolution of
the sole member dated [ • ] 2014. 

 

_____________________________________________________
Secretary

TABLE OF CONTENTS 

	INTERPRETATION 	4 
	  	  	  
	   1. 	Definitions and Interpretation
    	4 
	  	  	  
	SHARES 	8 
	  	  	  
	   2. 	Power to Issue Shares 	8 
	   3. 	Power of the Company to Purchase its Shares 	8 
	   4. 	Rights Attaching to Shares 	9 
	   5. 	Adjustment to Voting Power 	11 
	   6. 	Calls on Shares 	14 
	   7. 	Forfeiture of Shares 	14 
	   8. 	Share Certificates 	15 
	   9. 	Fractional Shares 	16 
	  	  	  
	REGISTRATION OF SHARES 	17 
	  	  	  
	   10. 	Register of Members 	17 
	   11. 	Registered Holder Absolute
      Owner 	17 
	   12. 	Transfer of Registered Shares 	17 
	   13. 	Transmission of Registered
      Shares 	19 
	  	  	  
	ALTERATION OF SHARE
      CAPITAL 	20 
	  	  	  
	   14. 	Power to Alter Capital 	20 
	   15. 	Variation of Rights Attaching to Shares 	20 
	  	  	  
	MEETINGS OF MEMBERS 	20 
	  	  	  
	   16. 	Annual General Meetings 	20 
	   17. 	Special General Meetings 	21 
	   18. 	Requisitioned General Meetings 	21 
	   19. 	Notice 	21 
	   20. 	Giving Notice and Access 	22 
	   21. 	Notice of Nominations 	22 
	   22. 	Annual or Special General Meetings 	27 
	   23. 	Postponement of General Meeting
    	29 
	   24. 	Electronic Participation and Security in
      Meetings 	30 
	   25. 	Quorum at General Meetings 	30 
	   26. 	Chairman to Preside at General Meetings 	31 
	   27. 	Voting on Resolutions 	31 
	   28. 	Power to Demand a Vote on a Poll 	32 
	   29. 	Voting by Joint Holders of
      Shares 	33 

	   30. 	Instrument of
      Proxy 	33 
	   31. 	Representation of Corporate
      Member 	34 
	   32. 	Adjournment of
      General Meeting 	34 
	   33. 	Written Resolutions 	35 
	   34. 	Directors
      Attendance at General Meetings 	36 
	  	  	  
	DIVIDENDS AND
      CAPITALISATION 	36 
	  	  	  
	   35. 	Dividends 	36 
	   36. 	Power to Set Aside Profits 	36 
	   37. 	Method of Payment
    	36 
	   38. 	Capitalisation 	37 
	  	  	  
	DIRECTORS AND OFFICERS 	37 
	  	  	  
	   39. 	Number of Directors 	37 
	   40. 	Share
      Qualification 	37 
	   41. 	Election of Directors 	38 
	   42. 	Term of Office of
      Directors 	38 
	   43. 	Alternate Directors 	38 
	   44. 	Removal of
      Directors 	39 
	   45. 	Vacancy in the Office of Director
    	39 
	   46. 	Remuneration of
      Directors 	39 
	   47. 	Defect in Appointment 	40 
	   48. 	Directors to
      Manage Business 	40 
	   49. 	Powers of the Board of Directors
    	40 
	   50. 	Register of
      Directors and Officers 	41 
	   51. 	Appointment of Officers 	42 
	   52. 	Appointment of
      Secretary 	42 
	   53. 	Duties of Officers 	42 
	   54. 	Remuneration of
      Officers 	42 
	   55. 	Conflicts of Interest 	42 
	   56. 	Indemnification
      and Exculpation of Directors and Officers 	43 
	  	  	  
	MEETINGS OF THE BOARD OF
      DIRECTORS 	44 
	  	  	  
	   57. 	Board Meetings
	44 
	   58. 	Notice of Board Meetings 	44 
	   59. 	Telephonic or
      Electronic Participation in Meetings 	44 
	   60. 	Quorum at Board Meetings 	44 
	   61. 	Board to Continue
      in the Event of Vacancy 	44 
	   62. 	Chairman to Preside 	45 
	   63. 	Written
      Resolutions 	45 
	   64. 	Validity of Prior Acts of the
      Board 	45 

	ACCOUNTS 	45 
	  	  	  
	   65. 	Books of Account
    	45 
	   66. 	Financial Year End 	45 
	  	  	  
	AUDITS 	46 
	  	  	  
	   67. 	Annual Audit 	46 
	   68. 	Appointment of
      Auditor 	46 
	   69. 	Remuneration of Auditor 	46 
	   70. 	Duties of Auditor
    	46 
	   71. 	Access to Records 	47 
	   72. 	Financial
      Statements 	47 
	   73. 	Distribution of Auditor's Report.
    	47 
	   74. 	Vacancy in the
      Office of Auditor 	47 
	  	  	  
	CORPORATE RECORDS 	47 
	  	  	  
	   75. 	Minutes 	47 
	   76. 	Place Where Corporate Records
      Kept 	48 
	   77. 	Form and Use of
      Seal. 	48 
	  	  	  
	CHANGES TO CONSTITUTION
	48 
	  	  	  
	   78. 	Alteration or
      Amendment of Bye-laws 	48 
	   79. 	Alteration or Amendment of
      Memorandum 	48 
	   80. 	Discontinuance
	48 
	  	  	  
	MISCELLANEOUS 	49 
	  	  	  
	   81. 	Registered Office
    	49 
	   82. 	Amalgamation and Merger 	49 
	   83. 	Submission to
      Jurisdiction 	49 
	  	  	  
	VOLUNTARY WINDING-UP AND
      DISSOLUTION 	49 
	  	  	  
	   84. 	Winding-Up 	49

INTERPRETATION 

1.        Definitions and
Interpretation 

	 	1.1 	
      In these Bye-laws, the following words and expressions
      shall, where not inconsistent with the context, have the following
      respective meanings:

	 	"9.9% Shareholder" 	
      of the Company means a person that owns (within the
      meaning of Section 958(a) of the Code) Restricted Voting Shares of the
      Company; provided, that for these purposes, "more than 9.9 percent" shall
      be substituted for "10 percent" wherever such term appears in Section
      951(b) of the Code; 

	 	 	
       

	 	"Affiliate" of "affiliate" 	
      (i) with respect to any person, any other person directly
      or indirectly controlling, controlled by, or under common Control with,
      such person, and (ii) with respect to any natural person, such person's
      spouse, siblings, ancestors and descendants (whether natural or adopted)
      and any trust or other entity organized or established solely for the
      benefit of such person and/ or such person's spouse, their respective
      ancestors and/or descendants; 

	 	 	
       

	 	"Alternate Director" 	
      an alternate director appointed m accordance with these
      Bye-laws; 

	 	 	
       

	 	"Auditor" 	
      includes any individual auditor or partnership of
      auditors; 

	 	  	
       

	 	"Board" 	
      the board of directors of the Company appointed or
      elected pursuant to these Bye- laws and acting by resolution in accordance
      with the Companies Act and these Bye- laws or the directors present at a
      meeting of directors at which there is a quorum; 

	 	  	
       

	 	"Bye-laws" 	
      means these Bye-laws in their present form or as from
      time to time amended; 

	 	  	
       

	 	"Code" 	
      means the United States Internal Revenue Code of 1986, as
      amended; 

	 	  	
       

	 	"Control" 	
      "Control" of a person means the possession, directly or indirectly, of the power to
      direct or cause the direction of the management and policies of such
      person, whether through the ownership of voting securities, by contract or
      otherwise, and "Controlling" and "Controlled" shall have meanings
      correlative to the foregoing; 

4

	 	"Controlled Group" 	
      in reference to any person with respect to any person,
      all Restricted Voting Shares of the Company directly owned by such person
      and all Restricted Voting Shares of the company directly owned by each
      other Member any of whose Restricted Voting Shares of the Company are
      included in the Controlled Shares of such person; 

	 	 	
       

	 	"Controlled Shares" 	
      in reference to any person means all Restricted Voting
      Shares of the Company directly, indirectly or constructively owned by such
      person within the meaning of Section 958 of the Code; 

	 	 	
       

	 	"Companies Act" 	
      the Companies Act 1981, as amended from time to time;
    

	 	 	
       

	 	"Company" 	
      the company incorporated in Bermuda under the name of
      Resource Holdings Ltd. on 20 August 2012; 

	 	  	
       

	 	"Director" 	
      any person duly elected or appointed as a director of the
      Company and shall include an Alternate Director or any person occupying
      the position of director by whatever name called; 

	 	  	
       

	 	"Member" 	
      the person registered in the Register of Members as the
      holder of shares in the Company and, when two or more persons are so
      registered as joint holders of shares, means the person whose name stands
      first in the Register of Members as one of such joint holders or all of
      such persons, as the context so requires; 

	 	  	
       

	 	"Memorandum" 	
      means the Memorandum of Association of the Company, as
      from time to time amended; 

5

	 	"notice" 	
      written notice as further provided in these Bye-laws
      unless otherwise specifically stated; 

	 	 	
       

	 	"Officer" 	
      any person appointed by the Board to hold an office in
      the Company; 

	 	 	
       

	 	"person" 	
      means an individual, company, corporation, limited
      liability company, firm, partnership, trust, estate, unincorporated
      association, other entity or body of persons; 

	 	 	
       

	 	"Preference Shares" 	
      has the meaning ascribed thereto 111 Bye- law 4.1;
  

	 	 	
       

	 	"Register of Directors 	
      the register of directors and officers referred to in
      these Bye-laws; 

	 	 	
       

	 	"Register of Members" 	
      the register of members referred to in these Bye-laws;
      

	 	 	
       

	 	"Registered Office" 	
      the registered office for the time being of the Company;
      

	 	 	
       

	 	"Resident Representative" 	
      any person appointed to act as resident representative of
      the Company and includes any deputy or assistant resident representative;
      

	 	 	
       

	 	"Restricted Voting Shares" 	
      has the meaning ascribed thereto in Bye- law 4.1;
  

	 	 	
       

	 	"Secretary" 	
      the person appointed to perform any or all of the duties
      of secretary of the Company and includes any deputy or assistant secretary
      and any person appointed by the Board to perform any of the duties of the
      Secretary; 

	 	  	
       

	 	"Securities Act" 	
      means the U.S. Securities Act of 1933, as amended, or any
      U.S. federal statute then in effect which has replaced such statute, and a
      reference to a particular section thereof shall be deemed to include a
      reference to the comparable section, if any, of any such replacement U.S.
      federal statute; 

	 	  	
       

	 	"share" 	
      means a share 111 the capital of the Company and includes a fraction of a share;

6

	 	"Transfer" or "Transferred" 	
      means (i) when used as a verb, to give, sell, exchange,
      assign, transfer, pledge, hypothecate, encumber, bequeath, devise, or
      otherwise dispose of or effect any change in the record or beneficial
      ownership, in each case, whether voluntarily or involuntarily by operation
      of law or otherwise, and (ii) when used as a noun, the nouns corresponding
      to such verbs; and 

	 	 	
       

	 	"Treasury Share" 	
      a share of the Company that was or is treated as having
      been acquired and held by the Company and has been held continuously by
      the Company since it was so acquired and has not been cancelled.
  

	 	1.2 	
      In these Bye-laws, where not inconsistent with the
      context:

	 	 	 	 
	 		(a) 	
      words denoting the plural number include the singular
      number and vice versa;

	 	(b) 	
      words denoting the masculine gender include the feminine
      and neuter genders;

	 	(c) 	
      words importing persons include companies, associations
      or bodies of persons whether corporate or not;

	 	 	 	 
	 	(d) 	
      the words:

	 	 	 	 
	 		(A) 	
      "may" shall be construed as permissive; and

	 	 	 	 
	 		(B) 	
      "shall" shall be construed as imperative;

	 	 	 	 
	 	(e) 	
      a reference to statutory provision shall be deemed to
      include any amendment or re-enactment thereof;

	 	 	 	 
	 	(f) 	
      the word "corporation" means a corporation whether
      or not a company within the meaning of the Companies Act; and

	 	 	 	 
	 	(g) 	
      unless otherwise provided in these Bye-laws, words or
      expressions defined in the Companies Act shall bear the same meaning in
      these Bye-laws.

7

	 	1.3 	
      In these Bye-laws expressions referring to writing or its
      cognates shall, unless the contrary intention appears, include facsimile,
      printing, lithography, photography, electronic mail and other modes of
      representing words in visible form.

	 	 	 
	 	1.4 	
      Headings used in these Bye-laws are for convenience only
      and are not to be used or relied upon in the construction
  hereof.

SHARES 

	2. 	
      Power to Issue Shares

	 	 	 
		2.1 	
      Subject to these Bye-laws and to any resolution of the
      Members to the contrary, and without prejudice to any special rights
      previously conferred on the holders of any existing shares or class of
      shares, the Board shall have the power to issue any unissued shares on
      such terms and conditions as it may determine and any shares or class of
      shares may be issued with such preferred, deferred or other special rights
      or such restrictions, whether in regard to dividend, voting, return of
      capital or otherwise as the Company may by resolution of the Members
      prescribe.

	 	 	 
		2.2 	
      Subject to the Companies Act, any preference shares may
      be issued or converted into shares that (at a determinable date or at the
      option of the Company or the holder) are liable to be redeemed on such
      terms and in such manner as may be determined by the Board (before the
      issue or conversion).

	3. 	
      Power of the Company to Purchase its Shares

	 	 	 
		3.1 	
      The Company may purchase its own shares for cancellation
      or to acquire them as Treasury Shares in accordance with the Companies Act
      on such terms as the Board shall think fit. No such purchase shall be made
      if there are reasonable grounds for believing that the Company is, or
      making the payment or providing the consideration for such purchase would
      render the Company, unable to pay its liabilities as they become
    due.

	 	 	 
		3.2 	
      The Board may exercise all the powers of the Company to
      purchase or acquire all or any part of its own shares in accordance with
      the Companies Act.

	 	 	 
		3.3 	
      Shares so purchased by the Company under this Bye-law
      shall be treated as cancelled and the amount of the Company's issued
      capital shall be reduced by the nominal value of those shares accordingly
      but the purchase of shares under this Bye-law shall not be taken as
      reducing the amount of the Company's authorised share
  capital.

8

	4. 	
      Rights Attaching to Shares

	 	 	 	 
		4.1 	
      Subject to any resolution of the Members to the contrary
      (and without prejudice to any special rights conferred thereby on the
      holders of any other shares or class of shares), the share capital of the
      Company shall be divided into two classes: (i) restricted voting shares of
      the Company (the "Restricted Voting Shares"); and (ii) preference shares
      of the Company (the "Preference Shares").

	 	 	 	 
		4.2 	
      The Restricted Voting Shares shall, subject to these
      Bye-laws (including, without limitation, the rights attaching to
      Preference Shares and to Bye- laws 5), have the following
rights:

	 	 	 	 
			(a) 	
      Voting Rights. The holder of each Restricted Voting Share
      shall have the right to one vote per Restricted Voting Share, and shall be
      entitled to notice of any general meeting in accordance with these
      Bye-laws and shall be entitled to vote upon such matters and in such
      manner as may be provided by Bermuda law and these Bye- laws.

	 	 	 	 
			(b) 	
      Dividends. The holders of Restricted Voting Shares shall
      be entitled to such dividends as the Board may from time to time
      declare.

	 	 	 	 
			(c) 	
      Liquidation Rights. In the event of a winding-up or
      dissolution of the Company, whether voluntary or involuntary or for the
      purpose of a reorganisation or otherwise or upon any distribution of
      capital, a holder of Restricted Voting Shares shall be entitled to the
      surplus assets of the Company, if any, remaining after the payment of all
      debts and liabilities of the Company.

	 	(d) 	
      General. The holders of Restricted Voting Shares shall
      generally be entitled to enjoy all of the rights attaching to Restricted
      Voting Shares.

	 	4.3 	
      The Board is authorised to provide for the issuance of
      the Preference Shares in one or more series, and to establish from time to
      time the number of shares to be included in each such series, and to
      establish from time to time the number of shares to be included in each
      series, and to fix the terms, including designation, powers, preferences,
      rights, qualifications, limitations and restrictions of the shares of each
      such series (and, for the avoidance of doubt, such matters and the
      issuance of such Preference Shares shall not be deemed to vary the rights
      attached to the Restricted Voting Shares or, subject to the terms of any
      other series of Preference Shares, to vary the rights attached to any
      other series of Preference Shares). The authority of the Board
with respect to each senes shall include, but not be limited to, determination
of the following: 

9

	 	(a) 	
      the number of shares constituting that series and the
      distinctive designation of that series;

	 	 	 
	 	(b) 	
      the dividend rate on the shares of that series, whether
      dividends shall be cumulative and, if so, from which date or dates, and
      the relative rights of priority, if any, of the payment of dividends on
      shares of that series;

	 	 	 
	 	(c) 	
      whether the series shall have voting rights, in addition
      to the voting rights provided by law and, if so, the terms of such voting
      rights;

	 	 	 
	 	(d) 	
      whether the series shall have conversion or exchange
      privileges (including, without limitation, conversion into Restricted
      Voting Shares) and, if so, the terms and conditions of such conversion or
      exchange, including provision for adjustment of the conversion or exchange
      rate in such events as the Board shall determine;

	 	 	 
	 	(e) 	
      whether or not the shares of that series shall be
      redeemable or repurchaseable and, if so, the terms and conditions of such
      redemption or repurchase, including the manner of selecting shares for
      redemption or repurchase if less than all shares are to be redeemed or
      repurchased, the date or dates upon or after which they shall be
      redeemable or repurchaseable, and the amount per share payable in case of
      redemption or repurchase, which amount may vary under different conditions
      and at different redemption or repurchase
dates;

	 	(f) 	
      whether that series shall have a sinking fund for the
      redemption or repurchase of shares of that series and, if so, the terms
      and amount of such sinking fund;

	 	(g) 	
      the right of the shares of that series to the benefit of
      conditions and restrictions upon the creation of indebtedness of the
      Company or any subsidiary, upon the issue of any additional shares
      (including additional shares of such series or any other series) and upon
      the payment of dividends or the making of other distributions on, and the
      purchase, redemption or other acquisition by the Company or any subsidiary
      of any issued shares of the Company;

	 	 	 
	 	(h) 	
      the rights of the shares of that series in the event of
      voluntary or involuntary liquidation, dissolution or winding up of the
      Company, and the relative rights of priority, if any, of payment
      in respect of shares of that series; and

10

	 	(i) 	
      any other relative participating, optional or other
      special rights, qualifications, limitations or restrictions of that
      series.

	 	4.4 	
      Any Preference Shares of any series which have been
      redeemed (whether through the operation of a sinking fund or otherwise) or
      which, if convertible or exchangeable, have been converted into or
      exchanged for shares of any other class or classes shall have the status
      of authorised and unissued Preference Shares of the same series and may be
      reissued as a part of the series of which they were originally a part or
      may be reclassified and reissued as part of a new series of Preference
      Shares to be created by resolution or resolutions of the Board or as part
      of any other series of Preference Shares, all subject to the conditions
      and the restrictions on issuance set forth in the resolution or
      resolutions adopted by the Board providing for the issue of any series of
      Preference Shares.

	 	 	 
	 	4.5 	
      At the discretion of the Board, whether or not in
      connection with the issuance and sale of any shares or other securities of
      the Company, the Company may issue securities, contracts, warrants or
      other instruments evidencing any shares, option rights, securities having
      conversion or option rights, or obligations on such terms, conditions and
      other provisions as are fixed by the Board including, without limiting the
      generality of this authority, conditions that preclude or limit any person
      or persons owning or offering to acquire a specified number or percentage
      of the issued Restricted Voting Shares, other shares, option rights,
      securities having conversion or option rights, or obligations of the
      Company or transferee of the person or persons from exercising,
      converting, transferring or receiving the shares, option rights,
      securities having conversion or option rights, or obligations.

	 	 	 
	 	4.6 	
      All the rights attaching to a Treasury Share shall be
      suspended and shall not be exercised by the Company while it holds such
      Treasury Share and, except where required by the Companies Act, all
      Treasury Shares shall be excluded from the calculation of any percentage
      or fraction of the share capital, or shares, of the
  Company.

	5. 	
      Adjustment to Voting Power

	 	 	 
		5.1 	
      If the votes conferred by the Controlled Shares of any
      person would otherwise cause such person or any other person to be treated
      as a 9.9% Shareholder with respect to any matter (including, without
      limitation, election of directors), the votes with respect to such matter
      conferred by the shares of such person's Controlled Group are hereby
      reduced (and shall be automatically reduced in the future) by whatever
      amount is necessary so that, after any such reduction, the votes conferred
      by the Controlled Shares of such person shall not result in such person or
      any other person being treated as a 9.9% Shareholder with respect to the
      vote on such matter.

11

	 	5.2 	
      The reduction in votes pursuant to the preceding Bye-law
      shall be determined as follows:

	 	 	 	 
	 		(a) 	
      Beginning with the Controlled Group of the person whose
      Controlled Shares have the largest number of votes and continuing, as
      required, with the Controlled Group of each person whose Controlled Shares
      successively have a smaller number of votes (after giving effect to prior
      reductions), the reduction in votes conferred by the shares of a
      Controlled Group shall be effected proportionately among all the shares of
      such Controlled Group in accordance with the relative voting power of such
      shares. Generally, the Board will effectuate the reduction of votes in the
      manner and order described in the preceding sentence. If varying the order
      in which votes are reduced would result in a more equitable allocation of
      the reduction of votes as determined by the Board, the Board shall have
      the discretion to vary the order in which votes are reduced.

	 	 	 	 
	 		(b) 	
      If there is a person whose activities have been
      determined by the Board to have caused the application of subparagraph
      (a), after all required reductions in votes conferred on shares of
      Controlled Groups are effected pursuant to subparagraph (a), (i) the
      amount of any reduction in the votes of the shares of each Controlled
      Group effected by application of subparagraph (a) above shall be
      reallocated within such Controlled Group and conferred on the shares held
      directly by the person whose actions have been determined by the Board to
      have caused the application of such subparagraph and (ii) the voting power
      of the shares held by each other person holding shares in such Controlled
      Group shall be increased by such person's proportionate share of such
      reduction, in each case, to the extent that so doing does not cause any
      person to be treated as a 9.9% Shareholder.

	 	 	 	 
	 	5.3 	
      The Board shall implement the foregoing in the manner set
      forth in this Bye- law 5. In addition to any other provision of this
      Bye-law 5, any shares shall not carry rights to vote or shall have reduced
      voting rights to the extent that the Board reasonably determines, by the
      affirmative vote of a majority of the Directors, that it is reasonably
      necessary that such shares should not carry the right to vote or shall
      have reduced voting rights in order to avoid adverse tax consequences or materially
      adverse legal or regulatory treatment to the Company, any subsidiary of
      the Company or any person or its Affiliates; PROVIDED THAT the Board will
      use reasonable efforts to ensure equal treatment to similarly situated
      persons to the extent possible under the circumstances and; PROVIDED
      FURTHER THAT the Board shall reallocate the amount of any reduction in
vote in the manner described in Bye-law 5.2(b).

12

	 	5.4 	
      The Board shall have the authority to request from any
      Member such information as the Board may reasonably request for the
      purpose of determining whether any Member's voting rights are to be
      adjusted. If any Member fails to respond to such a request within five (5)
      business days, or submits incomplete or inaccurate information in response
      to such a request, the Board may in its sole discretion determine that
      such Member's shares shall carry no voting rights (or will carry reduced
      voting rights), in which case such shares shall not carry any voting
      rights (or will carry reduced voting rights) until otherwise determined by
      the Board in its absolute discretion.

	 	5.5 	
      A Member shall give notice to the Company within ten (10)
      days following the date that such Member acquires actual knowledge that it
      or, to the extent practicable, any person who is a deemed or constructive
      owner of such Member's Controlled Shares, is the actual, deemed or
      constructive owner of Controlled Shares of 9.9% or more of the
    Company.

	 	 	 
	 	5.6 	
      The determination by the Board, taking into account any
      written advice of outside legal counsel which the Board determines to
      obtain, as to any adjustments to voting power of any share made pursuant
      to this Bye-law 5 shall be final and binding on all persons.

	 	 	 
	 	5.7 	
      Notwithstanding anything to the contrary in Bye-laws 5.1
      to 5.6, but subject to Bye-law 5.8, the votes conferred by the Controlled
      Shares of any person shall not exceed such amount as would result in any
      person that owns shares of the Company (within the meaning of Section
      958(a) of the Code) being treated as owning (within the meaning of Section
      958 of the Code) more than 9.9% of the aggregate voting power of the votes
      conferred by all the shares of the Company entitled to vote generally at
      any election of Directors.

	 	 	 
	 	5.8 	
      The provisions of this Bye-law 5 shall not apply if and
      for so long as any person owns (within the meaning of Section 958(a) of
      the Code) in excess of 50% of the Restricted Voting Shares of the Company
      outstanding at such time.

13

	6. 	
      Calls on Shares

	 	 	 
		6.1 	
      The Board may make such calls as it thinks fit upon the
      Members in respect of any moneys (whether in respect of nominal value or
      premium) unpaid on the shares allotted to or held by such Members and, if
      a call is not paid on or before the day appointed for payment thereof, the
      Member may at the discretion of the Board be liable to pay the Company
      interest on the amount of such call at such rate as the Board may
      determine, from the date when such call was payable up to the actual date
      of payment. The Board may differentiate between the holders as to the
      amount of calls to be paid and the times of payment of such
  calls.

	 	 	 
		6.2 	
      Any amount which, by the terms of allotment of a share,
      becomes payable upon issue or at any fixed date, whether on account of the
      nominal value of the share or by way of premium, shall for the purposes of
      these Bye- laws be deemed to be an amount on which a call has been duly
      made and payable on the date on which, by the terms of issue, the same
      becomes payable, and in case of non-payment all the relevant provisions of
      these Bye-laws as to payment of interest, costs and expenses, forfeiture
      or otherwise shall apply as if such amount had become payable by virtue of
      a duly made and notified call.

	 	 	 
		6.3 	
      The joint holders of a share shall be jointly and
      severally liable to pay all calls and any interest, costs and expenses in
      respect thereof.

	 	 	 
		6.4 	
      The Company may accept from any Member the whole or a
      part of the amount remaining unpaid on any shares held by him, although no
      part of that amount has been called up or become payable.

	 	 	 
	7. 	
      Forfeiture of Shares

	 	 	 
		7.1 	
      If any Member fails to pay, on the day appointed for
      payment thereof, any call in respect of any share allotted to or held by
      such Member, the Board may, at any time thereafter during such time as the
      call remains unpaid, direct the Secretary to forward such Member a notice
      in writing in the form, or as near to such form as circumstances admit, of
      the following:

Notice of Liability to Forfeiture for Non-Payment of Call

[Resource Holdings Ltd.] (the "Company" ) 

You have failed to pay the call of
[amount of call] made on the [date], in respect of the [number] share(s) [number
in figures] standing in your name in the Register of Members of the Company, on
the [date], the day appointed for payment of such call. You are hereby notified
that unless you pay such call together with interest thereon at the rate of [•]
per annum computed from the said [date] at
the registered office of the Company the share(s) will be liable to be
forfeited. 

14

Dated this [date] 

______________________________________________
[Signature
of Secretary] 
By Order of the Board 

	 	7.2 	
      If the requirements of such notice are not complied with,
      any such share may at any time thereafter before the payment of such call
      and the interest due in respect thereof be forfeited by a resolution of
      the Board to that effect, and such share shall thereupon become the
      property of the Company and may be disposed of as the Board shall
      determine. Without limiting the generality of the foregoing, the disposal
      may take place by sale, repurchase, redemption or any other method of
      disposal permitted by and consistent with these Bye-laws and the Companies
      Act.

	 	 	 
	 	7.3 	
      A Member whose share or shares have been so forfeited
      shall, notwithstanding such forfeiture, be liable to pay to the Company
      all calls owing on such share or shares at the time of the forfeiture,
      together with all interest due on such share or shares and any costs and
      expenses incurred by the Company in connection with such share or
      shares.

	 	 	 
	 	7.4 	
      The Board may accept the surrender of any shares which it
      is in a position to forfeit on such terms and conditions as may be agreed.
      Subject to those terms and conditions, a surrendered share shall be
      treated as if it had been forfeited.

	8. 	
      Share Certificates

	 	 	 
		8.1 	
      Every Member shall be entitled to (a) a certificate under
      the common seal of the Company (or a facsimile thereof) or bearing the
      signature (or a facsimile thereof) of a Director or the Secretary or a
      person expressly authorised to sign specifying the number and, where
      appropriate, the class of shares held by such Member and whether the same
      are fully paid up and, if not, specifying the amount paid on such shares,
      or (b) a non- transferable written acknowledgment of the shareholder's
      right to obtain such a share certificate, PROVIDED THAT in respect of a
      share held jointly by several persons, the Company is not bound to issue
      more than one share certificate or acknowledgment and delivery of a share
      certificate or an acknowledgment to one of several joint shareholders or
      to a duly authorized agent of one of the joint shareholders will be
      sufficient delivery to all. The Board may by resolution determine, either
      generally or in a particular case, that any or all signatures on
      certificates may be printed thereon or affixed by mechanical
  means.

15

	 	8.2 	
      The Company shall be under no obligation to complete and
      deliver a share certificate unless specifically called upon to do so by
      the person to whom the shares have been allotted.

	 	 	 	 
	 	8.3 	
      If any share certificate shall be proved to the
      satisfaction of the Board to have been worn out, lost, mislaid, or
      destroyed the Board may cause a new certificate to be issued and request
      indemnity for the lost certificate if it sees fit.

	 	 	 	 
	 	8.4 	
      Notwithstanding any provisions of these
  Bye-laws:

	 	 	 	 
	 		(a) 	
      the Board shall, subject always to the Companies Act and
      any other applicable laws and regulations and the facilities and
      requirements of any relevant system concerned, have power to implement any
      arrangements it may, in its absolute discretion, think fit in relation to
      the evidencing of title to and transfer of uncertificated shares and to
      the extent such arrangements are so implemented, no provision of these
      Bye-laws shall apply or have effect to the extent that it is in any
      respect inconsistent with the holding or transfer of shares in
      uncertificated form; and

	 	 	 	 
	 		(b) 	
      unless otherwise determined by the Board and as permitted
      by the Companies Act and any other applicable laws and regulations
      including applicable rules of any stock exchange or quotation system upon
      which any shares are listed or quoted, no person shall be entitled to
      receive a certificate in respect of any share for so long as the title to
      that share is evidenced otherwise than by a certificate and for so long as
      transfers of that share may be made otherwise than by a written
      instrument.

	9. 	
      Fractional Shares

	 	 
		
      The Company may issue its shares in fractional
      denominations and deal with such fractions to the same extent as its whole
      shares and shares in fractional denominations shall have in proportion to
      the respective fractions represented thereby all of the rights of whole
      shares including (but without limiting the generality of the foregoing)
      the right to vote, to receive dividends and distributions and to
      participate in a winding-up.

16

REGISTRATION OF SHARES

	10. 	
      Register of Members

	 	 	 
		10.1 	
      The Board shall cause to be kept in one or more books a
      Register of Members and shall enter in such Register of Members the
      particulars required by the Companies Act.

	 	 	 
		10.2 	
      The Register of Members shall be open to inspection
      without charge at the registered office of the Company on every business
      day, subject to such reasonable restrictions as the Board may impose, so
      that not less than two hours in each business day be allowed for
      inspection. The Register of Members may, after notice has been given in
      accordance with the Companies Act, be closed for any time or times not
      exceeding in the whole thirty days in each year.

	 	 	 
	11. 	
      Registered Holder Absolute Owner

	 	 	 
		
      The Company shall be entitled to treat the registered
      holder of any share as the absolute owner thereof and accordingly shall
      not be bound to recognise any equitable claim or other claim to, or
      interest in, such share on the part of any other person.

	 	 	 
	12. 	
      Transfer of Registered Shares

	 	 	 
		12.1 	
      The instrument of transfer in respect of any share of the
      Company must be either in the form, if any, on the back of the Company's
      share certificates or in any other form that may be approved by the
      Company or the transfer agent or registrar for the class or series of
      shares to be transferred.

	 	12.2 	
      Such instrument of transfer shall be signed by or on
      behalf of the transferor and transferee, PROVIDED THAT, in the case of a
      fully paid share, the Company may accept the instrument signed by or on
      behalf of the transferor alone. The transferor shall be deemed to remain
      the holder of such share until the same has been registered as having been
      transferred to the transferee in the Register of
Members.

	 	12.3 	
      The Company or the transfer agent or registrar may refuse
      to recognise any instrument of transfer unless it is accompanied
  by:

	 	(a) 	
      in the case where the Company has issued a share
      certificate 111 respect of the share to be transferred, that share
      certificate; and

	 	 	 
	 	(b) 	
      such other evidence, if any, as the Company or the
      transfer agent or registrar for the class or series of share to be
      transferred may require to prove the title of the
transferor or the transferor's right to transfer the share, that the written
instrument of transfer 1s genuine and authorized and that the transfer is
rightful. 

17

	 	12.4 	
      The joint holders of any share may transfer such share to
      one or more of such joint holders, and the surviving holder or holders of
      any share previously held by them jointly with a deceased Member may
      transfer any such share to the executors or administrators of such
      deceased Member.

	 	 	 
	 	12.5 	
      If a Member or other appropriate person or an agent who
      has actual authority to act on behalf of that person, signs an instrument
      of transfer in respect of shares registered in the name of the Member, the
      signed instrument of transfer constitutes a complete and sufficient
      authority to the Company and its directors, officers and agents to
      register the number of shares specified in the instrument of transfer or
      specified in any other manner, or, if no number is specified but share
      certificates are deposited with the instrument of transfer, all the shares
      represented by such share certificates:

	 	(a) 	
      in the name of the person named as transferee in that
      instrument of transfer; or

	 	 	 
	 	(b) 	
      if no person is named as transferee in that instrument of
      transfer, in the name of the person on whose behalf the instrument 1s
      deposited for the purpose of having the transfer
  registered.

	 	12.6 	
      Neither the Company nor any director, officer or agent of
      the Company is bound to inquire into the title of the person named in the
      instrument of transfer as transferee or, if no person is named as
      transferee in the instrument of transfer, of the person on whose behalf
      the instrument is deposited for the purpose of having the transfer
      registered or is liable for any claim related to registering the transfer
      by the shareholder or by any intermediate owner or holder of the shares,
      of any interest in the shares, of any share certificate representing such
      shares or of any written acknowledgment of a right to obtain a share
      certificate for such shares.

	 	 	 
	 	12.7 	
      There must be paid to the Company, in relation to the
      registration of any transfer, the amount, if any, determined by the
      directors.

	 	 	 
	 	12.8 	
      Shares may be transferred without a written instrument if
      transferred by an appointed agent or otherwise in accordance with the
      Companies Act.

18

	13. 	
      Transmission of Registered Shares

	 	 	 
		13.1 	
      In the case of the death of a Member, the survivor or
      survivors where the deceased Member was a joint holder, and the legal
      personal representatives of the deceased Member where the deceased Member
      was a sole holder, shall be the only persons recognised by the Company as
      having any title to the deceased Member's interest in the shares. Nothing
      herein contained shall release the estate of a deceased joint holder from
      any liability in respect of any share which had been jointly held by such
      deceased Member with other persons. Subject to the Companies Act, for the
      purpose of this Bye-law, legal personal representative means the executor
      or administrator of a deceased Member or such other person as the Board
      may, in its absolute discretion, decide as being properly authorised to
      deal with the shares of a deceased Member. Before recognizing a person as
      a legal personal representative of a Member, the Board may require the
      original grant of probate or letters of administration or a court
      certified copy of them or the original or a court certified or
      authenticated copy of the grant of representation, will, order or other
      instrument or other evidence of the death under which title to the shares
      or securities is claimed to vest.

	 	13.2 	
      Any person becoming entitled to a share in consequence of
      the death or bankruptcy of any Member or otherwise by operation of law may
      be registered as a Member upon such evidence as the Board may deem
      sufficient or may elect to nominate some person to be registered as a
      transferee of such share, and in such case the person becoming entitled
      shall execute in favour of such nominee an instrument of transfer in
      writing in the form, if any, on the back of the Company's share
      certificates or in any other form that may be approved by the Company or
      the transfer agent or registrar for the class or series of shares to be
      transferred.

	 	 	 
	 	13.3 	
      On the presentation of the foregoing materials to the
      Board, accompanied by such evidence as the Board may require to prove the
      title of the transferor, the transferee shall be registered as a Member.
      Notwithstanding the foregoing, the Board shall, in any case, have the same
      right to decline or suspend registration as it would have had in the case
      of a transfer of the share by that Member before such Member's death or
      bankruptcy, as the case may be.

	 	 	 
	 	13.4 	
      Where two or more persons are registered as joint holders
      of a share or shares, then in the event of the death of any joint holder
      or holders the remaining joint holder or holders shall be absolutely
      entitled to such share or shares and the Company shall recognise no claim
      in respect of the estate of any joint holder except in the case of the
      last survivor of such joint holders.

19

	 	13.5 	
      Shares may be transferred without a written instrument if
      transferred by an appointed agent or otherwise in accordance with the
      Companies Act.

ALTERATION OF SHARE CAPITAL 

	14. 	
      Power to Alter Capital

	 	 	 
		14.1 	
      The Company may, if authorised by resolution of the
      Members passed by the affirmative votes of not less than 66.67% of the
      votes cast in accordance with these Bye-laws, increase, divide,
      consolidate, subdivide, change the currency denomination of, diminish or
      otherwise alter or reduce its share capital in any manner permitted by the
      Companies Act.

	 	 	 
		14.2 	
      Where, on any alteration or reduction of share capital,
      fractions of shares or some other difficulty would arise, the Board may
      deal with or resolve the same in such manner as it thinks
  fit.

	15. 	
      Variation of Rights Attaching to Shares

	 	 
		
      If, at any time, the share capital is divided into
      different classes of shares, the rights attached to any class (unless
      otherwise provided by the terms of issue of the shares of that class) may,
      whether or not the Company is being wound-up, be varied with the consent
      in writing of the holders of 66.67% of the issued shares of that class or
      with the sanction of a resolution passed by a majority of the votes cast
      at a separate general meeting of the holders of the shares of the class at
      which meeting the necessary quorum shall be two persons at least holding
      or representing by proxy five percent (5%) of the issued shares of the
      class. The rights conferred upon the holders of the shares of any class or
      series issued with preferred or other rights shall not, unless otherwise
      expressly provided by the terms of issue of the shares of that class or
      series, be deemed to be varied by the creation or issue of further shares
      ranking pari passu therewith.

MEETINGS OF MEMBERS 

	16. 	
      Annual General Meetings

	 	 
		
      Notwithstanding the provisions of the Companies Act
      entitling the Members to elect to dispense with the holding of an annual
      general meeting, an annual general meeting shall be held in each year
      (other than the year of incorporation) at such time and place as the chief
      executive officer or the Chairman of the Company (if any) or any two
      Directors or any Director and the Secretary or the Board shall
    appoint.

20

	17. 	
      Special General Meetings

	 	 
		
      The chief executive officer or the Chairman of the
      Company (if any) or any two Directors or any Director and the Secretary or
      the Board may convene a special general meeting whenever in their judgment
      such a meeting is necessary.

	 	 
	18. 	
      Requisitioned General Meetings

	 	 
		
      The Board shall, on the requisition of Members holding at
      the date of the deposit of the notice of requisition not less than
      one-twentieth of such of the paid-up share capital of the Company as at
      the date of the deposit carries the right to vote at general meetings,
      forthwith proceed to convene a special general meeting and the provisions
      of the Companies Act shall apply. To be valid a notice of requisition must
      comply with the notice requirements of Bye-Laws 22.3 and 22.4, mutatis
      mutandis.

	19. 	
      Notice

	 	 	 
		19.1 	
      At least twenty-one (21) days' notice of an annual
      general meeting shall be given to each Member entitled to attend and vote
      at such meeting, stating the date, place and time at which the meeting is
      to be held, that the election of Directors will take place thereat, and as
      far as practicable, the other business to be conducted at the
    meeting.

	 	19.2 	
      At least twenty-one (21) days' notice of a special
      general meeting shall be given to each Member entitled to attend and vote
      at such meeting, stating the date, time, place and the general nature of
      the business to be considered at the meeting.

	 	19.3 	
      The Board may fix any date as the record date for
      determining the Members entitled to receive notice of and to vote at any
      general meeting. If no record date is set, the record date is 5 p.m. on
      the day immediately preceding the first date on which the notice is sent
      or, if no notice is sent, the beginning of the
meeting.

	 	19.4 	
      A general meeting shall, notwithstanding that it is
      called on shorter notice than that specified in these Bye-laws, be deemed
      to have been properly called if it is so agreed by (i) all the Members
      entitled to attend and vote thereat in the case of an annual general
      meeting; and (ii) by a majority in number of the Members having the right
      to attend and vote at the meeting, being a majority together holding not
      less than 95% in nominal value of the shares giving a right to attend and
      vote at such meeting in the case of a special general
  meeting.

21

		19.5 	
      The accidental omission to give notice of a general
      meeting to, or the non- receipt of a notice of a general meeting by, any
      person entitled to receive notice shall not invalidate the proceedings at
      that meeting.

	 	 	 	 
	20. 	
      Giving Notice and Access

	 	 	 	 
		20.1 	
      A notice may be given by the Company to a
  Member:

	 	 	 	 
			(a) 	
      by delivering it to such Member in person, in which case
      the notice shall be deemed to have been served upon such delivery;
    or

	 	 	 	 
			(b) 	
      by sending it by courier to such Member's address in the
      Register of Members, in which case the notice shall be deemed to have been
      served upon such delivery; or

	 	 	 	 
			(c) 	
      by sending it by letter mail to such Member's address in
      the Register of Members, in which case the notice shall be deemed to have
      been served on the day after the date on which it is deposited, with
      postage prepaid, in the mail; or

	 	 	 	 
			(d) 	
      by transmitting it by electronic means (including
      facsimile and electronic mail, but not telephone) in accordance with such
      directions as may be given by such Member to that Company for such
      purpose, in which case the notice shall be deemed to have been served on
      the day that it was emailed; or

	 	 	 	 
			(e) 	
      by delivering it in accordance with the provisions of the
      Companies Act pertaining to delivery of electronic records by publication
      on a website, in which case the notice shall be deemed to have been served
      at the time when the requirements of the Companies Act in that regard have
      been met.

	 	 	 	 
		20.2 	
      Any notice required to be given to a Member shall, with
      respect to any shares held jointly by two or more persons, be given to
      whichever of such persons is named first in the Register of Members and
      notice so given shall be sufficient notice to all the holders of such
      shares.

	 	 	 	 
		20.3 	
      In proving service under paragraphs 20.1 (b), (c) and
      (d), it shall be sufficient to prove that the notice was properly
      addressed and prepaid, if posted or sent by courier, and the time when it
      was deposited with the courier, posted or transmitted by electronic
      means.

	 	 	 	 
	21. 	
      Notice of Nominations

	 	 	 	 
		21.1 	
      Only persons who are nominated in accordance with the
      procedures set out in this Bye-Law 21 shall be eligible for election as
      directors to the Board. Nominations of persons for
election to the Board may only be made at an annual general meeting, or at a
special general meeting called for any purpose which includes the election of
directors to the Board, as follows: 

22

	 	(a) 	
      by or at the direction of the Board or an authorized
      Officer, including pursuant to a notice of
meeting;

	 	(b) 	
      by or at the direction or request of one or more
      shareholders pursuant to a proposal made in accordance with the provisions
      of Bye-Law 22 or a requisition of shareholders made in accordance with the
      provisions of Bye-Law 18;

	 		(c) 	
      by any person entitled to vote at such meeting (a
      "Nominating Shareholder"), who: (A) at the close of business on the date
      of giving notice provided for in Bye-Law 21.3 below and on the record date
      for notice of such meeting and the date of such meeting, is either entered
      in the Register of Members as a holder of one or more shares carrying the
      right to vote at such meeting or beneficially owns shares that are
      entitled to be voted at such meeting; and (B) has given timely notice in
      proper written form as set forth in this Bye-Law 21.

	 	 	 	 
	 	21.2 	
      For the avoidance of doubt, the foregoing Bye-Law 21.1
      shall be the exclusive means for any person to bring nominations for
      election to the Board before any annual general meeting or any special
      general meeting.

	 	 	 	 
	 	21.3 	
      For a nomination made by a Nominating Shareholder to be
      timely notice (a "Timely Notice"), the Nominating Shareholder's notice
      must be received by the Secretary at the Registered Office:

	 	 	 	 
	 		(a) 	
      in the case of an annual general meeting, not later than
      the close of business on the 30th day and not earlier than the opening of
      business on the 65th day before the date of the meeting: provided,
      however, if the first public announcement made by the Company of the date
      of the annual meeting is less than 50 days prior to the meeting date, not
      later than the close of business on the 10th day following the day on
      which the first public announcement of the date of such annual meeting is
      made by the Company; and

	 	 	 	 
	 		(b) 	
      in the case of a special general meeting (which is not
      also an annual general meeting) called for any purpose which includes the
      election of directors to the Board, not later than the close of business
      on the 15th day following the day on which the first public announcement
      of the date of the special general meeting is made by the
  Company.

23

	 	21.4 	
      The time periods for giving of a Timely Notice shall in
      all cases be determined based on the original date of the annual general
      meeting or the first public announcement of the annual general meeting or
      special general meeting, as applicable. In no event shall an adjournment
      or postponement of an annual general meeting or special general meeting or
      any announcement thereof commence a new time period for the giving of a
      Timely Notice.

	 	 	 
	 	21.5 	
      To be in proper written form, a Nominating Shareholder's
      notice to the Secretary must comply with all the provisions of this
      Bye-law 21.5 and:

	 	(a) 	
      disclose or include, as applicable, as to each person
      whom the Nominating Shareholder proposes to nominate for election as a
      director (a "Proposed Nominee"):

	 	 	 	 
	 		(i) 	
      their name, age, business and residential address,
      country of residence and principal occupation or employment for the past
      five years;

	 	 	 	 
	 		(ii) 	
      their direct or indirect beneficial ownership in, or
      control or direction over, any class or series of securities of the
      Company, including the number or principal amount and the date(s) on which
      such securities were acquired;

	 	 	 	 
	 		(iii) 	
      any relationships, agreements or arrangements, including
      financial, compensation and indemnity related relationships, agreements or
      arrangements, between the Proposed Nominee or any affiliates or associates
      of, or any person or entity acting jointly or in concert with, the
      Proposed Nominee and the Nominating Shareholder;

	 	 	 	 
	 		(iv) 	
      any other information that would be required to be
      disclosed in all other filings required to be made in connection with the
      solicitation of proxies for election of directors pursuant to the
      Companies Act or as required by applicable securities law; and

	 	 	 	 
	 		(v) 	
      if applicable, a duly completed personal information form
      in respect of the Proposed Nominee in the form prescribed by the principal
      stock exchange on which the securities of the Company are then listed for
      trading; and

	 	 	 	 
	 	(b) 	
      disclose or include, as applicable, as to each Nominating
      Shareholder giving the notice and each beneficial owner, if any, on whose
      behalf the nomination is made:

24

	 	(i) 	
      their name, business and residential address and direct
      or indirect beneficial ownership in, or control or direction over, any
      class or series of securities of the Company, including the number or
      principal amount and the date(s) on which such securities were
      acquired;

	 	 	 
	 	(ii) 	
      their interests in, or rights or obligations associated
      with, an agreement, arrangement or understanding, the purpose or effect of
      which is to alter, directly or indirectly, the person's economic interest
      in a security of the Company or the person's economic exposure to the
      Company;

	 	 	 
	 	(iii) 	
      any relationships, agreements or arrangements, including
      financial, compensation and indemnity related relationships, agreements or
      arrangements, between the Nominating Shareholder or any affiliates or
      associates of, or any person or entity acting jointly or in concert with,
      the Nominating Shareholder and any Proposed
Nominee;

	 	(iv) 	
      any proxy, contract, arrangement, agreement or
      understanding pursuant to which such person, or any of its affiliates or
      associates, or any person acting jointly or in concert with such person,
      has any interests, rights or obligations relating to the voting of any
      securities of the Company or the nomination of directors to the
    Board;

	 	(v) 	
      any direct or indirect interest of such person in any
      contract with the Company or with any of the Company's affiliates or
      principal competitors;

	 	 	 
	 	(vi) 	
      a representation and proof that the Nominating
      Shareholder is a holder of record of securities of the Company, or a
      beneficial owner, entitled to vote at such meeting, and intends to appear
      in person or by proxy at the meeting to propose such nomination;

	 	 	 
	 	(vii) 	
      a representation as to whether such person intends to
      deliver an information or proxy circular and/ or form of proxy to any
      legal or beneficial holder of any shares in connection with such
      nomination or otherwise solicit proxies or votes from legal or beneficial
      holders of shares in support of such nomination; and

	 	 	 
	 	(viii) 	
      any other information relating to such person that would
      be required to be included in all other filings required to
  be made in connection with solicitations
of proxies for election of directors pursuant to the Companies Act or as
required by applicable securities law. 

25

	 	21.6 	
      All information to be provided in a Timely Notice
      pursuant to Bye-Law 21.5 shall be provided as of the record date for
      determining Members entitled to vote at the meeting (if such date shall
      then have been publicly announced) and as of the date of such notice. If
      requested by the Company, the Nominating Shareholder shall update such
      information forthwith so that it is true and correct as of the date that
      is ten (10) business days prior to the date of the meeting, or any
      adjournment or postponement thereof.

	 	 	 
	 	21.7 	
      If requested by the Company, a Proposed Nominee shall
      furnish any other information as may reasonably be required by the Company
      to determine the eligibility of such Proposed Nominee to serve as a
      director of the Company or a member of any committee of the Board, with
      respect to independence or any other relevant criteria for eligibility, or
      that could be material to a shareholder's understanding of the
      independence or eligibility, or lack thereof, of such Proposed
    Nominee.

	 	 	 
	 	21.8 	
      Notwithstanding any other provision of these Bye-Laws,
      any notice, or other document or information required to be given to the
      Secretary pursuant to this Bye-Law 21 may only be given by personal
      delivery, facsimile transmission or by email (at such email address as may
      be stipulated from time to time by the Secretary for purposes of this
      notice), and shall be deemed to have been given and made only at the time
      it is served by personal delivery to the Secretary at the Registered
      Office, email (at the address as aforesaid) or sent by facsimile
      transmission (provided that receipt of confirmation of such transmission
      has been received); provided that if such delivery or electronic
      communication is made on a day which is a not a business day or later than
      5:00 p.m. (Bermuda time) on a day which is a business day, then such
      delivery or electronic communication shall be deemed to have been made on
      the next following day that is a business day.

	 	 	 
	 	21.9 	
      The chair of any meeting of shareholders of the Company
      shall have the power to determine whether any proposed nomination is made
      in accordance with the provisions of this Bye-Law 21, and if any proposed
      nomination is not in compliance with such provisions, must declare that
      such defective nomination shall not be considered at any general meeting
      of Members.

	 	21.10 	
      Despite any other provision of this Bye-Law 21, if the
      Nominating Shareholder (or a qualified representative of the Nominating
      Shareholder) does not appear at the meeting of Members of the Company
      to present the nomination of the Proposed Nominee, such nomination shall
      be disregarded, notwithstanding that proxies in respect of such nomination
      may have been received by the Company.

26

	 	21.11 	
      Nothing in this Bye-Law 21 shall obligate the Company or
      the Board to include in any information or proxy circular or other
      shareholder communication distributed by or on behalf of the Company or
      Board any information with respect to any proposed nomination or any
      Nominating Shareholder or Proposed Nominee.

	 	 	 
	 	21.12 	
      The Board may, in its sole discretion, waive any
      requirement of this Bye- Law 21.

	 	 	 
	 	21.13 	
      For the purposes of this Bye-Law 21, "public
      announcement" means disclosure in a press release disseminated by the
      Company through a national news service in Canada, or in a document filed
      by the Company for public access under its profile on the System of
      Electronic Document Analysis and Retrieval at
www.sedar.com.

	22. 	
      Annual or Special General
  Meetings

	 	22.1 	
      No business may be transacted at an annual general
      meeting or special general meeting other than business that is
    either:

	 	(a) 	
      specified in the Company's notice of meeting (or any
      supplement thereto) given by or at the direction of the Board;

	 	 	 
	 	(b) 	
      otherwise properly brought before the meeting by or at
      the direction of the Board; or

	 	 	 
	 	(c) 	
      subject to any applicable law, otherwise properly
      proposed to be considered at an annual general meeting by one or more
      legal or beneficial owners of shares ("Proposing Shareholders") who: (A)
      at the close of business on the date of giving notice provided for in
      Bye-Law 22.2 below and on the record date for notice of such meeting, are
      either entered in the Register of Members as the registered holders of, or
      beneficially own, in the aggregate, not less than one-twentieth of such of
      the paid-up share capital of the Company; and (B) comply with the notice
      procedures set forth in this Bye-Law 22 (provided that any such proposal
      that includes nominations for the election of directors shall also comply
      with the requirements of Bye-Law 21).

27

	 	22.2 	
      For business to be properly brought before an annual
      general meeting by Proposing Shareholders pursuant to Bye-Law 22.1 (c),
      the Proposing Shareholders must have given timely notice thereof in
      writing to the Secretary and any such proposed business must constitute a
      proper matter for Member action. To be timely, the Proposing Shareholders'
      notice shall be delivered to or mailed and received by the Secretary at
      the Registered Office of the Company not less than 90 days prior to the
      first anniversary of the preceding year's annual general meeting; provided
      that, if the date of the annual general meeting is advanced more than 30
      days prior to such anniversary date or delayed more than 30 days after
      such anniversary date then to be timely such notice must be received at
      the Registered Office no later than the later of 70 days prior to the date
      of the annual general meeting or the 10th day following the day on which
      public announcement of the date of the annual general meeting was first
      made by the Company.

	 	22.3 	
      The Proposing Shareholders' notice to the Secretary shall
      set forth:

	 	 	 	 	 
	 		(a) 	
      as to each item of business that the Proposing
      Shareholders propose to bring before the annual general meeting, a brief
      description of the business desired to be brought before the annual
      general meeting, the text of the proposal or business, the reasons for
      conducting such business at the annual general meeting and any material
      interest in such business of the Proposing Shareholders, such description
      and other disclosure not to exceed 1,000 words in length, and

	 	 	 	 	 
	 		(b) 	
      as to each Proposing Shareholder:

	 	 	 	 	 
	 			(i) 	
      their name, business and residential address and direct
      or indirect beneficial ownership in, or control or direction over, any
      class or series of securities of the Company, including the number or
      principal amount and the date(s) on which such securities were
      acquired;

	 	 	 	 	 
	 			(ii) 	
      their interests in, or rights or obligations associated
      with, an agreement, arrangement or understanding, the purpose or effect of
      which is to alter, directly or indirectly, the person's economic interest
      in a security of the Company or the person's economic exposure to the
      Company;

	 	(iii) 	
      any relationships, agreements or arrangements, including
      financial, compensation and indemnity related relationships, agreements or
      arrangements, between the Proposing Shareholder or any affiliates or
      associates of, or any person or entity acting jointly or in concert with,
      the Proposing Shareholder, and any other person or persons (including
      their names) in connection with such other business;

28

	 	(iv) 	
      any proxy, contract, arrangement, agreement or
      understanding pursuant to which such person, or any of its affiliates or
      associates, or any person acting jointly or in concert with such person,
      has any interests, rights or obligations relating to the voting of any
      securities of the Company or the nomination of directors to the
    Board;

	 	(v) 	
      any direct or indirect interest of such person in such
      business;

	 	 	 
	 	(vi) 	
      any direct or indirect interest of such person in any
      contract with the Company or with any of the Company's affiliates or
      principal competitors;

	 	 	 
	 	(vii) 	
      a representation and proof that the Proposing Shareholder
      is a holder of record of securities of the Company, or a beneficial owner,
      entitled to vote at such meeting (including the number of shares held),
      and intends to appear in person or by proxy at the meeting to propose such
      nomination;

	 	 	 
	 	(viii) 	
      a representation as to whether such person intends to
      deliver an information or proxy circular and/or form of proxy to any legal
      or beneficial holder of any shares in connection with such nomination or
      otherwise solicit proxies or votes from legal or beneficial holders of
      shares in support of such business; and

	 	 	 
	 	(ix) 	
      any other information relating to such person that would
      be required to be included in all other filings required to be made in
      connection with solicitations of proxies in respect of such business
      pursuant to [the Companies Act or as required by] applicable
      securities law.

	 	22.4 	
      The provisions of Bye-Laws 21.4, 21.8, 21.9, 21.10 and
      21.13 shall apply, mutatis mutandis, with respect to the notice of
      any other business to be brought before an annual general meeting by
      Proposing Shareholders.

	23. 	
      Postponement of General Meeting

	 	 
		
      The Secretary may, and on instruction of the Chairman or
      chief executive officer of the Company the Secretary shall, postpone or
      cancel any general meeting called in accordance with these Bye-laws (other
      than a meeting requisitioned under these Bye-laws) provided that notice of postponement or
      cancellation is given to the Members before the time for such meeting.
      Fresh notice of the date, time and place for the postponed or cancelled
      meeting shall be given to each Member in accordance with these
      Bye-laws.

29

	24. 	
      Electronic Participation and Security in
      Meetings

	 	 	 
		24.1 	
      Members may participate in any general meeting by such
      telephonic, electronic or other communication facilities or means as
      permit all persons participating in the meeting to communicate with each
      other simultaneously and instantaneously, and participation in such a
      meeting shall constitute presence in person at such meeting.

	 	 	 
		24.2 	
      The Board may, and at any general meeting, the chairman
      of such meeting may, make any arrangement and impose any requirement or
      restriction it or he considers appropriate to ensure the security
      of the general meeting including, without limitation, requirements for
      evidence of identity to be produced by those attending the meeting, the
      searching of their personal property and the restriction of items that may
      be taken into the meeting place. The Board and, at any general meeting,
      the chairman of such meeting are entitled to refuse entry to a person who
      refuses to comply with any such arrangements, requirements or
      restrictions.

	 	 	 
	25. 	
      Quorum at General Meetings

	 	 	 
		25.1 	
      At any general meeting two or more Members present in
      person or by proxy and representing in excess of a five percent (5%) of
      the total issued voting shares in the Company throughout the meeting shall
      form a quorum for the transaction of business, provided that if the
      Company shall at any time have only one Member, one Member present in
      person or by proxy shall form a quorum for the transaction of business at
      any general meeting held during such time.

	 	25.2 	
      If within thirty minutes from the time appointed for the
      meeting a quorum is not present, then, in the case of a meeting convened
      on a requisition, the meeting shall be deemed cancelled and, in any other
      case, the meeting shall stand adjourned to the same day one week later, at
      the same time and place or to such other day, time or place as the
      Secretary may determine. Unless the meeting is adjourned to a specific
      date, time and place announced at the meeting being adjourned, fresh
      notice of the resumption of the meeting shall be given to each Member
      entitled to attend and vote at such meeting in accordance with these
      Bye-laws.

30

	26. 	
      Chairman to Preside at General Meetings

	 	 
		
      Unless otherwise agreed by a majority of those attending
      and entitled to vote thereat, the Chairman, if there be one, and if not
      the chief executive officer of the Company, if there be one, shall act as
      chairman at all general meetings at which such person is present. In their
      absence a chairman shall be appointed or elected by those present at the
      meeting and entitled to vote.

	 	 
	27. 	
      Voting on Resolutions

	 	27.1 	
      Subject to the Companies Act and these Bye-laws, any
      question proposed for the consideration of the Members at any general
      meeting shall be decided by the affirmative votes of a majority of the
      votes cast in accordance with these Bye-laws and in the case of an
      equality of votes the chairman of such meeting shall not be entitled to a
      casting vote and the resolution shall fail.

	 	 	 
	 	27.2 	
      No member shall be entitled to vote at a general meeting
      unless such Member has paid all the calls on all shares held by such
      Member.

	 	 	 
	 	27.3 	
      At any general meeting a resolution put to the vote of
      the meeting shall, in the first instance, be voted upon by a show of hands
      and, subject to any rights or restrictions for the time being lawfully
      attached to any class of shares and subject to these Bye-laws, every
      Member present in person and every person holding a valid proxy at such
      meeting shall be entitled to one vote and shall cast such vote by raising
      his hand.

	 	 	 
	 	27.4 	
      In the event that a Member participates in a general
      meeting by telephone, electronic or other communication facilities or
      means, the chairman of the meeting shall direct the manner in which such
      Member may cast his vote on a show of hands.

	 	 	 
	 	27.5 	
      At any general meeting if an amendment is proposed to any
      resolution under consideration and the chairman of the meeting rules on
      whether or not the proposed amendment is out of order, the proceedings on
      the substantive resolution shall not be invalidated by any error in such
      ruling.

	 	 	 
	 	27.6 	
      At any general meeting a declaration by the chairman of
      the meeting that a question proposed for consideration has, on a show of
      hands, been carried, or carried unanimously, or by a particular majority,
      or lost, and an entry to that effect in a book containing the minutes of
      the proceedings of the Company shall, subject to these Bye-laws, be
      conclusive evidence of that fact.

31

	28. 	
      Power to Demand a Vote on a Poll

	 	 	 	 
		28.1 	
      Notwithstanding the foregoing, a poll may be demanded by
      any of the following persons:

	 	 	 	 
			(a) 	
      the chairman of the meeting; or

	 	 	 	 
			(b) 	
      any Member entitled to vote who 1s present 10 person or
      represented by proxy.

	 	28.2 	
      Where a poll is demanded, subject to any rights or
      restrictions for the time being lawfully attached to any class of shares
      and subject to these Bye- Laws, every person present at such meeting shall
      have one vote for each share of which such person is the holder or for
      which such person holds a proxy and such vote shall be counted by ballot
      as described herein, or in the case of a general meeting at which one or
      more Members are present by telephone, electronic or other communication
      facilities or means, in such manner as the chairman of the meeting may
      direct and the result of such poll shall be deemed to be the resolution of
      the meeting at which the poll was demanded and shall replace any previous
      resolution upon the same matter which has been the subject of a show of
      hands. A person entitled to more than one vote need not use all his votes
      or cast all the votes he uses in the same way.

	 	 	 
	 	28.3 	
      A poll demanded for the purpose of electing a chairman of
      the meeting or on a question of adjournment shall be taken forthwith. A
      poll demanded on any other question shall be taken at such time and in
      such manner during such meeting as the chairman (or acting chairman) of
      the meeting may direct. Any business other than that upon which a poll has
      been demanded may be conducted pending the taking of the
  poll.

	 	28.4 	
      Where a vote is taken by poll, each person physically
      present and entitled to vote shall be furnished with a ballot paper on
      which such person shall record his vote in such manner as shall be
      determined at the meeting having regard to the nature of the question on
      which the vote is taken, and each ballot paper shall be signed or
      initialed or otherwise marked so as to identify the voter and the
      registered holder in the case of a proxy. Each person present by
      telephone, electronic or other communication facilities or means shall
      cast his vote in such manner as the chairman of the meeting shall direct.
      At the conclusion of the poll, the result of the poll shall be declared by
      the chairman of the meeting.

	 	 	 
	 	28.5 	
      At any general meeting a declaration by the chairman of
      the meeting that a question proposed for consideration has, on a poll,
      been carried, or carried unanimously, or by a particular majority, or
      lost, and an entry to that effect in a book containing the minutes of
the proceedings of the Company shall, subject to these Bye-laws, be conclusive
evidence of that fact. 

32

	29. 	
      Voting by Joint Holders of Shares

	 	 
		
      In the case of joint holders, the vote of the senior who
      tenders a vote (whether in person or by proxy) shall be accepted to the
      exclusion of the votes of the other joint holders, and for this purpose
      seniority shall be determined by the order in which the names stand in the
      Register of Members.

	 	 
	30. 	
      Instrument of Proxy

	 	30.1 	
      An instrument appointing a proxy shall be in writing in
      substantially the following form or such other form approved by the
      directors or the chairman of the meeting:

Proxy 
[Resource Holdings Ltd.]
(the "Company") 

I/We, [insert names here], being a
Member of the Company with [number] shares, HEREBY APPOINT [name] of [address]
or failing him, [name] of [address] to be my/our proxy to vote for me/us at the
meeting of the Members to be held on the [ ] day of [ ], [ ] and at any
adjournment of such meeting. (Any restrictions on voting to be inserted here.)

Signed this [ ] day of [ ], [ ]

___________________________________________
Member(s) 

	 	30.2 	
      The instrument of proxy shall be deemed to confer
      authority to demand or join in demanding a poll, be heard at the meeting
      and to vote on any amendment of a written resolution or amendment of a
      resolution put to the meeting for which it is given as the proxy thinks
      fit. The instrument of proxy shall, unless it otherwise provides, be valid
      as well for any adjournment of the meeting to which it relates.

	 	 	 
	 	30.3 	
      The instrument appointing a proxy must be received by the
      Company at the Registered Office or at such other place or in such manner
      and by such time as is specified in the notice convening the meeting or in
      any instrument of proxy sent out by the Company in relation to the meeting
      at which the person named in the instrument appointing a proxy proposes to
      vote, and an instrument appointing a proxy which is not received in the
      manner and by the time so prescribed shall be
invalid.

33

	 	30.4 	
      A Member who is the holder of two or more shares may
      appoint more than one proxy to represent him and vote on his behalf in
      respect of different shares.

		30.5 	
      The decision of the chairman of any general meeting as to
      the validity of any appointment of a proxy shall be final.

	 	 	 
	31. 	
      Representation of Corporate Member

	 	 	 
		31.1 	
      A corporation which is a Member may, by written
      instrument, authorise such person or persons as it thinks fit to act as
      its representative at any meeting and any person so authorised shall be
      entitled to exercise the same powers on behalf of the corporation which
      such person represents as that corporation could exercise if it were an
      individual Member, and that Member shall be deemed to be present in person
      at any such meeting attended by its authorised representative or
      representatives.

	 	 	 
		31.2 	
      Notwithstanding Bye-law 28.1, the chairman of the meeting
      may accept such assurances as he thinks fit as to the right of any person
      to attend and vote at general meetings on behalf of a corporation which is
      a Member.

	 	 	 
	32. 	
      Adjournment of General Meeting

	 	 	 
		32.1 	
      The chairman of a general meeting at which quorum is
      present may, with the consent of the Members holding a majority of the
      voting rights of those Members present in person or by proxy (and shall if
      so directed by Members holding a majority of the voting rights of those
      Members present in person or by proxy) adjourn the
  meeting.

	 	32.2 	
      The chairman of a general meeting may adjourn a meeting
      to another time and place without the consent or direction of the Members
      if it appears to him that:

	 	 	 	 
	 		(a) 	
      it is likely to be impractical to hold or continue that
      meeting because of the number of Members wishing to attend who are not
      present;

	 	 	 	 
	 		(b) 	
      the unruly conduct of persons attending the meeting
      prevents, or is likely to prevent, the orderly continuation of the
      business of the meeting; or

	 	 	 	 
	 		(c) 	
      an adjournment is otherwise necessary so that the
      business of the meeting may be properly conducted.

	 	 	 	 
	 	32.3 	
      Unless the meeting is adjourned to a specific date, place
      and time announced at the meeting being adjourned, fresh notice of the
      date, place and time for the resumption of the adjourned meeting
      shall be given to each Member entitled to attend and vote thereat in
      accordance with these Bye-laws.

34

	33. 	
      Written Resolutions

	 	 	 
		33.1 	
      Subject to these Bye-laws, anything which may be done by
      resolution of the Company in general meeting or by resolution of a meeting
      of any class of the Members may, without a meeting may be done by written
      resolution in accordance with this Bye-law.

	 	33.2 	
      Notice of a written resolution shall be given, and a copy
      of the resolution shall be circulated to all Members who would be entitled
      to attend a meeting and vote thereon. The accidental omission to give
      notice to, or the non-receipt of a notice by, any Member does not
      invalidate the passing of a resolution.

	 	 	 
	 	33.3 	
      A written resolution is passed when it is signed by, or
      in the case of a Member that is a corporation, on behalf of, the Members
      who at the date that the notice is given represent such majority of votes
      as would be required if the resolution was voted on at a meeting of
      Members at which all Members entitled to attend and vote thereat were
      present and voting.

	 	 	 
	 	33.4 	
      A resolution in writing may be signed in any number of
      counterparts.

	 	33.5 	
      A resolution in writing made in accordance with this
      Bye-law is as valid as if it had been passed by the Company in general
      meeting or by a meeting of the relevant class of Members, as the case may
      be, and any reference in any Bye-law to a meeting at which a resolution is
      passed or to Members voting in favour of a resolution shall be construed
      accordingly.

	 	 	 
	 	33.6 	
      A resolution in writing made in accordance with this
      Bye-law shall constitute minutes for the purposes of the Companies
    Act.

	 	33.7 	
      This Bye-law shall not apply to:

	 	 	 	 
	 		(a) 	
      a resolution passed to remove an Auditor from office
      before the expiration of his term of office; or

	 	 	 	 
	 		(b) 	
      a resolution passed for the purpose of removing a
      Director before the expiration of his term of office.

	 	 	 	 
	 	33.8 	
      For the purposes of this Bye-law, the effective date of
      the resolution is the date when the resolution is signed by, or in the
      case of a Member that is a corporation whether or not a company within the
      meaning of the Companies Act, on behalf of, the last Member whose
      signature results in the necessary voting majority being
achieved and any reference in any Bye-law to the date of passing of a resolution
is, in relation to a resolution made in accordance with this Bye-law, a
reference to such date.

35

	34. 	
      Directors Attendance at General Meetings

	 	 
		
      The Directors shall be entitled to receive notice of,
      attend and be heard at any general meeting.

DIVIDENDS AND CAPITALISATION

	35. 	
      Dividends

	 	 	 
		35.1 	
      The Board may, subject to these Bye-laws and in
      accordance with the Companies Act, declare a dividend to be paid to the
      Members, in proportion to the number of shares held by them, and such
      dividend may be paid in cash or wholly or partly in specie in which case
      the Board may fix the value for distribution in specie of any assets. No
      unpaid dividend shall bear interest as against the
  Company.

		35.2 	
      The Board may fix any date as the record date for
      determining the Members entitled to receive any dividend.

	 	 	 
		35.3 	
      The Company may pay dividends in proportion to the amount
      paid up on each share where a larger amount is paid up on some shares than
      on others.

	 	 	 
		35.4 	
      The Board may declare and make such other distributions
      (in cash or in specie) to the Members as may be lawfully made out of
      assets of the Company. No unpaid distribution shall bear interest as
      against the Company.

	 	 	 
	36. 	
      Power to Set Aside Profits

	 	 	 
		
      The Board may, before declaring a dividend, set aside out
      of the surplus or profits of the Company, such amount as it thinks proper
      as a reserve to be used to meet contingencies or for equalising dividends
      or for any other purpose.

	 	 	 
	37. 	
      Method of Payment

	 	 	 
		37.1 	
      Any dividend, interest, or other moneys payable in cash
      in respect of the shares may be paid by cheque or draft sent through the
      post directed to the Member at such Member's address in the Register of
      Members, or to such person and to such address as the holder may in
      writing direct.

36

		37.2 	
      In the case of joint holders of shares, any dividend,
      interest or other moneys payable in cash in respect of shares may be paid
      by cheque or draft sent through the post directed to the address of the
      holder first named in the Register of Members, or to such person and to
      such address as the joint holders may in writing direct. If two or more
      persons are registered as joint holders of any shares any one can give an
      effectual receipt for any dividend paid in respect of such
  shares.

	 	 	 
		37.3 	
      The Board may deduct from the dividends or distributions
      payable to any Member all moneys due from such Member to the Company on
      account of calls or otherwise.

	 	 	 
		37.4 	
      The Company shall be entitled to cease sending dividend
      cheques and warrants by post or otherwise to a Member if those instruments
      have been returned undelivered to, or left uncashed by, that Member on at
      least two consecutive occasions or, following one such occasion,
      reasonable enquiries have failed to establish the Member's new address.
      The entitlement conferred on the Company by this Bye-law in respect of any
      Member shall cease if the Member claims a dividend or cashes a dividend
      cheque or warrant.

	 	 	 
	38. 	
      Capitalisation

	 	 	 
		38.1 	
      The Board may capitalise any amount for the time being
      standing to the credit of any of the Company's share premium or reserve
      accounts or to the credit of the profit and loss account or otherwise
      available for distribution by applying such amount in paying up unissued
      shares to be allotted as fully paid bonus shares pro rata to the
      Members.

	 	 	 
		38.2 	
      The Board may capitalise any amount for the time being
      standing to the credit of a reserve account or amounts otherwise available
      for dividend distribution by applying such amounts in paying up in full,
      partly or nil paid shares of those Members who would have been entitled to
      such amounts if they were distributed by way of dividend or
      distribution.

DIRECTORS AND OFFICERS

	39. 	
      Number of Directors

	 	 
		
      The Board shall consist of not less than three (3)
      Directors and not more than fifteen (15) as the Members may
    determine.

	 	 
	40. 	
      Share Qualification

	 	 
		
      There shall be no shareholding requirement for
      Directors.

37

	41. 	
      Election of Directors

	 	 	 
		41.1 	
      The Board shall be elected or appointed in the first
      place at the statutory meeting of the Company and annually thereafter,
      except in the case of a casual vacancy, at the annual general
    meeting.

	 	 	 
		41.2 	
      At any general meeting the Members may authorise the
      Board to fill any vacancy in their number left unfilled at a general
      meeting.

	42. 	
      Term of Office of Directors

	 	 
		
      A Director shall hold office from the date he is elected
      or appointed until the end of the next succeeding annual general meeting,
      subject, however, to prior death, resignation, retirement,
      disqualification or removal from office and to re-election or
      re-appointment.

	 	 
	43. 	
      Alternate Directors

	 	43.1 	
      At any general meeting, the Members may elect a person or
      persons to act as a Director in the alternative to any one or more
      Directors or may authorise the Board to appoint such Alternate
      Directors.

	 	 	 
	 	43.2 	
      Unless the Members otherwise resolve, any Director may
      appoint a person or persons to act as a Director in the alternative to
      himself by notice deposited with the Secretary. Any person so elected or
      appointed shall have all the rights and powers of the Director or
      Directors for whom such person is appointed in the alternative provided
      that such person shall not be counted more than once in determining
      whether or not a quorum is present.

	 	43.3 	
      An Alternate Director shall be entitled to receive notice
      of all meetings of the Board and to attend and vote at any such meeting at
      which a Director for whom such Alternate Director was appointed in the
      alternative is not personally present and generally to perform at such
      meeting all the functions of such Director for whom such Alternate
      Director was appointed.

	 	 	 
	 	43.4 	
      An Alternate Director shall cease to be such if the
      Director for whom he was appointed to act as a Director in the alternative
      ceases for any reason to be a Director, but he may be re-appointed by the
      Board as an alternate to the person appointed to fill the vacancy in
      accordance with these Bye- laws.

38

	44. 	
      Removal of Directors

	 	 	 	 
		44.1 	
      The Members may remove any Director from office prior to
      the expiration of his or her term by a resolution passed by not less than
      66.67% of the votes cast by Members present in person or by proxy at a
      general meeting and entitled to vote thereon, provided that the notice of
      any such meeting convened for the purpose of removing a Director shall
      contain a statement of the intention to do so and be served on such
      Director not less than 14 days before the meeting and at such meeting the
      Director shall be entitled to be heard on the motion for such Director's
      removal.

	 	 	 	 
		44.2 	
      If a Director is removed from the Board under this
      Bye-law, the Members may fill the vacancy at the meeting at which such
      Director is removed. In the absence of such election or appointment, the
      Board may fill the vacancy.

	 	 	 	 
	45. 	
      Vacancy in the Office of Director

	 	 	 	 
		45.1 	
      The office of Director shall be vacated if the
      Director:

	 	 	 	 
			(a) 	
      is removed from office pursuant to these Bye-laws or is
      prohibited from being a Director by law;

	 	 	 	 
			(b) 	
      is or becomes bankrupt, or makes any arrangement or
      composition with his creditors generally;

	 	 	 	 
			(c) 	
      is or becomes of unsound mind or dies; or

	 	 	 	 
			(d) 	
      resigns his office by notice to the
  Company.

	 	45.2 	
      The Board shall have the power to appoint any person as a
      Director to fill a vacancy on the Board occurring as a result of the
      death, disability, disqualification or resignation of any Director and to
      appoint an Alternate Director to any Director so
  appointed.

	46. 	
      Remuneration of Directors

	 	 
		
      The amount, if any, of Directors' fees shall from time to
      time be determined by the Board or a committee thereof and, in the absence
      of a determination to the contrary, such fees shall be deemed to accrue
      from day to day. The payment of reasonable travelling, hotel and
      incidental expenses properly incurred by Directors in attending and
      returning from meetings of the Board or committees constituted pursuant to
      these Bye-laws or general meetings together with all expenses properly and
      reasonably incurred by any Director in the conduct of the Company's
      business or in the discharge of his duties as a Director shall be within
      the power of the Board (or a committee thereof) to determine. A
      managing director shall receive such remuneration (whether by way
      of salary, commission or participation in profits, or partly in one way
      and partly in another) as the Board or a committee thereof may
    resolve.

39

	47. 	
      Defect in Appointment

	 	 
		
      All acts done in good faith by the Board, any Director, a
      member of a committee appointed by the Board, any person to whom the Board
      may have delegated any of its powers, or any person acting as a Director
      shall, notwithstanding that it be afterwards discovered that there was
      some defect in the appointment of any Director or person acting as
      aforesaid, or that he was, or any of them were, disqualified, be as valid
      as if every such person had been duly appointed and was qualified to be a
      Director or act in the relevant capacity.

	 	 
	48. 	
      Directors to Manage Business

	 	 
		
      The business of the Company shall be managed and
      conducted by the Board. In managing the business of the Company, the Board
      may exercise all such powers of the Company as are not required to be
      exercised by the Company in general meeting by these Bye-laws or the
      Companies Act.

	 	 
	49. 	
      Powers of the Board of Directors

	 	 
		
      The Board may:

	 	(a) 	
      appoint one or more Directors to the office of managing
      director or chief executive officer of the Company, who shall, subject to
      the control of the Board, supervise and administer all of the general
      business and affairs of the Company;

	 	 	 
	 	(b) 	
      appoint a person to act as manager of the Company's
      day-to-day business and may entrust to and confer upon such manager such
      powers and duties as it deems appropriate for the transaction or conduct
      of such business;

	 	 	 
	 	(c) 	
      appoint, suspend, or remove any manager, secretary,
      clerk, agent or employee of the Company and may fix their remuneration and
      determine their duties;

	 	 	 
	 	(d) 	
      exercise all the powers of the Company to borrow money
      and to mortgage or charge its undertaking, property and uncalled capital,
      or any part thereof, and may issue debentures, debenture stock and other
      securities whether outright or as security for any debt, liability or
      obligation of the Company or any third party;

40 

	 	(e) 	
      by power of attorney, appoint any company, firm, person
      or body of persons, whether nominated directly or indirectly by the Board,
      to be an attorney of the Company for such purposes and with such powers,
      authorities and discretions (not exceeding those vested in or exercisable
      by the Board) and for such period and subject to such conditions as it may
      think fit and any such power of attorney may contain such provisions for
      the protection and convenience of persons dealing with any such attorney
      as the Board may think fit and may also authorise any such attorney to
      sub-delegate all or any of the powers, authorities and discretions so
      vested in the attorney;

	 	(f) 	
      procure that the Company pays all expenses incurred in
      promoting and incorporating the Company;

	 	 	 
	 	(g) 	
      in connection with the issue of any share, pay such
      commission and brokerage as may be permitted by law;

	 	 	 
	 	(h) 	
      authorise any company, firm, person or body of persons to
      act on behalf of the Company for any specific purpose and in connection
      therewith to execute any deed, agreement, document or instrument on behalf
      of the Company;

	 	 	 
	 	(i) 	
      present any petition and make any application in
      connection with the liquidation or reorganisation of
  Company;

	 	(j) 	
      delegate any of its powers (including the power to
      sub-delegate) to a committee of one or more persons appointed by the Board
      which may consist partly or entirely of non-Directors, provided that every
      such committee shall conform to such directions as the Board shall impose
      on them and provided further that the meetings and proceedings of any such
      committee shall be governed by the provisions of these Bye-laws regulating
      the meetings and proceedings of the Board, so far as the same are
      applicable and are not superseded by directions imposed by the Board;
      and

	 	(k) 	
      delegate any of its powers (including the power to
      sub-delegate) to any person on such terms and in such manner as the Board
      may see fit.

	50. 	
      Register of Directors and Officers

	 	 
		
      The Board shall cause to be kept in one or more books at
      the Registered Office a Register of Directors and Officers and shall enter
      therein the particulars required by the Companies
Act.

41

	51. 	
      Appointment of Officers

	 	 
		
      The Board may appoint such Officers (who may or may not
      be Directors) as the Board may determine.

	 	 
	52. 	
      Appointment of Secretary

	 	 
		
      The Secretary shall be appointed by the Board from time
      to time for such term as the Board deems fit.

	53. 	
      Duties of Officers

	 	 
		
      The Officers shall have such powers and perform such
      duties in the management, business and affairs of the Company as may be
      delegated to them by the Board from time to time.

	 	 
	54. 	
      Remuneration of Officers

	 	 
		
      The Officers shall receive such remuneration as the Board
      or a committee thereof may determine.

	 	 
	55. 	
      Conflicts of Interest

	 	55.1 	
      A Director may hold any other office with the Company in
      conjunction with his appointment as a Director for such period and upon
      such terms as the Board may determine, and may be paid such extra
      remuneration by way of salary, as the Board may determine, and such extra
      remuneration shall be in addition to any remuneration provided for by or
      pursuant to any other Bye-law.

	 	 	 
	 	55.2 	
      Any Director, or any Director's firm, partner or any
      company with whom any Director is associated, may act in any capacity for,
      be employed by or render services to the Company on such terms, including
      with respect to remuneration, as may be agreed between the parties.
      Nothing contained in this Bye-law shall authorise a Director or Director's
      firm, partner or company to act as Auditor to the Company.

	 	 	 
	 	55.3 	
      A Director who is directly or indirectly interested in a
      contract or proposed contract or arrangement with the Company shall
      declare the nature of such interest as required by the Companies Act and
      is not entitled to vote on any Directors' resolution to approve that
      contract, proposed contract or arrangement (but may be counted in the
      quorum for such meeting), unless all the Directors have a declarable
      interest in that contract, proposed contract or arrangement, in which case
      any or all of those Directors may vote on such resolution. For the
      avoidance of doubt, no Director shall be considered "interested'
      with respect to any contract or proposed contract or arrangement in
which all the :Members participate or are entitled to participate. 

42

	56. 	
      Indemnification and Exculpation of Directors and
      Officers

	 	56.1 	
      The Directors, Secretary and other Officers (the term
      Officer for this Bye- law to include any person appointed to any committee
      by the Board) for the time being acting in relation to any of the affairs
      of the Company, any subsidiary thereof, and the liquidator or trustees (if
      any) for the time being acting in relation to any of the affairs of the
      Company or any subsidiary thereof and every one of them, and their heirs,
      executors and administrators, shall be indemnified and secured harmless
      out of the assets of the Company from and against all actions, costs,
      charges, losses, damages and expenses which they or any of them, their
      heirs, executors or administrators, shall or may incur or sustain by or by
      reason of any act done, concurred in or omitted in or about the execution
      of their duty, or supposed duty, or in their respective offices or trusts,
      and none of them shall be answerable for the acts, receipts, neglects or
      defaults of the others of them or for joining in any receipts for the sake
      of conformity, or for any bankers or other persons with whom any moneys or
      effects belonging to the Company shall or may be lodged or deposited for
      safe custody, or for insufficiency or deficiency of any security upon
      which any moneys of or belonging to the Company shall be placed out on or
      invested, or for any other loss, misfortune or damage which may happen in
      the execution of their respective offices or trusts, or in relation
      thereto, PROVIDED THAT this indemnity shall not extend to any matter in
      respect of any fraud or dishonesty which may attach to any of the said
      persons.

	 	 	 
	 	56.2 	
      The Company may purchase and maintain insurance for the
      benefit of any Director or Officer against any liability incurred by him
      under the Companies Act in his capacity as a Director or Officer or
      indemnifying such Director or Officer in respect of any loss arising or
      liability attaching to him by virtue of any rule of law in respect of any
      negligence, default, breach of duty or breach of trust of which the
      Director or Officer may be guilty in relation to the Company or any
      subsidiary thereof.

	 	 	 
	 	56.3 	
      The Company may advance moneys to a Director or Officer
      for the costs, charges and expenses incurred by the Director or Officer in
      defending any civil or criminal proceedings against him, on condition that
      the Director or Officer shall repay the advance if any allegation of fraud
      or dishonesty is proved against him.

43

MEETINGS OF THE BOARD OF DIRECTORS 

	57. 	
      Board Meetings

	 	 
		
      The Board may meet for the transaction of business,
      adjourn and otherwise regulate its meetings as it sees fit. A resolution
      put to the vote at a meeting of the Board shall be carried by the
      affirmative votes of a majority of the votes cast and in the case of an
      equality of votes the resolution shall fail.

	 	 
	58. 	
      Notice of Board Meetings

	 	 
		
      A Director may, and the Secretary or Assistant Secretary
      on the requisition of a Director shall, at any time summon a meeting of
      the Board or any committee thereof. Notice of a meeting of the Board shall
      be deemed to be duly given to a Director if it is given to such Director
      verbally (including in person or by telephone) or otherwise communicated
      or sent to such Director by post, electronic means, or other mode of
      representing words in a visible form at such Director's last known address
      or in accordance with any other instructions given by such Director to the
      Company for this purpose. It shall not be necessary to specify the
      business to be considered at the meeting. The length of notice must be
      reasonable in all circumstances. A Director may waive notice before or
      after the date of the meeting for which the notice is given.

	 	 
	59. 	
      Telephonic or Electronic Participation in
      Meetings

	 	 
		
      Directors may participate in any meeting by telephonic,
      electronic or other communication facilities or means as permit all
      persons participating in the meeting to communicate with each other
      simultaneously and instantaneously, and participation in such a meeting
      shall constitute presence in person at such meeting.

	 	 
	60. 	
      Quorum at Board Meetings

	 	 
		
      The quorum necessary for the transaction of business at a
      meeting of the Board shall be majority of the Directors then in
    office.

	 	 
	61. 	
      Board to Continue in the Event of
Vacancy

	 	 
		
      The Board may act notwithstanding any vacancy in its
      number but, if and so long as its number is reduced below the number fixed
      by these Bye-laws as the quorum necessary for the transaction of business
      at meetings of the Board, the continuing Directors or Director may act for
      the purpose of (i) summoning a general meeting; or (ii) preserving
      the assets of the Company.

44

	62. 	
      Chairman to Preside

	 	 
		
      Unless otherwise agreed by a majority of the Directors
      attending, the Chairman, if there be one, and if not, the chief executive
      officer of the Company, if there be one, shall act as chairman at all
      meetings of the Board at which such person is present. In their absence a
      chairman shall be appointed or elected by the Directors present at the
      meeting.

	 	 
	63. 	
      Written Resolutions

	 	 
		
      A resolution signed by all the Directors, which
      may be in counterparts, shall be as valid as if it had been passed at a
      meeting of the Board (or applicable committee thereof) duly called and
      constituted, such resolution to be effective on the date on which the last
      Director signs the resolution. For the purposes of this Bye-law only, "the
      Directors" shall not include an Alternate
Director.

	64. 	
      Validity of Prior Acts of the Board

	 	 
		
      No regulation or alteration to these Bye-laws made by the
      Company in general meeting shall invalidate any prior act of the Board
      which would have been valid if that regulation or alteration had not been
      made.

ACCOUNTS

	65. 	
      Books of Account

	 	 	 
		65.1 	
      The Board shall cause to be kept proper records of
      account with respect to all transactions of the Company and in particular
      with respect to:

	 		(a) 	
      all amounts of money received and expended by the Company
      and the matters in respect of which the receipt and expenditure
      relates;

	 	 	 	 
	 		(b) 	
      all sales and purchases of goods by the Company;
    and

	 	 	 	 
	 		(c) 	
      all assets and liabilities of the Company.

	 	 	 	 
	 	65.2 	
      Such records of account shall be kept at the Registered
      Office, or subject to the Companies Act, at such other place as the Board
      thinks fit and shall be available for inspection by the Directors during
      normal business hours.

	 	65.3 	
      Such records of account shall be retained for a minimum
      period of five years from the date on which they are
  prepared.

	66. 	
      Financial Year End

	 	 
		
      The financial year end of the Company may be determined
      by resolution of the Board and failing such resolution shall be 31st
      December in each year.

45

AUDITS 

	67. 	
      Annual Audit

Subject to any rights to waive the laying of accounts or the
appointment of an Auditor pursuant to the Companies Act, the accounts of the
Company shall be audited at least once in every year. 

	68. 	
      Appointment of Auditor

	 	 	 
		68.1 	
      Subject to the Companies Act and provided that the
      Members have not waived the requirement to hold an annual general meeting
      or appoint an Auditor, at the annual general meeting or at a subsequent
      special general meeting in each year, an independent representative of the
      Members shall be appointed by them as Auditor of the accounts of the
      Company.

	 	 	 
		68.2 	
      The Auditor may be a Member but no Director, Officer or
      employee of the Company shall, during his continuance in office, be
      eligible to act as an Auditor of the Company.

	 	 	 
		68.3 	
      The Auditor appointed by the Members shall continue to
      hold such appointment until a successor is appointed by the Members or, if
      the Members fail to do so, until the Board appoints a
  successor.

	69. 	
      Remuneration of Auditor

	 	 
		
      Save in the case of an Auditor appointed pursuant to
      Bye-law 74, the remuneration of the Auditor shall be fixed by the Company
      in a general meeting or in such manner as the Members may determine. In
      the case of an Auditor appointed pursuant to Bye-law 74, the remuneration
      of the Auditor shall be fixed by the Board.

	 	 
	70. 	
      Duties of Auditor

	 	70.1 	
      The financial statements provided for by these Bye-laws
      shall be audited by the Auditor in accordance with generally accepted
      auditing standards. The Auditor shall make a written report on such
      financial statements in accordance with generally accepted auditing
      standards.

	 	 	 
	 	70.2 	
      The generally accepted auditing standards referred to in
      this Bye-law may be those of a country or jurisdiction other than Bermuda
      or such other generally accepted auditing standards as may be provided for
      in the Companies Act. If so, the financial statements and the report of
      the Auditor shall identify the generally accepted auditing standards
      used.

46

	71. 	
      Access to Records

	 	 
		
      The Auditor shall at all reasonable times have access to
      all books kept by the Company and to all accounts and vouchers relating
      thereto, and the Auditor may call on the Directors or Officers of the
      Company for any information in their possession relating to the books or
      affairs of the Company.

	 	 
	72. 	
      Financial Statements

	 	 
		
      Subject to the waiver of the laying of accounts by the
      Members in accordance with the Companies Act, financial statements, as
      required by the Companies Act, shall be laid before the Members in an
      annual general meeting, or if the Members waive the requirement for an
      annual general meeting, financial statements, as required by the Companies
      Act, shall be made available to the Members in accordance with the
      Companies Act. A resolution in writing made in accordance with
      Bye-law 33 receiving, accepting, adopting, approving or otherwise
      acknowledging financial statements shall be deemed to be the laying of
      such statements before the Members in a general meeting.

	 	 
	73. 	
      Distribution of Auditor' s Report

	 	 
		
      The report of the Auditor shall be submitted to the
      Members at a general meeting.

	 	 
	74. 	
      Vacancy in the Office of Auditor

	 	 
		
      The Board may fill any casual vacancy in the office of
      the Auditor.

CORPORATE RECORDS 

	75. 	
      Minutes

	 	 
		
      The Board shall cause minutes to be duly entered in books
      provided for the purpose of:

	 	(a) 	
      all elections and appointments of Officers;

	 	 	 
	 	(b) 	
      the names of the Directors present at each meeting of the
      Board and of any committee appointed by the Board; and

	 	 	 
	 	(c) 	
      all resolutions and proceedings of general meetings of
      the Members, meetings of the Board, meetings of managers and meetings of
      committees appointed by the Board.

4

	76. 	
      Place Where Corporate Records Kept

	 	 
		
      :Minutes prepared in accordance with the Companies Act
      and these Bye-laws shall be kept by the Secretary at the Registered
      Office.

	77. 	
      Form and Use of Seal

	 	 	 
		77.1 	
      The Company may adopt a seal in such form as the Board
      may determine. The Board may adopt one or more duplicate seals for use in
      or outside Bermuda.

	 	 	 
		77.2 	
      A seal may, but need not be affixed to any deed,
      instrument, share certificate or document, and if the seal is to be
      affixed to such deed, instrument, share certificate or document, it shall
      be attested by the signature of (i) any Director, or (ii) any Officer, or
      (iii) the Secretary, or (iv) any person authorised by the Board for that
      purpose.

	 	 	 
		77.3 	
      A Resident Representative may, but need not, affix the
      seal of the Company to certify the authenticity of any copies of
      documents.

CHANGES TO CONSTITUTION

	78. 	
      Alteration or Amendment of Bye-laws

	 	 
		
      No Bye-law may be rescinded, altered or amended and no
      new Bye-law may be made save in accordance with the Companies Act and
      until such amendment or alteration has been approved by a resolution of
      the Board and by a resolution of the Members passed by the affirmative
      votes of not less than 66.67% of the votes cast in accordance with these
      Bye-laws.

	 	 
	79. 	
      Alteration or Amendment of
Memorandum

		
      No alteration or amendment to the Memorandum may be made
      save in accordance with the Companies Act and until such alteration or
      amendment has been approved by a resolution of the Board and by a
      resolution of the Members if authorised by resolution of the Members
      passed by the affirmative votes of not less than 66.67% of the votes cast
      in accordance with these Bye-laws.

	 	 
	80. 	
      Discontinuance

	 	 
		
      The Board may exercise all the powers of the Company to
      discontinue the Company to a jurisdiction outside Bermuda pursuant to the
      Companies Act.

48

MISCELLANEOUS 

	81. 	
      Registered Office

	 	 
		
      The Registered Office shall be at such place in Bermuda
      as the Board shall from time to time determine.

	 	 
	82. 	
      Amalgamation and Merger

	 	 
		
      The Company may, if authorised by resolution of the
      Members passed by the affirmative votes of not less than 66.67% of the
      votes cast in accordance with these Bye-laws, approve the amalgamation or
      merger of the Company with any other company wherever
  incorporated.

	 	 
	83. 	
      Submission to Jurisdiction

	 	 
		
      Each Member irrevocably submits to the nonexclusive
      jurisdiction of the courts of Bermuda for the adjudication of any dispute
      in connection with the Bye-laws, the Company or any actions of Directors
      or Officers and hereby irrevocably waives, and agrees not to assert in any
      suit, action or proceeding, any claim that it is not personally subject to
      the jurisdiction of any such court, that such suit, action or proceeding
      is improper.

VOLUNTARY WINDING-UP AND DISSOLUTION 

	84. 	
      Winding-Up

	 	 
		
      If the Company shall be wound up the liquidator may, with
      the sanction of a resolution of the Members, divide amongst the Members in
      specie or in kind the whole or any part of the assets of the Company
      (whether they shall consist of property of the same kind or not) and may,
      for such purpose, set such value as he deems fair upon any property to be
      divided as aforesaid and may determine how such division shall be carried
      out as between the Members or different classes of Members. The liquidator
      may, with the same sanction of a resolution of the Members, vest the whole
      or any part of such assets in the trustees upon such trusts for the
      benefit of the Members as the liquidator shall think fit, but so that no
      Member shall be compelled to accept any shares or other securities or
      assets whereon there is any liability.

49

Schedule "B" 
NRC Distribution Agreement

 

Please see attached. 

1

DISTRIBUTION AGREEMENT 

            This
asset distribution agreement (the "Agreement") is made as of •, 2014 between
Nevada Royalty Corp. ("NRC"), a corporation incorporated under the laws of
Nevada, and Golden Predator US Holding Corp. ("GPUS"), a corporation
incorporated under the laws of Nevada. 

WHEREAS: 

	A. 	
      NRC is a wholly-owned subsidiary of GPUS.

	 	 
	B. 	
      GPUS is a wholly-owned subsidiary of Americas Bullion
      Royalty Corp. ("AMB").

	C. 	
      AMB wishes to carry out certain reorganization
      transactions pursuant to an arrangement agreement dated as of February 18,
      2014 between AMB and Resource Holdings Ltd. (the "Arrangement Agreement")
      which provides for the implementation of such reorganization transactions
      by way of a plan of arrangement (the "Plan of Arrangement"), a copy of
      which is attached as Schedule A to the Arrangement
  Agreement.

	D. 	
      In connection with the Plan of Arrangement, NRC wishes to
      transfer the Distributed Assets (as defined below) (the "Distribution") to
      GPUS in exchange for the repayment of the NRC Debt (as defined below) and
      the assumption by GPUS of the Assumed Liabilities and a return of
      capital.

	E. 	
      Pursuant to Section 2.3(a) of the Plan of Arrangement,
      the transactions contemplated by this Agreement shall occur in accordance
      with and on the terms and conditions specified in this
  Agreement.

           
NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the respective
representations, covenants and agreements hereinafter contained, and other good
and valuable consideration (the sufficiency of which is hereby acknowledged by
the parties), the Parties hereto covenant and agree as follows: 

ARTICLE l 
INTERPRETATION 

Section 1.1        Defined Terms. 

As used in this Agreement, the
following terms have the following meanings: 

"Agreement" means this asset
distribution agreement as amended, restated and/or supplemented and includes the
Schedules attached hereto, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with the terms hereof. 

"AMB" means Americas Bullion Royalty
Corp. 

"Arrangement Agreement" has the meaning
ascribed thereto in Recital C. 

- 2 -

"Assumed Liabilities" has the meaning
ascribed thereto in Section 4.1. 

"Authorization" means, with respect to
any Person, any order, permit, approval, consent, waiver, licence or similar
authorization of any Governmental Entity having jurisdiction over the Person.

"Closing" means the completion of the
Transaction contemplated by this Agreement. 

"Distributed Assets" has the meaning
ascribed thereto in Section 2.1. 

"Distribution" has the meaning ascribed thereto
  in Recital D. 

"Effective Date" has the meaning
ascribed thereto in the Plan of Arrangement. 

"Effective Time" has the meaning
ascribed thereto in the Plan of Arrangement. 

"Excluded Liabilities" has the meaning
ascribed thereto in Section 4.2. 

"GPR" means gross production
royalty.

"GPUS" means Golden Predator US Holding
Corp. 

"Governmental Entity" means (i) any
governmental or public department, central bank, court, minister,
governor-in-council, cabinet, commission, tribunal, board, bureau, agency,
comm1ss1oner or instrumentality, whether international, multinational, national,
federal, provincial, state, county, municipal, local, or other; (ii) any
subdivision or authority of any of the foregoing; (iii) any stock exchange; and
(iv) any quasi-governmental or private body exercising any regulatory,
expropriation or taxing authority under or for the account of any of the
foregoing. 

"Hayden Office Building Note" means the
note between Golden Predator Mines US Inc., subsequently renamed NRC, and
Overview Family LLC in the amount of US$360,000 dated September 28, 2012. 

"Hayden Office Deed" means the deed
with respect to Hayden Office located at 11521N. Warren Street, Hayden, Idaho
83835 consisting of 0.68 acres of land and an approximately 8,712 square foot
building. 

"Lien" means any mortgage, charge,
pledge, hypothec, security interest, prior claim, encroachments, option, right
of first refusal or first offer, occupancy right, covenant, assignment, lien
(statutory or otherwise), defect of title, or restriction or adverse right or
claim, or other third party interest or encumbrance of any kind, in each case,
whether contingent or absolute. 

"NRC" means Nevada Royalty
Corp.

"NRC Debt" means the cumulative amount
of net cash advanced to NRC by GPUS as evidenced by the books and records of
each of NRC and GPUS as at the Closing. 

- 3 -

"NPR" means net profits royalty. 

"NSR" means net smelter returns
royalty.

"Parties" means NRC, GPUS, and any
other Person who may become a party to this Agreement. 

"Person" means an individual,
partnership, limited partnership, limited liability partnership, corporation,
limited liability company, unlimited liability company, joint stock company,
trust, unincorporated association, joint venture or other entity or Governmental
Entity, and pronouns have a similarly extended meaning. 

"Permitted Liens" means (i) Liens for
taxes, assessments or governmental charges or levies on property not yet due and
delinquent, and (ii) easements, encroachments and other minor imperfections of
title which do not, individually or in the aggregate, materially detract from
the value of or impair the use or marketability of any real property. 

"Plan of Arrangement" has the meaning
ascribed thereto in Recital C. 

"Taxes" means (i) any and all taxes,
duties, fees, excises, premiums, assessments, imposts, levies and other charges
or assessments of any kind whatsoever imposed by any Governmental Entity,
whether computed on a separate, consolidated, unitary, combined or other basis,
including those levied on, or measured by, or described with respect to, income,
gross receipts, profits, gains, windfalls, capital, capital stock, production,
recapture, transfer, land transfer, license, gift, occupation, wealth,
environment, net worth, indebtedness, surplus, sales, goods and services,
harmonized sales, use, value-added, excise, special assessment, stamp,
withholding, business, franchising, real or personal property, health, employee
health, payroll, workers' compensation, employment or unemployment, severance,
social services, social security, education, utility, surtaxes, customs, import
or export, and including all license and registration fees and all employment
insurance, health insurance and government pension plan premiums or
contributions; (ii) all interest, penalties, fines, additions to tax or other
additional amounts imposed by any Governmental Entity on or in respect of
amounts of the type described in clause (i) above or this clause (ii); (iii) any
liability for the payment of any amounts of the type described in clauses (i) or
(ii) as a result of being a member of an affiliated, consolidated, combined or
unitary group for any period; and (iv) any liability for the payment of any
amounts of the type described in clauses (i) or (ii) as a result of any express
or implied obligation to indemnify any other Person or as a result of being a
transferee or successor in interest to any party. 

"Transaction" means the distribution of
the Distributed Assets contemplated in this Agreement in accordance with the
Plan of Arrangement. 

- 4 -

ARTICLE 2 
DISTRIBUTED ASSETS

Section 2.1       
Distributed Assets.

            NRC
hereby distributes, assigns, transfers and conveys to GPUS, and, GPUS hereby
accepts the distribution, assignment, transfer and conveyance from NRC, with
effect as of the Closing, all right, title and interest in and to the assets set
out in Schedule A (the "Distributed Assets"). 

Section 2.2        
Amount Payable.

           
The Parties shall pay and account for the value of the Distributed Assets as
follows:

	 	i) 	
      first, by payment, accord and the satisfaction of the NRC
      Debt at the Effective Time;

	 	 	 
	 	ii) 	
      second, by GPUS' assumption of the Assumed Liabilities at
      the Effective Time; and

	 	 	 
	 	iii) 	
      third, as a reduction in capital in respect of GPUS'
      shares in the capital stock of NRC in an amount equal to the amount by
      which the aggregate fair market value of the Distributed Assets at the
      Effective Time, as determined by the directors of NRC and GPUS acting
      reasonably, exceeds the fair market value of the Assumed Liabilities and
      the repayment of the NRC Debt at the Effective Time as so
    determined.

Section 2.3       
Contracts. 

            Nothing
in this Agreement shall be construed as an attempt to assign to GPUS any amount,
agreement or contract which, as a matter of law or by its terms, is not
assignable in whole or in part without the consent of the other party or parties
to such amount, agreement or contract, unless such consent has been given. NRC
and GPUS shall each use reasonable commercial efforts to obtain the consents
prior to the Effective Time (or, if not obtained by the Effective Time, as soon
as practicable thereafter). If consent has not been obtained, in order that GPUS
may receive and realize the full benefit of the non-assigned amounts, agreements
and contracts, NRC shall hold such amounts, agreements and contracts in trust
for GPUS and all benefits derived from such agreements and contracts shall be
for the account of GPUS. NRC shall continue to try to obtain the consents and
upon obtaining such consent will take all reasonable steps to effect the
transfer. 

ARTICLE 3
TAXES 

Section 3.1        Payment
of Sales Tax and Registration Charges on Transfer. 

            GPUS
shall be liable for and shall pay all applicable Taxes and all other Taxes,
duties, registration charges or other like charges payable in connection with
the distribution of the Distributed Assets by NRC to GPUS. Where such amounts
are required by law to be remitted by NRC, GPUS may make such payments on behalf
of NRC, where possible. 

- 5 -

ARTICLE 4 
ASSUMED LIABILITIES

Section 4.1        Assumed
Liabilities.

            As
of the Closing, GPUS shall, in accordance with 2.2(ii), assume all liabilities
and obligations of NRC, arising out of or associated with the ownership of the
Distributed Assets, whether such liabilities arise or become known prior to or
after, or are asserted prior to or after the Closing (collectively, the "Assumed
Liabilities" as more particularly described in Schedule B); including all
liabilities relating to the Distributed Assets due or accruing due at or after
the Effective Time. 

Section 4.2       
Excluded Liabilities.

            GPUS
shall not assume and shall have no obligation to discharge, perform or fulfil,
and NRC will indemnify GPUS from and against, any and all Excluded Liabilities.
"Excluded Liabilities" means any and all liabilities and obligations of NRC,
whether known, unknown, direct, indirect, absolute, contingent or otherwise or
arising out of facts, circumstances or events, in existence on or prior to
Closing, that do not arise out of or are not associated with the ownership of
the Distributed Assets, whether such liabilities arise or become known prior to
or after, or are asserted prior to or after the Closing. 

ARTICLE 5

CLOSING 

Section 5.1        Closing

            Closing
shall occur on the Effective Date at the time set out in the Plan of
Arrangement. 

ARTICLE 6 
DELIVERIES

Section 6.1       
Deliveries for the Benefit of GPUS. 

            At
the Closing, NRC shall deliver or cause to be delivered to GPUS the following in
form and substance satisfactory to GPUS, acting reasonably: 

	 	iv) 	
      all necessary deeds, conveyances, assurances, transfers,
      assignments, trust declarations and any other instruments necessary or
      reasonably required to transfer to GPUS good title to the Distributed
      Assets free and clear of all Liens, other than Permitted Liens, and to
      evidence the assumption of the Assumed Liabilities in accordance with the
      terms of this Agreement;

	 	 	 
	 	v) 	
      a copy of the directors' resolutions of NRC approving
      this Agreement and the transactions contemplated hereby; and

	 	 	 
	 	vi) 	
      any other documentation as may reasonably be required by
      GPUS.

- 6 -

Section 6.2       
Deliveries for the Benefit of NRC. 

            At
the Closing, GPUS shall deliver or cause to be delivered to NRC, acting
reasonably: 

	 	i) 	
      any instruments necessary or reasonably required to
      transfer to GPUS good title to the Distributed Assets free and clear of
      all liens, other than Permitted Liens, and to evidence receipt of the
      return of capital in accordance with the terms of this
Agreement;

	 	 	 
	 	ii) 	
      a copy of the directors' resolutions of GPUS approving
      this Agreement and the transactions contemplated hereby;

	 	 	 
	 	iii) 	
      acknowledgement of GPUS of the full repayment of the NRC
      Debt and of GPUS' assumption of the Assumed Liabilities; and

	 	 	 
	 	iv) 	
      any other documentation as may reasonably be required by
      NRC.

ARTICLE 7 
MISCELLANEOUS

Section 7.1       
Termination

            This
Agreement may, by notice in writing given at or prior to the completion of the
transaction, be terminated by mutual consent of Parties. 

Section 7.2        Time.

           
Time is of the essence of this Agreement. 

Section 7.3       
Successors and Assigns.

            This
Agreement becomes effective when executed by NRC and GPUS. After that time, it
will be binding upon and enure to the benefit of the Parties and their
respective successors, heirs, executors, administrators, legal representatives
and permitted assigns. 

Section 7.4        Further
Assurances. 

            Each
of the Parties covenants and agrees to do such things, to attend such meetings
and to execute such further conveyances, transfers, documents and assurances as
may be deemed necessary or advisable from time to time in order to effectively
transfer the Distributed Assets to the GPUS and carry out the terms and
conditions of this Agreement in accordance with their true intent. 

Section 7.5       
Amendments. 

            This
Agreement may only be amended, supplemented or otherwise modified by written
agreement signed by NRC and GPUS. 

Section 7.6       
Severability. 

            If
any provision of this Agreement is determined to be illegal, invalid or
unenforceable, by an arbitrator or any court of competent jurisdiction from
which no appeal exists or is taken, that provision will be severed from this
Agreement and the remaining provisions will remain in full force and effect. 

- 7 -

Section 7.7        Governing
Law. 

            This
Agreement is governed by, and will be interpreted and construed in accordance
with, the laws of the state of Nevada and the federal laws of the United States
applicable therein. 

Section 7.8       
Counterparts. 

            This
Agreement may be executed in any number of counterparts, each of which is deemed
to be an original, and such counterparts together constitute one and the same
instrument. Transmission of an executed signature page by facsimile, email or
other electronic means is as effective as a manually executed counterpart of
this Agreement. 

[Signature page follows]

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

	 	 	NEVADA ROYALTY CORP. 
	 	 	 
	 	By:	   
	 	 	 
	 	 	Authorized Signatory 
	 	 	 
	 	 	 
	 	 	GOLDEN PREDATOR US HOLDING CORP.
    
	 	 	 
	 	By:	   
	 	 	 
	 	 	Authorized Signatory
  

Schedule A - Distributed Assets 

	
      Asset 

	
      All cash and cash equivalents held by NRC at the
      Effective Time 

	
      Gold bullion in the amount of 162oz 

	
      NRC's interest in 210 unpatented lode mining claims, of
      which 190 are leased, and other rights on the Tuscarora and Adelaide
      properties located in Humboldt and Elko Counties, Nevada. 

	
      All of NRC's right, title and interest in and to, and all
      the benefits of NRC under the following agreements:

	 	(a) 	
      the agreement between Golden Predator Mines US Inc.,
      subsequently amalgamated into NRC, AMB, as NRC's parent, and Orsa Ventures
      Corp., dated March 13, 2013, which also grants the l.25% NSR relating to
      the Angels Camp Property; 

	 	 	
       

	 	(b) 	
      the agreement between Great American Minerals, Inc.,
      subsequently renamed NRC, Battle Mountain Gold, (USA) Inc. and Battle
      Mountain Gold Inc. dated March 13, 2013, as amended on October 23, 2013;
      

	 	 	
       

	 	(c) 	
      the agreement between Gold Standard Royalty (Nevada)
      Inc., subsequently amalgamated into NRC, and Renaissance Explorations
      Inc., dated March 22, 2013 which also grants minimum annual lease payments
      and the 3% NSR relating to the Aphro Property; 

	 	 	
       

	 	(d) 	
      the agreement between Golden Predator Mines US Inc.,
      subsequently amalgamated into NRC, AMB as NRC's parent, Wolfpack Gold
      (Nevada) Corp. and Wolfpack Gold Corp., dated June 6, 2012 and the deed of
      royalty between Wolfpack Gold (Nevada) Corp. and NRC dated June 26, 2012,
      granting: (a) 1% NPR and 2% NSR on precious metals and 1% NSR on other
      metals relating to the Lantern Project; (b) 2% NSR on precious metals and
      1% NSR on other metals relating to the Golden Ridge Project; (c) 2% NSR on
      precious metals and 1% NSR on other metals relating to the Maggie Creek
      Project; (d) 1% NPR and 2% NSR relating to the Mina Project; and (e) 2%
      NSR on precious metals and 1% NSR on other metals relating to the North
      Monitor Project; 

	 	 	
       

	 	(e) 	
      the agreement between Gold Standard Royalty (Nevada)
      Inc., subsequently amalgamated into NRC, NV Gold Corporation and NV Gold
      Corporation (USA) , dated May 14, 2010 granting the 1% NSR relating to the
      Afghan-Kobeh Project; 

	 	 	
       

	 	(f) 	
      the agreement between Gold Standard Royalty (Nevada)
      Inc., subsequently amalgamated into NRC, Cordilleran Exploration Company,
      LLC, doing business as Cordex Exploration Company, and Sniper Resources
      (U.S.) Inc., dated March 31, 2006 and deed of royalty between Gold
      Standard Royalty (Nevada) Inc., subsequently amalgamated into NRC,
      Cordilleran Exploration Company, LLC, doing business as Cordex Exploration
      Company, and Sniper Resources (U.S.) Inc., dated November 1, 2006 and
      amended February 22, 2012 granting the 3%GPR relating to the Bolo Project;
      

A-1 

	 	(g) 	the agreement between Golden Predator Mines us Inc.,
      subsequently amalgamated into NRC, AMB as NRC's parent, Wolf pack Gold
      (Nevada) Corp. and Wolf pack Gold Corp., dated June 26, 2012 and amended
      May 31, 2013 relating to Wolfpack Gold Corp.'s option to acquire NRC's
      interest in the Tuscarora and Adelaide properties and the assumption by
      Wolfpack of NRC's obligations under the Newmont Agreement upon exercise of
      such option; and

	 	 	 
	 	(h) 	
      the mineral lease and sublease agreement between Newmont
      USA Limited, doing business as Newmont Mining Corporation, Newmont Capital
      Limited (collectively "Newmont"), CR Nevada Corporation, Canyon
      Resources Corporation and Golden Predator Mines US Inc., subsequently
      amalgamated into NRC, (the "Newmont Agreement"), dated December 29,
      2006 relating to NRC's option to acquire Newmont's interest in the
      Tuscarora and Adelaide properties.

	
      The Hayden Office Deed with respect to 0.68 acres of land
      and approximately 8,712 square foot building located at 11521North Warren
      Street, Hayden, Idaho USA 83835. 

	Office equipment 

A-2

Schedule B 
Assumed Liabilities 

	Liability 
	Assumption of Hayden Office Building Note. 
	All other Assumed Liabilities as described in Section 4.1
      of the Agreement 

B-1 

Schedule "C" 

SPD Share Purchase Agreement

Please see attached.

1

SHARE PURCHASE AGREEMENT 

THIS AGREEMENT made as of the                 day of                  , 2014 

AMONG: 

  
    
      SILVER PREDATOR CORP., a corporation existing under the laws of
        the Province of British Columbia having an office at #5 - 5450 Riggins Court,
        Reno, Nevada, USA 89502 

    

  

     ("SPD") 

AND: 

  
    
      GOLDEN PREDATOR US HOLDING CORP., a company existing under the
        laws of the State of Nevada and having an office at l 1521 North Warren Street,
        Hayden, Idaho, USA 83835 

    

  

("GPUS") 

RECITALS: 

A.              
GPUS is the legal and beneficial owner of all of the outstanding common shares
(the "SMC Shares") in the capital of Springer Mining Company and all of the
outstanding common shares (the "NRC Shares" and together with the SMC Shares,
the "Shares") in the capital of Nevada Royalty Corp. 

B.              
SPD wishes to purchase, and GPUS wishes to sell, the Shares on the terms and
subject to the conditions of this Agreement. 

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of
the mutual covenants and agreements hereinafter set forth and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties covenant and agree as follows: 

ARTICLE 1 
INTERPRETATION 

1.1                  
Definitions 

                        In
this Agreement, including the Recitals and Schedules hereto, unless there is
something in the subject matter or context inconsistent therewith, the following
terms and expressions will have the following meanings: 

	 	(a) 	
      "Additional Royalties" means the royalty interests in
      respect of the properties and in the amounts thereon set forth in Schedule
      "D" hereto;

	 	 	 
	 	(b) 	
      "Affiliate" has the meaning ascribed to such term in the
      Securities Act;

- 2 -

	 	(c) 	
      "AMB" means Americas Bullion Royalty Corp., a corporation
      existing under the laws of the Province of British Columbia;

	 	 	 
	 	(d) 	
      "Arrangement" means an arrangement involving RH and AMB
      under the provisions of Division 5 of Part 9 of the BCBCA on the terms and
      subject to the conditions set forth in the arrangement agreement between
      RH and AMB dated [February 18, 2014];

	 	 	 
	 	(e) 	
      "Assets" means all assets, contracts, equipment, goodwill
      and inventory of a Company, and (i) in respect of Springer Mining,
      includes all tangible things and intangible things owned by Springer
      Mining as at the Effective Time, and as more particularly described in
      Schedule "A'" to this Agreement; and, (ii) in respect of Nevada Royalty,
      includes all tangible things and intangible things owned by Nevada Royalty
      as at the Effective Time, and as more particularly described in Schedule
      "B" to this Agreement ;

	 	(f) 	
      "Business" means, with respect to a Company, the business
      carried on by the Company;

	 	 	 
	 	(g) 	
      "Business Day" means any day other than a day which is a
      Saturday, a Sunday or a statutory holiday in the State of Nevada or the
  Province of British Columbia;

	 	 	 
	 	(h) 	
      "Cash Portion" has the meaning ascribed in Section
      2.2;

	 	 	 
	 	(i) 	
      "Closing" has the meaning ascribed in Section
  6.1;

	 	 	 
	 	(j) 	
      "Closing Time" has the meaning ascribed thereto in
      Section 6.1;

	 	 	 
	 	(k) 	
      "Commissions" means, collectively, the British Columbia
      Securities Commission, the Alberta Securities Commission and the Ontario
      Securities Commission;

	 	 	 
	 	(l) 	
      "Companies" means, collectively, Springer Mining and
      Nevada Royalty, and "Company" means any one of them;

	 	 	 
	 	(m) 	
      "Consideration" has the meaning ascribed in Section
      2.2;

	 	 	 
	 	(n) 	
      "Effective Date" means the date upon which the
      Arrangement will become effective;

	 	 	 
	 	(o) 	
      "Effective Time" means the time on the Effective Date
      that the Arrangement becomes effective;

	 	 	 
	 	(p) 	
      "Encumbrances" means mortgages, charges, pledges,
      security interests, liens, encumbrances, actions, claims, leases, demands
      and equities of any nature whatsoever or howsoever arising and any rights
      or privileges capable of becoming any of the
foregoing;

- 3 -

	 	(q) 	
      "Environmental Laws" means any current federal, state,
      provincial or local law, regulation, order, decree, permit, authorization,
      opinion, common law or agency requirement relating to: (i) the protection,
      investigation or restoration of the indoor or outdoor environment, health,
      safety or natural resources; (ii) the handling, use, presence, disposal,
      release or threatened release of any Hazardous Substance; or (iii) odour,
      indoor air, employee exposure, wetlands, pollution, contamination; (iv)
      and injury or threat of injury to persons or property relating to any
      Hazardous Substance; or (v) the protection, management or use of surface
      water or ground water;

	 	 	 
	 	(r) 	
      "Exchange" means the TSX Venture Exchange;

	 	 	 
	 	(s) 	
      "Financing" means the investment by RH in common shares
      in the capital of SPD having a value equal to US$1,800,000;

	 	 	 
	 	(t) 	
      "GPUS Percentage" means the percentage of the issued and
      outstanding SPD Shares, on a non-diluted basis owned, directly or
      indirectly, by GPUS and its Affiliates from time to time;

	 	 	 
	 	(u) 	
      "Hazardous Substances" means any substance, material or
      waste that is listed, classified or regulated as hazardous, toxic or
      dangerous pursuant to any Environmental Laws;

	 	 	 
	 	(v) 	
      "Letter of Intent" means the letter of intent signed
      between AMB and SPD dated December 17, 2013 and amended January 17, 2014
      providing for, among other things, the purchase of the Shares by
    SPD;

	 	 	 
	 	(w) 	
      "Material Contract" means, with respect to a
    Company:

	 	(i) 	
      any continuing contract for the purchase of materials,
      supplies, equipment or services involving, in the case of any such
      contract, more than $10,000 over the life of the contract;

	 	 	 
	 	(ii) 	
      any contract that expires, or may be renewed at the
      option of any person other than the Company so as to expire, more than one
      year after the date of this Agreement;

	 	 	 
	 	(iii) 	
      any debt instrument;

	 	 	 
	 	(iv) 	
      any contract for capital expenditures in excess of
      $10,000 in the aggregate;

	 	 	 
	 	(v) 	
      any contract limiting the right of the Company to engage
      in any line of business or to compete with any other person;

	 	 	 
	 	(vi) 	
      any confidentiality, secrecy or non-disclosure
      contract;

	 	 	 
	 	(vii) 	
      any contract pursuant to which the Company leases any
      real property;

- 4 -

	 	(viii) 	
      any contract pursuant to which the Company leases any
      personal property involving payments by the Company in excess of $10,000
      annually or involving rights or obligations which cannot be terminated
      without penalty on less than three months' notice;

	 	 	 
	 	(ix) 	
      any employment contracts with employees and service
      contracts with independent contractors that cannot be terminated on 30
      days' notice or less by the Company without penalty;

	 	 	 
	 	(x) 	
      any agreement to indemnify, hold harmless or defend any
      other person with respect to any assertion of personal injury, damage to
      property, misappropriation or violation or warranting the lack thereof;
      and

	 	 	 
	 	(xi) 	
      any other agreement, indenture, contract, lease, deed of
      trust, license, option, instrument or other commitment which is or would
      reasonably be expected to be material to the Business, properties, Assets,
      operations, condition (financial or otherwise) or prospects of the
      Company;

	 	(x) 	
      "Nevada Royalty" means Nevada Royalty Corp., a
      corporation existing under the laws of the state of Nevada;

	 	 	 
	 	(y) 	
      "NRC Shares" has the meaning ascribed in Recital
  A;

	 	 	 
	 	(z) 	
      "Plan of Arrangement" means the plan of arrangement
      attached as Schedule A of the Arrangement Agreement;

	 	 	 
	 	(aa) 	
      "Public Record" has the meaning ascribed m Subsection
      3.2(f) of this Agreement;

	 	 	 
	 	(bb) 	
      "Purchase Note" has the meaning ascribed in Section
      2.3(a)(ii);

	 	 	 
	 	(cc) 	
      "Release" means any release, spill, leak, emission,
      discharge, leach, dumping, emission, escape or other disposal;

	 	 	 
	 	(dd) 	
      "RH" means Resource Holdings Ltd., an exempt company
      incorporated under the laws of Bermuda;

	 	 	 
	 	(ee) 	
      "Royalties" means the royalty interests in respect of the
      properties and in the amounts thereon set forth in Schedule "C"
    hereto;

	 	 	 
	 	(ff) 	
      "Securities Act" means the Securities Act (British
      Columbia), as amended from time to time, and the rules and regulations
      promulgated thereunder;

	 	(gg) 	
      "Shares" has the meaning ascribed in Recital A;

	 	 	 
	 	(hh) 	
      "SMC Shares" has the meaning ascribed in Recital
  A;

	 	 	 
	 	(ii) 	
      "SPD Shares" means common shares in the capital of
      SPD;

- 5 -

	 	(jj) 	
      "Springer Mining" means Springer Mining
      Company, a corporation existing under the laws of the state of Nevada;
    

	 	 	
	 	(k) 	
      "Taylor Mill" means the Taylor Mill property and
      equipment in White Pine County, Nevada, including 5 onsite unpatented
      mining claims and water rights; 

	 	 	
	 	(ll) 	
      "Transaction" means the sale of the
      Shares by GPUS to SPD in exchange for the Consideration in accordance with
      the terms of this Agreement and all other transactions referred to herein;
      and 

	 	 	
	 	(mm)	
      "VWAP" means the volume weighted average
      trading price. 

1.2                  
Currency 

                   
     All sums of money which are referred to in this
Agreement are expressed in lawful money of Canada unless otherwise specified.

1.3                  
Best of Knowledge 

                   
     Any reference herein to "the best of the
knowledge" of a party will be deemed to mean the actual knowledge of the senior
management of the party and the best of the knowledge which they would have had
if they had conducted a diligent inquiry into the relevant subject matter. 

1.4                  
Interpretation Not Affected by Headings 

                    
    The division of this Agreement into articles, sections,
paragraphs, subsections and clauses and the insertion of headings are for
convenience of reference only and will not affect the construction or
interpretation of this Agreement. The terms "this Agreement", "hereof ',
"herein", "hereunder" and similar expressions refer to this Agreement and the
Schedules hereto and not to any particular article, section, paragraph, clause
or other portion hereof and include any agreement or instrument supplementary or
ancillary hereto. 

1.5                  
Time of Essence 

                         
Time will be of the essence hereof. 

1.6                  
Schedules 

                    
     The following Schedules attached to this Agreement
are incorporated into this Agreement by reference and are deemed to be part
hereof: 

	 	Schedule "A" 	Assets of
      Springer Mining 
	 	Schedule "B" 	Assets of Nevada Royalty 
	 	Schedule "C" 	Royalties 
	 	Schedule "D" 	Additional Royalties 
	 	Schedule "E" 	Form of Purchase
      Note 
	 	Schedule "F" 	Form of Royalty Grant Agreement
    

- 6 -

	 	Schedule "G" 	Form of
      Subscription Agreement 

ARTICLE 2 
PURCHASE AND SALE 

2.1                  
Purchase and Sale 

                        Subject
to the terms and conditions herein, GPUS agrees to the sell the Shares to SPD
and SPD agrees to purchase the Shares from GPUS. 

2.2                  
Consideration 

                      
  In consideration of the purchase and sale of the Shares herein
contemplated, SPD hereby agrees to pay to GPUS US$5,000,000 (the "Cash Portion")
and grant to GPUS the Royalties (together, the "Consideration "). 

2.3                  
Payment of the Cash Portion of the Consideration 

	 	(a) 	
      SPD will satisfy the Cash Portion of the Consideration at
      Closing as follows:

	 	(i) 	
      SPD will pay to GPUS, or an Affiliate of GPUS as directed
      by GPUS in writing, US$500,000, either in cash or by the issue of SPD
      Shares (or any combination thereof), at the election of SPD; provided that
      any such SPD Shares will be issued at a deemed price per share equal to
      the greater of: (A) $ [NTD: the VWAP of the SPD Shares on the Exchange for
      the seven trading days immediately preceding the date of the SPD Meeting];
      and (B) $0.05.

	 	 	 
	 	(ii) 	
      SPD will issue to GPUS, or an Affiliate of GPUS as
      directed by GPUS in writing, a promissory note in the form attached hereto
      at Schedule "E" in the principal amount of US$4,500,000 (the "Purchase
      Note") bearing interest at a rate of 4% (compounded annually) and payable
      over three years as set forth in the Purchase
Note.

	 	(b) 	
      As security for the timely payment of the Purchase Note,
      SPD will deposit with GPUS, or an Affiliate of GPUS as directed by GPUS in
      writing, at Closing, the share certificates representing the NRC Shares
      and SMC Shares, duly endorsed in blank for transfer.

	 	 	 
	 	(c) 	
      If at any time prior to satisfaction of the Purchase Note
      in full, SPD elects (on prior written notice to GPUS) to terminate the
      Transaction or if SPD fails to make a payment under the Purchase Note when
      due (subject to a 30 day cure period commencing on the date when such
      payment is due), then:

	 	(i) 	
      SPD will promptly transfer the NRC Shares and SMC Shares
      back to GPUS or an Affiliate of GPUS, as directed by GPUS in writing, and
      represent and warrant to GPUS in substantially the same terms as the
      representations and warranties given by GPUS in section 3.1
  hereof (substituting references to GPUS with references to SPD)
      provided that SPD shall have no liability to GPUS for any breach of such
      representations and warranties that existed as of the Effective Time;
      provided however, that if at such time SPD shall have paid GPUS or its
      Affiliates an aggregate of not less than US$1,000,000 of the Cash Portion
      of the Consideration, SPD will (provided that it is entitled to) promptly
      and in any event within 45 days (or such longer period of time agreed by
      GPUS, acting reasonably) cause NRC to transfer the Taylor Mill to SPD, at
      its direction, immediately prior to, and as a condition of, the transfer
      of the NRC Shares back to GPUS,

- 7 -

	 	(ii) 	
      SPD will be deemed to have forfeited to GPUS, without
      compensation, any of the Cash Portion of the Consideration then paid to
      GPUS (including any SPD Shares issued in satisfaction of the Cash Portion
      of the Consideration or payment obligations under the Purchase Note as at
      such date); and

	 	 	 
	 	(iii) 	
      GPUS will retain, without compensation to SPD, all of the
      Royalties and Additional Royalties.

	 	(d) 	
      For the purpose of any US Dollar conversion required to
      give effect to this Section 2.3, the parties will have reference to the
      noon rate of exchange published by the Bank of Canada on the Business Day
      immediately prior to the date of any issue of SPD
Shares.

2.4                  
Royalties 

                      
 At Closing, SPD will execute in favour of GPUS, or an Affiliate of GPUS as
directed by GPUS in writing the royalty grant agreement in the form attached
hereto at Schedule "F" in respect of each of the Royalties set forth in Schedule
"C". 

2.5                  
Additional Royalties 

                    
    At Closing, SPD will cause each of Springer Mining and
Nevada Royalty, as applicable, to execute in favour of GPUS, or an Affiliate of
GPUS as directed by GPUS in writing, the royalty grant agreement in the form
attached hereto at Schedule "F" in respect of each of the Additional Royalties
set forth in Schedule "D". 

ARTICLE 3 
REPRESENTATIONS AND WARRANTIES

3.1                  
Representations and Warranties by GPUS 

                      
  GPUS hereby represents and warrants to SPD at Closing as follows,
and acknowledges that SPD is relying upon the accuracy of each such
representation and warranty in connection with the completion of the
Transaction: 

- 8 -

	 	(a) 	
      Status, Charter Documents and Licenses

	 	 	 	 
	 		(i) 	
      Each Company is a corporation duly incorporated and
      validly existing in all respects under the laws of Nevada. Each Company
      has all necessary corporate power and authority to own, lease or otherwise
      hold its Assets and to carry on its Business as it is now being conducted
      and proposed to be conducted.

	 		(ii) 	
      Each Company is duly licensed, registered and qualified
      as a corporation to do Business, is up-to-date in the filing of all
      required corporate returns and other notices and filings and is otherwise
      in good standing in all respects, in each jurisdiction where it carries on
      Business.

	 	 	 	 
	 	(b) 	
      Authorized and Issued Capital

	 	 	 	 
	 		(i) 	
      The authorized capital of Springer Mining consists of
      20,000 common shares with a par value $1.00 per share of which, a total of
      20,000 common shares have been validly issued and are outstanding and are
      fully paid and non-assessable.

	 	 	 	 
	 		(ii) 	
      The authorized capital of Nevada Royalty consists of
      75,000,000 common shares with a par value $0.001 per share of which, a
      total of 33,617,536 common shares have been validly issued and are
      outstanding and are fully paid and non-assessable.

	 	 	 	 
	 	(c) 	
      Title to Shares

	 	 	 	 
	 		
      The Shares are owned by GPUS as the registered and
      beneficial owner thereof with good title, free and clear of all
      Encumbrances other than those restrictions on transfer, if any, contained
      in the articles or by-laws of the relevant Company.

	 	 	 	 
	 	(d) 	
      Shareholder Agreements, Etc.

	 	 	 	 
	 		
      There are no shareholders' agreements, pooling
      agreements, voting trusts or other similar agreements with respect to the
      ownership or voting of any of the Shares or any other securities of either
      Company.

	 	 	 	 
	 	(e) 	
      Assets

	 	 	 	 
	 		(i) 	
      To the best of the knowledge of GPUS, Schedule "A" to
      this Agreement contains a complete and accurate description of all of the
      material Assets of Springer Mining and Schedule "B" to this Agreement
      contains a complete and accurate description of all of the material Assets
      of Nevada Royalty.

	 	 	 	 
	 		(ii) 	
      Other than the royalties Springer Mining will grant to
      GPUS as contemplated under this Agreement, Springer Mining is the
      registered and beneficial owner of the Assets set forth in Schedule "A"
      and has good and marketable title to such Assets, free and clear of all
      material Encumbrances.

- 9 -

	 	(iii) 	
      Other than the royalties Nevada Royalty will grant to
      GPUS as contemplated under this Agreement, Nevada Royalty is the
      registered and beneficial owner of the Assets set forth in Schedule "B"
      and has good and marketable title to such Assets, free and clear of all
      material Encumbrances.

	 	(f) 	
      Non-Reporting Issuer

	 	 	 
	 		
      No Company is a "reporting issuer" in any jurisdiction
      and its common shares are not listed on any stock exchange or trading
      facility.

	 	(g) 	
      No Subsidiaries

	 	 	 	 
	 		
      No Company has any subsidiaries.

	 	 	 	 
	 	(h) 	
      Licenses

	 	 	 	 
	 		
      To the best of the knowledge of GPUS, all licenses and
      permits required for the conduct of the Business of each Company have been
      obtained and are in good standing.

	 	 	 	 
	 	(i) 	
      No Other Purchase Agreements

	 	 	 	 
	 		
      No person has any agreement, option, understanding or
      commitment, or any right or privilege capable of becoming an agreement,
      option or commitment, including convertible securities, warrants or
      convertible obligations of any nature, for:

	 	 	 	 
	 		(i) 	
      the purchase, subscription, allotment or issuance of, or
      conversion into, any of the unissued shares of either Company or any
      securities of either Company; or

	 	 	 	 
	 		(ii) 	
      the purchase from GPUS of any of the Shares.

	 	 	 	 
	 	(j) 	
      Contractual and Regulatory Approvals

	 	 	 	 
	 		
      Except as have been obtained on the date hereof, to the
      best of the knowledge of GPUS, GPUS is not under any obligation,
      contractual or otherwise, to request or obtain the consent of any person,
      and no permits, licenses, certifications, authorizations or approvals of,
      or notifications to, any federal, provincial, state, municipal or local
      government or governmental agency, board, commission or authority are
      required to be obtained by GPUS, in connection with the execution,
      delivery or performance by GPUS of this Agreement or the completion of any
      of the transactions contemplated herein.

- 10 -

	 	(k) 	
      Compliance with Charter Documents, Agreements and
    Laws

	 	 	 
	 		
      The execution, delivery and performance of this Agreement
      and each of the other agreements contemplated or referred to herein, and
      the completion of the transactions contemplated hereby, will not conflict
      with nor constitute or result in a violation or material breach of or
      material default under, or cause the acceleration of any obligations of
      either Company under:

	 	(i) 	
      any term or provision of any of the constating documents
      of the Company or any director or shareholder minutes; or

	 	 	 
	 	(ii) 	
      the terms of any agreement (written or oral), indenture,
      instrument or understanding or other obligation or restriction to which
      any of the Company, or GPUS is a party or by which any of them is bound;
      or

	 	 	 
	 	(iii) 	
      any term or provision of any order or decree of any
      court, governmental authority or regulatory body or any law or regulation
      of any jurisdiction.

	 	(1) 	
      Corporate Records 

	 	  	
       

	 		
      To the best of the knowledge of GPUS, the corporate
      records and minute books of each Company, all of which have been provided
      to SPD, contain complete and accurate minutes of all meetings of the
      directors and the shareholder of the Company, at which resolutions were
      passed held since its incorporation, and signed copies of all resolutions,
      articles and by-laws duly passed or confirmed by the directors or the
      shareholder of the Company, other than at a meeting. 

	 	  	
       

	 	(m) 	
      Tax Returns 

	 	  	
       

	 		
      All tax returns required to be filed by or on behalf of
      each Company have been duly filed on a timely basis and such tax returns
      are true, complete and correct in all material respects. All taxes shown
      to be payable on the tax returns or on subsequent assessments with respect
      thereto have been paid in full on a timely basis, and no other taxes are
      payable by either Company with respect to items or periods covered by such
      tax returns. 

	 	  	
       

	 	(n) 	
      Financial Records 

	 	  	
       

	 		
      All material financial transactions of each Company have
      been recorded in the financial books and records of each such Company in
      accordance with good business practice. No information, records or systems
      pertaining to the operation or administration of the Business are in the
      possession of, recorded, stored, maintained by or otherwise dependent upon
      any other person. 

	 	  	
       

	 	(o) 	
      Liabilities 

	 	  	
       

	 		
      There are no material liabilities (contingent or
      otherwise) and, to the best of the knowledge of GPUS, there is no basis
      for assertion against either Company of any liabilities of any kind or in respect of which either
      Company may become liable on or after the consummation of the transactions
      contemplated by this Agreement other than liabilities specifically
      disclosed to SPD in writing before the date hereof.

- 11 -

	 	(p) 	
      Material Contracts

	 	 	 
	 		
      No Company is a party to any Material
  Contracts.

	 	(q) 	
      Litigation

	 	 	 	 
	 		
      There are no material actions, suits or proceedings,
      judicial or administrative (whether or not purportedly on behalf of OPUS
      or either Company pending or, to the best of the knowledge of OPUS,
      threatened, by or against or affecting either Company, at law or in
      equity, or before or by any court or any federal, provincial, state,
      municipal or other governmental department, commission, board, bureau,
      agency or instrumentality, domestic or foreign.

	 	 	 	 
	 	(r) 	
      Environmental Matters

	 	 	 	 
	 		(i) 	
      To the best of the knowledge of OPUS, the operation of
      the Business, the property and assets owned or used by each Company and
      the use, maintenance and operation thereof have been and are in compliance
      with all Environmental Laws. To the best of the knowledge of OPUS, each
      Company has complied with all reporting and monitoring requirements under
      all Environmental Laws. No Company has received any notice of any
      non-compliance with any Environmental Laws, and there is no reasonable
      basis upon which either Company could become, responsible for any material
      clean up or corrective action under any Environmental Laws.

	 	 	 	 
	 		(ii) 	
      Each Company has obtained all permits, certificates,
      approvals, registrations and licenses necessary to conduct the Business as
      it now exists, and to own, use and operate its properties and assets in
      compliance with all Environmental Laws.

	 	(iii) 	
      To the best of the knowledge of OPUS, there are no
      Hazardous Substances located on or in any of the properties or assets
      owned or used by either Company and no Release of any Hazardous Substances
      has occurred on or from the properties and assets of either Company or has
      resulted from the operation of the Business and the conduct of all other
      activities of either Company. No Company has used any of its properties or
      assets to produce, generate, store, handle, transport or dispose of any
      Hazardous Substances and no real property has been or is being used as a
      landfill or waste disposal site.

	 	 	 
	 	(iv) 	
      To the best of the knowledge of OPUS, there are no past,
      present or, future events, conditions, circumstances, activities,
      practices, incidents, actions or plans which may interfere with or prevent compliance
      or continued compliance by either Company with the Environmental Laws as
      in effect on the date hereof or which may give rise to any common law or
      legal liability under the Environmental Laws, or otherwise form the basis
      of any claim, action, demand, suit, proceeding, hearing, notice of
      violation, study or investigation, based on or related to the manufacture,
      generation, processing, distribution, use, treatment, storage, disposal,
      transport or handling, or the Release or threatened Release into the
      indoor or outdoor environment by either Company of any Hazardous
      Substances.

- 12 -

	 	(v) 	
      To the best of GPUS' knowledge, no Company has ever
      conducted or had conducted an environmental audit, assessment or study of
      any of its properties or assets.

	 	(s) 	
      Tax Liabilities

	 	 	 
	 		
      To the best of GPUS' knowledge, no Company has any tax
      liabilities.

3.2                  
Representations and Warranties by SPD 

                     
   SPD hereby represents and warrants to GPUS at Closing as
follows, and confirms that GPUS is relying upon the accuracy of each of such
representation and warranty in connection with the completion of the
Transaction: 

	 	(a) 	
      Corporate Authority and Binding Obligation

	 	 	 
	 		
      SPD is a corporation duly incorporated and validly
      subsisting in all respects under the laws of the Province of British
      Columbia. SPD has good right, full corporate power and absolute authority
      to enter into this Agreement and to perform all of SPD's obligations under
      this Agreement. SPD has taken all necessary or desirable actions, steps
      and corporate and other proceedings to approve or authorize, validly and
      effectively, the entering into of, and the execution, delivery and
      performance of, this Agreement. This Agreement has been duly executed and
      delivered by SPD and, assuming the due authorization, execution and
      delivery hereof by GPUS, constitutes a legal, valid and binding obligation
      of SPD, enforceable against it in accordance with its terms subject to (i)
      bankruptcy, insolvency, moratorium, reorganization and other laws relating
      to or affecting the enforcement of creditors' rights generally and (ii)
      the fact that equitable remedies, including the remedies of specific
      performance and injunction, may only be granted in the discretion of a
      court.

	 	 	 
	 	(b) 	
      Reporting Issuer

	 	 	 
	 		
      SPD is a reporting issuer in the Provinces of British
      Columbia, Alberta and Ontario and its common shares are posted and listed
      for trading on the Exchange. SPD is not in default under the Securities
      Act or the rules, by-laws or policies of any stock exchange on which any
      securities of SPD are listed. There are no orders suspending the sale or
      ceasing the trading of any securities issued by
SPD and no proceedings for such purpose are pending or, to
      the knowledge of SPD, threatened.

- 13 -

	 	(c) 	
      Share Capital

	 	 	 
	 		
      SPD's authorized share capital consists of an unlimited
      number of common shares without par value of which, as at the date hereof,
      there are common shares issued and outstanding as fully-paid and
      non-assessable. Any SPD Shares issued pursuant to Section 2.3(a)(i) or
      under the terms of the Purchase Note will, when issued, be validly issued
      as fully paid and non-assessable.

	 	 	 
	 	(d) 	
      Contractual and Regulatory Approvals

	 	 	 
	 		
      Except as have been obtained on the date hereof, SPD is
      not under any obligation, contractual or otherwise, to request or obtain
      the consent of any person, and no permits, licenses, certifications,
      authorizations or approvals of, or notifications to, any federal,
      provincial, municipal or local government or governmental agency, board,
      commission or authority are required to be obtained by SPD in connection
      with the execution, delivery or performance by SPD of this Agreement or
      the completion of any of the transactions contemplated herein.

	 	 	 
	 	(e) 	
      Compliance with Constating Documents, Agreements and
      Laws

	 	 	 
	 		
      The execution, delivery and performance of this Agreement
      and each of the other agreements contemplated or referred to herein by
      SPD, and the completion of the transactions contemplated hereby, will not
      conflict with nor constitute or result in a violation or breach of or
      material default under or cause the acceleration of any obligations of SPD
      under or cause the acceleration of any obligations of SPD
  under:

	 	(i) 	
      any term or provision of any of its notice of articles,
      articles or other constating documents of SPD or any director or
      shareholder minutes;

	 	 	 
	 	(ii) 	
      the terms of any indenture, agreement (written or oral),
      instrument or understanding or other obligation or restriction to which
      SPD is a party or by which it is bound, or

	 	 	 
	 	(iii) 	
      any term or provision of any licenses, registrations or
      qualification of SPD or any order of any court, governmental authority or
      regulatory body or any applicable law or regulation of any
      jurisdiction.

	 	(f) 	
      Public Disclosure

	 	 	 
	 		
      As of their respective dates, all information and
      materials filed by SPD with the Commissions and which are available
      through the SEDAR website (including all exhibits and schedules thereto
      and documents incorporated by reference therein) from January 1, 2012 to
      the date hereof (collectively, the "Public Record") did not contain
      any untrue statement of a material fact or omit to state a material
      fact required to be stated therein or necessary to make the
      statements therein, in light of the circumstances under which they were
      made, not misleading, and complied in all material respects with all
      applicable legal and stock exchange requirements.

- 14

	 	(g) 	
      Subsequent Events; Investment Information

	 	 	 
	 		
      Subsequent to the respective dates as of which
      information is given in the Public Record, there has been no material
      adverse change, or any fact known to SPD and not disclosed to GPUS that
      could reasonably be expected to result in a material adverse change in the
      condition of the assets, liabilities, operations, activities, earnings,
      affairs or financial position of SPD.

	 	 	 
	 	(h) 	
      Corporate Records

	 	 	 
	 		
      The corporate records and minute books of SPD contain
      complete and accurate minutes of all meetings of the directors and
      shareholders of SPD at which resolutions were passed held since its
      incorporation, and signed copies of all resolutions duly passed or
      confirmed by the directors or shareholders of SPD other than at a meeting.
      The share certificate books, register of security holders, register of
      transfers and register of directors and any similar corporate records of
      SPD are complete and accurate.

	 	 	 
	 	(i) 	
      Litigation

	 	 	 
	 		
      There is no suit, action, litigation, investigation,
      claim, complaint or proceeding before any governmental authority in
      progress or pending or, to the best of the knowledge of SPD, threatened
      against or relating to SPD which, if determined adversely to it, would
      prevent SPD from fulfilling all of its obligations set out in this
      Agreement or arising from this Agreement, and, to the best of the
      knowledge of SPD, there is no existing ground on which any such action,
      suit, litigation or proceeding might be commenced with any likelihood of
      success. There is not presently outstanding against SPD any cease trade
      order, judgment, decree, injunction, or rule or order of any governmental
      authority.

3.3                  
Survival of Warranties by GPUS 

               
         The representations and
warranties made by GPUS and contained in this Agreement, or contained in any
document or certificate given in order to carry out the transactions
contemplated hereby, will survive the Closing and, notwithstanding any closing
or any investigation made by or on behalf of SPD or any other person or any
knowledge of SPD or any other person, will continue in full force and effect for
the benefit of SPD for a period of 12 months from the Effective Date. 

3.4                  
Survival of Warranties by SPD 

                       
 The representations and warranties made by SPD and contained in this
Agreement or contained in any document or certificate given in order to carry
out the transactions contemplated hereby will survive the Closing and,
notwithstanding any closing or any investigation made by or on behalf of GPUS or any other person
or any knowledge of GPUS or any other person, will continue in full force and
effect for the benefit of GPUS for a period of 12 months from the Effective
Date. 

- 15 -

ARTICLE 4 
COVENANTS

4.1                  
Sale, Option or Joint Venture of Assets or Shares 

                       
 Excepting only the grant of royalties by each of Springer Mining and
Nevada Royalty to GPUS as contemplated under this Agreement, until such time as
the Purchase Note is paid in full, , SPD shall not sell, assign, transfer, joint
venture, option or in any way encumber any of the NRC Shares or the SMC Shares
or any of the Assets (and shall not enter into any binding agreement in respect
thereof), without obtaining the prior written consent of GPUS, such consent not
to be unreasonably withheld, conditioned or delayed. 

4.2                  
Nominee Rights

                   
     So long as the GPUS Percentage is at least: (a)
20%, GPUS, or a GPUS Affiliate, as directed by GPUS, will have the right to
nominate two appointees to the board of directors of SPD; and (b) at least 10%
but less than 20%, GPUS, or a GPUS Affiliate, will have the right to nominate
one appointee to the board of directors of SPD. 

4.3                  
Pre-Emptive Rights 

	 	(a) 	
      After the Closing and for so long as the GPUS Percentage
      is at least 15%, if SPD proposes to issue pursuant to a private placement
      any common shares or securities that are convertible into, exchangeable
      for or exercisable to acquire Common Shares ("New SPD Securities"), GPUS,
      or a GPUS Affiliate, as directed by GPUS in writing, will be entitled (but
      not required) to concurrently purchase up to such number of New SPD
      Securities ("Participation Right Securities") that will enable GPUS, or a
      GPUS Affiliate, as directed by GPUS in writing, to maintain the GPUS
      Percentage in effect immediately prior to such private placement, on the
      same terms and at the same price at which the New SPD Securities are
      issued to other person(s) ("Third Party Purchasers"), subject to the
      approval of the Exchange.

	 	 	 
	 	(b) 	
      SPD will give GPUS, or a GPUS Affiliate, as directed by
      GPUS in writing, written notice of any proposed issuance of New SPD
      Securities at least 10 Business Days prior to the proposed date of
      issuance thereof. Such notice will set out the material terms of the
      proposed issuance, including the proposed issue
price.

	 	(c) 	
      Within five Business Days following receipt of the notice
      contemplated in Section 4.3(b), GPUS, or a GPUS Affiliate, as directed by
      GPUS in writing, will provide written notice to SPD of the number of New
      SPD Securities it intends to purchase in connection with the proposed
      transaction. If SPD does not receive any notice from GPUS, or a GPUS
      Affiliate, as directed by GPUS in writing, within
such five Business Day period referred to in this Section
      4.3(c), GPUS, or a GPUS Affiliate, as directed by GPUS in writing, will be
      deemed to have waived its rights to acquire any New SPD Securities under
      this Section 4.3 and SPD will be entitled, within the period of 90 days
      following the expiry of such five Business Day period, to complete the
      proposed issuance of New SPD Securities to the Third Party Purchasers on
      terms and conditions no less favourable to SPD than those contained in the
      notice provided to GPUS, or a GPUS Affiliate, as directed by GPUS in
      writing, pursuant to Section 4.3(b). If no such transaction is completed
      within such 90 day period, SPD will be required to again comply with the
      provisions of this Section 4.3 before completing such
  transaction.

- 16 -

	 	(d) 	
      If SPD receives within the five Business day period
      referred to in Section 4.3(c) written notice from GPUS, or a GPUS
      Affiliate, as directed by GPUS in writing, that it wishes to purchase some
      or all of the New SPD Securities which it is entitled to purchase under
      Section 4.3(a), then subject to the approval of the Exchange (which SPD
      will use reasonable commercial efforts to promptly obtain) and any
      shareholder approvals which may be required under applicable laws, SPD
      will be obligated to issue to GPUS (or an Affiliate of GPUS as directed by
      GPUS in writing), and GPUS, or a GPUS Affiliate, as directed by GPUS in
      writing, will be obligated to purchase from SPD, such New SPD Securities
      concurrently with the completion of the issuance of such New SPD
      Securities to the Third Party Purchasers.

	 	 	 
	 	(e) 	
      Nothing in this Section 4.3 will provide GPUS, or a GPUS
      Affiliate, as directed by GPUS in writing, with any rights to acquire any
      securities of SPD which are being issued (i) solely as consideration for
      the acquisition by SPD or its Affiliates of assets from persons dealing at
      arm's length to SPD and not as a financing transaction for SPD, (ii) under
      any equity compensation plan in respect of directors, officers, employees
      or consultants of SPD or (iii) upon the exercise of other outstanding
      convertible securities of SPD.

	 	 	 
	 	(f) 	
      SPD will use commercially reasonable efforts to obtain
      any and all approvals of the Exchange and the shareholders of SPD under
      the rules of the Exchange or any other applicable laws in order for GPUS,
      or a GPUS Affiliate, as directed by GPUS in writing, to obtain the full
      benefit of its rights under this Section 4.3 to purchase Participation
      Right Securities.

4.4                  
Public Disclosure; Confidentiality 

	 	(a) 	
      Unless and until the transactions contemplated in this
      Agreement will have been completed, except with the prior written consent
      of the other party, each party and its respective employees, officers,
      directors, shareholders, agents, advisors and other representatives will
      hold all information received from the other party and all information
      concerning the Company 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.

- 17 -

	 	(b) 	
      All such information and documents in any form or medium
      whatsoever concerning the Company, including but without limitation copies
      thereof and derivative materials made therefrom will be delivered to GPUS,
      or an Affiliate of GPUS, as directed by GPUS, in the event that the Shares
      are transferred back to GPUS or an Affiliate of GPUS, as directed by GPUS
      in writing, destroyed in the event that the transactions provided for in
      this Agreement are not completed.

ARTICLE 5 
CONDITIONS 

5.1                  
Mutual Conditions Precedent 

                      
  The respective obligations of the parties hereto to consummate the
transactions and deliver the documents contemplated hereby are conditional on
the satisfaction or waiver of all conditions precedent in the Arrangement
Agreement which condition is for the benefit of both GPUS and SPD and may not be
waived. 

ARTICLE 6
CLOSING 

6.1                  
Effective Time 

                      
  The parties will complete the transactions contemplated hereby
("Closing") on the  Effective Date at the time set out in the Plan of
Arrangement (the "Closing Time"). 

6.2                  
Deliveries on Closing 

                      
  At Closing: 

	 	(a) 	
      GPUS will deliver to SPD:

	 	 	 	 
	 		(i) 	
      the share certificates representing the Shares, duly
      endorsed for transfer to SPD or to an Affiliate of SPD, as directed by
      SPD;

	 	 	 	 
	 		(ii) 	
      a subscription agreement in respect of the Financing in
      the form attached hereto as Schedule "G", duly executed by RH;

	 	 	 	 
	 		(iii) 	
      all books, minute books, records and accounts of each
      Company and any other information necessary for SPD to operate and manage
      the Business of each Company;

	 	 	 	 
	 		(iv) 	
      a certified copy of a resolution of the directors of GPUS
      authorizing the execution of this Agreement and the completion of the
      transactions contemplated hereby;

	 	 	 	 
	 		(v) 	
      a certified copy of a resolution of each Company
      approving the transfer of the Shares from GPUS to SPD or to an Affiliate
      of SPD, as directed by SPD;

- 18 -

	 	(vi) 	
      a certified copy of a resolution of RH approving the
      Financing; and

	 	 	 
	 	(vii) 	
      such other documents as may be required by SPD's legal
      counsel, acting reasonably.

	 	(b) 	
      SPD will deliver to GPUS:

	 	 	 	 
	 		(i) 	
      a share certificate of SPD registered in the name of GPUS
      or an Affiliate of GPUS, as directed by GPUS, for the number of any SPD
      Shares which SPD elects to issue at Closing in accordance with Section
      2.3(a)(i);

	 	(ii) 	
      the cash, if any, which SPD elects to pay to GPUS in
      accordance with Section 2.3(a)(i), in immediately available
  funds;

	 	 	 
	 	(iii) 	
      a certified copy of a resolution of the directors of SPD
      authorizing the execution of this Agreement and the transactions
      contemplated hereby, including the allotment and issuance of any SPD
      Shares issued pursuant to Section 2.3(a)(i);

	 	 	 
	 	(iv) 	
      the Purchase Note, duly executed by SPD m favour of GPUS
      or an Affiliate of GPUS, as directed by GPUS;

	 	 	 
	 	(v) 	
      share certificates representing the NRC Shares and SMC
      Shares, duly endorsed in blank for transfer, in accordance with Section
      2.3(b);

	 	 	 
	 	(vi) 	
      the royalty transfer agreements in respect of each of the
      Royalties, duly executed by SPD in accordance with Section 2.4;

	 	 	 
	 	(vii) 	
      the royalty transfer agreements in respect of each of the
      Additional Royalties, duly executed by each of NRC or SMC, as applicable,
      in accordance with Section 2.5; and

	 	 	 
	 	(viii) 	
      such other documents as may be required by GPUS's legal
      counsel, acting reasonably.

6.3                  
Closing Arrangements

                     
   Subject to the terms and conditions hereof, the Transaction
will be closed at the Closing Time at the offices of or at such other place or
places as may be mutually agreed upon by GPUS and SPD. 

ARTICLE 7 
GENERAL PROVISIONS 

7.1                  
Further Assurances 

                       
 Each of GPUS and SPD hereby covenant and agree that at any time and from
time to time after the Effective Date it will, upon the request of the others,
do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and
delivered all such further acts, deeds, assignments, transfers, conveyances and
assurances as may be required for the better carrying out and performance of all
the terms of this Agreement including, without limitation, any documents
required to comply with securities or stock exchange requirements. 

- 19 -

7.2                  
Notices 

                    
    Any notice required or permitted to be given under this
agreement will be given in writing and transmitted by facsimile or other
electronic transmission or delivered by one party to the other (the
"Recipient") at the address indicated below and will be deemed to have
been given on the day on which it is delivered or sent by facsimile or other
electronic transmission, provided that such day is a Business Day in the city in
which the recipient is located and such notice is so delivered or sent by
facsimile prior to 5:00 p.m. (local time of the Recipient). If a notice is not
delivered or sent on a Business Day or is delivered or sent on or after 5:00
p.m. on such day, it will be deemed to be given on the next Business Day
thereafter. 

If to Silver Predator Corp.:

5450 Riggins Court, #5 
Reno, Nevada
USA 89502

Attention:          Nathan
Tewalt, CEO 
(Fax): (775) 284-1275 
Email: ntewalt@silverpredator.com

If to Golden Predator US Holding
Corp. 

11521 North Warren Street 
Hayden,
Idaho 83835

Attention:          William
Sheriff, Chairman & CEO 
Fax: (208) 635-5465 
Email: wms@aubullion.com

with a copy to 

11521 North Warren Street 
Hayden,
Idaho 83835

Attention:          Timothy
Leybold, CFO 
Fax: (208) 635-5465 
Email: tleybold@aubullion.com 

7.3                  
Governing Law 

                   
     This Agreement shall be governed by and construed
in accordance with the laws of the Province of British Columbia and the laws of
Canada applicable therein and shall be treated in all respects as a British
Columbia contract. Each of the parties hereby irrevocably attoms to the
exclusive jurisdiction of the courts of the Province of British Columbia in
respect of all matters arising under and in relation to this Agreement and the
Arrangement and waives any defences to the maintenance of an action in the Courts of
the Province of British Columbia. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ANY
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED
ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES IN THE
NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT. 

- 20 -

7.4                  
Expenses of Parties 

                     
   Each of the parties hereto will bear all expenses incurred by
it in connection with this Agreement including, without limitation, the charges
of their respective counsel, accountants, and financial advisors. 

7.5                  
Assignment 

                      
  No party hereto may assign its rights or obligations under this
Agreement, without the consent of the other party hereto. SDP hereby consents to
the assignment by GPUS to an Affiliate of GPUS of its rights and obligations
hereunder, which rights and obligations GPUS will assign an Affiliate promptly
following Closing. 

7.6                  
Successors and Assigns

                    
    This Agreement will be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted
assigns. Nothing herein, express or implied, is intended to confer upon any
person, other than the parties hereto and their respective successors and
assigns, any rights, remedies, obligations or liabilities under or by reason of
this Agreement. 

7.7                  
Entire Agreement

                    
    This Agreement and the Schedules hereto constitutes the
entire agreement, and supersedes all other prior agreements and understandings
between the Parties with respect to the subject matter hereof and thereof,
including the Letter of Intent. None of the parties hereto will be bound or
charged with any oral or written agreements, representations, warranties,
statements, promises, information, arrangements or understandings not
specifically set forth in this Agreement or in the Schedules, documents and
instruments to be delivered on or before the Effective Time pursuant to this
Agreement. The parties hereto further acknowledge and agree that, in entering
into this Agreement and in delivering the Schedules, documents and instruments
to be delivered on or before the Effective Time, they have not in any way
relied, and will not in any way rely, upon any oral or written agreements,
representations, warranties, statements, promises, information, arrangements or
understandings, express or implied, not specifically set forth in this Agreement
or in such Schedules, documents or instruments. 

7.8                  
Waiver 

                      
  Any party hereto which is entitled to the benefits of this Agreement
may, and has the right to, waive any term or condition hereof at any time on or
prior to the Effective Time; provided, however, that such waiver must be evidenced by
written instrument duly executed on behalf of such party. 

- 21 -

7.9                  
Amendments 

                       
 No modification or amendment to this Agreement may be made unless agreed
to by the parties hereto in writing. 

7.10                  Counterparts

                     
   This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original but all of which together shall
constitute one and the same instrument. The parties shall be entitled to rely
upon delivery of an executed facsimile or similar executed electronic copy of
this Agreement, and such facsimile or similar executed electronic copy shall be
legally effective to create a valid and binding agreement between the parties.

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

	SILVER PREDATOR CORP., by its 	  
	authorized signatory: 	 
	  	 
	  	 
	Authorized Signatory 	 
	Name: 	 
	Title: 	 
	  	 
	  	 
	  	 
	GOLDEN PREDATOR US HOLDING 	 
	CORP., by its authorized signatory: 	 
	  	 
	  	 
	Authorized Signatory 	 
	Name: 	 
	Title: 	 

- 22 -

SCHEDULE "A" 
ASSETS OF SPRINGER MINING

	Fee land of approximately 3,756 acres in Pershing County, NV
  
	All underground mine and surface mill equipment at the Springer mine
  property in Pershing County, NV, including water and air pollution control
  permits, tailings/water dam and pond permits, and industrial water rights
  permits
  
	340 unpatented lode mining claims in Pershing County, NV
  
	25 placer mineral claims in Pershing County, NV
  
	Copper King Tungsten property consisting of 7 unpatented and 9 patented
  mining claims in Pershing County, NV 

SCHEDULE "B" 
ASSETS OF NEVADA ROYALTY

	Taylor Mill property and equipment in White Pine County, NV, including 5
  onsite unpatented mining claims and water rights
  
	Rumbolt Mill site in Pershing County, NV
  
	Tempo property consisting of approximately 200 unpatented mining claims in
  Lander County, NV
  
	Modoc property consisting of an 85% interest in 114 unpatented mining
  claims in Lander County, NV
  
	Guild/Skipjack property consisting of 74 unpatented mining claims in Nye
  County, NV
  
	Lewiston property consisting of 175 unpatented and 3 patented owned
  claims, and 8 patented and 10 unpatented leased claims in Fremont County, WY
  
	Yankee West property consisting of 107 unpatented mining claims in White
  Pine County, NV
  
	Flamingo property consisting of 68 unpatented mining claims in Nye County,
  NV 

SCHEDULE "C" 

ROYALTIES 

SPD will grant royalties to GPUS, or an Affiliate of GPUS as
directed by GPUS in writing, on each of the following properties and in the
following amounts; provided, however, that all NPI will be calculated after any
NSR payment, such that any NSR payments are allowable expenses when calculating
NPI: 

	Taylor 	1.0% NPI 
	Treasure Hill 	0.5% NPI 
	Cordero 	1.0% NPI 
	Copper King, ID 	1.0% NPI or 1.0% NSR 
	McBride, Manitoba 	1.0% NSR (Sypher
      Rscs) 
	Illinois Creek, Alaska 	1/3 of any NSR or NPI currently
      owned by SPD or granted to SPD in the future. 

SCHEDULE "D"

ADDITIONAL ROYALTIES 

SPD will cause Nevada Royalty to grant royalties to GPUS, or an
Affiliate of GPUS as directed by GPUS in writing, on each of the following
properties and in the following amounts: 

	Flamingo 	2.0% NSR 
	Modoc (85%) 	2.0% NSR 
	Tempo 	2.0% NSR 
	Yankee West 	1.0% NSR 
	Guild/Skipjack 	2.0% NSR 
	Lewiston WY 	1.0% NSR 

SPD will cause Springer Mining to grant royalties to GPUS, or
an Affiliate of GPUS as directed by GPUS in writing, on each of the following
properties and in the following amounts: 

	Springer 	2.0% NSR 
	Copper King 	2.1% NSR 

SCHEDULE "E" 

FORM OF PURCHASE NOTE

 

 

 

2

Schedule "E" to SPD Share Purchase Agreement

WITHOUT PRIOR WRITTEN APPROVAL OF TSX VENTURE EXCHANGE AND
COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF TSX VENTURE EXCHANGE OR
OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL
<@>, 2014. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES MUST NOT TRADE THE SECURITIES BEFORE <@>, 2014. 

SILVER PREDATOR CORP. 

PROMISSORY NOTE 

	Date of
      Issue:                  
      , 2014 	Amount: US$4,500,000 

Silver Predator Corp. (the "Company"), for value received,
promises to pay to Golden Predator US Holding Corp. (the "Holder"), the
principal sum of US$4,500,000 (the "Principal Amount"), plus simple interest
accruing from the date of issue until paid at a rate of 4% per annum. 

This Promissory Note (the "Note") is made pursuant to the share
purchase agreement dated the date hereof between the Company and Golden Predator
US Holding Corp. (the "Share Purchase Agreement"). Unless otherwise defined,
capitalized terms used in this Note have the meanings assigned to them in the
Share Purchase Agreement. If there is a conflict or inconsistency between this
Note and the Share Purchase Agreement, the Share Purchase Agreement will prevail
to the extent of that conflict or inconsistency. 

1.        Principal and
Interest 

The outstanding Principal Amount and the accrued but unpaid
interest (the "Interest") shall become due and payable as follows (each, a
"Payment Due Date"): 

	 	(a) 	
      Principal Amount of US$1,000,000
      on              
      , 2015;

	 	 	 
	 	(b) 	
      Principal Amount of US$1,500,000
      on              
      , 2016; and

	 	 	 
	 	(c) 	
      Principal Amount of US$2,000,000
      on              
      , 2017,

in each case plus Interest accumulated
as at such date. 

All payments under this Note shall be made in the lawful money
of Canada. The Company may prepay all or any part of the Note at any time
without penalty, bonus or charges. All payments shall first be applied to the
Interest and thereafter to the outstanding Principal Amount. All payments of
Interest, whether in cash, or in shares pursuant to section 2, will be net of
applicable Canadian withholding tax, if any. 

2.        Payment of
Principal Amount and Interest in Common Shares 

Subject to the receipt of any required regulatory approvals and
the other provisions of this Note the Company may, at its option provided that
its common shares are then listed on the Toronto Stock Exchange or the TSX Venture Exchange, and not subject to any
cease trade order or suspension or halt in trading, in exchange for or in lieu
of paying the portion of the Principal Amount and/or any Interest due on each
Payment Due Date (or any other pre-payment date) solely in money, elect to
satisfy its obligation to pay such portion of the Principal Amount and/or any
Interest by issuing and delivering to the Holder on the date of payment (the
"Common Share Payment Date") that number of fully paid common
shares in the capital of the Company ("Common Shares") obtained by
dividing such portion of the Principal Amount and/or any Interest that the
Company elects to pay in Common Shares by the Common Share FMV (the "Common
Share Payment Right"). 

- 2 -

For the purposes of the foregoing, the "Common Share FMV"
shall be the greater of: (a) subject to the Available Discount (as defined
below), the volume weighted average trading price ("VWAP") of the Common
Shares on the TSX Venture Exchange (or such other stock exchange on which the
Common Shares may at such time be trading) for the 14 trading days immediately
preceding the date which is two days before the Common Share Payment Date; and
(b) CAD$0.05. 

The VWAP of the Common Shares will be subject to a 10% discount
in the event the VWAP is at least CAD$0.36 but less than CAD$0.75, and a 15%
discount in the event the VWAP is CAD$0.75 or more (the "Available
Discount"). 

Any amount payable by the Company to the Holder pursuant to the
terms of this Note that is paid in Common Shares in accordance with the
Company's Common Share Payment Right will be deemed to be paid and satisfied in
full as of the Common Share Payment Date. The Holder shall be treated as the
shareholder of record of the Common Shares issued on due exercise by the Company
of its Common Share Payment Right effective immediately after the close of
business on the Common Share Payment Date, and shall be entitled to all
substitutions therefor, all income earned thereon or accretions thereto and all
dividends or distributions (including distributions and dividends in kind)
thereon and arising thereafter. As soon as practicable following the Common
Share Payment Date, the Company, at its expense, will cause to be issued in the
name of and delivered to the Holder, a certificate or certificates for the
number of Common Shares to which the Holder shall be entitled pursuant to this
Section 2. The Holder acknowledges and agrees that this Note and any securities
acquired upon conversion pursuant to this Section 2 will be subject to such
trade restrictions as may be imposed by operation of applicable securities rules
and that the Company will be required to legend the certificates representing
such securities with those restrictions. 

3.       
Fractional Shares

The Company shall not be required to issue fractional Common
Shares upon the payment of any portion of this Note in Common Shares pursuant to
Section 2. If any fractional interest in Common Shares would, except for the
provisions of this Section 3, be issuable upon the payment of any amount of this
Note, the number of Common Shares issued upon such payment shall be rounded down
to the next whole number of Common Shares and the Company shall not be required
to make any payment in lieu of delivering any certificates of such fractional
interest. 

4.       
Adjustment and Anti-dilution Rights

If, prior to repayment of this Note, the Company undertakes any
reclassification of, or other change in (including a change resulting from
consolidation or subdivision) the outstanding Common Shares other than the
Consolidation; or in case of any issue of Common Shares (or securities
convertible into Common Shares) to all or substantially all of the holders of
its outstanding Common Shares by way of a stock dividend or other distribution
of assets or securities; the number of Conversion Shares to be issued under Section 2 shall, after such reclassification, change, issue,
distribution or dividend, be equal to the number of shares or other securities
or property of the Company, to which the Holder would have been entitled to upon
such reclassification, change, distribution or dividend. The Common Share FMV in
effect on the Common Share Payment Date of any such subdivision, redivision or
on the record dated for such issuance of the Common Shares by way of a stock
dividend or other distribution of assets or securities, as the case may be,
shall be decreased in the proportion which the number of Common Shares
outstanding before such transaction bears to the number of Common Shares
outstanding after such transaction. The Conversion Price in effect on the Common
Share Payment Date of any such reduction, combination or consolidation of the
Common Shares, shall be increased in the proportion which the number of Common
Shares outstanding before such transaction bears to the number of Common Shares
outstanding after such transaction. 

2

- 3 -

The Company covenants with the Holder that so long as this Note
remains outstanding, it will give notice to the Holder of its intention to fix a
record date for any event referred to in this Section 4 which may give rise to
an adjustment in the number of Common Shares issuable under Section 2 herein and
such notice must specify the particulars of such event and the record date and
the effective date for such event. The Company shall give such notice to the
Holder not less than ten business days in each case prior to such applicable
record date. 

5.       
Transfer of Note - Restrictions on Transfer 

This Note may not be transferred or assigned without the
consent of the Company, which consent will not be unreasonably withheld by the
Company; provided however that the Holder may transfer or assign this Note to an
affiliate (as defined in the Securities Act (British Columbia) of the
Holder without the consent of the Company. The Company shall not be required to
consent to the transfer of this Note to a person that is either a non-resident
person or a partnership that is not a "Canadian Partnership" each for the
purposes of the Income Tax Act (Canada). If consented to by the Company,
this Note may be transferred only in compliance with applicable securities laws
and only upon surrender of the original Note for registration of transfer, duly
endorsed, or accompanied by a duly executed written instrument of transfer in
form satisfactory to the Company. A new Note for like Principal Amount will be
issued to, and registered in the name of, the transferee. 

6.       
No Impairment

Except and to the extent as waived or consented to by the
Holder, the Company will not, by amendment of its articles or bylaws or through
any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or
performed hereunder by the Company, but will at all times in good faith assist
in the carrying out of all the provisions of this Note and in the taking of all
such action as may be necessary or appropriate in order to protect the exercise
rights of the Holder against impairment. 

7.       
Miscellaneous 

	 	(a) 	
      The Company may deem and treat the holder of record of
      this Note as the absolute owner for all purposes regardless of any notice
      to the contrary.

	 	 	 
	 	(b) 	
      This Note shall not entitle the Holder to any voting
      rights or any other rights as a shareholder of the Company or to any other
      rights except the rights stated herein.

3

- 4 -

	 	(c) 	
      Any term of this Note may be amended and the observance
      of any term may be waived (either generally or in a particular instance
      and either retroactively or prospectively) only with the written consent
      of both the Company and the Holder.

	 	 	 
	 	(d) 	
      This Note shall be governed by and construed under the
      laws of the Province of British Columbia.

	 	 	 
	 	(e) 	
      The terms and conditions of this Note shall inure to the
      benefit of and be binding on the respective successors and assigns of the
      parties.

	 	 	 
	 	(f) 	
      If one or more provisions of this Note are held to be
      unenforceable under applicable law, such provision shall be excluded from
      this Note, and the balance of this Note shall be interpreted as if such
      provision were so excluded and shall be enforceable in accordance with its
      terms.

 

	SILVER PREDATOR CORP. 	 
	 	 
	Per: 	 
	  	 
	Authorized Signatory 	  

4

SCHEDULE "F" 

FORM OF ROYALTY GRANT AGREEMENT

 

 

 

3

No APN's - no transfer of title 
Deed of Royalties Only 

Recorded at the request of 
and when recorded return to:

	The undersigned affirms that this document 
	does not contain
      the personal information of any person. 

Deed of Royalties 

This Deed of Royalties ("Deed") is made and entered into
effective this
<              
, day
of              
, 2014 from , a corporation
("              
"),
to              
, a corporation
("              
"). 

Recitals 

                   ,
a company incorporated under the laws of
("              
"),
and              
, a corporation incorporated under the laws of , are parties to the Share
Purchase Agreement
dated              
, 2014 (the "Sale Agreement") pursuant to
which              
agreed to grant
to              
the "Net Profits Royalty" (as defined herein) in the properties more
particularly described in Exhibit A (hereinafter the "NPI Properties") and the
"Net Smelter Royalty" (as defined herein) in the properties more particularly
described in Exhibit B (hereinafter the "NSR Properties") (together with the Net
Profits Royalty, the "Royalties") attached to and by this reference incorporated
in this Deed (collectively the "Properties" and each individually a "Property").

            All
capitalized words not otherwise defined shall have the respective meanings set
forth in Exhibit C. 

desires to grant
to              
the Royalties provided for in the Sale Agreement. 

            In
consideration of the sum of ten dollars ($10.00), the receipt of which is
acknowledged, and the parties' rights and obligations under the Sale Agreement,
the parties agree as follows: 

1.       
Net Profits Royalty. <@> grants to <@>, and
<@>'s assigns and successors forever, and <@> covenants for itself
and its assigns and successors, to pay to < >, and <@>'s assigns and
successors, a production royalty of 1.0% of the Net Profits of
the              
Properties payable after the commencement of Commercial Production from the
<@> Properties the "Net Profits Royalty"). For greater certainty, the Net
Profits Royalty encumbers
the              
Properties separately, and the Net Profits Royalty in respect of the <@>
Properties shall encumber, and shall only be payable from, the Net Profits to
which <@> is entitled in respect of the <@> Properties and shall not
encumber any other claims. 

            1.1       
Calculation of Royalty. If and for so long as the Net Profits
Royalty is payable in respect of
the              
Properties, <@> shall calculate, as of the end of each calendar quarter
ending after the date of commencement of Commercial Production on each
of the <@> Properties, the Gross Revenue, Expenditures and Net Profits for
each of the <@> Properties for such quarter.

- 2 -

            1.2       
Arm's Length. Notwithstanding the definitions of Gross Revenue and Expenditures,
if, in respect of the <@> Properties: 

	 	(a) 	
      sales of ore, minerals or other products extracted or
      produced from the <@> Properties are made to;

	 	 	 
	 	(b) 	
      receipts are paid by or receivables are payable by;
    or

	 	 	 
	 	(c) 	
      costs, charges, obligations, liabilities and expenses
      paid or payable by <@>, <@> US and their respective affiliates
      to,

a person not at arm's length to <@>, the amount to be
added to Gross Revenue for the <@> Properties in respect of such sales,
receipts or receivables or to be added to Expenditures in respect of such costs,
charges, obligations, liabilities and expenses shall be the fair market value to
<@>, as delivered, of the ore, minerals, metals or other products or of
the subject matter of the receipts, receivables, costs, charges, obligations,
liabilities and expenses at the time. 

            1.3       
Payment of Net Profits Royalty. If and for so long as the Net Profits Royalty is
payable in respect of the <@> Properties, <@> shall, within 45 days
after the end of each calendar quarter ending after the date of commencement of
Commercial Production on the <@> Properties: 

	 	(a) 	
      deliver to <@> a statement, showing in reasonable
      detail the calculation of Gross Revenue, Expenditures and Net Profits for
      the <@> Properties for such quarter; and

	 	 	 
	 	(b) 	
      pay to <@> the Net Profits Royalty for such
      quarter.

            1.4       
Carrying Forward of Losses. Any amount by which the aggregate of the
Expenditures for the <@> Properties in any calendar quarter ending after
the date of commencement of Commercial Production on the <@> Properties,
exceeds Gross Revenue for the <@> Properties for such quarter shall,
together with any negative balance carried forward from the previous quarter (as
long as such quarter ended after the date of commencement of Commercial
Production), be carried forward for deduction from Gross Revenue for the purpose
of determining the Net Profits for the <@> Properties for the immediately
succeeding quarter. 

            1.5       
Year End Adjustment. If and for so long as the Net Profits Royalty is payable in
respect of the <@> Properties, <@> shall, within 120 days of the end
of each calendar year ending after the date of commencement of Commercial
Production on the <@> Properties, deliver to <@> a statement of the
Gross Revenue, Expenditures and Net Profits for such calendar year, and
contemporaneously with the delivery of such statement an appropriate adjustment
shall be made with respect to the royalty payments made by <@> pursuant to
Paragraph 1.3(b) above and <@> shall pay to <@> any amount payable
by reason of the Net Profits disclosed in such statement. 

- 3 -

            1.6       
Access and Audit. For the purpose of verifying any statement of Net Profits for
the <@> Properties delivered by <@> to <@> hereunder,
<@> agrees that <@> and its authorized representatives shall, at all
reasonable times, have full and free access to the books, accounts and records
of <@> dealing with all aspects and elements of Gross Revenue and
Expenditures for the <@> Properties, and <@> grants to <@> the
right at any time to have the Gross Revenue, Expenditures and Net Profits for
such Property determined and audited by a chartered accountant selected by
<@>. <@> shall pay, on demand by <@>, any deficiency shown to
be due by any such audit and, if the statement of Net Profits for the <@>
Properties in respect of any period is found by such audit to be understated by
more than 5%, <@> shall also reimburse <@> for the costs of the
audit. 

2.        Net Smelter
Royalty. <@> grants to <@>, and <@>'s assigns and successors
forever, and <@> covenants for itself and its assigns and successors, to
pay to <@>, and <@>'s assigns and successors, a production royalty
based on the Net Smelter Returns from the production or sale of minerals from
each of the <@> Properties payable after the commencement of Commercial
Production from such Owned Property (the "Net Smelter Royalty"). For greater
certainty, the Net Smelter Royalty encumbers each of the <@> Properties
separately and the Net Smelter Royalty in respect of anyone Owned Property shall
encumber, and shall only be payable from, the Net Smelter Returns to which
<@> is entitled in respect of that Property and shall not encumber any
other claims. 

            2.1.1       
The Net Smelter Royalty percentage rate shall be 2.0% of the Net Smelter Returns
with respect to Precious Metals derived from each of the <@> Properties
payable after the commencement of Commercial Production from such Owned
Property; and 

           
2.1.2        The Net Smelter Royalty
percentage rate shall be 1.0% of the Net Smelter Returns with respect to all
other metals and minerals derived from each of the <@> Properties payable
after the commencement of Commercial Production from such Owned Property. 

            The
Royalties shall be non-administrative, nonexecutive, non-participating and
nonworking mineral production royalties. 

            2.1       
Royalty on Property. The Royalties shall burden and run with the Properties, as
applicable, including any amendments, conversions to a lease or other form of
tenure, relocations or patent of all or any of the unpatented mining claims
which comprise all or part of the Properties. On amendment, conversion to a
lease or other form of tenure, relocation or patenting of any of the unpatented
mining claims which comprise all or part of the Properties, <@> agrees and
covenants to execute, deliver and record in the office of the recorder of the
county in which all or any part of the Properties are situated an instrument by
which <@> grants to <@> the Royalties and subjects the amended,
converted or relocated unpatented mining claims and the patented claims, as
applicable, to all of the burdens, conditions, obligations and terms of this
Deed. 

- 4 -

            2.2       
Notice of Commencement of Commercial Production. <@>
shall provide <@> with written notice of the date of commencement of
Commercial Production on any of the Properties within ten days after the
occurrence of such date. 

           
2.3        Payment
of Net Smelter Royalty. <@> shall, within 45 days after the end
of 

each calendar quarter ending after the date of commencement of
Commercial Production on any of the <@> Properties: 

	 	(a) 	
      deliver to <@> a statement, showing in reasonable
      detail the calculation of Net Smelter Returns for such Owned Property for
      such quarter together with documentation supporting the proceeds and
      payments underlying such calculation; and

	 	 	 
	 	(b) 	
      pay <@> the Net Smelter Royalty in respect of such
      Owned Property for such quarter.

            2.4       
Arm's Length. Notwithstanding the definition of Net Smelter Returns, if
the proceeds from the sales of ore, minerals or other products extracted or
produced from any of the <@> Properties are paid to a person not at arm's
length to <@>, or the payments deductible from proceeds are paid to a
person not at arm's length to <@>, the amount to be added to or deducted
from Net Smelter Returns for such Owned Property in respect of such sales or
payments shall be the fair market value to <@>, as delivered, of the ore,
minerals, metals or other products or to <@> of the subject matter of the
payments at the time. 

            2.5       
Audit. <@> shall have the right, within 90 days after the
delivery to <@> of the annual audited financial statements of <@>
Parentco for each fiscal year during which Commercial Production from any of the
<@> Properties exists to request an audit of any of the Net Smelter
Royalty calculations for the previous year by <@> Parentco's public
auditors, after which time period <@>'s calculations shall be deemed to be
correct. The cost of such audit shall be paid by <@> unless the audit
reveals that the amount paid on account of the Net Smelter Royalty for the
fiscal year in question was more than 5% less than that calculated as being due
by the auditor, in which case the cost of such audit shall be paid by <@>.

3.       
Interest on Unpaid Amounts. If <@> shall fail to pay any
amount when due under this Deed, the unpaid amount shall bear interest from the
due date thereof to the date of payment at the annual rate equal to the Prime
Rate plus [3%], calculated and payable monthly. 

4.       
Commingling. Subject to <@> obtaining any necessary
consents or agreements of the owners of the <@> Properties <@> shall
have the right to commingle any ores, minerals or mineral products from any of
the Properties with ores, minerals and mineral products produced from other
properties, provided that such commingling is accomplished after such ores,
minerals or mineral products have been weighed or measured and sampled in
accordance with sound mining and metallurgical practices. Any Royalty due
hereunder shall be determined by equitable allocation between ores, minerals and
mineral products from any of the Properties and ores, minerals and mineral
products from other properties in accordance with sound accounting and
metallurgical practices. Before the commencement of Commercial Production from
any of the Properties that would involve commingling, <@> shall present
and explain the commingling procedures that will be used to <@> and give reasonable
consideration to any concerns raised by <@>. Accurate records of tonnage,
volume of products, analyses of products, weight, assays of metal content,
sales, and other records necessary for the computation of any Royalty due
hereunder shall be kept by <@>, and such shall be available for inspection
by <@>, at <@>'s sole expense, as applicable, at all reasonable
times. In any dispute regarding the amount of any Royalty payable, the foregoing
shall not alter the common law principles applicable to commingling regarding
fair dealing and the burden of proof relating to the calculations of royalties
payable. 

- 5 -

5.       
General Provisions. 

           
5.1        Entire
Agreement. This Deed and the Sale Agreement constitute the entire

agreement between the parties with respect to the subject
matter hereof. 

            5.2       
Additional Documents. The parties shall from time to time execute all
such further instruments and documents and do all such further actions as may be
necessary to effectuate the purposes of this Deed. 

           
5.3        Binding
Effect. All of the covenants, conditions, and terms of this Deed shall bind and inure to the benefit of the parties and their
successors and assigns.

            5.4       
No Partnership. Nothing in this Deed shall be construed to
create, expressly or by implication, a joint venture, mining partnership or
other partnership relationship between the parties. 

            5.5       
Governing Law and Forum Selection. This Deed is to be governed
by and construed under the laws of the State of Nevada. Any action or proceeding
concerning the construction, or interpretation of the terms of this Deed or any
claim or dispute between the parties shall be commenced and heard in the Second
Judicial District Court of the State of Nevada, in and for the County of Washoe,
Reno, Nevada. 

            5.6       
Severability. If any part, term or provision of this Deed is
held by a court of competent jurisdiction to be illegal or in conflict with any
laws or regulations, the validity of the remaining portions or provisions shall
not be affected, and the rights and obligations of the parties shall be
construed and enforced as if this Deed did not contain the particular part, term
or provision held to be invalid. 

            5.7       
Notices. Any notices required or authorized to be given by this Deed
shall be in writing and shall be sent either by commercial courier, facsimile,
or by certified U.S. mail, postage prepaid and return receipt requested,
addressed to the proper party at the address stated below or such address as the
party shall have designated to the other parties in accordance with this
Section. Such notice shall be effective on the date of receipt by the addressee
party, except that any facsimiles received after 5:00 p.m. of the addressee's
local time shall be deemed delivered the next day. 

If to <@>:

>

- 6 -

If to <@>.: 

This Deed is
effective              
,
of              
, 2014. 
 

This Royalty Deed was executed before me on
__________________________________, by
<        ,Chief Financial Officer and
Treasurer of 

 

My commission does not expire. 

Exhibit A 

<@> Properties

PROPERTY 

The
following              
[NTD: insert property description] 

	Claim Name 	BLM# 
	 	<@>

PROPERTY 

The
following              
[NTD: insert property description] 

	Claim Name 	BLM# 
	 	<@>

Exhibit B 

<@> Properties

PROPERTY 

The
following              
claims [NTD: insert property description]: 

	Claim Name 	BLM# 
	 	<@>

PROPERTY 

The
following              
claims [NTD: insert property description]: 

	Claim Name 	BLM# 
	 	<@>

Exhibit C 

Defined Terms

	1. 	
      "Claims" means the mining claims that comprise the
      Properties.

	 	 
	2. 	
      "Commercial Production" means, and is deemed to have been
      achieved, in respect of any of the Claims when the concentrator processing
      ores, for other than testing purposes, has operated for a period of 30
      consecutive production days at an average rate of not less than 60% of the
      projected production rate specified in a feasibility study recommending
      placing any of the relevant Claims in commercial production or other
      production plan being pursued or, if a concentrator is not erected on such
      Claims, when ores have been produced for a period of 30 consecutive
      production days at the rate of not less than 60% of the mining rate
      specified in a feasibility study recommending placing such Claims in
      commercial production, but specifically excludes the milling of ores for
      the purpose of testing or milling (to a maximum of 500 tons in respect of
      each of the Claims) by a pilot plant or milling during an initial tune-up
      period of a plant.

	 	 
	3. 	
      "Expenditures" means, subject to Paragraph 1.2 hereof,
      all costs, charges, obligations, liabilities and expenses of every nature
      incurred or chargeable, directly or indirectly, by <@>, <@>
      Parentco and their respective affiliates, including payments for damages,
      if any, save and except for damages arising from willful misconduct or
      gross negligence of any of <@> or <@> Parentco, resulting from
      or connected with the preparation, equipping and operation of the
      <@> Properties which are incurred or become chargeable in connection
      with or for the benefit of the <@> Properties, its development,
      improvement, maintenance and operation, and the products thereof, except
      that any capital expenditure shall only be deemed to be an expenditure for
      any period to the extent that such capital expenditure is depreciated or
      amortized, as applicable, in accordance with Canadian generally accepted
      accounting principles, consistently applied, or the International
      Financial Reporting Standards, if adopted by <@> for that period.
      All Expenditures shall be determined in accordance with Canadian generally
      accepted accounting principles consistently applied or the International
      Financial Reporting Standards, if adopted by <@> or <@>
      Parentco. Without limiting the generality of the foregoing, and without
      intending to enumerate all items of expense, it is understood that
      Expenditures shall include the following items which are incurred or
      chargeable in connection with or for the benefit of the <@>
      Properties and without duplication:

	 	(a) 	
      all costs of or related to the mining and concentrating
      of ore or other products and the operation and development of the
      <@> Properties;

	 	 	 
	 	(b) 	
      all selling and marketing expenses of ore or other
      products, including without limitation, transportation, agents'
      commissions and discounts;

	 	 	 
	 	(c) 	
      all costs of maintaining any the <@> Properties or
      the leases relating thereto, as applicable, or any other interest therein
      in good standing, including payment of the Royalties and any other amounts
      due thereunder, as applicable, and taxes of any nature whatsoever in
      connection therewith;

- 10 -

	 	(d) 	
      the costs of purchase or rental of all supplies,
      equipment, machinery, plant maintenance, plant additions, repairs and
      replacements and construction;

	 	 	 
	 	(e) 	
      the costs of purchase or rental of all equipment,
      facilities and amenities for the use and welfare of employees employed in
      connection with the <@> Properties;

	 	 	 
	 	(f) 	
      the total annual costs and expenses of insuring the
      <@> Properties, including the buildings, improvements, equipment and
      other property on or below the <@> Properties;

	 	 	 
	 	(g) 	
      the salaries, fees and wages of all personnel, including
      supervisory and management personnel who work full time at the <@>
      Properties employed to carry out the maintenance and operation of the
      <@> Properties, including contributions and premiums towards usual
      fringe benefits, hospital and medical attention, unemployment and workers'
      compensation insurance, accident benefits, and other sums payable on
      account of death or injury to such employees, including all sums payable
      as compensation or damages arising in any manner out of the mining and
      treatment of the products and including any operations or work of any
      nature at the property, and in and on the plant or equipment on or below
      each such claim, including legal expenses in connection therewith, pension
      plan contributions and similar premiums and contributions;

	 	 	 
	 	(h) 	
      all costs of consulting, audit, legal and accounting and
      other services;

	 	 	 
	 	(i) 	
      all reasonable and actual costs and fees of<@> or
      <@> Parentco for providing technical, management and/or supervisory
      services, such amount, excluding costs relating to depreciated or
      amortized capital expenditures, not to exceed: (i) 3% of the Expenditures
      during the relevant period under paragraphs (a), (c), (d), (e), (f), (g),
      (j), (1) and (m) of the definition of Expenditures; and (ii) 10% of the
      Expenditures during the relevant period under paragraph (k), provided
      that, notwithstanding the foregoing, the costs and fees pursuant to this
      clause (ii) shall not exceed 5% of the Expenditures in respect of any
      contract pursuant to which the cost to <@> or <@> Parentco is
      in excess of $50,000;

	 	(j) 	
      the costs of cleaning, garbage and waste collection and
      disposal, and operating and maintaining storage areas, loading and
      receiving areas and truck docks;

	 	 	 
	 	(k) 	
      all exploration and development expenditures, and all
      other costs, expenses, interest, obligations and liabilities of whatsoever
      nature or kind, including those of a capital nature to the extent that
      such capital expenditures are depreciated or amortized, as applicable, in
      accordance with Canadian generally accepted accounting principles,
      consistently applied, or the International Financial Reporting Standards,
      if adopted by <@> or <@> Parentco, during the relevant period,
      incurred or chargeable, directly or indirectly by <@> or <@>
      Parentco with respect to the exploration and development of the <@>
      Properties and equipping such claims for production, but excluding
      reasonable overhead charges;

- 11 -

	 	(I) 	
      the costs for pollution control, reclamation or any other
      similar costs incurred or to be incurred as a result of any governmental
      regulations or requirements; 

	 	  	     
	 	(m) 	
      costs or expenses incurred or to be incurred relating to
      the termination of the operation and development of the <@>
      Properties; and 

	 	  	     
	 	(n) 	
      all Taxes, rates, royalties, assessments, fees and
      duties, levied or imposed on the <@> Properties or on <@> or
      <@> Parentco in respect of such interests, and all taxes and other
      charges payable to any Governmental Entity, department or agency thereof
      (excluding income and similar taxes), including all government royalties,
      mining duties and Taxes not based or imposed on profits, payable on or in
      respect of or measured by the products from such claims.

	4. 	
      "Gross Revenue" means, subject to Paragraph 1.2 hereof,
      the total amount of all sales of ores, minerals, metals or other product
      extracted or produced from the <@> Properties and all other receipts
      or receivables whatsoever from all business conducted on or from such
      claims, whether those sales or other receipts be evidenced by cheque;
      cash, credit, charge accounts, exchange or otherwise. If any part of the
      operations on the <@> Properties shall be subcontracted or conducted
      by any person, finn or corporation other than <@>, then the total
      amount of all sales and other receipts of that subcontractor or other
      person, firm or corporation shall be included in Gross Revenue for the
      purpose of calculating the royalties payable hereunder.

	 	 
	5. 	
      "Net Smelter Returns" means, subject to Paragraph 2.4
      hereof, the net proceeds received from the sale of ore, or ore
      concentrates, metals or other mineral products from the relevant Claim to
      a smelter or other purchaser, after payment
of:

	 	(a) 	
      smelter and refining charges;

	 	 	 
	 	(b) 	
      government imposed production and ad valorem taxes
      (excluding taxes on income);

	 	 	 
	 	(c) 	
      ore treatment charges, penalties and any and all charges
      made by the purchaser of ore or concentrates. In the case of leaching
      operations or other solution mining or beneficiation techniques, where the
      metal being treated is precipitated or otherwise directly derived from
      such leach solution, all processing and recovering costs incurred beyond
      the point at which the metal being treated is in solution, shall be
      considered as treatment charges;

	 	 	 
	 	(d) 	
      any and all transportation and insurance costs which may
      be incurred in connection with the transportation of ore, concentrates or
      other products, ex- headframe in the case of ores and ex-mill or other
      treatment facility in the case of concentrates or other products;
    and

	 	 	 
	 	(e) 	
      all umpire charges which <@> may be required to
      pay.

	6. 	
      "Net Profits" means, with respect to any period and in
      respect of any of the Lease Properties, the Gross Revenue for such period
      less all Expenditures for such period.

- 12 -

	7. 	
      "Precious Metals" includes platinum, rhodium,
      gold, iridium, osmium, palladium, rhenium, ruthenium and silver.

	 	 
	8. 	
      "Prime Rate" means at any particular time, the
      reference rate of interest, expressed as a rate per annum that the Bank of
      Montreal, at its main office in Vancouver , British Columbia, establishes
      as its prime rate of interest in order to determine interest rates that it
      will charge for demand loans in Canadian dollars to its most credit worthy
      customers.

SCHEDULE "G" 

FORM OF SUBSCRIPTION AGREEMENT

4

Schedule "G" to the SPD Share Purchase Agreement 

THIS OFFERING IS BEING M ADE ONLY IN JURISDICTIONS WH ERE THE
SHARES MAY BE LAWFULLY OFFERED FOR SALE. NO OFFER IS MADE NOR WI LL
SUBSCRIPTIONS BE ACCEPTED FROM RESIDENTS OF ANY JURISDICTION WHERE THE OFFER AND
SALE OF THE SHARES WILL CONTRAVENE APPLICABLE SECURITIES LAWS. THIS OFFERING IS
NOT BEING MADE TO U.S. PERSONS (AS THAT TERM IS DEFINED IN REGULATION S). 

 

	 
	PRIVATE PLACEMENT 
	 
	SUBSCRIPTION AGREEMENT OF COMMON SHARES
      
	 
	CAN $0.+ PER COMMON SHARE 
	 
	 ,2014 
	 

INSTRUCTIONS TO PURCHASER 

	1. 	
      Page l- Complete all the information in the boxes on page
      1 and sign where indicated. 

	2. 	
      Schedule "A" or "B" - Complete either the Corporate
      Placee Registration Form attached hereto as Schedule "A" or the
      Confirmation of Previously Filed Corporate Placee Registration Form
  attached hereto as Schedule "B". 

	3. 	
      Schedule "C" - If you are an "accredited investor", then
      complete the "Accredited Investor Questionnaire" attached hereto as
  Schedule "B". 

	4. 	
      Pages 6 & 7 - If you are not an "accredited investor"
      and are resident in Canada, then ensure that you have completed either of
      sections 8(e)(iii) or (iv) on pages 6 or 7 of this Subscription.

	5. 	
      Payment - Send a bank draft, certified cheque along with
      your completed forms to the address below. If you wish to pay by wire
      transfer, refer to Schedule "D". 

The completed forms and any cheques should be delivered to:

Attention: Nancy La Couvee, Corporate Secretary 
SILVER
PREDATOR CORP. 
#800 - 1199 West Hastings Street 
Vancouver, British
Columbia, Canada V6E 3T5 
Fax: (604) 608-9345 
Email :
nlacouvee@silverpredator.com 

Should you have any questions regarding the completion of this
Subscription and the attached Schedules please contact Nancy La Couvee at (778)
968-6941. 

PRIVATE PLACEMENT SUBSCRI PTION AGREEMENT - COMMON SHARES 

 

ACCEPTANCE: The Company hereby accepts the subscription as set
forth above on the terms and conditions contained in this Subscription
Agreement. 

Dated at Vancouver, British Columbia, this ____________day of
_________________________________________2013. 

SILVER PREDATOR CORP. 

 

	Per:	   	 
	 	(Authorized Signatory) 	 

TO:       
SILVER PREDATOR CORP. 

I.                     
Subscription. The undersigned (the "Purchaser") hereby tenders to
SI LVER PREDATOR CORP. (the "Company" or the "'Issuer")
this subscription offer which, upon acceptance by the Company, will
constitute an agreement (the "subscription Agreement") of the Purchaser
with the Company to purchase from the Company the number of Shares (as defined
below) set out on page 1 hereof at the price (the "Purchase Price") of
CAN$0.     per Share, on the terms and subject to the conditions set forth in
this Subscription Agreement. 

By its acceptance of this offer, the Company covenants, agrees
and confirms that the Purchaser will have the benefit of all of the
representations, warranties, covenants, agreements, terms and conditions set
forth hereunder. 

2.                     
Definitions. In this Subscription Agreement, unless the context
otherwise requires: 

	 	(a) 	
      "Accredited Investor Status Certificate"
      means the accredited investor status certificate required to be
      completed by a Purchaser who is a resident of Canada, in the form of
    Schedule "C" attached hereto; 

	 	  	
       

	 	(b) 	
      "affiliate", "distribution" and "insider"
      have the respective meanings ascribed to them in the Securities Act
      (British Columbia); 

	 	  	
       

	 	(c) 	
      "Closing" means the completion of the issue and
      sale by the Company and the purchase by the Purchaser of the Shares
      pursuant to this Subscription Agreement; 

	 	  	
       

	 	(d) 	
      "Closing Date" means April 15, 2014 or such
      earlier date mutually agreed by the Company and the Purchaser; 

	 	  	
       

	 	(e) 	
      "Closing Time" means a.m. (Pacific time) on
      the Closing Date or such other time as the Company and the Purchaser may
      determine; 

	 	  	
       

	 	(f) 	
      "Common Share" means common shares without
      par value in the capital of the Company; 

	 	  	
       

	 	(g) 	
      "Designated Provinces" means Ontario, British
      Columbia and Alberta; 

	 	  	
       

	 	(h) 	
      "material" means material in relation to the
      Company; 

	 	  	
       

	 	(i) 	
      "material change" means any change in the
      business, operations, assets, liabilities, ownership or capital of the
      Company (except the transactions contemplated herein) that would
      reasonably be expected to have a significant effect on the market price or
      value of the Shares and includes a decision to implement such a change
      made by the board of directors of the Company or by senior management of
      the Company who believe that confirmation of the decision by the board of
      directors is probable; 

	 	  	
       

	 		
      "Offering" means the offering of < Common
      Shares for an aggregate subscription price of US$ l ,800,000 to the
      Purchaser; 

	 	  	
       

	 	(k) 	
      "Public Record" means all information and
      materials filed by the Company with the Commissions and which are
      available through the SEDAR website (including all exhibits and schedules
      thereto and documents incorporated by reference therein) from January l ,
      2012 to the date hereof; 

	 	  	
       

	 	(I) 	
      "Purchaser'" means Resource Holdings Ltd.;
  

	 	  	
       

	 	(m) 	
      "Regulation S" means Regulation S under
      the U.S. Securities Act; 

	 	  	
       

	 	(n) 	
      "Securities Commissions" means, collectively, the
      securities commission or other securities regulatory authority in each of
      the Designated Provinces; 

2

	 	(o) 	
      "Securities Laws" means, collectively, the
      applicable securities laws of each of the Designated Provinces and the
      respective regulations and rules made and forms prescribed thereunder
      together with all applicable published policy statements, blanket orders,
      rulings and notices of the Securities
Commissions;

	 	(p) 	
      "SEDAR" means the System for Electronic Document
      Analysis and Retrieval ;

	 	 	 
	 	(q) 	
      "Shares" means common shares of
      the Company offed for sale to the Purchaser pursuant to this
    Offering;

	 	 	 
	 	(r) 	
      "Stock Exchange" means the [TSX Venture
      Exchange;]

	 	 	 
	 	(s) 	
      "U.S. Person '" means a U.S.
      Person as that term is defined m Regulation S under the U.S. Securities
      Act; and

	 	 	 
	 	(t) 	
      "U.S. Securities Act" means the United States
      Securities Act of 1933, as amended and rules and regulations
    thereunder.

3.                     
Delivery and Payment. The Purchaser agrees that the following shall be
delivered to the Company at the address set out on the face page hereof, at such
time as the Company may advise: 

	 	(a) 	
      a completed and duly signed copy of this Subscription
      Agreement;

	 	 	 
	 	(b) 	
      if the Purchaser is not an individual and will hold more
      than 5% of the Issuer 's issued and outstanding common shares upon
      completion of the Offering, a fully executed corporate placee registration
      form in the form set out in Schedule "A" unless the Purchaser has filed
      such a form with the Stock Exchange within the last year and it is still
      current, in which case the Purchaser will deliver confirmation of such
      filing in the form set out in Schedule "B".

	 	 	 
	 	(c) 	
      if the Purchaser is purchasing as an "accredited
      investor", a completed and duly signed copy of the Accredited Investor
  Status Certificate;

	 	 	 
	 	(d) 	
      any other documents required by applicable securities
      laws which the Company requests; and

	 	 	 
	 	(e) 	
      a certified cheque or bank draft made payable on or
      before the Closing Date (or such other date as the Company may advise) in
      same day freely transferable Canadian funds at par in Vancouver, British
      Columbia to "SILVER PREDATOR CORP." representing the
      aggregate purchase price payable by the Purchaser for the Shares, or such
      other method of payment against delivery of the Shares as the Company may
      accept.

                          The
Purchaser acknowledges and agrees that such undertakings, questionnaires and
other documents, when executed and delivered by the Purchaser, will form part of
and will be incorporated into this Subscription Agreement with the same effect
as if each constituted a representation and warranty or covenant of the
Purchaser hereunder in favour of the Company. The Purchaser consents to the
filing of such undertakings, questionnaires and other documents as may be
required to be filed with the Stock Exchange or other securities regulatory
authority in connection with the transactions contemplated hereby. The Purchaser
acknowledges and agrees that this offer, the Purchase Price and any other
documents delivered in connection herewith will be held by the Company until
such time as the Company accepts or rejects this offer. 

4.                     
Closing. The transactions contemplated hereby will be completed
at the Closing at the offices of the Company at Suite 800, 1199 West Hastings
Street, Vancouver , British Columbia. At the Closing, the Company will issue
the Shares subscribed and paid for hereunder and deliver them such Shares to the
Purchaser at the address set forth on the cover page hereof. 

5.                     
General Representations, Warranties and Covenants of the Company.
By accepting this offer, the Company represents and warrants to the
Purchaser as follows: 

3

	 	(a) 	
      the Company and its subsidiaries are valid and subsisting
      corporations duly incorporated and in good standing under the laws of the
      jurisdictions in which they are incorporated, continued or
    amalgamated;

	 	 	 
	 	(b) 	
      the Company has all reqms1te corporate power and capacity
      to enter into, and carry out its obligations under, this Subscription
      Agreement and this Subscription Agreement is a legal, valid and binding
      obligation of the Company;

	 	 	 
	 	(c) 	
      no Offering Memorandum has been or will be provided to
      the Purchaser;

	 	 	 
	 	(d) 	
      the Company has complied, or will comply, with all
      applicable corporate and securities laws and regulations in connection
      with the offer, sale and issuance of the Shares, and in connection
      therewith has not engaged in any "direct selling efforts," as such term
      is defined in Regulation S, or any "general solicitation or general
      advertising" as described i n Regulation D of the U.S. Securities
Act;

	 	(e) 	
      on the Closing Date, the Company will have taken all
      corporate steps and proceedings necessary to approve the transactions
      contemplated hereby, including the execution and delivery of this
      Subscription Agreement;

	 	 	 
	 	(f) 	
      the Company and its subsidiaries are the beneficial
      owners of the properties, business and assets or the interests in the
      properties, business or assets referred to in its Public Record and except
      as disclosed therein, all agreements by which the Company or its
      subsidiaries holds an interest in a property, business or asset are in
      good standing according to their terms, and the properties are in good
      standing under the applicable laws of the jurisdictions in which they are
      situated;

	 	 	 
	 	(g) 	
      the financial statements comprised in the Public Record
      accurately reflect the financial position of the Company as at the date
      thereof, and no adverse material changes in the financial position of the
      Company have taken place since the date of the Company's last financial
      statements except as filed in the Public
Record;

	 	(h) 	
      neither the Company nor any of its subsidiaries is a
      party to any actions, suits or proceedings which could materially affect
      its business or financial condition, and to the best of the Company's
      knowledge no such actions, suits or proceedings have been threatened as at
      the date hereof, except as disclosed in the Public Record;

	 	 	 
	 	(i) 	
      except as set out in the Public Record or herein, no
      person has any right, agreement or option, present or future, contingent
      or absolute, or any right capable of becoming a right, agreement or option
      for the issue or allotment of any unissued common shares of the Company or
      any other security convertible or exchangeable for any such shares or to
      require the Company to purchase, redeem or otherwise acquire any of the
      issued or outstanding Shares of the Company;

	 	(j) 	
      the entering into and performance by the Company will
      not, on the Closing Date, constitute a default under any term or provision
      of the constating documents or resolutions of the Company, or any
      judgment, decree, order, statute, rule or regulation, or any agreement or
      instrument applicable to the Company which in any way materially adversely
      affects the Company or the condition (financial or otherwise) of the
      Company or which would have any material effect upon the ability of the
      Company to perform its obligations arising under this Subscription
      Agreement;

	 	
      (k) 
	
      the Shares will, at the time of Closing, be duly
      allotted, validly issued, fully paid and non- assessable and will be free
      of all liens, charges and encumbrances and the Company will reserve
      sufficient shares in the treasury of the Company to enable it to issue the
      Shares; 

	 	  	  
	 	(I) 	the outstanding Shares are now,
      and will be on the Closing Date, listed on the Stock Exchange;
  

	 	(m) 	
      on the Closing Date, no order ceasing or suspending
      trading in the securities of the Company nor prohibiting the sale of such
      securities will have been issued to the Company or its
  directors, officers or promoters and, to the knowledge of the
      Company, no investigations or proceedings for such purposes are pending or
      threatened;

4

	 	(n) 	
      prior to the Closing Date, the Company will have obtained
      all required approvals from the Stock Exchange in order to permit the
      completion of the transactions contemplated hereby;

	 	 	 
	 	(o) 	
      the Company will use reasonable commercial efforts to
      satisfy as expeditiously as possible any conditions of the Stock Exchange
      required to be satisfied prior to the Exchange's acceptance of the
      Company's notice of the Offering;

	 	 	 
	 	(p) 	
      the Company will use its best efforts to obtain all
      necessary approvals for this Offering;

	 	 	 
	 	(q) 	
      as at , 2014, the Company is a reporting issuer in good
      standing under the securities laws of the Provinces of British Columbia,
      Alberta and Ontario and the Company will use its commercially reasonable
      best efforts to maintain its status; and

	 	 	 
	 	(r) 	
      the Company has full corporate authority to issue the
      Shares at the Closing Time.

6.                     
Acceptance or Rejection. The Company will have the right to accept or
reject this offer in whole or in part at any time at or prior to the Closing
Time. The Purchaser acknowledges and agrees that the acceptance of this offer
will be conditional upon the sale of the Shares to the Purchaser being exempt
from any prospectus or offering memorandum requirements of all applicable
Securities Laws and the equivalent provisions of securities laws of any other
applicable jurisdiction. The Company will be deemed to have accepted this offer
upon the Company's execution of the acceptance form on the face page of this
Subscription Agreement and the delivery at the Closing of the certificates
representing the Shares to or upon the direction of the Purchasers in accordance
with the provisions hereof 

If this subscription is rejected in whole, any cheques or other
forms of payment delivered to the Company will be promptly returned to the
Purchaser without interest or deduction. If this subscription is accepted only
in part, a cheque representing any refund for that portion of the subscription
for the Shares which is not accepted will be promptly delivered to the Purchaser
without interest or deduction. 

7.                     
Purchaser's Representations and Warranties. The Purchaser represents and
warrants to the Company, as representations and warranties that are true as of
the date of this offer and will be true as of the Closing Date, that: 

	 	(a) 	
      Authorization and Effectiveness. If the Purchaser
      is a corporation, or other unincorporated entity, the Purchaser is a valid
      and existing entity, has the necessary capacity and authority to execute
      and deliver this offer and to observe and perform its covenants and
      obligations hereunder and has taken all necessary corporate action in
      respect thereof. If the Purchaser is an individual, partnership, syndicate
      or other form of unincorporated organization, the Purchaser has the
      necessary legal capacity and authority to execute and deliver this offer
      and to observe and perform its covenants and obligations hereunder and has
      obtained all necessary approvals in respect thereof In either case,
      whether the Purchaser is a corporation, individual, or an unincorporated
      entity, upon acceptance by the Company, this offer will constitute a
      legal, valid and binding contract of the Purchaser enforceable against the
      Purchaser in accordance with its terms and will not result in a violation
      of any of the Purchaser 's constating documents, or equivalent, or any
      agreement to which the Purchaser is a party or by which it is
  bound;

	 	 	 
	 	(b) 	
      Residence. The Purchaser is a resident of the
      jurisdiction referred to under "Name and Address of Purchaser"' set out on
      the face page hereof and: (i) is not a U.S. Person or a resident of the
      United States nor is it purchasing the Shares for the account or benefit
      of a U.S. Person or a resident of the United States; (ii) was not offered
      the Shares in the United States; and (iii) did not execute or deliver this
      Subscription Agreement in the United States;

	 	 	 
	 	(c) 	
      Purchasing as Principal. Except to the extent
      contemplated herein, the Purchaser is purchasing the Shares as principal
      (as defined in applicable Securities Laws), for its own account and not
      for the benefit of any other person;

5

	 	(d) 	
      Purchasing as Agent or Trustee. In the case of the
      purchase by the Purchaser of the Shares as agent or trustee for any
      principal whose identity is disclosed or undisclosed or identified by
      account number only, each beneficial purchaser of the Shares for whom the
      Purchaser is acting, is purchasing its Shares as principal for its own
      account, and not for the benefit of any other person, for investment only
      and not with a view to resale or distribution, and the beneficial
      purchaser is properly described in subparagraph (e)(i), (ii), (iii) or
      (iv) below, and the Purchaser has due and proper authority to act as agent
      or trustee for and on behalf of such beneficial purchaser in connection
      with the transactions contemplated hereby;

	 	 	 
	 	(e) 	
      Purchaser Has Benefit of Statutory Exemptions. Unless it
      satisfies the requirements under subparagraph 8(d), the Purchaser is (or
      is deemed to be) purchasing the Shares as principal for its own account,
      not for the benefit of any other person, for investment only and not with
      a view to the resale or distribution of all or any of the Shares, it is
      resident in or otherwise subject to applicable securities laws of the
      jurisdiction set under "Name and Address of Purchaser" on the face page
      hereof and it fully complies with one or more of the criteria set forth
below:

	 	(i) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada and it is an "accredited investor", as such
      term is defined in National Instrument 45-106 - Prospectus and
      Registration Exemptions of the Canadian Securities Administrators
      adopted under the securities legislation of the Canadian jurisdictions
      ("NI 45-106"), it was not created or used solely to purchase or hold
      securities as an accredited investor as described in paragraph (m) of the
      definition of "accredited investor" in NI 45-106, and it has concurrently
      executed and delivered an Accredited Investor Status Certificate in the
      form attached as Schedule "C" to this Subscription Agreement and has
      initialled or placed a check mark in Appendix "A" to Schedule "C" thereto
      indicating that the Purchaser satisfies one of the categories of
  "accredited investor" set forth in such definition; or

	 	 	 
	 	(ii) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada and it has an aggregate acquisition cost for the
      Shares of not less than $150,000 paid in cash at the time of the trade and
      it was not created or used solely to purchase or hold securities in
      reliance on this exemption from the registration and prospectus
      requirements of applicable securities laws; or

	 	 	 
	 	(iii) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada (other than Ontario) and it is (if
      applicable, please initial):

	 	(A) 	
      a "director", "executive officer" or "control person" (as
      such terms are defined in NI 45-106 and reproduced in Schedule "C" of this
      Subscription Agreement) of the Company, or of an affiliate of the Company;
      or

	 	 	 
	 	(B) 	
      a "spouse" (as such term is defined in NI 45-106 and
      reproduced in Schedule "C" of this Subscription Agreement), parent,
      grandparent, brother, sister, child or grandchild of any person referred
  to in subparagraph (A) above; or

	 	 	 
	 	(C) 	
      a parent, grandparent, brother, sister, child or
      grandchild of the spouse of any person referred to in subparagraph (A)
      above; or

	 	(D) 	
      a close personal friend of any person referred to in
      subparagraph (A) above and, if requested by the Company, will provide a
      signed statement describing the relationship with any of such persons;
      or

	 	(E) 	
      a close business associate of any person referred to in
      subparagraph (A) above and, if requested by the Company, will provide a
      signed statement describing the relationship with any of such persons;
      or

6

	 	(F) 	
      a "founder" of the Company (as such term is defined in
      NI 45-106 and reproduced in Schedule C of this Subscription Agreement), or
      a spouse, parent, grandparent, brother, sister, child, grandchild, close
      personal friend or close business associate of a founder of the Company
      and, if requested by the Company, will provide a signed statement
  describing the relationship with such founder of the Company; or

	 	 	 
	 	(G) 	
      a parent, grandparent, brother, sister, child or
      grandchild of a spouse of a founder of the Company; or

	 	 	 
	 	(H) 	
      a person of which a majority of the voting securities are
      beneficially owned by, or a majority of directors are, persons described
      in subparagraphs (A) through (G) above; or

	 	 	 
	 	(I) 	
      a trust or estate of which all of the beneficiaries or a
      majority of the trustees or executors are persons described in
      subparagraphs (A) through (G) above; or

(Note: for the purposes of
subparagraph (DJ and (F) above. a person is not a "close personal friend" solely
because the individual is a relative or a member of the same organization,
association or religious group or because the individual is a client, customer
or former client or customer, nor is an individual a close personal friend as a
res11/t of being a close personal friend of a close personal friend of one of
the listed individuals above, rather the relationship must be direct. A close
personal friend is one who knows the director, executive officer, founder or
control person well enough and has known them for a sufficient period of time to
be in a position to assess their capabilities and trustworthiness. Further, for
the purposes of subparagraph (E) and (F) above, a person is not a "close
business associate" solely because the individual is a client, c11stomer, former
client or customer, nor is the individual a close business associate if they are
a close business associate of a close business associate of one of the
listed individuals above, rather the relationship must be direct. A
close business associate is an individual who has had sufficient prior dealings
with the director, executive officer, founder or control person to be in a
position to assess their capabilities and trustworthiness.); or 

	 	(iv) 	
      it is resident in or otherwise subject to applicable
      securities laws of Ontario and it is (if applicable, please
      initial):

	 	(A) 	
      a "founder" of the Company, or an "affiliate" of a
      "founder" of the Company (as such terms are defined in NI 45-106 and
  reproduced in Schedule "C" of this Subscription Agreement); or 

	 	  	     
	 	(B) 	
      a "spouse" (as such term is defined in NI 45-106 and
      reproduced in Schedule "C" of this Subscription Agreement), parent,
      brother, sister, grandparent, grandchild or child of an executive officer,
      director or "founder” of the Company; or 

	 	  	     
	 	(C) 	
      a person that is a "control person" of the Company; or
      

	 	(v) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada and it is an employee, executive officer,
      director or consultant (as such terms (other than employee) are defined in
      NI 45-106 and reproduced in Schedule "C" of this Subscription Agreement)
      of the Company and its participation in the trade is voluntary, meaning it
      is not induced to participate in the trade by expectation of employment or
      appointment or continued employment or appointment with, or engagement or
      continued engagement to provide services to, as applicable, the
      Company;

7

	 	(f) 	
      Company or Unincorporated Organization. If
      the Purchaser, or any beneficial purchaser referred to in subparagraph (d)
      above, is a corporation or a partnership , syndicate, trust or other form
      of unincorporated organization, the Purchaser or such beneficial purchaser
      was not incorporated or created solely, nor is it being used primarily, to
      permit purchases without a prospectus under applicable law;

	 	 	 
	 	(g) 	
      Absence of Offering Memorandum. The
      offering and sale of the Shares to the Purchaser were not made as a result
      of any advertising in the printed media of general and regular paid
      circulation, radio or television or any other form of advertisement and,
      except for this Subscription Agreement, the only documents, if any,
      delivered or otherwise furnished to the Purchaser in connection with such
      offering and sale were a term sheet, copies of news releases issued by the
      Company and other publicly available documents, which documents the
      Purchaser acknowledges do not, individually or collectively , constitute
      an offering memorandum or similar document;

	 	(h) 	
      No Undisclosed Information. The Shares are not
      being purchased by the Purchaser as a result of any material information
      concerning the Company that has not been publicly disclosed and the
      Purchaser's decision to tender this offer and acquire the Shares has not
      been made as a result of any oral or written representation as to fact or
      otherwise made by or on behalf of the Company or any other person other
      than as set out in this Subscription Agreement and the decision is
      otherwise based entirely upon currently available public information
      concerning the Company ; 

	 	  	
       

	 	(i ) 	
      Investment Suitability. The Purchaser has
      obtained, to the extent it or he deems necessary, its own professional
      advice with respect to the risks inherent in the investment in the Shares,
      and the suitability of the investment in the Shares in light of its
      financial condition and investment needs; and the Purchaser, and any
      beneficial purchaser referred to in subparagraph (d) above, has such
      knowledge and experience in financial and business affairs as to be
      capable of evaluating the merits and risks of the investment hereunder in
      the Shares and is able to bear the economic risk of loss of such
      investment; 

	 	(j) 	
      Source of Subscription Funds.

	 	 	 	 
	 		(i) 	
      none of the subscription funds used for the purchase of
      the Shares (the '"Subscription Funds'") (A) will
      represent proceeds of crime for the purposes of the Proceeds of Crime
      (Money Laundering) and Terrorist Financing Act (Canada), (8) have been
      or will be derived from or related to any activity that is deemed criminal
      under the laws of Canada, the United States or any other jurisdiction , or
      (C) are being tendered on behalf of a person or entity who has not been
      identified to the Purchaser, and

	 	 	 	 
	 		(ii) 	
      the Purchaser shall promptly notify the Company if the
      Purchaser discovers that any of the representations in paragraph (i) above
      ceases to be true, and to provide the Company with appropriate information
      in connection therewith; and

	 	(k) 	
      Absence of Certain Representations. No person has
      made to the Purchaser any written or oral representation:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Shares;

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Shares; or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of the
  Shares.

	 	(I) 	
      International Purchaser. If the Purchaser is
      resident outside of Canada and the United States, the Purchaser:

	 	 	 	 
	 		(i) 	
      is knowledgeable of, or has been independently advised as
      to the applicable securities laws of the securities regulatory authorities
      (the "Authorities'") having application in the jurisdiction
      in which the Purchaser is resident (the "International
      Jurisdiction") which would apply to the acquisition of the
Shares, if any;

8

	 	(ii) 	
      is purchasing the Shares pursuant to exemptions from the
      prospectus and registration or equivalent requirements under the
      applicable securities laws of the Authorities in the International
      Jurisdiction or, if such is not applicable, the Purchaser is permitted to
      purchase the Shares under the applicable securities laws of the
      Authorities in the International Jurisdiction without the need to rely on
      any exemption;

	 	(iii) 	
      confirms that the applicable securities laws of the
      Authorities in the International Jurisdiction do not require the Issuer to
      make any filings or seek any approvals of any nature whatsoever from any
      Authority of any kind whatsoever in the International Jurisdiction in
      connection with the issue and sale or resale of the Shares;
  and

	 	(iv) 	
      confirms that the purchase of the Shares by the Purchaser
      does not trigger:

	 	(A) 	
      an obligation to prepare and file a registration
      statement, offering memorandum, prospectus, offering circular or similar
      document, or any other report with respect to such purchase in the
      International Jurisdiction; or 

	 	  	
       

	 	(8) 	
      continuous disclosure reporting obligations of the Issuer
      in the International Jurisdiction; and 

	 	(v) 	
      the Purchaser will, if requested by the Issuer, comply
      with such other requirements as the Issuer may reasonably
  require.

                          The
Purchaser acknowledges and agrees that the foregoing representations and
warranties are made by it with the intention that they may be relied upon in
determining its eligibility or (if applicable) the eligibility of others on
whose behalf it is contracting hereunder to purchase the Shares under relevant
securities legislation. The Purchaser further agrees that by accepting delivery
of the Shares on the Closing Date, it shall be representing and warranting that
the foregoing representations and warranties are true and correct as at the
Closing Date with the same force and effect as if they had been made by the
Purchaser at the time of the Closing and that they shall survive the purchase by
the Purchaser of the Shares and shall continue in full force and effect
notwithstanding any subsequent disposition by the Purchaser of the Shares. The
Purchaser undertakes to notify the Company immediately of any change in any
representation, warranty or other information relating to the Purchaser set
forth herein which takes place prior to the Closing Time. 

8.                     
Finder's Fee to Certain Investment Institutions. [Intentionally
Deleted.] 

9.                     
Purchaser's Expenses. The Purchaser acknowledges and agrees that except
as otherwise provided herein, all costs and expenses incurred by the Purchaser
(including any fees and disbursements of special counsel retained by the
Purchaser) relating to the purchase of the Shares shall be borne by the
Purchaser. 

10.                    Resale
Restrictions. The Purchaser understands and acknowledges that the
Shares will be subject to certain resale restrictions under applicable
Securities Laws and the Purchaser agrees to comply with such restrictions. The
Purchaser also acknowledges that it has been advised to consult its own legal
advisors with respect to applicable resale restrictions and that it is solely
responsible (and the Company is not in any manner responsible) for complying
with such restrictions. 

                          For
purposes of complying with applicable Securities Laws and National Instrument
45-102 Resale of Securities, as well as Stock Exchange policies, the
Purchaser understands and acknowledges that when issued all the certificates
representing the Shares, as well as all certificates issued in exchange for or
in substitution of the foregoing securities, will bear the following legends:

    ["WITHOUT PRIOR WRITTEN APPROVA L OF TSX VENTURE EXCHANGE
      AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPR
      ESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
      OTHERWISE TRADED ON OR THROUGH TH E FACILITIES OF TSX VENTURE EXCHANGE OR
      OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL ,
      2014."] 

9

    "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
      THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE , 2014:' 

(with the "< > " completed to reflect a date
that is four months plus one day following the Closing Date.) 

14.                    Legal
and Tax Advice. The Purchaser acknowledges and agrees that it is solely
responsible for obtaining its own legal and tax advice as it considers
appropriate in connection with the execution, delivery and performance by it of
this Subscription Agreement and the completion of the transactions contemplated
hereby. 

15.                   
No Statutory Right of Rescission or Damages; Additional Acknowledgements. The
Purchaser acknowledges and agrees that: 

	 	(a) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Shares;

	 	 	 
	 	(b) 	
      there is no government or other insurance covering the
      Shares;

	 	 	 
	 	(c) 	
      there are risks associated with the purchase of the
      Shares;

	 	 	 
	 	(d) 	
      there are restrictions on the purchaser's ability to
      resell the securities and it is the responsibility of the purchaser to
      find out what those restrictions are and to comply with them before
      selling the securities;

	 	 	 
	 	(e) 	
      the issuer has advised the purchaser that the issuer is
      relying on an exemption from the requirements to provide the purchaser
      with a prospectus and to sell securities through a person registered to
      sell securities under the Securities Act and, as a consequence of
      acquiring securities pursuant to this exemption, certain protections,
      rights and remedies provided by the Securities Act, including statutory
      rights of rescission or damages, will not be available to the
    purchaser

	 	 	 
	 	(f) 	
      as a consequence of acquiring the Shares pursuant to
      exemptions from registration and prospectus requirements under the
      Securities Laws, certain protections, rights and remedies provided by the
      Securities Laws, including statutory rights of rescission or damages, will
      not be available to the Purchaser;

	 	(g) 	
      except for this Subscription Agreement as otherwise set
      forth herein, it has relied solely upon publicly available information
      relating to the Company and not relied upon any oral or written
      representation as to fact or otherwise made by or on behalf of the Company
      except as expressly set forth herein and such publicly available
      information having been delivered to the
Purchaser;

	 	(h) 	
      the Purchaser, or, where the Purchaser is not purchasing
      as principal, each beneficial purchaser, has such knowledge in financial
      and business affairs as to be capable of evaluating the merits and risks
      of its investment and is able to bear the economic risk of loss of its
      investment;

	 	 	 
	 	(i) 	
      the Company may be required to provide to the applicable
      securities regulatory authorities and to the Stock Exchange a list setting
      forth the identities of the beneficial purchasers of the
  Shares;

	 	(j) 	
      notwithstanding that the Purchaser may be purchasing
      Shares as an agent on behalf of an undisclosed principal, the Purchaser
      agrees to provide, on request, particulars as to the identity of such
      undisclosed principal as may be required by the Company in order to comply
      with the foregoing;

	 	(k) 	
      none of the Shares have been or will be registered under
      the U.S. Securities Act or the securities laws of any state and may not
      be offered or sold, directly or indirectly, in the United States to, or
      for the account or benefit of, a U.S. person (as defined in Regulation S),
      which definition includes, but is not limited to, an individual resident
      in the United States and an estate or trust of which any executor or
      administrator or trustee, respectively, is a U.S. person and any
      partnership or company organized or incorporated under the laws of the
      United States unless registered under the U.S. Securities Act and the
      securities laws of all applicable states or unless an exemption from
      such registration is available, and the Company has no
      obligation or present intention of filing a registration statement under
      the U.S. Securities Act in respect of any of the Shares;

10

	 	(I) 	
      the Purchaser acknowledges and agrees that:

	 	 	 	 
	 		(i) 	
      the offer to purchase the Shares was not made to the
      Purchaser in the United States;

	 	 	 	 
	 		(ii) 	
      this Agreement was delivered to, executed and delivered
      by the Purchaser outside the United States;

	 	 	 	 
	 		(iii) 	
      the Purchaser is not, and will not be purchasing the
      Shares for the account or benefit of, any U.S. Person or person in the
      United States;

	 	 	 	 
	 		(iv) 	
      the current structure of this transaction and all
      transactions and activities contemplated hereunder is not a scheme to
      avoid the registration requirements of the 1933 Act;

	 	 	 	 
	 		(v) 	
      the Purchaser and any person for whose account it is
      acquiring the Shares, if applicable, has no intention to distribute either
      directly or indirectly any of the Securities in the United States, except
      in compliance with the 1933 Act;

	 	 	 	 
	 		(vi) 	
      if the Purchaser is a corporation, partnership or other
      legal entity incorporated or organized in the United States, the
      Purchaser's affairs are controlled and directed from outside of the United
      States, its purchase of the Securities was not solicited in the United
      States, no part of the transaction which is the subject of this
      Subscription Agreement occurred in the United States, and the Issuer has
      informed the Purchaser that no market for the Securities currently exists
      in the United States; and

	 	 	 	 
	 		(vii) 	
      the entering into of this Agreement and the transactions
      contemplated hereby will not result in the violation of any of the terms
      and provision of any laws applicable to or constating documents of, the
      Purchasers or of any agreement, written or oral, to which the Purchaser
      may be a part or by which he or she is or may be bound;
  and

	 	(m) 	
      if the Stock Exchange imposes escrow or other resale
      restrictions on the Shares then the Purchaser agrees to be bound by such
      restrictions.

16.                   No
Revocation. The Purchaser agrees that this offer is made for valuable
consideration and may not be withdrawn, cancelled, terminated or revoked by the
Purchaser without the consent of the Company. Further, the Purchaser expressly
waives and releases the Company from all rights of withdrawal or rescission to
which the Purchaser might otherwise be entitled pursuant to the Securities Laws.

17.                   Indemnity.
The Purchaser agrees to indemnify and hold harmless the Company and its
directors, officers, employees, agents, advisers and shareholders from and
against any and all loss, liability, claim, damage and expense (including, but
not limited to, any and all fees, costs and expenses reasonably incurred in
investigating, preparing or defending against any claim, law suit,
administrative proceeding or investigation whether commenced or threatened)
arising out of or based upon any representation or warranty of the Purchaser
contained herein being untrue in any material respect or any breach or failure
by the Purchaser to comply with any covenant or agreement made by the Purchaser
herein. 

18.                   Collection
of and Use of Personal Information. 

	 	(a) 	
      The Purchaser (on its own behalf and, if applicable, on
      behalf of any person for whose benefit the Purchaser is subscribing)
      acknowledges and consents to the fact the Issuer is collecting the
      Purchaser’s (and any beneficial purchaser’s) personal information for the
      purpose of completing the Purchaser' subscription. The Purchaser (on its
      own behalf and, if applicable, on behalf of any person for whose benefit
      the Purchaser is subscribing) acknowledges and consents to the Issuer
      retaining the personal information for as long as permitted or required by
      applicable law or business practices. The Purchaser (on its own behalf
      and, if applicable, on behalf of any person for whose benefit the
      Purchaser is subscribing) further acknowledges and consents to the fact
      the Issuer may be required by applicable securities laws,
      stock exchange rules, and Investment Industry Regulatory Organization of
      Canada rules to provide regulatory authorities any personal information
      provided by the Purchaser respecting itself (and any beneficial
      purchaser). The Purchaser represents and warrants that it has the
      authority to provide the consents and acknowledgements set out in this
      paragraph on behalf of all beneficial purchasers.

11

	 	(b) 	
      The Purchaser and disclosed principal, if applicable,
      hereby acknowledges and consents to: (i) the disclosure by the Purchaser
      and the Issuer of Personal Information (defined below) concerning the
      Purchaser to any Securities Commission, or to the Stock Exchange and its
      affiliates, authorized agent, subsidiaries and divisions, if applicable;
      and (ii) the collection, use and disclosure of Personal Information by the
      Stock Exchange for the following purposes (or as otherwise identified by
      the Stock Exchange, from time to time):

	 	(i) 	
      to conduct background checks;

	 	 	 
	 	(ii) 	
      to verify the Personal Information that has been provided
      about the Purchaser;

	 	 	 
	 	(iii) 	
      to consider the suitability of the Purchaser as a holder
      of securities of the Issuer;

	 	 	 
	 	(iv) 	
      to consider the eligibility of the Issuer to list and
      continue to be listed on the Stock Exchange;

	 	 	 
	 	(v) 	
      to provide disclosure to market part1c1pants as the
      security holdings of the Issuer's shareholders, and their involvement with
      any other reporting issuers, issuers subject to a cease trade order or
      bankruptcy, and information respecting penalties, sanctions or personal
      bankruptcies, and possible conflicts of interest with the
Issuer;

	 	 	 
	 	(vi) 	
      to detect and prevent fraud;

	 	 	 
	 	(vii) 	
      to conduct enforcement proceedings; and

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

	 	(c) 	
      The Purchaser also acknowledges that: (i) the Stock
      Exchange also collects additional Personal Information from other sources,
      including securities regulatory authorities in Canada or elsewhere,
      investigative law enforcement or self-regulatory organizations, and
      regulations service providers to ensure that the purposes set forth above
      can be accomplished; (ii) the Personal Information the Stock Exchange
      collects may also be disclosed to the agencies and organizations referred
      to above or as otherwise permitted or required by law, and they may use it
      in their own investigations for the purposes described above; (iii) the
      Personal Information may be disclosed on the Stock Exchange's website or
      through printed materials published by or pursuant to the direction of the
      Stock Exchange; and (iv) the Stock Exchange may from time to time use
      third parties to process information and provide other administrative
      services, and may share the information with such providers.

	 	 	 
	 	(d) 	
      If the Purchaser is resident in Ontario, the public
      official who can answer questions about the Ontario Securities
      Commission's indirect collection of Personal Information is the
      Administrative Assistant to the Director of Corporate Finance, Ontario
      Securities Commission, Suite 1903, Box 55, 20 Queen Street West, Toronto,
      Ontario, M5H 3S8, Telephone 416-593-8086.

	 	 	 
	 	(e) 	
      Herein, "Personal Information" means any
      information about the Purchaser required to be disclosed to a Securities
      Commission or the Exchange, whether pursuant to a Securities Commission or
      Stock Exchange form or a request made by a Securities Commission or the
      Stock Exchange including the Corporate Placee Registration Form attached
      hereto.

12

19.                   Modification.
Subject to the terms hereof, neither this Subscription Agreement nor
any provision hereof shall be modified, changed , discharged or terminated
except by an instrument in writing signed by the party against whom any waiver,
change, discharge or termination is sought. 

20.                   Assignment.
The terms and provisions of this Subscription Agreement shall be binding
upon and enure to the benefit of the Purchaser, the Company and their respective
successors and assigns; provided that this Subscription Agreement shall not be
assignable by any party without the prior written consent of the other party.

21.                   Miscellaneous.
All representations, warranties, agreements and covenants made or deemed to
be made by the Purchaser herein will survive the execution and delivery, and
acceptance, of this offer and the Closing. 

22.                   Governing
Law. This Subscription Agreement shall be governed by and construed in
accordance with the laws of the Province of British Columbia and the federal
laws of Canada applicable therein. The Purchaser on its own behalf and, if
applicable, on behalf of others for whom it is contracting hereunder, hereby
irrevocably attorns to the exclusive jurisdiction of the courts of the Province
of British Columbia with respect to any matters arising out of this Subscription
Agreement. 

23.                   Counterpart
and Facsimile Subscriptions. This Subscription Agreement may be
signed in counterparts, including counterparts by means of facsimile or scanned
PDF via email transmission, each of which will be deemed an original, but all of
which, taken together, and delivered will constitute one and the same Agreement.
This Subscription Agreement will not be effective as to any party hereto until
such time as this Agreement or a counterpart thereof has been executed and
delivered, by facsimile or otherwise, by each party hereto. 

24.                  
Entire Agreement and Headings. This Subscription Agreement
(including the schedules hereto) contains the entire agreement of the parties
hereto relating to the subject matter hereof and there are no representations,
covenants or other agreements relating to the subject matter hereof except as
stated or referred to herein. This Subscription Agreement may be amended or
modified in any respect by written instrument only. The headings contained
herein are for convenience only and shall not affect the meanings or
interpretation hereof. 

25.                  
Time of Essence. Time shall be of the essence of this Subscription
Agreement. 

26.                  
Effective Date. This Subscription Agreement is intended to and
shall take effect on the Closing Date, notwithstanding its actual date of
execution or delivery by any of the parties.

END OF TERMS

13

 

SCHEDU LE "A" 

FORM 4C 
CORPORATE PLACEE REGISTRATION FORM 

This Form will remain on file with the Exchange and must be
completed if required under section 4(b) of Part II of Form 48. The corporation
, trust , portfolio manager or other entity (the "Placee") need only file it on
one time basis, and it will be referenced for all subsequent Private Placements
in which it participates. If any of the information provided in this Form
changes, the Placee must notify the Exchange prior to participating in further
placements with Exchange listed Issuers. If as a result of the Private
Placement, the Placee becomes an Insider of the Issuer, Insiders of the Placee
are reminded that they must file a Personal Information Form (2A) or, if
applicable, Declarations, with the Exchange. 

	1. 	
      Placee Information:

	 	 	 
		(a) 	
      Name:
      _________________________________________________________________________________________

	 	 	 
		(b) 	
      Complete Address:
      ____________________________________________________________

	 	 	 
		(c) 	
      Jurisdiction of Incorporation or Creation:
      _____________________________________________________

	2. 	(a) 	Is the Placee purchasing
      securities as a portfolio manager: (Yes/No)? _____________________
	  	  	 
		(b) 	Is the Placee carrying on business as a
    portfolio manager outside of Canada: (Yes/No)? _____________________

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

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

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

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

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

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

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

	 Name * 	 City 	 Province or State 	 Country 
	  	  	  	  
	 	 	 	 

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

	 	 
	5. 	
      Acknowledgement - Personal Information and Securities
      Laws

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

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

	 	(i) 	
      the disclosure of Personal Information by the undersigned
      to the Exchange (as defined in Appendix 68) pursuant to this Form;
    and

	 	 	 
	 	(ii) 	
      the collection, use and disclosure of Personal
      Information by the Exchange for the purposes described in Appendix 68 or
      as otherwise identified by the Exchange, from time to
  time.

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

(a) Dated and certified (if applicable), acknowledged and
agreed, at __________________________________ on
_______________________________

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

THIS IS NOT A PUBLIC DOCUMENT 

SCHEDULE B 

CONFIRMATION OF PREVIOUSLY FILED CORPORATE PLACEE
REGISTRATION FORM 

TO:                     
SILVER PREDATOR CORP. 

     In connection with the proposed
subscription for common shares of Silver Predator Corp., the undersigned hereby
confirms that the undersigned has previously filed a Form 4C - Corporate Placee
Registration Form with the TSX Venture Exchange and that the information in such
Corporate Placee Registration Form is accurate and up-to- date as of the date
hereof. 

Dated _________ ________________________, 2014. 

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

B- 1

SCHEDULE "C"

ACCREDITED INVESTOR STATUS CERTIFICATE

TO:              
SILVER PREDATOR CORP. (the "Company") 

            In
connection with the purchase of Shares of the Company (the "Shares"") by
the undersigned subscriber or, if applicable, the principal on whose behalf the
undersigned is purchasing as agent (the "subscriber" for the purposes of
this Schedule "C"), the Subscriber hereby represents, warrants, covenants and
certifies to the Company that: 

1.        The Subscriber is
purchasing or is deemed to be purchasing the Shares as principal for its own
account or complies with the provisions of paragraph 8(d) of the Subscription
Agreement; 

2.        The Subscriber is
an "accredited investor'" within the meaning of National Instrument 45-106
entitled "Prospectus and Registration Exemptions" ("NI 45-106") by
virtue of satisfying the indicated criterion as set out in this Schedule ""C";

3.        The Subscriber was
not created or used solely to purchase or hold securities as an accredited
investor as described in paragraph (m) of the definition of "accredited
investor" in NI 45-106 ; and 

4.        Upon execution of
this Schedule '"C" by the Subscriber, this Schedule "C" shall be incorporated
into and form a part of the Subscription Agreement. 

Dated: ________________________________________, 2014 

	 	 
	 	Print name of Subscriber 
	 	 
	 	By: 
      ______________________________________________
	 	        Signature
	 	 
	 	 
	 	Print name of Signatory (if different from
      Subscriber) 
	 	 
	 	 
	 	Title 

IMPORTANT: PLEASE INITIAL THE APPLICABLE PROVISION IN

APPENDIX "A" ON THE NEXT PAGES 

C- 1

APPENDIX "A"

TO SCHEDULE "C" 

NOTE: 
THE SUBSCRIBER MUST INITIAL BESIDE THE
APPLICABLE PORTION OF THE DEFINITION BELOW. 

Accredited Investor - (defined in National Instrument
45-106) means: 

	_______	(a) 	
      a Canadian financial institution, or a Schedule Illbank;
      or 

			     
	_______ 	(b) 	
      the Business Development Bank of Canada incorporated
      under the Business Development Bank of Canada Act (Canada);
      or 

	 	 	
       

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

	 	 	
       

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

	 	 	
       

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

	 	 	
       

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

	 	 	
       

	_______	(g) 	
      a municipality, public board or commission in Canada and
      a metropolitan community, school board, the Comite de gestion de Ia taxe
      scolaire de l'ile de Montreal or an intermunicipal management board in
      Quebec; or 

	 	 	
       

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

	 	 	
       

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

	 	 	
       

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

	 	 	
       

	_______	(k) 	
      an individual whose net income before taxes exceeded
      $200,000 in each of the 2 most recent calendar years or whose net income
      before taxes combined with that of a spouse exceeded $300,000 in each of
      the 2 most recent calendar years and who, in either case, reasonably
      expects to exceed that net income level in the current calendar year; or
      

	 	 	
       

	 		
      (Note: if individual accredited
      investors wish to purchase through wholly-owned holding companies
      or similar entities, such purchasing entities must qualify under section
      (t) below, which must be initialled.) 

	 	 	
       

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

B-2

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

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

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

	 	 	 
	 	(ii) 	
      a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 or 2.19 of National Instrument
      45-106, or

	 	 	 
	 	(iii) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under section 2.18 of National Instrument 45-106;
      or

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

	 	  	
       

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

	 	  	
       

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

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

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

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

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

	 	 	
       

	_______	(t) 	
      a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors (as defined in National Instrument 45-106); or 

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

	 	(i) 	
      a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Quebec, the
      regulator as an accredited investor.

For the purposes hereof: 

	(a) 	
      "affiliate" means an issuer connected with
      another issuer because

	 	 	 
		(i) 	
      one of them is the subsidiary of the other; or

	 	 	 
		(ii) 	
      each of them is controlled by the same
  person.

B-3

	(b) 	
      "Canadian financial institution" means

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

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

	(c) 	
      "consultant"' means, for an issuer, a person,
      other than an employee, executive officer, or director of the issuer or of
      a related entity of the issuer, that

	 	 	 
		(i) 	
      is engaged to provide services to the issuer or a related
      entity of the issuer, other than services provided in relation to a
      distribution,

	 	 	 
		(ii) 	
      provides the services under a written contract with the
      issuer or a related entity of the issuer, and

	 	 	 
		(iii) 	
      spends or will spend a significant amount of time and
      attention on the affairs and business of the issuer or a related entity of
      the issuer,

and includes 

	 	(iv) 	
      for an individual consultant, a corporation of which the
      individual consultant is an employee or shareholder, and a partnership of
      which the individual consultant is an employee or partner, and

	 	 	 
	 	(v) 	
      for a consultant that is not an individual, an employee,
      executive officer, or director of the consultant, provided that the
      individual employee, executive officer, or director spends or will spend a
      significant amount of time and attention on the affairs and business of
      the issuer or a related entity of the issuer;

	(d) 	
      "control person" means any person that owns or
      directly or indirectly exercises control or direction over securities of
      an issuer carrying votes which, if exercised, would entitle the first
      person to elect a majority of the directors of the issuer, unless that
      first person holds the voting securities only to secure an
    obligation;

	 	 
	(e) 	
      "director" means

	 	(i) 	
      a member of the board of directors of a company or an
      individual who performs similar functions for a company, and

	 	 	 
	 	(ii) 	
      with respect to a person that is not a company, an
      individual who performs functions similar to those of a director of a
      company;

	(f) 	
      "eligibility adviser" means

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

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

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

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

8-4

	(g) 	
      "executive officer" means, for an issuer, an individual
  who is

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

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

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

	(h) 	
      "financial assets'" means

	 	 	 
		(i) 	
      cash,

	 	 	 
		(ii) 	
      securities, or

	 	 	 
		(iii) 	
      a contract of insurance, a deposit or an evidence of a
      deposit that is not a security for the purposes of securities
      legislation;

	(i) 	"foreign jurisdiction" means a
      country other than Canada or a political subdivision of a country other
  than Canada; 
	 	 
	(j) 	"founder" means, in respect of
an issuer, a person who, 

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

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

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

	 	
       

	(I) 	
      "investment fund" has the same meaning as in National
      Instrument 81-106 Investment Fund Continuous Disclosure; 

	 	
       

	(m) 	
      "jurisdiction" means a province or territory of Canada
  except when used in the term foreign jurisdiction; 

	 	
       

	(n) 	
      "local jurisdiction" means the jurisdiction in which the
      Canadian securities regulatory authority is situate; 

	 	
       

	(o) 	
      "non-redeemable investment fund" has the same meaning as
      in National Instrument 21-101 Marketplace Operation; 

	 	
       

	(p) 	
      "person" includes 

	 	(i) 	
      an individual,

	 	 	 
	 	(ii) 	
      a corporation,

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

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

	(q) 	
      "regulator" means, for the local jurisdiction, the
      Executive Director or Director or la Commission des valeurs mobilieres du
      Quebec as defined under securities legislation of the local
      jurisdiction;

	 	 
	(r) 	
      "related liabilities" means

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

8-5

		(ii) 	
      liabilities that are secured by financial
  assets;

	 	 	 
	(s) 	
      "schedule Ill bank" means an authorized foreign
      bank named in Schedule Ill of the Bank Act (Canada);

	 	 	 
	(t) 	
      "spouse" means, an individual
  who,

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

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

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

	 	 	 
	(u) 	
      "subsidiary" means an issuer that is controlled
      directly or indirectly by another issuer and includes a subsidiary of that
      subsidiary.

All monetary references are in Canadian Dollars.

8-6

SCHEDULE "D" 

 

PAYMENT INSTRUCTIONS 

Deliver a certified cheque or bank draft before the Closing
Date in same day freely transferable Canadian funds at par in Vancouver, British
Columbia to: 

SILVER PREDATOR CORP. 
800 - 1199
West Hastings Street 
Vancouver, British Columbia, Canada V6E 3TS

Attention: Nancy La Couvee, Corporate Secretary 
Tel: 778-968-6941

or 

Send funds by wire transfer according to instructions on Page
C-2 (following this page). 

Schedule "D" 
GPUS Distribution
Agreement

Please see attached.

1

DISTRIBUTION AGREEMENT 

      
     This asset distribution agreement (the
"Agreement") is made as of •, 2014 between Americas Bullion Royalty Corp.
("AMB"), a corporation incorporated under the laws of British Columbia, and
Golden Predator US Holding Corp. ("GPUS"), a corporation incorporated under the
laws of Nevada. 

WHEREAS: 

	A. 	
      GPUS is a wholly-owned subsidiary of Americas Bullion
      Royalty Corp. ("AMB").

	B. 	
      AMB wishes to carry out certain reorganization
      transactions pursuant to an arrangement agreement dated as of February 18,
      2014 between AMB and Resource Holdings Ltd. (the "Arrangement Agreement")
      which provides for the implementation of such reorganization transactions
      by way of a plan of arrangement (the "Plan of Arrangement"), a copy of
      which is attached as Schedule A to the Arrangement Agreement.

	 	 
	C. 	
      In connection with the Plan of Arrangement, GPUS wishes
      to transfer the Distributed Assets (as defined below) (the "Distribution")
      to GPUS as a reduction of capital.

	 	 
	D. 	
      Pursuant to Section 2.3(c) of the Plan of Arrangement,
      the transactions contemplated by this Agreement shall occur in accordance
      with and on the terms and conditions specified in this
  Agreement.

            NOW
THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the respective
representations, covenants and agreements hereinafter contained, and other good
and valuable consideration (the sufficiency of which is hereby acknowledged by
the parties), the parties hereto covenant and agree as follows: 

ARTICLE 1

INTERPRETATION 

Section 1.1        Defined
Terms. 

As used in this Agreement, the
following terms have the following meanings: 

"Agreement" means this asset
distribution agreement as amended, restated and/ or supplemented and includes
the Schedules attached hereto, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with the terms hereof. 

"AMB" means Americas Bullion Royalty
Corp. 

"Amount of Reduction of Capital" has
the meaning ascribed thereto in Section 2.2(ii). 

"Arrangement Agreement" has the meaning
ascribed thereto in Recital B. 

- 2 -

"Assumed Liabilities" has the meaning
ascribed thereto in Section 4.1. 

"Authorization" means, with respect to
any Person, any order, permit, approval, consent, waiver, licence or similar
authorization of any Governmental Entity having jurisdiction over the Person.

"Closing" means the completion of the
Transaction contemplated by this Agreement. 

"Consideration" has the meaning
ascribed thereto in Section 2.4. 

"Distributed Assets" has the meaning
ascribed thereto in Section 2.1. 

"Distribution" has the meaning ascribed
thereto in Recital C. 

"Effective Date" has the meaning
ascribed thereto in the Plan of Arrangement. 

"Effective Time" has the meaning
ascribed thereto in the Plan of Arrangement. 

"Excluded Liabilities" has the meaning
ascribed thereto in Section 4.2. 

"GPUS" means Golden Predator US Holding
Corp. 

"Governmental Entity" means (i) any
governmental or public department, central bank, court, minister,
governor-in-council, cabinet, commission, tribunal, board, bureau, agency,
comm1ss1oner or instrumentality, whether international, multinational, national,
federal, provincial, state, county, municipal, local, or other; (ii) any
subdivision or authority of any of the foregoing; (iii) any stock exchange; and
(iv) any quasi-governmental or private body exercising any regulatory,
expropriation or taxing authority under or for the account of any of the
foregoing. 

"Lien" means any mortgage, charge,
pledge, hypothec, security interest, prior claim, encroachments, option, right
of first refusal or first offer, occupancy right, covenant, assignment, lien
(statutory or otherwise), defect of title, or restriction or adverse right or
claim, or other third party interest or encumbrance of any kind, in each case,
whether contingent or absolute. 

"NRC Shares" means all of the issued
and outstanding shares of Nevada Royalty Corp. which GPUS sold to SPD pursuant
to the SPD Share Purchase Agreement. 

"Parties" means AMB, GPUS, and any
other Person who may become a party to this Agreement. 

"Person" means an individual,
partnership, limited partnership, limited liability partnership, corporation,
limited liability company, unlimited liability company, joint stock company,
trust, unincorporated association, joint venture or other entity or Governmental
Entity, and pronouns have a similarly extended meaning. 

- 3 -

"Permitted Liens" means (i) Liens for
taxes, assessments or governmental charges or levies on property not yet due and
delinquent, and (ii) easements, encroachments and other minor imperfections of
title which do not, individually or in the aggregate, materially detract from
the value of or impair the use or marketability of any real property. 

"Plan of Arrangement" has the meaning
ascribed thereto in Recital B. 

"SMC Shares" means all of the issued
and outstanding shares of Springer Mining Company which GPUS sold to SPD
pursuant to the SPD Share Purchase Agreement. 

"SPD" means Silver Predator Corp. 

"SPD Note" means the US$4,500,000
convertible promissory note granted by SPD to GPUS under the SPD Purchase
Agreement. 

"SPD Shares" means all of the shares of
SPD that will be issued to GPUS pursuant to the SPD Purchase Agreement. 

"SPD Share Purchase Agreement" means
the agreement between Silver Predator Corp. and GPUS dated as of the date
hereof. 

"Taxes" means (i) any and all taxes,
duties, fees, excises, premiums, assessments, imposts, levies and other charges
or assessments of any kind whatsoever imposed by any Governmental Entity,
whether computed on a separate, consolidated, unitary, combined or other basis,
including those levied on, or measured by, or described with respect to, income,
gross receipts, profits, gains, windfalls, capital, capital stock, production,
recapture, transfer, land transfer, license, gift, occupation, wealth,
environment, net worth, indebtedness, surplus, sales, goods and services,
harmonized sales, use, value-added, excise, special assessment, stamp,
withholding, business, franchising, real or personal property, health, employee
health, payroll, workers' compensation, employment or unemployment, severance,
social services, social security, education, utility, surtaxes, customs, import
or export, and including all license and registration fees and all employment
insurance, health insurance and government pension plan premiums or
contributions; (ii) all interest, penalties, fines, additions to tax or other
additional amounts imposed by any Governmental Entity on or in respect of
amounts of the type described in clause (i) above or this clause (ii); (iii) any
liability for the payment of any amounts of the type described in clauses (i) or
(ii) as a result of being a member of an affiliated, consolidated, combined or
unitary group for any period; and (iv) any liability for the payment of any
amounts of the type described in clauses (i) or (ii) as a result of any express
or implied obligation to indemnify any other Person or as a result of being a
transferee or successor in interest to any party. 

"Transaction" means the distribution of
the Distributed Assets contemplated in this Agreement in accordance with the
Plan of Arrangement. 

- 4 -

ARTICLE 2 
DISTRIBUTED ASSETS

Section 2.1       
Distributed Assets.

            GPUS
hereby distributes, assigns, transfers and conveys to AMB, and, AMB hereby
accepts the distribution, assignment, transfer and conveyance from GPUS, with
effect as of the Closing, all right, title and interest in and to the assets as
set out in Schedule A (the "Distributed Assets"). 

Section 2.2        Payment
for Distributed Assets.

           
The Parties shall pay and account for the Distributed Assets as follows:

	 	i) 	
      first by AMB's assumption of the Assumed Liabilities at
      the Effective Time; and

	 	 	 
	 	ii) 	
      second, as a reduction of capital in respect of AMB's
      shares in the capital stock of GPUS in an amount equal to the amount, if
      any, by which the aggregate fair market value of the Distributed Assets at
      the Effective Time, as determined by the directors of AMB and GPUS acting
      reasonably, exceeds the fair market value of the Assumed Liabilities at
      the Effective Time as so determined (the "Amount of Reduction of Capital")
      subject to adjustment in accordance with Section
2.4.

Section 2.3       
Contracts. 

            Nothing
in this Agreement shall be construed as an attempt to assign to AMB any amount,
agreement or contract which, as a matter of law or by its terms, is not
assignable in whole or in part without the consent of the other party or parties
to such amount, agreement or contract, unless such consent has been given. AMB
and GPUS shall each use reasonable commercial efforts to obtain the consents
prior to the Effective Time (or, if not obtained by the Effective Time, as soon
as practicable thereafter). If consent has not been obtained, in order that AMB
may receive and realize the full benefit of the non-assigned amounts, agreements
and contracts, GPUS shall hold such amounts, agreements and contracts in trust
for AMB and all benefits derived from such agreements and contracts shall be for
the account of AMB. GPUS shall continue to try to obtain the consents and upon
obtaining such consent will take all reasonable steps to effect the transfer.

Section 2.4        Price
Adjustment. 

            It
is the intention of the parties that the fair market value of the Distributed
Assets at the Effective Time will equal the aggregate of the fair market value
of the Assumed Liabilities at the Effective Time and the Amount of Reduction of
Capital (such aggregate amount, the "Consideration"). If it is subsequently
determined by the parties hereto or if the Canada Revenue Agency subsequently
proposes to assess or reassesses either party on the basis that the fair market
value of the Contributed Assets does not equal the Consideration at the
Effective Time, then the parties shall pay or refund to the other or otherwise
adjust the Consideration or other rights and obligations between them, in such
manner as is reasonable in the circumstances to cause the fair market value of
the Consideration to equal, as nearly as circumstances reasonably permit, the fair market
value of the Contributed Assets at the Effective Time. 

- 5 -

ARTICLE 3
TAXES 

Section 3.1        Payment
of Sales Tax and Registration Charges on Transfer. 

            AMB
shall be liable for and shall pay all applicable Taxes and all other Taxes,
duties, registration charges or other like charges payable in connection with
the distribution of the Distributed Assets by GPUS to AMB. Where such amounts
are required by law to be remitted by GPUS, AMB may make such payments on behalf
of GPUS, where possible. 

ARTICLE 4 
ASSUMED LIABILITIES

Section 4.1        Assumed
Liabilities.

            As
of the Closing, AMB shall, in accordance with Section 2.2(i) assume all
liabilities and obligations of GPUS, arising out of or associated with the
ownership of the Distributed Assets, whether such liabilities arise or become
known prior to or after, or are asserted prior to or after the Effective Time
(collectively, the "Assumed Liabilities"); including all liabilities relating to
the Distributed Assets due or accruing due at or after the Effective Time. 

Section 4.2        Excluded
Liabilities. 

            AMB
shall not assume and shall have no obligation to discharge, perform or fulfil,
and GPUS will indemnify AMB from and against, any and all Excluded Liabilities.
"Excluded Liabilities" means all liabilities and obligations of GPUS, whether
known, unknown, direct, indirect, absolute, contingent or otherwise or arising
out of facts, circumstances or events, in existence on or prior to Closing, that
do not arise out of or are not associated with the ownership of the Distributed
Assets, whether such liabilities arise or become known prior to or after, or are
asserted prior to or after the Closing. 

ARTICLE 5 
COVENANTS OF GPUS

Section 5.1        SPD
Purchase Agreement

            GPUS
will hold the share certificates representing the NRC Shares and SMC Shares for
the benefit of AMB, or as directed by AMB, and will endorse for transfer such
share certificates to AMB or as AMB directs, if at any time prior to the
satisfaction of the SPD Note in full, SPD elects to terminate the transactions
contemplated under the SPD Purchase Agreement in accordance with its terms or if
SPD fails to make a payment against the SPD Note when due in accordance with its
terms. 

ARTICLE 6
CLOSING 

- 6 -

Section 6.1        Closing

            Closing
shall occur on the Effective Date at the time set out in the Plan of
Arrangement. 

ARTICLE 7 
DELIVERIES

Section 7.1       
Deliveries for the Benefit of AMB. 

            At
the Closing, GPUS shall deliver or cause to be delivered to AMB the following in
form and substance satisfactory to AMB, acting reasonably: 

	 	iii) 	
      all necessary deeds, conveyances, assurances, transfers,
      assignments, trust declarations and any other instruments necessary or
      reasonably required to transfer to AMB good title to the Distributed
      Assets free and clear of all Liens, other than Permitted Liens, and to
      evidence the assumption of the Assumed Liabilities in accordance with the
      terms of this Agreement;

	 	 	 
	 	iv) 	
      a copy of the directors' resolutions of GPUS approving
      this Agreement and the transactions contemplated hereby; and

	 	 	 
	 	v) 	
      any other documentation as may reasonably be required by
      AMB.

Section 7.2       
Deliveries for the Benefit of GPUS. 

            At
the Closing, AMB shall deliver or cause to be delivered to GPUS, acting
reasonably: 

	 	i) 	
      any instruments necessary or reasonably required to
      transfer to AMB good title to the Distributed Assets free and clear of all
      liens, other than Permitted Liens, and to evidence receipt of the
      Consideration in accordance with the terms of this Agreement;

	 	 	 
	 	ii) 	
      a copy of the directors' resolutions of AMB approving
      this Agreement and the transactions contemplated hereby; and

	 	 	 
	 	iii) 	
      any other documentation as may reasonably be required by
      GPUS.

ARTICLE 8 
MISCELLANEOUS

Section 8.1       
Termination 

            This
Agreement may, by notice in writing given at or prior to the completion of the
transaction, be terminated by mutual consent of parties. 

Section 8.2        Time.

           
Time is of the essence of this Agreement. 

- 7 -

Section 8.3       
Successors and Assigns. 

            This
Agreement becomes effective when executed by GPUS and AMB. After that time, it
will be binding upon and enure to the benefit of the parties and their
respective successors, heirs, executors, administrators, legal representatives
and permitted assigns. 

Section 8.4        Further
Assurances. 

            Each
of the Parties covenants and agrees to do such things, to attend such meetings
and to execute such further conveyances, transfers, documents and assurances as
may be deemed necessary or advisable from time to time in order to effectively
transfer the Distributed Assets to the GPUS and carry out the terms and
conditions of this Agreement in accordance with their true intent. 

Section 8.5       
Amendments. 

           
This Agreement may only be amended, supplemented or otherwise modified by
written agreement signed by GPUS and AMB. 

Section 8.6       
Severability. 

            If any provision of this Agreement is determined to be
illegal, invalid or unenforceable, by an arbitrator or any court of competent
jurisdiction from which no appeal exists or is taken, that provision will be
severed from this Agreement and the remaining provisions will remain in full
force and effect.

Section 8.7        Governing
Law. 

            This
Agreement is governed by, and will be interpreted and construed in accordance
with, the laws of the state of Nevada and the federal laws of the United States
applicable therein. 

Section 8.8       
Counterparts. 

            This
Agreement may be executed in any number of counterparts, each of which is deemed
to be an original, and such counterparts together constitute one and the same
instrument. Transmission of an executed signature page by facsimile, email or
other electronic means is as effective as a manually executed counterpart of
this Agreement. 

[Signature page follows] 

The parties have executed this Agreement as of the date first
written above.

AMERICAS BULLION ROYALTY CORP. 

By: 

___________________________________________________
Authorized
Signatory 

GOLDEN PREDATOR US HOLDING CORP. 

By: 

___________________________________________________
Authorized
Signatory 

Schedule A - Distributed Assets

All of the consideration that CPUS received or is entitled to
receive pursuant to the SPD Purchase Agreement being the SPD Note, an amount of
cash determined in accordance with s.2.3(a)(i) of the SPD Purchase Agreement,
that number of SPD Shares determined in accordance with s.2.3(a)(i) of the SPD
Purchase Agreement, and all of CPUS' right, title and interest in and to, and
all benefits of CPUS in respect of the right to nominate appointees to the board
of directors of SPD under s.4.2 of the SPD Purchase Agreement, the preemptive
rights under s.4.3 of the SPD Purchase Agreement, and the 1.0% net smelter
royalty in respect of the McBride Project in Manitoba granted to CPUS by SPD
(collectively, the "SPD Assets") and all of CPUS' right, title and
interest in and to, and all the benefits of CPUS under the SPD Purchase
Agreement relating to the SPD Assets. For greater certainty, the SPD Assets do
not include any US royalty granted under the SPD Purchase Agreement. 

A-1

Schedule "E" 
RH Share Purchase Agreement

Please see attached.

1

SHARE PURCHASE AGREEMENT

THIS SHARE PURCHASE AGREEMENT is made as of the • day of e,
2014.

BETWEEN:

  
    
      AMERICAS BULLION ROYALTY CORP., a company incorporated under
        the laws of British Columbia and having its registered office at 888 Dunsmuir
        Street, 11th Floor, Vancouver, BC V6C 3K4 

      (the"Purchaser") 

    

  

AND:

  
    
      MULTI-STRAT HOLDINGS LTD., a company incorporated under the
        laws of Bermuda and having its registered office at Crawford House, 50 Cedar
        Avenue, Hamilton, HMll Bermuda 

      (the"Vendor")

      

    

  

WHEREAS:

	A. 	
      Resource Holdings Ltd. (the "Company") and the Purchaser
      have entered into an arrangement agreement dated as of February 18, 2014
      (the "Arrangement Agreement") which provides for the implementation of
      certain transactions (the "Arrangement") by way of a plan of arrangement
      (the "Plan of Arrangement"), a copy of which is attached as Schedule A to
      the Arrangement Agreement;

	 	 
	B. 	
      Pursuant to Section 2.3(d) of the Plan of Arrangement,
      the transactions contemplated by this Agreement shall occur in accordance
      with and on the terms and conditions specified in this
Agreement;

	 	 
	C. 	
      The Vendor is the registered and beneficial owner of
      110,000 Class A Shares with a par value of US$0.001 per Class A Share (the
      "Purchased Shares") of the Company, representing all of the issued and
      outstanding shares of the Company; and

	 	 
	D. 	
      The Purchaser wishes to purchase and the Vendor wishes to
      sell the Purchased Shares on the terms and conditions set out
    herein.

           
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and
the mutual agreements contained herein and other good and valuable consideration
(the receipt, and adequacy, of which is acknowledged by each of the Parties
hereto) the Parties hereto represent, covenant and agree as follows: 

- 2 -

ARTICLE l
INTERPRETATION 

1.1        Definitions. 

(1)        The Parties agree
that the following terms shall have the following meanings in this Agreement:

	 	(a) 	
      "Affiliates" means, in respect of any Person, any other
      Person that directly or indirectly controls, is controlled by or is under
      common control with such Person. For these purposes, "control" and its
      derivatives means, with regard to any Person, the possession, directly or
      indirectly, of the power to direct or cause the direction of the
      management of such Person, whether through the ownership of voting
      securities, by contract or otherwise.

	 	 	 
	 	(b) 	
      "Agreement" means this share purchase agreement as
      amended, restated and/ or supplemented and includes the Schedules attached
      hereto, as the same may be amended, supplemented or otherwise modified
      from time to time in accordance with the terms hereof;

	 	 	 
	 	(c) 	
      "Arrangement" has the meaning ascribed thereto in Recital
      A;

	 	 	 
	 	(d) 	
      "Arrangement Agreement" has the meaning ascribed thereto
      in Recital A;

	 	 	 
	 	(e) 	
      "Authorization" means, with respect to any Person, any
      order, permit, approval, consent, waiver, licence or similar authorization
      of any Governmental Entity having jurisdiction over the Person.

	 	 	 
	 	(f) 	
      "Balance Sheet Date" means December 31, 2013;

	 	 	 
	 	(g) 	
      "BMA" means the Bermuda Monetary Authority;

	 	 	 
	 	(h) 	
      "Business Day" means any day other than a Saturday,
      Sunday or statutory holiday in Vancouver, British Columbia;

	 	 	 
	 	(i) 	
      "Cash Balance" has the meaning ascribed thereto in
      3.2(1)(d)(iv);

	 	(j) 	"Cash Balance Statement" has the
      meaning ascribed thereto in Section 2.3; 
	 	 	 
	 	(k) 	"Closing" means the closing of
      the Transaction; 
	 	 	 
	 	(1) 	"Company" means Resource Holdings
      Ltd.; 

	 	(m) 	
      "Common Shares" means common shares with par value of US$
      0.001 per share of RH with the rights and restrictions as set out in the
      bye-laws of the Company as constituted on the date of the Arrangement
      Agreement;

	 	 	 
	 	(n) 	
      "Effective Date" has the meaning ascribed thereto in the
      Plan of Arrangement;

- 3 -

	 	(o) 	
      "Effective Time" has the meaning ascribed thereto in the
      Plan of Arrangement;

	 	 	 
	 	(p) 	
      "Exchange Ratio" means 0.01, or such other number as the
      directors of the Purchaser may determine in accordance with Section 2.5 of
      the Plan of Arrangement;

	 	 	 
	 	(q) 	
      "Financial Statements of the Company" means the
      consolidated audited financial statements of the Company and RR as at and
      for the period ended on December 31, 2013, consisting of a balance sheet
      and the accompanying statements of income, retained earnings and changes
      in financial position for the year then ended and notes to the financial
      statements together with the report of the auditors thereon;

	 	 	 
	 	(r) 	
      "Governmental Entity" 11 means (i) any
      international, multinational, national, federal, provincial, state,
      regional, municipal, local or other government, governmental or public
      department, central bank, court, tribunal, arbitral body, commission,
      board, bureau, ministry, agency or instrumentality, domestic or foreign,
      (ii) any subdivision, agent or authority of any of the foregoing, (iii)
      any quasi-governmental, private body or independent body exercising any
      regulatory, supervisory, expropriation or taxing authority under or for
      the account of any of the foregoing or (iv) any stock exchange;

	 	 	 
	 	(s) 	
      "IFRS" means international accounting standards within
      the meaning of IAS Regulation 1606/2002 to the extent applicable to the
      relevant financial statements applied on a consistent basis;

	 	 	 
	 	(t) 	
      "Laws" means all statutes, regulations, statutory rules,
      orders, and terms and conditions of any grant of approval, permission,
      authority or license of any court, Governmental Entity, statutory body or
      self-regulatory authority, and the term "applicable" with respect to such
      Laws and in the context that refers to one or more Persons, means that
      such Laws apply to such Person or Persons or its or their business,
      undertaking, property or securities and emanate from a Governmental
      Entity, statutory body or self-regulatory authority having jurisdiction
      over the Person or Persons or its or their business, undertaking, property
      or securities;

	 	 	 
	 	(u) 	
      "Lien" means any mortgage, charge, pledge, hypothec,
      security interest, prior claim, encroachments, option, right of first
      refusal or first offer, occupancy right, covenant, assignment, lien
      (statutory or otherwise), defect of title, or restriction or adverse right
      or claim, or other third party interest or encumbrance of any kind, in
      each case, whether contingent or absolute;

	 	 	 
	 	(v) 	
      "MSR" means Multi-Strat Re Ltd.;

	 	 	 
	 	(w) 	
      "Ordinary Course" means, with respect to an action taken
      by a Person, that such action is consistent with the past practices of the
      Person and is taken in the ordinary course of the normal day-to-day
      operations of the Person;

- 4 -

	 	(x) 	
      "Parties" means the Purchaser and the Vendor and Party
      means either one of them;

	 	 	
       

	 	(y) 	
      "Person" means any individual, sole proprietorship,
      partnership, limited partnership, joint venture, syndicate, unincorporated
      association, corporation, trust, trustee, executor, administrator or other
      legal representative, regulatory body or agency, government or
      governmental agency, authority or entity however designated or
      constituted;

	 	 	
       

	 	(z) 	
      "Plan of Arrangement" has the meaning ascribed thereto in
      Recital A;

	 	 	
       

	 	(aa) 	
      "Purchaser" means Americas Bullion Royalty
  Corp.;

	 	 	
       

	 	(bb) 	
      "Purchase Price" has the meaning ascribed thereto in
      Section 2.2;

	 	 	
       

	 	(cc) 	
      "Purchased Shares" has the meaning ascribed thereto in
      Recital C;

	 	 	
       

	 	(dd) 	
      "RR" means Resource Re. Ltd.;

	 	 	
       

	 	(ee) 	
      "RR Shares" has the meaning ascribed thereto in
      3.2(1)(d)(i);

	 	 	
       

	 	(ff) 	
      "Taxes" means (i) any and all taxes, duties, fees,
      excises, premiums, assessments, imposts, levies and other charges or
      assessments of any kind whatsoever imposed by any Governmental Entity,
      whether computed on a separate, consolidated, unitary, combined or other
      basis, including those levied on, or measured by, or described with
      respect to, income, gross receipts, profits, gains, windfalls, capital,
      capital stock, production, recapture, transfer, land transfer, license,
      gift, occupation, wealth, environment, net worth, indebtedness, surplus,
      sales, goods and services, harmonized sales, use, value-added, excise,
      special assessment, stamp, withholding, business, franchising, real or
      personal property, health, employee health, payroll, workers'
      compensation, employment or unemployment, severance, social services,
      social security, education, utility, surtaxes, customs, import or export,
      and including all license and registration fees and all employment
      insurance, health insurance and government pension plan premiums or
      contributions; (ii) all interest, penalties, fines, additions to tax or
      other additional amounts imposed by any Governmental Entity on or in
      respect of amounts of the type described in clause (i) above or this
      clause (ii); (iii) any liability for the payment of any amounts of the
      type described in clauses (i) or (ii) as a result of being a member of an
      affiliated, consolidated, combined or unitary group for any period; and
      (iv) any liability for the payment of any amounts of the type described in
      clauses (i) or (ii) as a result of any express or implied obligation to
      indemnify any other Person or as a result of being a transferee or
      successor in interest to any party;

	 	 	
       

	 	(gg) 	
      "Transaction" means the purchase and sale of the
      Purchased Shares contemplated in this Agreement and in accordance with the
      Plan of Arrangement;

- 5 -

	 	(hh) 	"TSX-V" means the TSX Venture
      Exchange; 
	 	 	 
	 	(ii) 	"Vendor" means Multi-Strat
      Holdings Ltd; 
	 	 	 
	 	(jj)	"Vendor Payments" has the meaning
      ascribed thereto in Section 2.2; 
	 	 	 
	 	(kk) 	"Vendor Payments
      Statement" has the meaning ascribed thereto in Section 2.4;and 
	 	 	 
	 	(II) 	"VWAP" means volume weighted
      average price. 

1.2        Interpretation.

(1)        For the purposes
of this Agreement: 

	 	(a) 	
      the schedules attached to this Agreement form an integral
      part of this Agreement for the purposes of it;

	 	 	 
	 	(b) 	
      for the purposes of this Agreement, references to "the
      knowledge of the Vendor" or "the Vendor has no knowledge" means the actual
      current knowledge of senior management of the Vendor without any
      obligation to make on inquiries of any Person;

	 	 	 
	 	(c) 	
      words importing the singular number include the plural
      and vice versa, and words importing the masculine gender include the
      feminine and neuter genders;

	 	 	 
	 	(d) 	
      any reference in this Agreement to an article, paragraph,
      subparagraph, Section, Subsection or Schedule is a reference to the
      appropriate article, paragraph, subparagraph, Section, Subsection or
      Schedule in or to this Agreement;

	 	 	 
	 	(e) 	
      the headings are for convenience of reference only and
      shall not affect the construction or interpretation of this
    Agreement;

	 	(f) 	
      the words "herein", "hereof" and "hereunder" and words of
      similar import refer to this Agreement as a whole and not to any
      particular Article, section, subsection, paragraph, subparagraph or other
      subdivision or Schedule hereof;

	 	(g) 	
      the word "including", when following any general
      statement, term or matter, will not be construed to limit such general
      statement, term or matter to the specific items or matters set forth
      immediately following such word or to similar items or matters, but will
      be construed to refer to all other items or matters that could reasonably
      fall within the scope of such general statement, term or matter, whether
      or not non-limiting language (such as "without limitation", "but not
      limited to" or words of similar import) is used with reference thereto;
      and

- 6 -

	 	(h) 	
      when calculating the period of time within which or
      following which any act is to be done or step taken pursuant to this
      Agreement, the date which is the reference date in calculating such period
      will be excluded and if the last day of such period is a non-Business Day,
      the period in question will end on the next Business
Day.

ARTICLE 2 
PURCHASE OF SHARES

2.1        Purchase and
Sale.

            The
Vendor hereby sells, assigns and transfers to the Purchaser and the Purchaser
hereby purchases from the Vendor the Purchased Shares free and clear of all
Liens and in accordance with and subject to the terms and conditions set forth
in this Agreement. 

2.2        Purchase
Price.

(1)        The purchase
price (the "Purchase Price") payable by the Purchaser to the Vendor for the
Purchased Shares shall be an amount equal to the aggregate of: a) the total
payments made by the Vendor with respect to the incorporation and funding of the
Company and RR as at the Closing (up to a maximum of US$300,000) (the "Vendor
Payments"); and b) the Cash Balance as at the Closing (up to a maximum of
US$1,000,000), but in no event shall the Purchase Price exceed US$1,300,000.

(2)        The Purchase
Price shall be determined at least two (2) days before the Closing after the
Purchaser has approved the Vendor Payments Statement and the Cash Balance
Statement in accordance with Section 2.4 and Section 2.3, respectively. 

(3)        The Purchase
Price shall be paid by the Purchaser by certified cheque, bank draft or wire
transfer of immediately available funds to or to the order of the Vendor or as
it may otherwise direct in writing. 

2.3        Cash Balance.

(1)        At least three
(3) days prior to the Closing, the Vendor shall supply the Purchaser with a
statement that sets out the amount of the Cash Balance as at the Closing (the
"Cash Balance Statement") and reasonable supporting evidence. The amount of the
Cash Balance shall be subject to the approval of the Purchaser, acting
reasonably. 

(2)        In the event that
the Cash Balance is less than US$1,000,000, the Purchase Price shall be reduced
by an amount equal to the difference between US$1,000,000 and the amount
reflected in the Cash Balance Statement approved by the Purchaser. 

(3)        For greater
certainty, if the Cash Balance exceeds US$1,000,000, the Purchase Price shall be
adjusted to reflect such difference. 

- 7 -

2.4        Vendor Payments.

(1)        At least three
(3) days prior to the Closing, the Vendor will supply the Purchaser with a
statement (the "Vendor Payments Statement") and reasonable supporting evidence
setting out the Vendor Payments as at the Closing. The amount of the Vendor
Payments shall be subject to the approval of the Purchaser, acting reasonably.

(2)        In the event that
the Vendor Payments is less than US$300,000, the Purchase Price shall be reduced
by an amount equal to the difference between US$300,000 and the amount reflected
in the Vendor Payments Statement approved by the Purchaser. 

(3)        For greater
certainty, if the Vendor Payments exceeds US$300,000, the Purchase Price shall
not be adjusted to reflect such difference. 

2.5        Payment of
Purchase Price. 

(1)        At Closing, the
Purchase Price shall be paid and satisfied by the Purchaser paying the Purchase
Price by, certified cheque, bank draft or wire transfer of immediately available
funds to or to the order of the Vendor or as it may otherwise direct in writing.
The Vendor agrees that payment to the account designated by the Vendor in
accordance with the foregoing shall satisfy the Purchaser's obligation to pay
the Purchase Price. 

2.6        Taxes and
Fees.

            Each
of the Purchaser and the Vendor will be liable for all Taxes, duties,
registration fees or other like charges properly payable by such Party under
applicable Law in connection with the sale, assignment and transfer of the
Purchased Shares from the Vendor to the Purchaser. 

ARTICLE 3 
REPRESENTATION AND WARRANTIES OF THE
VENDOR

3.1        Representations
and Warranties of the Vendor. 

(1)        The Vendor
represents and warrants as follows to the Purchaser at the date of this
Agreement and acknowledges and confirms that the Purchaser is relying upon such
representations and warranties in connection with the purchase of the Purchased
Shares: 

	 	(a) 	
      Incorporation and Qualification. The Vendor is a company
      duly incorporated, validly existing and in good standing under the Laws of
      Bermuda and has the corporate power to enter into and perform its
      obligations under this Agreement.

	 	 	 
	 	(b) 	
      Corporate Authority. The execution and delivery of and
      performance by the Vendor of this Agreement have been authorized by all
      necessary corporate action on the part of the Vendor. The transfer of the
      Purchased Shares to the Purchaser has been authorized by all necessary
      corporate action on the part of the Company.

- 8 -

	 	(c) 	
      Enforceability. This Agreement has been duly executed and
      delivered by the Vendor and constitutes a legal, valid and binding
      agreement of the Vendor enforceable against it in accordance with its
      terms.

	 	 	 	 
	 	(d) 	
      No Conflicts. The execution and delivery of this
      Agreement, the consummation of the transactions among the Parties
      contemplated hereby, or the due observance and performance by the Vendor
      of its obligations herein:

	 	 	 	 
	 		(i) 	
      will not conflict with or result in a breach of or
      violate any of the terms, conditions or provisions of the charter
      documents or bye-laws of the Vendor, the Company or RR;

	 	 	 	 
	 		(ii) 	
      will not conflict with or result in a breach of or
      violate any of the terms, conditions or provisions of any Law, judgment,
      order, injunction, decree, regulation or ruling of any court or
      Governmental Entity, domestic or foreign, to which the Vendor, the Company
      or RR is subject; or

	 	 	 	 
	 		(iii) 	
      will not violate or conflict with or result in a breach
      of any provision of, 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
      result in the creation of any Lien, security interest, charge or
      encumbrance upon any of the Purchased Shares or the properties or assets
      of the Company or RR under any of the terms, conditions or provisions of
      the articles or any note, bond, mortgage, indenture, deed of trust,
      licence, agreement or other instrument or obligation to which the Vendor,
      the Company or RR is a party or pursuant to which any of their properties
      or assets may be bound or affected.

	 	(e) 	
      Vendor's Title to Purchased Shares. The Purchased Shares
      are owned by the Vendor as the legal and beneficial owner of record, with
      good and marketable title thereto, free and clear of all Liens, charges,
      mortgages, security interests, encumbrances, rights, calls, claims and
      demands of every nature and kind whatsoever. The Vendor has the full power
      and authority to sell, transfer and assign to the Purchaser the Purchased
      Shares and to vest in the Purchaser a good, valid and subsisting title in
      and to the Purchased Shares free and clear of all Liens, charges,
      mortgages, security interests, encumbrances, rights, calls, claims,
      demands or liabilities of every nature and kind whatsoever. All of the
      Purchased Shares have been issued in compliance with all applicable Laws
      including, without limitation, applicable securities Laws.

	 	 	 
	 	(f) 	
      No Other Agreements to Purchase. Except for the
      Purchaser's right under this Agreement, no person has any written or oral
      agreement, option or warrant or any right or privilege (whether by Law,
      pre- emptive or contractual) capable of becoming such for the purchase or
      acquisition from the Vendor of any of the Purchased
  Shares.

- 9 -

	 	(g) 	
      Authorizations and Consents. There is no requirement on
      the part of the Vendor, the Company or RR to make any filing with or give
      any notice to any Governmental Entity or body, or obtain any order,
      permit, approval, waiver, license or similar authorization, in connection
      with the completion of the transactions contemplated by this Agreement,
      except for filings and notifications required to the TSX-V and to the BMA
      with respect to (i) the change of shareholder control of RH pursuant to
      section 30D of the Insurance Act (Bermuda) and (ii) the Exchange Control
      Division of the BMA to apply for a no-objection under the Bermuda Exchange
      Control Act 1972 to the transfer of the Purchased Shares.
  

	 	
      (h) 
	
      Residence. The Vendor is a non-resident of Canada for the
      purposes of the Income Tax Act (Canada).

	 	 	 
	 	(i) 	
      Vendor Statement and Cash Balance. The Vendor Payments
      and the Cash Balance as at the Closing will be set out in the Vendor
      Payments Statement and the Cash Balance Statement,
  respectively.

3.2        Representations
of the Vendor with Respect to the Company and RR. 

(1)        The Vendor
represents and warrants as follows to the Purchaser at the date of this
Agreement and acknowledges and confirms that the Purchaser is relying upon such
representations and warranties in connection with the purchase of the Purchased
Shares: 

	 	(a) 	
      Incorporation and Qualification. Each of the Company and
      RR is a company duly incorporated, validly existing and in good standing
      under the Laws of Bermuda and has the corporate power and authority to own
      and operate its assets and conduct its business as now owned and
      conducted. Each of the Company and RR is duly qualified, licensed or
      registered to carry on business and is in good standing in each
      jurisdiction in which the character of its assets and properties, owned,
      leased, licensed or otherwise held, or the nature of its activities makes
      such qualification necessary, and has all Authorizations required to own,
      lease and operate its properties and to carry on its business as now
      conducted.

	 	 	 
	 	(b) 	
      Corporate Authority. The transfer of the Purchased Shares
      to the Purchaser has been authorized by all necessary corporate action on
      the part of the Company.

	 	 	 
	 	(c) 	
      Purchased Shares. The Purchased Shares consist of all of
      the duly issued and outstanding shares of the Company. All of the
      Purchased Shares have been issued in compliance with all applicable Laws
      including, without limitation, applicable securities Laws. Other than: (i)
      a warrant issued to Multi-Strat pursuant to a warrant certificate dated
      January 31, 2014 to purchase 5,500 Common Shares expiring on December 31,
      2018 at an exercise price per share equal to the VWAP per share of the
      Purchaser on the TSX or TSX-V, as applicable, for the 10 trading day
      period immediately prior to the Closing, divided by the Exchange Ratio;
      provided that, the directors the Purchaser, may at any time prior to the Effective
Time, by resolution of the Purchaser's board of directors, alter the Exchange
Ratio if it determines that it is necessary or advisable to do so in order to
ensure that the Purchaser will, upon completion of the Arrangement, meet the
minimum distribution requirements of the TSX-V applicable to a Tier 1 Issuer (as
defined in the TSX-V Corporate Finance Manual); and (ii) an agreement to issue
RH Shares to Kudu Partners, L.P. in accordance with an agreement between RH and
Kudu Partners, L.P. entered into as of the date hereof, the Purchased Shares
constitute all of the issued and outstanding securities of the Company and there
are no agreements relating to the issuance, sale, transfer or voting of any
equity securities or other securities of the Company and, except as provided in
the bye-laws of the Company as constituted on the date of the Arrangement
Agreement. 

 

- 10 -

	 	(d) 	
      Subsidiary.

	 	 	
       
	
       

			
      (i) 
	
      The Company is the registered and beneficial owner of
      120,000 common shares with a par value of US$1.00 per common share of RR,
      representing all of the issued and outstanding shares of RR (the "RR
      Shares"). The RR Shares constitute all of the issued and outstanding
      securities of RR and there are no agreements relating to the issuance,
      sale, transfer or voting of any equity securities or other securities of
      RR and, except as provided in the bye-laws of RR;

	 	 	
       
	
       

	 		
      (ii) 
	
      The RR Shares are owned by the Company as the legal and
      beneficial owner of record, with good and marketable title thereto, free
      and clear of all Liens, charges, mortgages, security interests,
      encumbrances, rights, calls, claims and demands of every nature and kind
      whatsoever. The RR Shares consist of all of the duly issued and
      outstanding shares of RR. All of the RR Shares have been issued in
      compliance with all applicable Laws including, without limitation,
      applicable securities Laws;

	 	 	
       
	
       

	 		
      (iii) 
	
      RR holds a valid Class 3A insurance license and as such
      is duly qualified, licensed or registered to carry on a reinsurance
      business and will be able to carry on a reinsurance business immediately
      after the Effective Date without any other material requirements other
      than satisfaction of the undertaking provided by Multi-Strat Re Ltd.
      ("MSR") to the BMA pursuant to which MSR has agreed to provide the initial
      reinsurance arrangements to the Insurance Division of the BMA for prior
      approval prior to writing business;

	 	 	
       
	
       

	 		
      (iv) 
	
      RR holds approximately US$1,000,000 in cash and notes
      owing as at the Closing (the "Cash Balance"); and

	 	 	
       
	
       

			
      (v) 
	
      Since the Balance Sheet Date the business of each of the
      Company and RR has been carried on in the Ordinary
  Course.

- 11-

	 	(e) 	
      Financial Statements. The Financial Statements of the
      Company have been prepared in accordance with IFRS applied on a basis
      consistent with those of previous fiscal years and each fairly, completely
      and accurately discloses in all material respects: 

      (A) the consolidated assets, liabilities and obligations
      (whether accrued, contingent, absolute or otherwise), income, losses,
      retained earnings, reserves and financial position of the Company and its
      subsidiaries; 

      (B) the results of operations of the Company and its
      subsidiaries; and (C) the changes in the financial position of the Company
      and its subsidiaries, all as at the dates and for the periods therein
      specified. Complete and accurate copies of the Financial Statements of the
      Company are attached as Schedule A hereto.

	 	
      (f) 
	
      Taxes. Each of the Company and RR has filed or caused to
      be filed, within the times and in the manner prescribed by Law, all
      applicable tax returns and tax reports which are required to be filed by
      it. The information contained in such returns and reports is correct and
      complete and such returns and reports reflect accurately all liability for
      Taxes of the Company and RR for the periods covered thereby. All
      applicable income, profits, franchise, sales, use, occupancy, excise and
      other Taxes and assessments (including interest and penalties) that are or
      may become payable by or due from the Company or RR have been fully paid.
      The income tax liabilities of the Company and RR have been assessed for
      all fiscal years to and including its fiscal years ended on December 31,
      2013. There are no outstanding agreements or waivers extending the
      statutory period or otherwise providing for an extension of time with
      respect to the assessment or re-assessment of tax against, or the filing
      of any tax return or the payment of any tax by, the Company or RR. There
      are no claims, actions, suits or proceedings pending, or threatened
      against the Company or RR relating to taxes and the Vendor knows of no
      valid basis for any such claim, action, suit, proceeding, investigation or
      discussion. The Company and RR have each withheld from each payment made
      by it the amount of all taxes and other deductions required to be withheld
      therefrom and has paid the same to the proper taxing or other authority
      within the time prescribed under any applicable Law.

	 	(g) 	
      No Material Adverse Change. Since the Balance Sheet Date,
      there has been no material adverse change in the business, activities,
      assets, liabilities, operations, properties, results of operation,
      prospects or condition (financial or otherwise) of the Company or RR and
      there exists no actual, alleged or anticipated event, occurrence,
      condition or act which may (or would with the giving of notice, the lapse
      of time, or both, or the happening of any other event or condition) result
      in such a material adverse change.

	 	 	 
	 	(h) 	
      No Undisclosed Liabilities. Neither the Company nor RR
      has liabilities or obligations of any nature (whether absolute, accrued,
      contingent or otherwise) except for current liabilities incurred in the
      Ordinary Course, which liabilities or obligations are not in arrears and
      have not had a material adverse effect on the financial condition of the
      Company or RR.

- 12-

	 	(i) 	
      Books and Records. All accounting and financial books and
      records of the Company and RR have been fully, properly and accurately
      kept and completed in all material respects and such books and records and
      other data and information are not recorded, stored, maintained, operated
      or otherwise wholly or partly dependent upon or held by any means
      (including any electronic, mechanical or photographic process, whether
      computerized or not) which are not in the possession of, or held for the
      benefit of and deliverable upon request to, the Company or
  RR.

	 	(j) 	
      Title to Assets. Each of the Company and RR have good and
      marketable title to all of its assets, free and clear of all
  Liens.

	 	(k) 	
      Sufficiency and Condition of Assets. The Company and RR
      each owns or leases or licenses all of its assets. Such assets include all
      rights and property necessary to enable each of the Company and RR to
      conduct its business after the Effective Date substantially in the same
      manner as it was conducted prior to the Effective Date including all the
      assets reflected in the balance sheets forming part of the Financial
      Statements, except as indicted in the notes thereto, together with all
      additions thereto and less all dispositions thereof. The Company and RR
      will not lose ownership of or the right to use any such assets solely as a
      result of the completion of the transactions contemplated herein and all
      such assets are in good operating condition and repair having regard to
      their use and age and are adequate and suitable for the uses to which they
      are being put.

	 	(l) 	
      No Breach of Material Contracts. Each of the Company and
      RR has performed all of the obligations required to be performed by it and
      is entitled to all material benefits under, and is not alleged to be in
      material default of, any material contract to which it is a party or by
      which its assets are bound (each a "Material Contract"). Each Material
      Contract is in full force and effect, unamended and there exists no
      material default or event of default or event, occurrence, condition or
      act which, with the giving of notice, the lapse of time or the happening
      of any other event or condition, would become a material default or event
      of default by the counterparties to any Material
  Contract.

	 	(m) 	
      No Action. Neither the Company nor RR is aware of any
      action, suit or proceeding, at law or at equity, for or by any court or
      any federal, provincial, municipal or other governmental department,
      commission, board, agency or instrumentality which would prevent or
      materially adversely affect the transactions contemplated by this
      Agreement, affect its assets and liabilities or result in a material
      adverse change.

	 	 	 
	 	(n) 	
      Bankruptcy. The Company and RR has not committed an act
      of bankruptcy, proposed a compromise or arrangement to its creditors, had
      any petition for a receiving order filed against it, taken any proceeding
      with respect to a compromise, arrangement or winding up, or otherwise
      taken advantage of any insolvency or bankruptcy legislation, had a
      receiver appointed to any part of its property or had any
      execution or distress or seizure levied upon any of its
property.

- 13-

	 	(o) 	
      Securities Laws. Neither the Company nor RR is a
      reporting issuer under any Canadian securities Laws and there is no
      published market for the Purchased Shares.

ARTICLE 4 
PURCHASER'S REPRESENTATIONS AND WARRANTIES

(1)        The Purchaser
represents and warrants as follows to the Vendor at the date of this Agreement
and acknowledges and confirms that the Vendor is relying on such representations
and warranties in connection with the sale by the Vendor of the Purchased
Shares: 

	 	(a) 	
      Incorporation and Qualification. The Purchaser is a
      corporation incorporated and existing under the Laws of British Columbia.
      The Purchaser has the corporate power to enter into and perform its
      obligations under this Agreement.

	 	 	 
	 	(b) 	
      Corporate Authority. The execution and delivery of and
      performance by the Purchaser of this Agreement have been authorized by all
      necessary corporate action on the part of the Purchaser.

	 	 	 
	 	(c) 	
      Approvals. The Purchaser has obtained all necessary
      approvals to enter into this Agreement and to carry out the transactions
      contemplated by this Agreement subject to the consents and approvals
      required in the Arrangement Agreement, the Interim Order (as defined in
      the Plan of Arrangement), and the Final Order (as defined in the Plan of
      Arrangement).

	 	 	 
	 	(d) 	
      Enforceability. This Agreement constitutes a legal, valid
      and binding obligation of the Purchaser enforceable against the Purchaser
      in accordance with its terms.

	 	 	 
	 	(e) 	
      Non-Contravention. Neither the execution, delivery and
      performance by the Purchaser of this Agreement nor the completion of the
      transactions contemplated hereby will conflict with or result in a breach
      of or default under any agreement or other instrument or obligation to
      which the Purchaser is a party or by which the Purchaser is
  bound.

ARTICLE 5
CLOSING 

5.1        Closing 

            Closing
shall occur on the Effective Date at the time set out in the Plan of
Arrangement. 

- 14-

5.2        Conditions
Precedent to the Agreement. 

            The
obligations of the parties to complete the Transaction and to deliver the
documents contemplated hereby are conditional on the satisfaction or waiver of
all conditions precedent in the Arrangement Agreement which condition is for the
benefit of both the Vendor and Purchaser and may not be waived. 

ARTICLE 6 
CLOSING COVENANTS

6.1        Vendor's
Covenants.

	(1) 	
      The Vendor covenants to deliver to the Purchaser at
      Closing the following:

	 	 	 
		(a) 	
      certified copies of (a) the resolutions of the directors
      of the Vendor and of the Company approving the execution, performance, and
      delivery of this Agreement and (b) the constating documents of the Vendor
      and the Company;

	 	 	 
		(b) 	
      a certificate of good standing of each of the Vendor, the
      Company and RR;

	 	 	 
		(c) 	
      a share certificate representing the Purchased Shares
      registered in the name of the Vendor, duly endorsed for transfer or with a
      duly executed instrument for transfer;

	 	(d) 	
      a copy of the register of members of the Company showing
      the Purchaser as the registered owner of the Purchased
  Shares;

	 	(e) 	
      a copy of the register of member of RR showing the
      Company as the registered owner of the RR
Shares;

	 	(f) 	
      duly signed resignations and releases of John T. Rickard
      as director, Joseph Taussig as Vice Chairman, and Wayne Kauth as Chief
      Financial Officer, each in a form satisfactory to the Purchaser;
  and

	 	 	 
	 	(g) 	
      any other documentation as may reasonably be required by
      the Purchaser.

6.2        Purchaser's
Covenants. 

            The
Purchaser covenants to the Vendor to deliver at Closing a certified cheque, bank
draft or evidence of a wire transfer of immediately available funds payable to
or to the order of the Vendor or as the Vendor may otherwise direct in writing,
in the amount of the PurchasePrice. 

ARTICLE 7 
SURVIVAL OF COVENANTS, REPRESENTATIONS AND
WARRANTIES

(1)        The covenants,
representations and warranties of the Vendor contained in this Agreement and in
any certificates or documents delivered pursuant to or in connection with the transactions contemplated by this Agreement shall survive
the closing of the purchase and sale of the Purchased Shares and,
notwithstanding such closing, and regardless of any investigation by or on
behalf of the Purchaser, shall continue in full force and effect for the benefit
of the Purchaser without limitation of time, subject only to applicable
limitation periods imposed by Law. 

- 15-

(2)        The covenants,
representations and warranties of the Purchaser contained in this Agreement and
in any certificates or documents delivered pursuant to or in connection with the
transactions contemplated by this Agreement shall survive the closing of the
purchase and sale of the Purchased Shares and, notwithstanding such closing, and
regardless of any investigation by or on behalf of the Vendor, shall continue in
full force and effect for the benefit of the Vendor without limitation of time,
subject only to applicable limitation periods imposed by Law. 

ARTICLE 8
GENERAL 

8.1        Time of the
Essence. 

            Time
is of the essence in this Agreement. 

8.2        Enurement. 

           
This Agreement becomes effective when executed by the Vendor, the Purchaser and
the Company. After that time, it will be binding upon and enure to the benefit
of the Parties and their respective successors, legal representatives and
permitted assigns. Neither this Agreement nor any of the rights or obligations
under this Agreement, including any right to payment, may be assigned or
transferred, in whole or in part, by either Party without the prior written
consent of the other Party. 

8.3        Entire
Agreement.

           
This Agreement constitutes the entire agreement between the Parties with respect
to the transactions contemplated in this Agreement and supersedes all prior
agreements, understandings, negotiations and discussions, whether oral or
written, of the Parties with respect to such transactions. There are no
representations, warranties, covenants, conditions or other agreements, express
or implied, collateral, statutory or otherwise, between the Parties in
connection with the subject matter of this Agreement, except as specifically set
forth in this Agreement. The Parties have not relied and are not relying on any
other information, discussion or understanding in entering into and completing
the transactions contemplated by this Agreement. 

8.4       
Amendment.

            This
Agreement will not be amended or modified, unless such amendment or modification
is agreed to in writing by the Parties, and each Party executes a written
instrument giving effect to such modification. 

- 16-

8.5        Waiver.

            No
waiver of any of the provisions of this Agreement will constitute a waiver of
any other provision (whether or not similar). No waiver will be binding unless
executed in writing by the Party to be bound by the waiver. A Party's failure or
delay in exercising any right under this Agreement will not operate as a waiver
of that right. A single or partial exercise of any right will not preclude a
Party from any other or further exercise of that right or the exercise of any
other right it may have. 

8.6        Further
Assurances.

            Each
of the Parties covenants and agrees to do such things, to attend such meetings
and to execute such further documents and assurances as may be deemed necessary
or advisable from time to time in order to carry out the terms and conditions of
this Agreement in accordance with their true intent. 

8.7       
Termination.

            This
Agreement may, by notice in writing given at or prior to the completion of the
transaction, be terminated by mutual consent of the Vendor and the Purchaser.

8.8       
Severability.

            If
any provision of this Agreement is determined to be illegal, invalid or
unenforceable, by an arbitrator or any court of competent jurisdiction from
which no appeal exists or is taken, that provision will be severed from this
Agreement and the remaining provisions will remain in full force and effect.

8.9        Governing
Law.

            This
Agreement is governed by, and will be interpreted and construed in accordance
with, the Laws of the Province of British Columbia and the federal Laws of
Canada applicable therein. 

8.10      Counterparts.

            This
Agreement may be executed in any number of counterparts, each of which is deemed
to be an original, and such counterparts together constitute one and the same
instrument. Transmission of an executed signature page by facsimile, email or
other electronic means is as effective as a manually executed counterpart of
this Agreement. 

[Signature page follows]

            The Parties have executed this Share Purchase Agreement as of the
date first written above.

AMERICAS BULLION ROYALTY CORP.

By:

______________________________________

Name: 

Title:

MULTI-STRAT HOLDINGS LTD.

By:

______________________________________

Name: 

Title:

 

SCHEDULE A 
FINANCIAL STATEMENTS

To follow.

A-1

Schedule "F" 
AMB Contribution Agreement

Please see attached. 

1

CONTRIBUTION AGREEMENT 

            This
asset contribution agreement (the "Agreement") is made as of • between Americas
Bullion Royalty Corp. ("AMB"), a corporation incorporated under the laws of
British Columbia, and Resource Holdings Ltd. ("RH"), an exempted company
incorporated under the laws of Bermuda. 

WHEREAS: 

	A. 	
      RH is a wholly owned subsidiary of AMB.

	 	 
	B. 	
      AMB wishes to carry out certain reorganization
      transactions pursuant to an arrangement agreement dated as of February 18,
      2014 between AMB and RH (the "Arrangement Agreement") which provides for
      the implementation of such reorganization transactions by way of a plan of
      arrangement (the "Plan of Arrangement"), a copy of which is attached as
      Schedule A to the Arrangement Agreement.

	 	 
	C. 	
      In connection with the Arrangement Agreement, AMB wishes
      to contribute the Contributed Assets (as defined below) (the
      "Contribution") to RH in exchange for consideration consisting of the
      assumption by RH of the Assumed Liabilities and a contribution of capital
      by AMB to the capital of the restricted voting shares (the "RH Shares") of
      RH.

	 	 
	D. 	
      Pursuant to Section 2.3(h) of the Plan of Arrangement,
      the transactions contemplated by this Agreement shall occur in accordance
      with and on the terms and conditions specified in this
  Agreement.

            NOW
THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the respective
representations, covenants and agreements hereinafter contained, and other good
and valuable consideration (the sufficiency of which is hereby acknowledged by
the parties), the parties hereto covenant and agree as follows: 

ARTICLE l 
INTERPRETATION 

Section 1.1        Defined
Terms. 

As used in this Agreement, the
following terms have the following meanings: 

"Agreement" means this asset
contribution agreement as amended, restated and/ or supplemented and includes
the Schedules attached hereto, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with the terms hereof. 

"AMB" means Americas Bullion Royalty
Corp. 

- 2 -

"Amount of Contribution of Capital" has
the meaning ascribed thereto in Section2.2(ii). 

"Arrangement Agreement" has the meaning
ascribed thereto in Recital B. 

"Assumed Liabilities" has the meaning
ascribed thereto in Section 4.1. 

"Authorization" means, with respect to
any Person, any order, permit, approval, consent, waiver, licence or similar
authorization of any Governmental Entity having jurisdiction over the Person.

"Closing" means the completion of the
Transaction contemplated by this Agreement. 

"Contributed Assets" has the meaning
ascribed thereto in Section 2.1. 

"Contribution" has the meaning ascribed
thereto in Recital C. 

"Denver Lease Agreement" means the
lease agreement between Americas Bullion Royalty Corp. and Bradley Investors, LP
dated April 24, 2013. 

"Designated Employees" has the meaning
ascribed thereto in Article 5. 

"Effective Date" has the meaning
ascribed thereto in the Plan of Arrangement. 

"Effective Time" has the meaning
ascribed thereto in the Plan of Arrangement. 

"Employees" means those individuals who
are employed by AMB. 

"Employee Plans" means all the employee
benefit, fringe benefit, supplemental unemployment benefit, bonus, incentive,
profit sharing, termination, change of control, pension, retirement, stock
option, stock purchase, stock appreciation, health, welfare, medical, dental,
disability, life insurance and similar plans, programmes, arrangements or
practices relating to the current or former directors, officers or employees of
AMB maintained, sponsored or funded by AMB, whether written or oral, funded or
unfunded , insured or self-insured, registered or unregistered under which the
AMB may have any liability, contingent or otherwise. 

"Excluded Liabilities" has the meaning
ascribed thereto in Section 4.2. 

"Governmental Entity" means (i) any
governmental or public department, central bank, court, minister,
governor-in-council, cabinet, commission, tribunal, board, bureau, agency,
comm1ss1oner or instrumentality, whether international, multinational, national,
federal, provincial, state, county, municipal, local, or other; (ii) any
subdivision or authority of any of the foregoing; (iii) any stock exchange; and
(iv) any quasi-governmental or private body exercising any regulatory,
expropriation or taxing authority under or for the account of any of the
foregoing. 

"GPUS" means Golden Predator US Holding
Corp. 

- 3 -

"Lien" means any mortgage, charge,
pledge, hypothecation, security interest, assignment, lien (statutory or
otherwise), title retention agreement or arrangement, restrictive covenant or
other encumbrance of any nature or any other arrangement or condition which, in
substance, secures payment or performance of an obligation. 

"NSR" means net smelter return. 

"NTR" means Northern Tiger Resources
Inc.

"Parties" means AMB, RH and any other
Person who may become a party to this Agreement. 

"Person" means an individual,
partnership, limited partnership, limited liability partnership, corporation,
limited liability company, unlimited liability company, joint stock company,
trust, unincorporated association, joint venture or other entity or Governmental
Entity, and pronouns have a similarly extended meaning. 

"Permitted Liens" means (i) Liens for
taxes, assessments or governmental charges or levies on property not yet due and
delinquent, and (ii) easements, encroachments and other minor imperfections of
title which do not, individually or in the aggregate, materially detract from
the value of or impair the use or marketability of any real property. 

"Plan of Arrangement" has the meaning
ascribed thereto in Recital B. 

"RH" means Resource Holdings
Ltd.

"RH Shares" has the meaning ascribed
thereto in Recital B.

"RTZ" means Redtail Metals Corp. 

"SPD" means Silver Predator Corp.

"SPD Assets" has the meaning given in
the distribution agreement between GPUS and AMB dated the same date as this
Agreement. 

"Taxes" means (i) any and all taxes,
duties, fees, excises, premiums, assessments, imposts, levies and other charges
or assessments of any kind whatsoever imposed by any Governmental Entity,
whether computed on a separate, consolidated, unitary, combined or other basis,
including those levied on, or measured by, or described with respect to, income,
gross receipts, profits, gains, windfalls, capital, capital stock, production,
recapture, transfer, land transfer, license, gift, occupation, wealth,
environment, net worth, indebtedness, surplus, sales, goods and services,
harmonized sales, use, value-added, excise, special assessment, stamp,
withholding, business, franchising, real or personal property, health, employee
health, payroll, workers' compensation, employment or unemployment, severance,
social services, social security, education, utility, surtaxes, customs, import
or export, and including all license and registration fees and all employment
insurance, health insurance and government pension plan premiums or
contributions; (ii) all interest, penalties, fines, additions to tax or other
additional amounts imposed by any Governmental Entity on or in respect of
amounts of the type described in clause (i) above or this clause (ii); (iii) any
liability for the payment of any amounts of the type described in clauses (i) or
(ii) as a result of being a member of an affiliated, consolidated, combined or
unitary group for any period; and (iv) any liability for the payment of any
amounts of the type described in clauses (i) or (ii) as a result of any express
or implied obligation to indemnify any other Person or as a result of being a
transferee or successor in interest to any party. 

- 4 -

"Transaction" means the contribution of
the Contributed Assets contemplated in this Agreement in accordance with the
Plan of Arrangement; 

"Transferred Employees" has the meaning
ascribed thereto in Article 5. 

"Vancouver Lease Agreement" means the
lease agreement between Golden Predator Corp., a predecessor to AMB and The
Standard Life Assurance Company of Canada dated January 26, 2011. 

"Vancouver Sublease Agreement" means
the sublease agreement between Golden Predator Corp., a predecessor to AMB, VC
Management Inc. and The Standard Life Assurance Company of Canada dated March 8,
2013. 

ARTICLE 2 
CONTRIBUTED ASSETS

Section 2.1       
Contributed Assets.

            Subject
to the terms and conditions of this Agreement, AMB hereby contributes, assigns,
transfers and conveys to RH, and, RH hereby accepts the contribution,
assignment, transfer and conveyance from, with effect as of the Closing, all
right, title and interest in and to the assets as set out in Schedule A (the
"Contributed Assets"). 

Section 2.2        
Consideration

           
The Parties shall pay and account for the value of the Contributed Assets as
follows:

	 	(i) 	
      first, by RH's assumption of the Assumed Liabilities at
      the Effective Time; and

	 	 	 
	 	(ii) 	
      second, as a contribution of capital in respect of AMB's
      RH Shares in an amount equal to the amount by which the aggregate fair
      market value Contributed Assets at the Effective Time, as determined by
      the directors of AMB and RH acting reasonably, exceeds the fair market
      value of the Assumed Liabilities at the Effective Time as so determined
      (the "Amount of Contribution of Capital"), subject to adjustment in
      accordance with Section 2.4.

- 5 -

Section 2.3       
Contracts. 

            Nothing
in this Agreement shall be construed as an attempt to assign to RH any amount,
agreement or contract which, as a matter of law or by its terms, is not
assignable in whole or in part without the consent of the other party or parties
to such amount, agreement or contract, unless such consent has been given. AMB
and RH shall each use reasonable commercial efforts to obtain the consents prior
to the Effective Time (or, if not obtained by the Effective Time, as soon as
practicable thereafter). If consent has not been obtained, in order that RH may
receive and realize the full benefit of the non-assigned amounts, agreements and
contracts, AMB shall hold such amounts, agreements and contracts in trust for RH
and all benefits derived from such agreements and contracts shall be for the
account of RH. AMB shall continue to try to obtain the consents and upon
obtaining such consent will take all reasonable steps to effect the transfer.

Section 2.4        Price
Adjustment.

            It
is the intention of the Parties that the fair market value of the Contributed
Assets at the Effective Time will equal the aggregate of the fair market value
of the Assumed Liabilities at the Effective Time and the Amount of Contribution
of Capital (such aggregate amount, the "Consideration"). If it is subsequently
determined by the parties hereto or if the Canada Revenue Agency subsequently
proposes to assess or reassesses either party on the basis that the fair market
value of the Contributed Assets does not equal the Consideration at the
Effective Time, then the parties shall pay or refund to the other or otherwise
adjust the Consideration or other rights and obligations between them, in such
manner as is reasonable in the circumstances to cause the fair market value of
the Consideration to equal, as nearly as circumstances reasonably permit, the
fair market value of the Contributed Assets at the Effective Time. 

ARTICLE 3
TAXES 

Section 3.1        Payment
of Sales Tax and Registration Charges on Transfer. 

            AMB
shall be liable for and shall pay all applicable Taxes and all other Taxes,
duties, registration charges or other like charges payable in connection with
the Contribution by RH to AMB. Where such amounts are required by law to be
remitted by RH, AMB may make such payments on behalf of RH, where possible.

- 6 -

Section 3.2        Tax
Elections 

            To
the extent the Parties agree to file any Tax elections in connection with the
Contribution, AMB and RH agree to co-operate to execute and file such Tax
elections with the appropriate revenue authority, including any provincial
revenue authority, in the form and within the time prescribed. 

ARTICLE 4 
ASSUMED LIABILITIES

Section 4.1        Assumed
Liabilities.

            As
of the Closing, RH shall, in accordance with Section 2.2(i) assume all
liabilities and obligations of AMB, arising out of or associated with the
ownership of the Contributed Assets, whether such liabilities arise or become
known prior to or after, or are asserted prior to or after the Closing
(collectively, the "Assumed Liabilities" as more particularly described in
Schedule B), including all liabilities relating to the Contributed Assets due or
accruing due at or after the Effective Time. 

Section 4.2       Excluded
Liabilities.

            RH
shall not assume and shall have no obligation to discharge, perform or fulfil,
and AMB will indemnify RH from and against, any and all Excluded Liabilities.
"Excluded Liabilities" means any and all liabilities and obligations of AMB,
whether known, unknown, direct, indirect, absolute, contingent or otherwise or
arising out of facts, circumstances or events, in existence on or prior to
Closing, that do not arise out of or are not associated with the ownership of
the Distributed Assets, whether such liabilities arise or become known prior to
or after, or are asserted prior to or after the Closing. 

ARTICLE 5

EMPLOYEES

Section 5.1       
Employees

	 	(a) 	
      Subject to the Closing and the terms of this Article 5,
      RH agrees to offer employment effective as of the Effective Time on terms
      substantially similar in the aggregate to those existing as of the
      Effective Time, or such other terms as the Parties may agree to, to all of
      the individuals who are Employees as at the Effective Time (the
      "Designated Employees").

	 	(b) 	
      AMB shall not attempt in any way to discourage Designated
      Employees from accepting the offer of employment made by RH.

	 	 	 
	 	(c) 	
      In this Agreement, "Transferred Employees" means those
      Designated Employees who have accepted RH's offer of employment made
      pursuant to this Section 5.1and "Employee Start Date" means the Effective
      Time or such later date on which a Transferred Employee commences active
      employment with RH.

- 7 -

Section 5.2        Employee
Plans 

            RH
shall not assume any of the Employee Plans or liability for accrued benefits or
any other liability under or in respect of any of the Employee Plans. The
Transferred Employees shall, as of their applicable Employee Start Date, cease
to accrue further benefits under the Employee Plans. 

Section 5.3        Employee
Liability 

	(a) 	
      Without limiting AMB's obligations in respect of Persons
      employed by AMB prior to the Effective Time, AMB shall be responsible
      for:

	 	 	 
		(i) 	
      all liabilities for salary, wages, bonuses, commissions,
      vacation pay and other compensation relating to employment of all Persons
      by AMB prior to the Effective Time and all liabilities under or in respect
      of the Employee Plans;

	 	 	 
		(ii) 	
      all severance payments, damages for wrongful dismissal
      and all related costs in respect of the termination by the AMB of the
      employment of any Designated Employee who does not become a Transferred
      Employee;

	 	 	 
		(iii) 	
      all liabilities for claims for injury, disability, death
      or workers' compensation arising from or related to employment in AMB
      prior to the Effective Time; and

	 	 	 
		(iv) 	
      all employment-related claims, penalties and assessments
      in respect of the Purchased Business arising out of matters which occurred
      prior to the Effective Time.

	 	 	 
	(b) 	
      Without limiting the RH's obligations in respect of the
      Transferred Employees on and after the Effective Time the RH shall be
      responsible for:

	 	 	 
		(i) 	
      all liabilities for salary, wages, bonuses, commissions,
      vacation pay, and other compensation relating to employment of all
      Transferred Employees on and after the applicable Employee Start
    Date;

	 	 	 
		(ii) 	
      all severance payments, damages for wrongful dismissal
      and all related costs in respect of the termination by RH of the
      employment of any Transferred Employee;

	 	 	 
		(iii) 	
      all liabilities for claims for injury, disability, death
      or workers' compensation arising from or related to employment of the
      Transferred Employees in RH; and

	 	 	 
		(iv) 	
      all employment-related claims, penalties and assessments
      in respect of RH arising out of matters which occur on or subsequent to
      the Effective Time.

	 	 	 
	(c) 	
      For purposes of Section 5.3(a)(iii) and Section
      5.3(b)(iii), the date on which a benefit claim is incurred will
  be:

	 	 	 
		(i) 	
      in the case of a death claim, the date of
  death;

- 8 -

	 	(ii) 	
      in the case of a short term disability claim, long term
      disability claim or a life insurance premium waiver claim, the date of the
      first incidence of disability, illness, injury or disease that first
      qualifies an individual for benefits or to commence a qualifying period
      for benefits;

	 	(iii) 	
      in the case of extended health care benefits, including,
      without limitation, dental and medical treatments, the date of treatment
      or the date of purchase of eligible medical or dental supplies;
  and

	 	(iv) 	
      in the case of a claim for drug or vision benefits, the
      date the prescription was filled.

ARTICLE 6 
COVENANTS OF AMB

            AMB
will assign its right to RH under section 5.1 of the distribution agreement
between GPUS and AMB dated the same date as this Agreement. 

ARTICLE 7
CLOSING 

Section 7.1       
Closing

            Closing
shall occur on the Effective Date at the time set out in the Plan of
Arrangement. 

ARTICLE 8

DELIVERIES

Section 8.1       
Deliveries for the Benefit of RH.

            At
the Closing, AMB shall deliver or cause to be delivered to RH the following in
form and substance satisfactory to RH, acting reasonably: 

	 	(a) 	
      all necessary deeds, conveyances, assurances, transfers,
      assignments, trust declarations and any other instruments necessary or
      reasonably required to transfer to RH good title to the Contributed
      Assets, free and clear of all Liens, other than Permitted Liens, and to
      evidence the assumption of the Assumed Liabilities in accordance with the
      terms of this Agreement;

	 	 	 
	 	(b) 	
      a copy of the directors' resolutions of AMB approving
      this Agreement and the transactions contemplated hereby;

	 	 	 
	 	(c) 	
      offer letters for each Employee attaching new employment
      contracts on terms substantially similar in the aggregate to those
      existing as of the Effective Time, or such other terms as the Parties may
      agree to; and

	 	 	 
	 	(d) 	
      any other documentation as may reasonably be required by
      RH.

- 9 -

Section 8.2       
Deliveries for the Benefit of AMB. 

           
At the Closing, RH shall deliver or cause to be delivered to AMB, acting
reasonably : 

	 	(a) 	
      any instruments necessary or reasonably required to
      transfer to RH good title to the Contributed Assets free and clear of all
      liens, other than Permitted Liens, and to evidence receipt of the
      Consideration in accordance with the terms of this Agreement; and
  

	 	  	     
	 	(b) 	
      a copy of the directors ' resolutions of RH approving
      this Agreement and the transactions contemplated hereby; and 

	 	  	     
	 	(c)	
      any other documentation as may reasonably be required by
      AMB. 

ARTICLE 9 
MISCELLANEOUS 

Section 9.1        Time.

           
Time is of the essence of this Agreement. 

Section 9.2       
Successors and Assigns. 

            This
Agreement becomes effective when executed by AMB and RH. After that time, it
will be binding upon and enure to the benefit of the parties and their
respective successors, heirs, executors, administrators, legal representatives
and permitted assigns. 

Section 9.3        Further
Assurances. 

            Each
of the Parties covenants and agrees to do such things, to attend such meetings
and to execute such further conveyances, transfers, documents and assurances as
may be deemed necessary or advisable from time to time in order to effectively
transfer the Contributed Assets to RH and carry out the terms and conditions of
this Agreement in accordance with their true intent. 

Section 9.4       
Amendments 

            This
Agreement may only be amended, supplemented or otherwise modified by written
agreement signed by the AMB and RH. 

Section 9.5       
Severability. 

            If
any provision of this Agreement is determined to be illegal, invalid or
unenforceable, by an arbitrator or any court of competent jurisdiction from
which no appeal exists or is taken, that provision will be severed from this
Agreement and the remaining provisions will remain in full force and effect.

Section 9.6        Governing
Law. 

            This
Agreement is governed by, and will be interpreted and construed in accordance
with, the laws of the Province of British Columbia and the federal laws of
Canada applicable therein. 

- 10 -

Section 9.7       
Counterparts. 

            This
Agreement may be executed in any number of counterparts, each of which is deemed
to be an original, and such counterparts together constitute one and the same
instrument. Transmission of an executed signature page by facsimile, email or
other electronic means is as effective as a manually executed counterpart of
this Agreement. 

[Signature page follows]

The parties have executed this Agreement as of the date first
written above. 

AMERICAS BULLION ROYALTY CORP. 

	 	By:	 
	 	 	Authorized Signatory
  

 

RESOURCE HOLDINGS LTD. 

	 	By:	  
	 	 	Authorized Signatory
  

Schedule A 

  Contributed Assets 

	Asset 
	All cash and cash equivalents held by AMB at the Effective Time
    
	Marketable securities: 

	 	• 	Madison
      Minerals, Inc. - 1,215,000 shares; 
	 	 	 
	 	• 	Royal
      Standard Minerals Inc. - 400,000 shares; 
	 	 	 
	 	• 	Soltoro
      Ltd. - 75,000 shares; 
	 	 	 
	 	• 	Atna
      Resources Ltd. -119,000 shares; 
	 	 	 
	 	• 	Victoria Gold Corp. - 2,175,000 shares; 
	 	 	 
	 	• 	Carlin
      Gold Corporation - 2,500,000 shares and 1,250,000 warrants; 
	 	 	 
	 	• 	Endurance Gold Corporation - 150,000 shares and 100,000
      warrants; 
	 	 	 
	 	• 	Pacific
      Ridge Exploration Ltd. - 285,000 shares; 
	 	 	 
	 	• 	Northern Tiger Resources Inc. - 375,000 shares; 
	 	 	 
	 	• 	NV Gold
      Corporation - 600,000 shares; 
	 	 	 
	 	• 	Northern Freegold Resources Ltd. - 2,650,000 shares and
      1,000,000 warrants; 
	 	 	 
	 	• 	Bonterra Resources Inc. - 50,000 shares; 
	 	 	 
	 	• 	Ansell
      Capital Corp. - 400,000 shares; and 
	 	 	 
	 	• 	Southern Silver Exploration Corp. - 400,000 shares.
    

	
      All of the shares of Wolfpack Gold Corp held by AMB
      immediately prior to the Arrangement, being 6,000,000Wolfpack Gold
      Corp.shares. 

	
      All of the shares of Redtail Metals Corp. ("RTZ")
      held by AMB immediately prior to the Arrangement, being 4,773,405 RTZ
      shares 

	
      All of the shares of Northern Tiger Resources Inc.
      ("NTR") held by AMB immediately prior to the Arrangement, being
      375,000 NTR shares 

	
      All of the shares of Golden Predator US Holding Corp.
      held by AMB immediately prior to the Arrangement, being 120,000 Golden
      Predator US Holding Corp. shares 

	
      All of the shares of Cuesta del Cobre, S.A. held by AMB
      immediately prior to the Arrangement, being 49,999 Cuesta del Cobre, S.A.
      shares 

	
      All of the shares of Silver Predator Corp. ("SPD")
      held by AMB immediately prior to the Arrangement, being 25,476,535 SPD
      shares. 

	
      All of AMB's right, title and interest in and to, and all
      the benefits of AMB under the following agreements:

	 	(a) 	
      the subscription agreement between AMB and SPD dated
      October 15, 2013 relating to the subscription of shares of SPD by
    AMB;

A-1 

	 	(b) 	the promissory note in the amount of $450,000 granted by NTR
      to AMB dated December 17, 2013 relating to the amended and restated
      business combination agreement dated December 17, 2013 and amended January
      21, 2014 between NTR, AMB and RTZ (the "Business Combination
      Agreement");

	 	 	 
	 	(c) 	
      the promissory note in the amount of $50,000 granted by
      RTZ to AMB dated December 17,2013 relating to the Business Combination
      Agreement;

	 	 	 
	 	(d) 	
      the promissory note in the amount of $200,000 granted by
      NTR to AMB dated December 17, 2013 relating to the purchase and sale
      agreement between NTR and AMB dated December 17, 2013;

	 	 	 
	 	(e) 	
      the promissory note in the amount of $700,000 granted by
      NTR to AMB dated December 17, 2013 relating to the purchase and sale
      agreement between NTR and AMB dated December 17, 2013;

	 	 	 
	 	(f) 	
      the Vancouver Sublease Agreement;

	 	 	 
	 	(g) 	
      the agreement dated January 2, 2014 between AMB, Atna
      Resources, Inc. and Golden Predator US Holding Corp. granting the 0.5% NSR
      relating to the Celeste Copper Project; and

	 	 	 
	 	(h) 	
      the agreement dated January 2, 2014 between AMB, Atna
      Resources, Inc. and Golden Predator US Holding Corp. granting the 3%NSR
      relating to the Uduk Lake property.

	
      All of AMB's right, title and interest in and to, and all
      the benefits of AMB relating to the SPD Assets and all of AMB's right,
      title and interest in and to, and all the benefits of AMB under the SPD
      Purchase Agreement relating to the SPD Assets.

A-2

Schedule B 
Assumed Liabilities 

	
      Liability 

	
      Assumption of Denver Lease Agreement pursuant to an
      agreement between Americas Bullion Royalty Corp. and Bradley Investors, LP
      dated April 24, 2013. 

	
      Assumption of the Vancouver Lease Agreement between
      Golden Predator Corp., a predecessor to AMB, and Standard Life Assurance
      Company of Canada dated January 26, 2011. 

	
      All other Assumed Liabilities as described in Section
      4.1of this Agreement 

B-1 

Schedule "G" 
Kudu Asset Purchase Agreement

Please see attached.

1

ASSET PURCHASE AGREEMENT

THIS ASSET PURCHASE AGREEMENT is made as of the • day of e,
2014.

BETWEEN:

  
    
      RESOURCE HOLDINGS LTD., a company incorporated under the laws
        of Bermuda and having its registered office at Crawford House, 50 Cedar Avenue,
        Hamilton, HM11 Bermuda 

      (the "Purchaser")

      

    

  

AND:

  
    
      KUDU PARTNERS, L.P., a limited partnership formed under the
        laws of Delaware and having its registered office at 16192 Coastal Highway,
        Lewes, DE 19558 

      (the "LP")

      

    

  

AND:

  
    
      LA PLATA RIVER PARTNERS, LLC, the general partner of the LP, a
        limited liability company formed under the laws of Delaware and having its
        registered office at 16192 Coastal Highway, Lewes, DE 19558 

      (the "GP" and together with the LP, the "Vendors") 

    

  

WHEREAS:

	A. 	
      The Purchaser and Americas Bullion Royalty Corp. ("AMB")
      have entered into an arrangement agreement dated as of February 18, 2014
      (the "Arrangement Agreement") which provides for the implementation of
      certain transactions (the "Arrangement") where, among other things, the
      Purchaser will acquire all of the issued and outstanding shares of
      Americas Bullion Royalty Corp. by way of a plan of arrangement (the "Plan
      of Arrangement"), a copy of which is attached as Schedule A to the
      Arrangement Agreement;

	 	 
	B. 	
      Pursuant to Section 2.3(i) of the Plan of Arrangement,
      the transactions contemplated by this Agreement shall occur in accordance
      with and on the terms and conditions specified in this
Agreement;

	 	 
	C. 	
      The Parties are entering into this Agreement to document
      and evidence the purchase and sale of the Purchased Assets (as defined
      below) as contemplated in the Plan of Arrangement;

	 	 
	D. 	
      The GP holds in trust for the LP certain cash amounts
      (the "Cash"), certain marketable securities (the "Marketable Securities")
      and certain illiquid securities (the "Illiquid Securities"), all as more
      particularly set out in Schedule A hereto (the Cash, Marketable Securities and Illiquid Securities,
      collectively the "Purchased Assets"); and

- 2 -

	E. 	
      The Purchaser wishes to purchase and the LP wishes to
      sell the Purchased Assets on the terms and conditions set out
    herein.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of
the premises and the mutual agreements contained herein and other good and
valuable consideration (the receipt, and adequacy, of which is acknowledged by
each of the Parties hereto) the Parties hereto represent, covenant and agree as
follows: 

ARTICLE l 
INTERPRETATION 

1.1        Definitions 

            The
Parties agree that the following terms shall have the following meanings in this
Agreement: 

	 	(a) 	
      "Agreement" means this Asset Purchase Agreement.
  

	 	 	
       

	 	(b) 	
      "AMB Shares" means the shares of Americas Bullion Royalty
      Corp. 

	 	 	
       

	 	(c) 	
      "Arrangement" has the meaning ascribed thereto in Recital
      A; 

	 	 	
       

	 	(d) 	
      "Authorization" means, with respect to any Person, any
      order, permit, approval, consent, waiver, licence or similar authorization
      of any Governmental Entity having jurisdiction over the Person; 

	 	 	
       

	 	(e) 	
      "Business Costs" has the meaning ascribed thereto in
      Section 2.2(e); 

	 	 	
       

	 	(f) 	
      "Business Costs Statement" has the meaning ascribed
      thereto in Section 2.3; 

	 	 	
       

	 	(g) 	
      "Business Day" means any day other than a Saturday,
      Sunday or statutory holiday in Bermuda; 

	 	 	
       

	 	(h) 	
      "Cash" has the meaning ascribed thereto in Recital D and
      as more particularly described in Schedule A; 

	 	 	
       

	 	(i) 	
      "Cash Portion of the Purchase Price" has the meaning
      ascribed thereto in Section 2.2(b); 

	 	 	
       

	 	(j) 	
      "Closing" means the closing of the Transaction;

	 	 	
       

	 	(k) 	
      "Effective Date" has the meaning ascribed thereto in the
      Plan of Arrangement; 

	 	 	
       

	 	(I) 	
      "Effective Time" has the meaning ascribed thereto in the
      Plan of Arrangement; 

- 3 -

	 	(m) 	
      "Exchange Ratio" means 0.01, or such other number as the
      directors of AMB may determine in accordance with Section 2.5 of the Plan
      of Arrangement;

	 	 	 
	 	(n) 	
      "Governmental Entity" means (i) any governmental or
      public department, central bank, court, commission, board, bureau, agency,
      commissioner, minister, governor-in-council, cabinet, tribunal or
      instrumentality whether international, multinational, national, federal,
      provincial, state, municipal, local or other, (ii) any subdivision or
      authority of any of the above and (iii) any quasi-governmental or private
      body exercising any regulatory, expropriation or taxing authority under or
      for the account of any of the above;

	 	(o) 	
      "GP" means La Plata Rivers Partners, LLC;

	 	 	 
	 	(p) 	
      "Illiquid Securities" has the meaning ascribed thereto in
      Recital D and as more particularly described in Schedule A;

	 	 	 
	 	(q) 	
      "Illiquid Securities Portion of the Purchase Price" has
      the meaning ascribed thereto in 2.2(d);

	 	 	 
	 	(r) 	
      "Laws" means all statutes, regulations, statutory rules,
      orders, and terms and conditions of any grant of approval, permission,
      authority or license of any court, Governmental Entity, statutory body or
      self-regulatory authority, and the term "applicable" with respect to such
      Laws and in the context that refers to one or more Persons, means that
      such Laws apply to such Person or Persons or its or their business,
      undertaking, property or securities and emanate from a Governmental
      Entity, statutory body or self-regulatory authority having jurisdiction
      over the Person or Persons or its or their business, undertaking, property
      or securities;

	 	(s) 	
      "Lien" means any mortgage, charge, pledge, hypothec,
      security interest, prior claim, encroachments, option, right of first
      refusal or first offer, occupancy right, covenant, assignment, lien
      (statutory or otherwise), defect of title, or restriction or adverse right
      or claim, or other third party interest or encumbrance of any kind, in
      each case, whether contingent or absolute;

	 	 	 
	 	(t) 	
      "LP" means Kudu Partners, L.P.;

	 	 	 
	 	(u) 	
      "Marketable Securities" has the meaning ascribed thereto
      in Recital D and as more particularly described in Schedule A;

	 	 	 
	 	(v) 	
      "Marketable Securities Portion of the Purchase Price" has
      the meaning ascribed thereto in Section 2.2(c);

	 	 	 
	 	(w) 	
      "Parties" means the Purchaser and the Vendors;

	 	 	 
	 	(x) 	
      "Person" means any individual, sole proprietorship,
      partnership, limited partnership, joint venture, syndicate, unincorporated
      association, corporation, trust, trustee, executor, administrator or
      other legal representative, regulatory body or agency, government or
      governmental agency, authority or entity however designated or
      constituted;

- 4 -

	 	(y) 	
      "Plan of Arrangement" has the meaning ascribed thereto in
      Recital A;

	 	 	 
	 	(z) 	
      "Purchase Price" has the meaning ascribed thereto in
      Section 2.2;

	 	 	 
	 	(aa) 	
      "Purchase Price Calculation Date" has the meaning
      ascribed thereto in 2.2(b);

	 	 	 
	 	(bb) 	
      "Purchased Assets" has the meaning ascribed thereto in
      Recital D;

	 	 	 
	 	(cc) 	
      "Purchaser" means Resource Holdings Ltd.;

	 	 	 
	 	(dd) 	
      "RH Shares" means the common shares of Resource Holdings
      Ltd. to be issued to the LP in consideration of the Purchased Assets, to
      be held in trust by the GP on behalf of the LP;

	 	 	 
	 	(ee) 	
      "Taxes" means (i) any and all taxes, duties, fees,
      excises, premiums, assessments, imposts, levies and other charges or
      assessments of any kind whatsoever imposed by any Governmental Entity,
      whether computed on a separate, consolidated, unitary, combined or other
      basis, including those levied on, or measured by, or described with
      respect to, income, gross receipts, profits, gains, windfalls, capital,
      capital stock, production, recapture, transfer, land transfer, license,
      gif t, occupation, wealth, environment, net worth, indebtedness, surplus,
      sales, goods and services, harmonized sales, use, value-added, excise,
      special assessment, stamp, withholding, business, franchising, real or
      personal property, health, employee health, payroll, workers'
      compensation, employment or unemployment, severance, social services,
      social security, education, utility, surtaxes, customs, import or export,
      and including all license and registration fees and all employment
      insurance, health insurance and government pension plan premiums or
      contributions; (ii) all interest, penalties, fines, additions to tax or
      other additional amounts imposed by any Governmental Entity on or in
      respect of amounts of the type described in clause (i) above or this
      clause (ii); (iii) any liability for the payment of any amounts of the
      type described in clauses (i) or (ii) as a result of being a member of an
      affiliated, consolidated, combined or unitary group for any period; and
      (iv) any liability for the payment of any amounts of the type described in
      clauses (i) or (ii) as a result of any express or implied obligation to
      indemnify any other Person or as a result of being a transferee or
      successor in interest to any party;

	 	 	 
	 	(ff) 	
      "Transaction" means the purchase and sale of the
      Purchased Assets contemplated by this Agreement;

	 	 	 
	 	(gg) 	
      "TSX" means the Toronto Stock
Exchange;

- 5 -

	 	(hh) 	"TSX-V" means the TSX Venture
      Exchange; 
	 	 	 
	 	(ii) 	"Vendors" means the LP and the
      GP; and 
	 	 	 
	 	(jj)	"VWAP" has the meaning ascribed
      thereto in Section 2.2. 

	1.2 	
      Interpretation

	 	 	 
		
      For the purposes of this Agreement:

	 	 	 
		(a) 	
      the schedules attached to this Agreement form an integral
      part of this Agreement for the purposes of it;

	 	 	 
		(b) 	
      for the purposes of this Agreement, references to "the
      knowledge of the Vendors" or "the Vendors have no knowledge" means the
      actual current knowledge of senior management of the Vendors without any
      obligation to make on inquiries of any Person;

	 	 	 
		(c) 	
      words importing the singular number include the plural
      and vice versa, and words importing the masculine gender include the
      feminine and neuter genders;

	 	 	 
		(d) 	
      any reference in this Agreement to an article, paragraph,
      subparagraph, Section, Subsection or Schedule is a reference to the
      appropriate article, paragraph, subparagraph, Section, Subsection or
      Schedule in or to this Agreement;

	 	 	 
		(e) 	
      the headings are for convenience of reference only and
      shall not affect the construction or interpretation of this
    Agreement;

	 	 	 
		(f) 	
      the words "herein", "hereof" and "hereunder" and words of
      similar import refer to this Agreement as a whole and not to any
      particular Article, section, subsection, paragraph, subparagraph or other
      subdivision or Schedule hereof;

	 	 	 
		(g) 	
      the word "including", when following any general
      statement, term or matter, will not be construed to limit such general
      statement, term or matter to the specific items or matters set forth
      immediately following such word or to similar items or matters, but will
      be construed to refer to all other items or matters that could reasonably
      fall within the scope of such general statement, term or matter, whether
      or not non-limiting language (such as "without limitation", "but not
      limited to" or words of similar import) is used with reference thereto;
      and

	 	 	 
		(h) 	
      when calculating the period of time within which or
      following which any act is to be done or step taken pursuant to this
      Agreement, the date which is the reference date in calculating such period
      will be excluded and if the last day of such period is a non-Business Day,
the period in question will end on the next Business Day. 

- 6 -

ARTICLE 2 
PURCHASE AND SALE

2.1        Purchase and
Sale

            The
LP, by its GP, hereby agrees to sells, assigns and transfers to the Purchaser
and the Purchaser hereby agrees to purchases from the GP, in trust for the LP,
the Purchased Assets free and clear of all Liens and in accordance with and
subject to the terms and conditions set forth in this Agreement. 

2.2        Purchase Price

(1)        The purchase
price payable by the Purchaser to the LP for the Purchased Assets (the "Purchase
Price") shall be the aggregate of: 

	 	(b) 	
      an amount (the "Cash Portion of the Purchase Price")
      equal to the value in US dollars of the Cash; for the purposes of the
      foregoing, the US dollar value of the Cash shall be determined using the
      closing rate of the exchange published by the Bank of Canada on the day
      that is two (2) Business Days before the Closing, or such other date as
      the parties may agree, (the "Purchase Price Calculation Date"), provided
      that, if such day is not a Business Day, then the Purchase Price
      Calculation Date shall be the first Business Day immediately preceding
      such day;

	 	 	 
	 	(c) 	
      an amount (the "Marketable Securities Portion of the
      Purchase Price") equal to the fair market value of the Marketable
      Securities as determined by volume weighted average price ("VWAP") of each
      type of Marketable Security for the 10 trading day period immediately
      prior to the Purchase Price Calculation Date;

	 	 	 
	 	(d) 	
      an amount (the "Illiquid Securities Portion of the
      Purchase Price") equal to fair market value of the Illiquid Securities as
      agreed to by the Parties, each acting reasonably; and

	 	 	 
	 	(e) 	
      the normal business costs incurred by the LP from March
      1, 2014 up until the Closing (the "Business Costs") as set out in the
      Business Costs Statement, which is estimated to be $22,000, but in no
      event shall the Business Costs exceed $30,000.

(2)        The Cash Portion
of the Purchase Price, the Marketable Securities Portion of the Purchase Price,
the Illiquid Securities Portion of the Purchase Price and the Business Costs
shall be calculated in US dollars using the closing rate of the exchange
published by the Bank of Canada on the Purchase Price Calculation Date.
Notwithstanding the foregoing, the Purchase Price shall be calculated in
Canadian dollars using the closing rate of the exchange published by the Bank of
Canada on the Purchase Price Calculation Date. 

- 7 -

2.3        Business Costs
Determination

           
Three (3) days prior to the Closing, the GP, on behalf of the LP, will supply
the Purchaser with a statement setting out the Business Costs of the L.P. Upon
approval by the Purchaser acting reasonably, such statement will be the
"Business Costs Statement". 

2.4        Payment of
Purchase Price

(1)        At Closing and
subject to the GP, on behalf of the LP's obligations to comply with the
requirements of section 116 of the Income Tax Act (Canada), as
applicable, the Purchase Price shall be paid and satisfied by the Purchaser to
the GP, in trust for the LP, that number of shares of the Purchaser (the "RH
Shares") which has a value equal to the VWAP of an AMB Share on the TSX or the
TSX-V, as applicable, for the 10 trading day period immediately prior to the
Purchase Price Calculation Date divided by the Exchange Ratio; provided that,
the directors of AMB, may at any time prior to the Effective Time, by resolution
of the AMB board of directors, alter the Exchange Ratio if it determines that it
is necessary or advisable to do so in order to ensure that the Purchaser will,
upon completion of the Arrangement, meet the minimum distribution requirements
of the TSX-V applicable to a Tier 1Issuer (as defined in the TSX-V Corporate
Finance Manual). 

(2)        The RH Shares
shall be issued as fully paid as fully paid and non-assessable, and shall be
free of all Liens. 

(3)        The Parties agree
that delivery of the direct registration statements or share certificates in
accordance with section 6.2(c) shall satisfy in full the Purchaser's obligation
to pay the Purchase Price. 

2.5        Taxes and
Fees

            Each
of the Purchaser and the GP, on behalf of the LP, will be liable for all Taxes,
duties, registration fees or other like charges properly payable by such Party
under applicable Law in connection with the Transaction. 

ARTICLE 3 
REPRESENTATION AND WARRANTIES OF THE
VENDORS

3.1        Representations
and Warranties of the Vendors 

            The
Vendors represent and warrant as follows to the Purchaser at the date of this
Agreement and acknowledge and confirm that the Purchaser is relying upon such
representations and warranties in connection with the purchase of the Purchased
Assets: 

	 	(a) 	
      Incorporation and Qualification of the GP. The GP is a
      corporation duly incorporated, validly existing and in good standing under
      the Laws of Delaware and has the power and authority to enter into this
      Agreement and to carry out the transactions contemplated by this
      Agreement, all of which have been duly and validly authorized by all
      requisite proceedings and that this Agreement constitutes a legal, valid, and binding
      obligation of the GP in accordance with its terms.

- 8 -

	 	(b) 	
      Incorporation and Qualification of the LP. The LP is a
      limited partnership duly organized and validly existing under the laws of
      Delaware, has the power and authority to enter into this Agreement and to
      carry out the transactions contemplated by this Agreement, all of which
      have been duly and validly authorized by all requisite proceedings and
      that this Agreement constitutes a legal, valid, and binding obligation of
      the LP in accordance with its terms.

	 	 	 	 
	 	(c) 	
      Corporate Authority. The execution and delivery of and
      performance by the LP and the GP, on behalf of the LP, of this Agreement
      have been authorized by all necessary corporate action on the part of the
      GP and the LP. The transfer of the Purchased Assets to the Purchaser has
      been authorized by all necessary corporate action on the part of the LP
      and the GP, acting on behalf of the LP.

	 	 	 	 
	 	(d) 	
      Enforceability. This Agreement has been duly executed and
      delivered by the GP, in its own capacity and on behalf of the LP, and
      constitutes a legal, valid and binding agreement of the LP and the GP, in
      its own capacity and on behalf of the LP, enforceable against them in
      accordance with its terms.

	 	 	 	 
	 	(e) 	
      No Conflicts. The execution and delivery of this
      Agreement, the consummation of the transactions among the Parties
      contemplated hereby, or the due observance and performance by the Vendors
      of their obligations herein:

	 	 	 	 
	 		(i) 	
      will not conflict with or result in a breach of or
      violate any of the terms, conditions or provisions of the limited
      partnership agreement, the charter documents or by laws of the Vendors, as
      applicable;

	 	 	 	 
	 		(ii) 	
      will not conflict with or result in a breach of or
      violate any of the terms, conditions or provisions of any Law, judgment,
      order, injunction, decree, regulation or ruling of any court or
      Governmental Entity, domestic or foreign, to which the Vendors are
      subject; or

	 	 	 	 
	 		(iii) 	
      will not violate or conflict with or result in a breach
      of any provision of, 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
      result in the creation of any Lien, security interest, charge or
      encumbrance upon any of the Purchased Assets or the properties or assets
      of the Vendors under any of the terms, conditions or provisions of the
      articles or any note, bond, mortgage, indenture, deed of trust, licence,
      agreement or other instrument or obligation to which the Vendors are a
      party or pursuant to which any of their properties or assets may be bound
      or affected.

- 9 -

	 	(f) 	
      Title to Purchased Assets. The GP is the sole registered
      owner of the Purchased Assets and holds the Purchased Assets in trust for
      LP. The LP is the sole beneficial owner of the Purchased Assets. The
      Vendors have good and marketable title to the Purchased Assets, free and
      clear of all Liens, charges, mortgages, security interests, encumbrances,
      rights, calls, claims and demands of every nature and kind whatsoever. The
      GP, has the full power and authority to sell, transfer and assign to the
      Purchaser the Purchased Assets and to vest in the Purchaser a good, valid
      and subsisting title in and to the Purchased Assets free and clear of all
      Liens, charges, mortgages, security interests, encumbrances, rights,
      calls, claims, demands or liabilities of every nature and kind whatsoever.
      All of the Purchased Assets have been issued in compliance with all
      applicable Laws including, without limitation, applicable securities
      Laws.

	 	 	 
	 	(g) 	
      No Other Agreements to Purchase. Except for the
      Purchaser's right under this Agreement, no person has any written or oral
      agreement, option or warrant or any right or privilege (whether by Law,
      pre- emptive or contractual) capable of becoming such for the purchase or
      acquisition from the LP, by its GP, of any of the Purchased
  Assets.

	 	 	 
	 	(h) 	
      Authorizations and Consents. There is no requirement on
      the part of the GP, on behalf of the LP, to make any filing with or give
      any notice to any Governmental Entity or body, or obtain any order,
      permit, approval, waiver, license or similar authorization, in connection
      with the completion of the transactions contemplated by this Agreement,
      except for filings and notifications required by applicable Laws,
      applicable securities Laws.

	 	 	 
	 	(i) 	
      Residence. The Vendors and each Person who is a partner
      of the LP are non- residents of Canada for the purposes of the Income
      Tax Act (Canada).

	 	(j) 	
      No Action. The Vendors are not aware of any action, suit
      or proceeding, at law or at equity, for or by any court or any federal,
      provincial, municipal or other governmental department, comm1ss1on, board,
      agency or instrumentality which would prevent or materially adversely
      affect the transactions contemplated by this
Agreement.

	 	(k) 	
      Bankruptcy. The Vendors have not committed an act of
      bankruptcy, proposed a compromise or arrangement to their creditors, had
      any petition for a receiving order filed against them, taken any
      proceeding with respect to a compromise, arrangement or winding up, or
      otherwise taken advantage of any insolvency or bankruptcy legislation, had
      a receiver appointed to any part of their property or had any execution or
      distress or seizure levied upon any of their
property.

	 	(1) 	
      Securities Laws. Neither of the Vendors is a reporting
      issuer (as such term is defined in the Securities Act (British
      Columbia).

- 10 -

ARTICLE 4 
PURCHASER'S REPRESENTATIONS AND
WARRANTIES

4.1        Purchaser's
Representations and Warranties 

            The
Purchaser represents and warrants as follows to the Vendors at the date of this
Agreement and acknowledges and confirms that the Vendors are relying on such
representations and warranties in connection with the sale by the GP, in trust
for the LP, of the Purchased Assets: 

	 	(a) 	
      Incorporation and Qualification. The Purchaser is a
      corporation incorporated and existing under the Laws of Bermuda. The
      Purchaser has the corporate power to enter into and perform its
      obligations under this Agreement. 

	 	  	
       

	 	(b) 	
      Corporate Authority. The execution and delivery of and
      performance by the Purchaser of this Agreement have been authorized by all
      necessary corporate action on the part of the Purchaser. 

	 	  	
       

	 	(c) 	
      Approvals. The Purchaser has obtained all necessary
      approvals to enter into this Agreement and to carry out the transactions
      contemplated by this Agreement. 

	 	  	
       

	 	(d) 	
      Enforceability. This Agreement constitutes a legal, valid
      and binding obligation of the Purchaser enforceable against the Purchaser
      in accordance with its terms. 

	 	  	
       

	 	(e) 	
      Non-Contravention. Neither the execution, delivery and
      performance by the Purchaser of this Agreement nor the completion of the
      transactions contemplated hereby will conflict with or result in a breach
      of or default under any agreement or other instrument or obligation to
  which the Purchaser is a party or by which the Purchaser is bound.  

ARTICLE 5

CLOSING 

5.1        Closing 

            Closing
shall occur on the Effective Date at the time set out in the Plan of
Arrangement. 

5.2        Conditions
Precedent to the Agreement 

            The
obligations of the parties to complete the Transaction and to deliver the
documents contemplated hereby are conditional on the satisfaction or waiver of
all conditions precedent in the Arrangement Agreement which condition is for the
benefit of both the Vendors and Purchaser and may not be waived. 

- 11-

ARTICLE 6 
CLOSING COVENANTS

6.1        Vendor's
Covenants 

            The
Vendor covenants to the Purchaser to deliver on or before the Effective Time the
following: 

	 	(a) 	
      certified copies of (a) the resolutions of the directors
      of the GP approving the execution, performance, and delivery of this
      Agreement and (b) the constating documents of the GP and the limited
      partnership agreement of the LP;

	 	 	 
	 	(b) 	
      a certificate of good standing of the GP and the
    LP;

	 	 	 
	 	(c) 	
      (i) copies of irrevocable instructions to transfer each
      of the Marketable Securities and each of the Illiquid Securities to the
      Purchaser, or to such person as the Purchaser may direct; and (ii) stock
      power of attorney with signature guarantee for each of the Marketable
      Securities and each of the Illiquid Securities, or such other duly
      executed instrument for transfer acceptable to the Purchaser, acting
      reasonably, to the Purchaser, or to such person as the Purchaser may
      direct;

	 	 	 
	 	(d) 	
      the Cash; and

	 	 	 
	 	(e) 	
      any other documentation as may reasonably be required by
      the Purchaser.

6.2        Purchaser's
Covenants 

            The
Purchaser covenants to the Vendor to deliver on or before the Effective Time the
following: 

	 	(a) 	
      certified copies of (a) the resolutions of the directors
      of the Purchaser approving the execution, performance, and delivery of
      this Agreement, and (b) the constating documents of the
  Purchaser;

	 	 	 
	 	(b) 	
      a certificate of good standing of the
Purchaser;

	 	 	 
	 	(c) 	
      a share certificate or a direct registration statement of
      the Purchaser representing the RH Shares registered in the name of the GP,
      in trust for the LP in full satisfaction of the Purchase Price;
  and

	 	 	 
	 	(d) 	
      any other documentation as may reasonably be required by
      the Vendors.

- 12-

ARTICLE 7 
SURVIVAL OF COVENANTS, REPRESENTATIONS AND
WARRANTIES

7.1        Survival of
Covenants, Representations and Warranties of the Vendors 

            The
covenants, representations and warranties of the Vendors contained in this
Agreement and in any certificates or documents delivered pursuant to or in
connection with the transactions contemplated by this Agreement shall survive
the closing of the purchase and sale of the Purchased Assets and,
notwithstanding such closing, and regardless of any investigation by or on
behalf of the Purchaser, shall continue in full force and effect for the benefit
of the Purchaser without limitation of time, subject only to applicable
limitation periods imposed by Law. 

7.2        Survival of
Covenants, Representations and Warranties of the Purchaser 

           
The covenants, representations and warranties of the Purchaser contained in this
Agreement and in any certificates or documents delivered pursuant to or in
connection with the transactions contemplated by this Agreement shall survive
the closing of the purchase and sale of the Purchased Assets and,
notwithstanding such closing, and regardless of any investigation by or on
behalf of the Vendors, shall continue in full force and effect for the benefit
of the Vendors without limitation of time, subject only to applicable limitation
periods imposed by Law. 

ARTICLE 5

GENERAL 

8.1        Time of the
Essence 

            Time
is of the essence in this Agreement. 

8.2        Enurement 

            This
Agreement becomes effective when executed by the Vendors, the Purchaser and the
Company. After that time, it will be binding upon and enure to the benefit of
the Parties and their respective successors, legal representatives and permitted
assigns. Neither this Agreement nor any of the rights or obligations under this
Agreement, including any right to payment, may be assigned or transferred, in
whole or in part, by either Party without the prior written consent of the other
Party. 

8.3        Entire
Agreement

           
This Agreement constitutes the entire agreement between the Parties with respect
to the transactions contemplated in this Agreement and supersedes all prior
agreements, understandings, negotiations and discussions, whether oral or
written, of the Parties with respect to such transactions. There are no
representations, warranties, covenants, conditions or other agreements, express
or implied, collateral, statutory or otherwise, between the Parties in
connection with the subject matter of this Agreement, except as specifically set
forth in this Agreement. The Parties have not relied and are not relying on any
other information, discussion or understanding in entering into and
completing the transactions contemplated by this Agreement. 

- 13-

8.4        Waiver

            No
waiver of any of the provisions of this Agreement will constitute a waiver of
any other provision (whether or not similar). No waiver will be binding unless
executed in writing by the Party to be bound by the waiver. A Party's failure or
delay in exercising any right under this Agreement will not operate as a waiver
of that right. A single or partial exercise of any right will not preclude a
Party from any other or further exercise of that right or the exercise of any
other right it may have. 

8.5        Further
Assurances

           
Each of the Parties covenants and agrees to do such things, to attend such
meetings and to execute such further documents and assurances as may be deemed
necessary or advisable from time to time in order to carry out the terms and
conditions of this Agreement in accordance with their true intent and the
transfer of title of the Marketable Securities and the Illiquid Securities to
the Purchaser, or as directed by the Purchaser. 

8.6       
Termination

            This
Agreement may, by notice in writing given at or prior to the completion of the
transaction, be terminated by mutual consent of the Vendors and the Purchaser.

8.7        Severability 

            If
any provision of this Agreement is determined to be illegal, invalid or
unenforceable, by an arbitrator or any court of competent jurisdiction from
which no appeal exists or is taken, that provision will be severed from this
Agreement and the remaining provisions will remain in full force and effect.

8.8        Amendment or
Modification 

            This
Agreement will not be amended or modified, unless such amendment or modification
is agreed to in writing by the Parties, and each Party executes a written
instrument giving effect to such modification. 

8.9        Governing
Law

            This
Agreement is governed by, and will be interpreted and construed in accordance
with, the Laws of Bermuda 

8.10      Currency 

           
All references herein to dollar amounts are references to dollars in the lawful
currency of the United States of America. 

- 14-

8.11      Counterparts 

            This
Agreement may be executed in any number of counterparts, each of which is deemed
to be an original, and such counterparts together constitute one and the same
instrument. Transmission of an executed signature page by facsimile, email or
other electronic means is as effective as a manually executed counterpart of
this Agreement. 

[Signature page follows]

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

 

RESOURCE HOLDINGS LTD. 

By: 

       ____________________________________________________
      
Name: 
       Title: 

 

KUDU PARTNERS, L.P., BY ITS

GENERAL PARTNER, LA PLATA RIVER 
PARTNERS LLC 

By: 

       ____________________________________________________
      
Name: 
       Title: 

 

LA PLATA RIVER PARTNERS, LLC

By: 

       ____________________________________________________
      
Name: 
       Title: 

Schedule A - Purchased Assets

Confidential.

A -1

Schedule "H" 
SPD Subscription Agreement

Please see attached.

1

Schedule "G" to the SPD Share Purchase Agreement 

THIS OFFERI NG IS BEING M ADE ONLY IN JU RISDICTIONS WHERE THE
SHARES MAY BE LAWFULLY OFFERED FOR SALE. NO OFFER IS MADE NOR WILL SUBSCRIPTIONS
BE ACCEPTED FROM RESIDENTS OF ANY JURISDICTION WHERE THE OFFER AND SALE OF THE
SHARES WILL CONTRAVENE APPLICABLE SECURITIES LAWS. THIS OFFERING IS NOT BEING
MADE TO U.S. PERSONS (AS THAT TERM IS DEFI NED IN REGU LATION S). 

 

	 
	 PRIVATE PLACEMENT 
	 
	SUBSCRIPTION AGREEMENT OF COMMON SHARES
      
	 
	CAN
      $0.        PER COMMON SHARE
  
	 
	 <R,-,2014 
	 

INSTRUCTIONS TO PURCHASER 

	1. 	
      Page l- Complete all the information in the boxes on page
      1 and sign where indicated.

	2. 	
      Schedule "A" or "B" - Complete either the Corporate
      Placee Registration Form attached hereto as Schedule "A" or the
      Confirmation of Previously Filed Corporate Placee Registration Form
      attached hereto as Schedule "B".

	3. 	
      Schedule "C" - If you are an "accredited investor", then
      complete the "Accredited Investor Questionnaire" attached hereto as
  Schedule "B".

	4. 	
      Pages 6 & 7 - If you are not an "accredited investor"
      and are resident in Canada, then ensure that you have completed either of
      sections 8(e)(iii) or (iv) on pages 6 or 7 of this Subscription
..

	5.	
      Payment - Send a bank draft, certified cheque along with
      your completed forms to the address below. If you wish to pay by wire
      transfer, refer to Schedule "D".

The completed forms and any cheques should be delivered to:

Attention: Nancy La Couvee, Corporate Secretary 
SILVER
PREDATOR CORP. 
#800 - 1199 West Hastings Street 
Vancouver, British
Columbia, Canada V6E 3T5 
Fax: (604) 608-9345 
Email:
nlacouvee@silverpredator.com 

Should you have any questions regarding the completion of this
Subscription and the attached Schedules please contact Nancy La Couvee at (778)
968-6941. 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT - COM MON SHARES

 

ACCEPTANCE: The Company hereby accepts the subscription as set
forth above on the terms and conditions contained in this Subscription
Agreement. 

Dated at Vancouver, British Columbia, this ______________day of
_________________________________________________ 2013. 

SILVER PREDATOR CORP. 

 

	Per:      
      ____________________________________________________________
	               
       (Authorized Signatory) 

TO:        
SILVER PREDATOR CORP. 

1.                                
Subscription. The undersigned (the "Purchaser") hereby
tenders to SILVER PREDATOR CORP. (the "Company" or the
"Issuer") this subscription offer which, upon acceptance by the Company,
will constitute an agreement (the "subscription Agreement") of the
Purchaser with the Company to purchase from the Company the number of Shares (as
defined below) set out on page 1 hereof at the price (the "Purchase Price")
of CAN$0.            per Share, on the terms and subject to the conditions set
forth in this Subscription Agreement. 

By its acceptance of this offer, the Company covenants, agrees
and confirms that the Purchaser will have the benefit of all of the
representations, warranties, covenants, agreements, terms and conditions set
forth hereunder. 

2.                                  
Definitions. In this Subscription Agreement, unless the context otherwise
requires: 

	 	(a) 	
      "Accredited Investor Status Certificate" means
      the accredited investor status ce1tificate required to be completed by a
      Purchaser who is a resident of Canada, in the form of Schedule "C"
  attached hereto;

	 	 	 
	 	(b) 	
      "affiliate", "distribution" and "insider" have the respective meanings ascribed to them in the
      Securities Act (British Columbia);

	 	 	 
	 	(c) 	
      "Closing" means the completion of the issue and
      sale by the Company and the purchase by the Purchaser of the Shares
      pursuant to this Subscription Agreement;

	 	 	 
	 	(d) 	
      "Closing Date" means April 15, 2014 or such
      earlier date mutually agreed by the Company and the
  Purchaser;

	 	(e) 	
      "Closing Time" means a.m. (Pacific time) on the
      Closing Date or such other time as the Company and the Purchaser may
      determine;

	 	(f) 	
      "Common Share" means common shares without
      par value in the capital of the Company;

	 	 	 
	 	(g) 	
      "Designated Provinces" means Ontario,
      British Columbia and Alberta;

	 	 	 
	 	(h) 	
      "material" means material in relation to the
      Company;

	 	 	 
	 	(i) 	
      "material change" means any change in the
      business, operations, assets, liabilities, ownership or capital of the
      Company (except the transactions contemplated herein) that would
      reasonably be expected to have a significant effect on the market price or
      value of the Shares and includes a decision to implement such a change
      made by the board of directors of the Company or by senior management of
      the Company who believe that confirmation of the decision by the board of
      directors is probable;

	 	 	 
	 		
      "Offering" means the offering of < Common
      Shares for an aggregate subscription price of US$1,800,000 to the
      Purchaser;

	 	(k) 	
      "Public Record" means all information and
      materials filed by the Company with the Commissions and which are
      available through the SEDAR website (including all exhibits and schedules
      thereto and documents incorporated by reference therein) from January 1,
      2012 to the date hereof;

	 	(I) 	
      "Purchaser" means Resource Holdings
Ltd.;

	 	 	 
	 	(m) 	
      "Regulation S" means Regulation S under the U.S.
    Securities Act;

	 	 	 
	 	(n) 	
      "Securities Commissions" means, collectively, the
      securities commission or other securities regulatory authority in each of
      the Designated Provinces;

2

	 	(o) 	
      "Securities Laws" means, collectively, the
      applicable securities laws of each of the Designated Provinces and the
      respective regulations and rules made and forms prescribed thereunder
      together with all applicable published policy statements, blanket orders,
      rulings and notices of the Securities
Commissions;

	 	(p) 	
      "SEDAR" means the System for Electronic Document
      Analysis and Retrieval;

	 	 	 
	 	(q) 	
      "Shares" means common shares of the Company
      offed for sale to the Purchaser pursuant to this Offering;

	 	 	 
	 	(r) 	
      "Stock Exchange" means the [TSX Venture
      Exchange;)

	 	 	 
	 	(s) 	
      "U.S. Person" means a U.S. Person as that term
  is defined m Regulation S under the U.S. Securities Act; and

	 	 	 
	 	(t) 	
      "U.S. Securities Act" means the United States
      Securities Act of 1933, as amended and rules and regulations
    thereunder.

3.                                
Delivery and Payment. The Purchaser agrees that the following
shall be delivered to the Company at the address set out on the face page
hereof, at such time as the Company may advise: 

	 	(a) 	
      a completed and duly signed copy of this Subscription
      Agreement;

	 	 	 
	 	(b) 	
      if the Purchaser is not an individual and will hold more
      than 5% of the Issuer's issued and outstanding common shares upon
      completion of the Offering, a fully executed corporate placee registration
      form in the form set out in Schedule "A" unless the Purchaser has filed
      such a form with the Stock Exchange within the last year and it is still
      current, in which case the Purchaser will deliver confirmation of such
      filing in the form set out in Schedule "B".

	 	 	 
	 	(c) 	
      if the Purchaser is purchasing as an "accredited
      investor ", a completed and duly signed copy of the Accredited Investor
  Status Certificate;

	 	 	 
	 	(d) 	
      any other documents required by applicable securities
      laws which the Company requests; and

	 	 	 
	 	(e) 	
      a certified cheque or bank draft made payable on or
      before the Closing Date (or such other date as the Company may advise) in
      same day freely transferable Canadian funds at par in Vancouver, British
      Columbia to "SILVER PREDATOR CORP." representing the aggregate
      purchase price payable by the Purchaser for the Shares, or such other
      method of payment against delivery of the Shares as the Company may
      accept.

                                
The Purchaser acknowledges and agrees that such undertakings, questionnaires and
other documents, when executed and delivered by the Purchaser, will form part of
and will be incorporated into this Subscription Agreement with the same effect
as if each constituted a representation and warranty or covenant of the
Purchaser hereunder in favour of the Company. The Purchaser consents to the
filing of such undertakings, questionnaires and other documents as may be
required to be filed with the Stock Exchange or other securities regulatory
authority in connection with the transactions contemplated hereby. The Purchaser
acknowledges and agrees that this offer, the Purchase Price and any other
documents delivered in connection herewith will be held by the Company until
such time as the Company accepts or rejects this offer. 

4.                                
Closing. The transactions contemplated hereby will be completed at the
Closing at the offices of the Company at Suite 800, 1199 West Hastings Street,
Vancouver, British Columbia. At the Closing, the Company will issue the Shares
subscribed and paid for hereunder and deliver them such Shares to the Purchaser
at the address set forth on the cover page hereof. 

5.                                
General Representations, Warranties and Covenants of the Company.
By accepting this offer, the Company represents and warrants to the
Purchaser as follows: 

3

	 	(a) 	
      the Company and its subsidiaries are valid and subsisting
      corporations duly incorporated and in good standing under the laws of the
      jurisdictions in which they are incorporated, continued or
    amalgamated;

	 	(b) 	
      the Company has all requisite corporate power and
      capacity to enter into, and carry out its obligations under, this
      Subscription Agreement and this Subscription Agreement is a legal, valid
      and binding obligation of the Company;

	 	(c) 	
      no Offering Memorandum has been or will be provided to
      the Purchaser;

	 	 	 
	 	(d) 	
      the Company has complied, or will comply, with all
      applicable corporate and securities laws and regulations in connection
      with the offer, sale and issuance of the Shares, and in connection
      therewith has not engaged in any "direct selling efforts" as such term
      is defined in Regulation S, or any "general solicitation or general
      advertising" as described in Regulation D of the U.S. Securities
  Act;

	 	 	 
	 	(e) 	
      on the Closing Date, the Company will have taken all
      corporate steps and proceedings necessary to approve the transactions
      contemplated hereby, including the execution and delivery of this
      Subscription Agreement;

	 	(f) 	
      the Company and its subsidiaries are the beneficial
      owners of the properties, business and assets or the interests in the
      properties, business or assets referred to in its Public Record and except
      as disclosed therein, all agreements by which the Company or its
      subsidiaries holds an interest in a property, business or asset are in
      good standing according to their terms, and the properties are in good
      standing under the applicable laws of the jurisdictions in which they are
      situated;

	 	(g) 	
      the financial statements comprised in the Public Record
      accurately reflect the financial position of the Company as at the date
      thereof, and no adverse material changes in the financial position of the
      Company have taken place since the date of the Company's last financial
      statements except as filed in the Public Record;

	 	 	 
	 	(h) 	
      neither the Company nor any of its subsidiaries is a
      party to any actions, suits or proceedings which could materially affect
      its business or financial condition, and to the best of the Company's
      knowledge no such actions, suits or proceedings have been threatened as at
      the date hereof, except as disclosed in the Public Record;

	 	 	 
	 	(i) 	
      except as set out in the Public Record or herein, no
      person has any right, agreement or option, present or future, contingent
      or absolute, or any right capable of becoming a right, agreement or option
      for the issue or allotment of any unissued common shares of the Company or
      any other security convertible or exchangeable for any such shares or to
      require the Company to purchase, redeem or otherwise acquire any of the
      issued or outstanding Shares of the Company;

	 	 	 
	 	(j) 	
      the entering into and performance by the Company will
      not, on the Closing Date, constitute a default under any term or provision
      of the constating documents or resolutions of the Company, or any
      judgment, decree, order, statute, rule or regulation, or any agreement or
      instrument applicable to the Company which in any way materially adversely
      affects the Company or the condition (financial or otherwise) of the
      Company or which would have any material effect upon the ability of the
      Company to perform its obligations arising under this Subscription
      Agreement;

	 	
      (k) 
	
      the Shares will, at the time of Closing, be duly
      allotted, validly issued, fully paid and non- assessable and will be free
      of all liens, charges and encumbrances and the Company will reserve
      sufficient shares in the treasury of the Company to enable it to issue the
      Shares; 

	 	  	 
	 	(I) 	the outstanding Shares are now,
      and will be on the Closing Date, listed on the Stock Exchange;
  

	 	(m) 	
      on the Closing Date, no order ceasing or suspending
      trading in the securities of the Company nor prohibiting the sale of such
      securities will have been issued to the Company or its
  directors, officers or promoters and, to the knowledge of the
      Company, no investigations or proceedings for such purposes are pending or
      threatened;

4

	 	(n) 	
      prior to the Closing Date, the Company will have obtained
      all required approvals from the Stock Exchange in order to permit the
      completion of the transactions contemplated hereby;

	 	 	 
	 	(o) 	
      the Company will use reasonable commercial efforts to
      satisfy as expeditiously as possible any conditions of the Stock Exchange
      required to be satisfied prior to the Exchange's acceptance of the
      Company's notice of the Offering;

	 	 	 
	 	(p) 	
      the Company will use its best efforts to obtain all
      necessary approvals for this Offering;

	 	 	 
	 	(q) 	
      as at           , 2014, the Company is a reporting issuer in good
      standing under the securities laws of the Provinces of British Columbia,
      Alberta and Ontario and the Company will use its commercially reasonable
      best efforts to maintain its status; and

	 	 	 
	 	(r) 	
      the Company has full corporate authority to issue the
      Shares at the Closing Time.

6.                        
Acceptance or Rejection. The Company will have the right to accept or
reject this offer in whole or in part at any time at or prior to the Closing
Time. The Purchaser acknowledges and agrees that the acceptance of this offer
will be conditional upon the sale of the Shares to the Purchaser being exempt
from any prospectus or offering memorandum requirements of all applicable
Securities Laws and the equivalent provisions of securities laws of any other
applicable jurisdiction. The Company will be deemed to have accepted this offer
upon the Company's execution of the acceptance form on the face page of this
Subscription Agreement and the delivery at the Closing of the certificates
representing the Shares to or upon the direction of the Purchasers in accordance
with the provisions hereof. 

If this subscription is rejected in whole, any cheques or other
forms of payment delivered to the Company will be promptly returned to the
Purchaser without interest or deduction. If this subscription is accepted only
in part, a cheque representing any refund for that portion of the subscription
for the Shares which is not accepted will be promptly delivered to the Purchaser
without interest or deduction. 

7.                        
Purchaser's Representations and Warranties. The Purchaser represents and
warrants to the Company, as representations and warranties that are true as of
the date of this offer and will be true as of the Closing Date, that: 

	 	(a) 	
      Authorization and Effectiveness. If the Purchaser
      is a corporation, or other unincorporated entity, the Purchaser is a valid
      and existing entity, has the necessary capacity and authority to execute
      and deliver this offer and to observe and perform its covenants and
      obligations hereunder and has taken all necessary corporate action in
      respect thereof. If the Purchaser is an individual, partnership, syndicate
      or other form of unincorporated organization, the Purchaser has the
      necessary legal capacity and authority to execute and deliver this offer
      and to observe and perform its covenants and obligations hereunder and has
      obtained all necessary approvals in respect thereof. In either case,
      whether the Purchaser is a corporation, individual, or an unincorporated
      entity, upon acceptance by the Company, this offer will constitute a
      legal, valid and binding contract of the Purchaser enforceable against the
      Purchaser in accordance with its terms and will not result in a violation
      of any of the Purchaser's constating documents, or equivalent, or any
      agreement to which the Purchaser is a party or by which it is
  bound;

	 	 	 
	 	(b) 	
      Residence. The Purchaser is a resident of the
      jurisdiction referred to under "Name and Address of Purchaser" set out
      on the face page hereof and: (i) is not a U.S. Person or a resident of
      the United States nor is it purchasing the Shares for the account or
      benefit of a U.S. Person or a resident of the United States; (ii) was not
      offered the Shares in the United States; and (iii) did not execute or
  deliver this Subscription Agreement in the United States;

	 	 	 
	 	(c) 	
      Purchasing as Principal. Except to the extent
      contemplated herein, the Purchaser is purchasing the Shares as principal
      (as defined in applicable Securities Laws), for its own account and not
      for the benefit of any other person ;

5

	 	
      (d) 
	
      Purchasing as Agent or Trustee. I n the case of
      the purchase by the Purchaser of the Shares as agent or trustee for any
      principal whose identity is disclosed or undisclosed or identified by
      account number only, each beneficial purchaser of the Shares for whom the
      Purchaser is acting, is purchasing its Shares as principal for its own
      account, and not for the benefit of any other person, for investment only
      and not with a view to resale or distribution, and the beneficial
      purchaser is properly described in subparagraph (e)(i), (ii), (iii) or
      (iv) below, and the Purchaser has due and proper authority to act as agent
      or trustee for and on behalf of such beneficial purchaser in connection
      with the transactions contemplated hereby; 

	 	(e) 	
      Purchaser Has Benefit of Statutory Exemptions.
      Unless it satisfies the requirements under subparagraph 8(d), the
      Purchaser is (or is deemed to be) purchasing the Shares as principal for
      its own account, not for the benefit of any other person, for investment
      only and not with a view to the resale or distribution of all or any of
      the Shares, it is resident in or otherwise subject to applicable
      securities laws of the jurisdiction set under "Name and Address of
      Purchaser" on the face page hereof and it fully complies with one or more
  of the criteria set forth below:

	 	 	 	 
	 		(i) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada and it is an "accredited investor". as
      such term is defined in National Instrument 45-106 - Prospectus and
      Registration Exemptions of the Canadian Securities Administrators
      adopted under the securities legislation of the Canadian jurisdictions
      ("NI 45-106"), it was not created or used solely to purchase or
      hold securities as an accredited investor as described in paragraph (m) of
      the definition of "accredited investor" in NI 45-106, and it has
      concurrently executed and delivered an Accredited Investor Status
      Certificate in the form attached as Schedule "C" to this Subscription
      Agreement and has initialled or placed a check mark in Appendix "A" to
      Schedule "C'. thereto indicating that the Purchaser satisfies one of the
      categories of "accredited investor" set forth in such definition;
  or

	 	 	 	 
	 		(ii) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada and it has an aggregate acquisition cost for the
      Shares of not less than $150,000 paid in cash at the time of the trade and
      it was not created or used solely to purchase or hold securities in
      reliance on this exemption from the registration and prospectus
      requirements of applicable securities laws; or

	 	 	 	 
	 		(iii) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada (other than Ontario) and it is (if
      applicable, please initial):

	 	(A) 	
      a "director'", "executive officer" or "control person"
      (as such terms are defined in NI 45-106 and reproduced in Schedule "C" of
      this Subscription Agreement) of the Company, or of an affiliate of the
      Company; or

	 	 	 
	 	(B) 	
      a "spouse" (as such term is defined in NI 45-106 and
      reproduced in Schedule "C" of this Subscription Agreement), parent,
      grandparent, brother, sister, child or grandchild of any person referred
  to in subparagraph (A) above; or

	 	 	 
	 	(C) 	
      a parent, grandparent, brother, sister, child or
      grandchild of the spouse of any person referred to in subparagraph (A)
      above; or

	 	 	 
	 	(D) 	
      a close personal friend of any person referred to in
      subparagraph (A) above and, if requested by the Company, will provide a
      signed statement describing the relationship with any of such persons;
      or

	 	(E) 	
      a close business associate of any person referred to in
      subparagraph (A) above and, if requested by the Company, will provide a
      signed statement describing the relationship with any of such persons;
      or

6

	 	(F) 	
      a "founder" of the Company (as such term is defined in
      NI 45-106 and reproduced in Schedule C of this Subscription Agreement), or
      a spouse, parent, grandparent, brother, sister, child, grandchild, close
      personal friend or close business associate of a founder of the Company
      and, if requested by the Company, will provide a signed statement
  describing the relationship with such founder of the Company; or

	 	 	 
	 	(G) 	
      a parent, grandparent, brother, sister, child or
      grandchild of a spouse of a founder of the Company; or

	 	 	 
	 	(H) 	
      a person of which a majority of the voting securities are
      beneficially owned by, or a majority of directors are, persons described
      in subparagraphs (A) through (G) above; or

	 	 	 
	 	(I) 	
      a trust or estate of which all of the beneficiaries or a
      majority of the trustees or executors are persons described in
      subparagraphs (A) through (G) above; or

	 		
      (Note: for the purposes of subparagraph (DJ and (F)
      above, a person is not a "close personal friend" solely
      because the individual is a relative or a member of the same organization,
      association or religious group or because the individual is a client,
      customer or former client or customer, nor is an individual a close
      personal friend as a result of being a close personal friend of a close
      personal friend of one of the listed individuals above, rather the
      relationship must be direct. A close personal friend is one who knows the
      director, executive officer, founder or
      control person well enough and has known them for a sufficient period of
      time to be in a position to assess their capabilities and
      tn1stworthiness. Further, for the purposes of subparagraph
      (E) and (F) above, a person is not a "close business
      associate" solely because the individual is a client, customer,
      former client or customer, nor is the individual a
      close business associate if they are a close business
      associate of a close business associate of one of the listed individuals
      above, rather the relationship must be direct. A close
      business associate is an individual who has had sufficient prior dealings
      with the director, executive officer, founder or control
      person to be in a position to assess their capabilities and
      trustworthiness.); or

	 	 	 
	 	(iv) 	
      it is resident in or otherwise subject to applicable
      securities laws of Ontario and it is (if applicable,
      please initial):

		(A) 	
      a "founder" of the Company, or an "affiliate" of a
      "founder" of the Company (as such terms are defined in NI 45-106 and
  reproduced in Schedule "C" of this Subscription Agreement); or 

	 	  	     
		(B) 	
      a "spouse" (as such term is defined in NI 45-106 and
      reproduced in Schedule "C" of this Subscription Agreement), parent,
      brother, sister, grandparent, grandchild or child of an executive officer,
  director or "founder” of the Company; or 

	 	  	     
	 	(C) 	
      a person that is a "control person" of the Company; or
      

	 	(v) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada and it is an employee, executive officer,
      director or consultant (as such terms (other than employee) are defined in
      NI 45-106 and reproduced in Schedule "C" of this Subscription Agreement)
      of the Company and its participation in the trade is voluntary, meaning it
      is not induced to participate in the trade by expectation of employment or
      appointment or continued employment or appointment with, or engagement or
      continued engagement to provide services to, as applicable, the
      Company;

7

	 	(f) 	
      Company or Unincorporated Organization. If
      the Purchaser, or any beneficial purchaser referred to in subparagraph (d)
      above, is a corporation or a partnership, syndicate, trust or other form
      of unincorporated organization, the Purchaser or such beneficial purchaser
      was not incorporated or created solely, nor is it being used primarily ,
      to permit purchases without a prospectus under applicable law;

	 	 	 
	 	(g) 	
      Absence of Offering Memorandum. The
      offering and sale of the Shares to the Purchaser were not made as a result
      of any advertising in the printed media of general and regular paid
      circulation, radio or television or any other form of advertisement and,
      except for this Subscription Agreement, the only documents, if any,
      delivered or otherwise furnished to the Purchaser in connection with such
      offering and sale were a term sheet, copies of news releases issued by the
      Company and other publicly available documents, which documents the
      Purchaser acknowledges do not, individually or collectively, constitute an
      offering memorandum or similar document;

	 	 	 
	 	(h) 	
      No Undisclosed Information. The Shares are
      not being purchased by the Purchaser as a result of any material
      information concerning the Company that has not been publicly disclosed
      and the Purchaser's decision to tender this offer and acquire the Shares
      has not been made as a result of any oral or written representation as to
      fact or otherwise made by or on behalf of the Company or any other person
      other than as set out in this Subscription Agreement and the decision is
      otherwise based entirely upon currently available public information
  concerning the Company;

	 	 	 
	 	(i) 	
      Investment Suitability. The Purchaser has
      obtained, to the extent it or he deems necessary, its own professional
      advice with respect to the risks inherent in the investment in the Shares,
      and the suitability of the investment in the Shares in light of its
      financial condition and investment needs; and the Purchaser, and any
      beneficial purchaser referred to in subparagraph (d) above, has such
      knowledge and experience in financial and business affairs as to be
      capable of evaluating the merits and risks of the investment hereunder in
      the Shares and is able to bear the economic risk of loss of such
      investment;

	 	 	 
	 	(j)	
      Source of Subscription
  Funds.

	 	(i) 	
      none of the subscription funds used for the purchase of
      the Shares (the "Subscription Funds") (A) will represent proceeds
      of crime for the purposes of the Proceeds of Crime (Money Laundering)
      and Terrorist Financing Act (Canada), (B} have been or will be derived
      from or related to any activity that is deemed criminal under the laws of
      Canada, the United States or any other jurisdiction, or (C) are being
      tendered on behalf of a person or entity who has not been identified to
      the Purchaser, and

	 	 	 
	 	(ii) 	
      the Purchaser shall promptly notify the Company if the
      Purchaser discovers that any of the representations in paragraph (i) above
      ceases to be true, and to provide the Company with appropriate information
      in connection therewith ; and

	 	(k) 	
      Absence of Certain Representations. No person has
      made to the Purchaser any written or oral representation
  :

	 	(i) 	
      that any person will resell or repurchase any of the
      Shares;

	 	 	 
	 	(ii) 	
      that any person will refund the purchase price of any of
      the Shares; or

	 	 	 
	 	(iii) 	
      as to the future price or value of the
  Shares.

	 	(I) 	
      International Purchaser. If the Purchaser
      is resident outside of Canada and the United States, the Purchaser
  :

	 	(i) 	
      is knowledgeable of, or has been independently advised as
      to the applicable securities laws of the securities regulatory authorities
      (the "Authorities") having application in the jurisdiction in
      which the Purchaser is resident (the "International
      Jurisdiction'") which would apply to the acquisition of the
Shares, if any;

8

	 	(ii) 	
      is purchasing the Shares pursuant to exemptions from the
      prospectus and registration or equivalent requirements under the
      applicable securities laws of the Authorities in the International
      Jurisdiction or, if such is not applicable, the Purchaser is permitted to
      purchase the Shares under the applicable securities laws of the
      Authorities in the International Jurisdiction without the need to rely on
      any exemption;

	 	 	 	 
	 	(iii) 	
      confirms that the applicable securities laws of the
      Authorities in the International Jurisdiction do not require the Issuer to
      make any filings or seek any approvals of any nature whatsoever from any
      Authority of any kind whatsoever in the International Jurisdiction in
      connection with the issue and sale or resale of the Shares; and

	 	 	 	 
	 	(iv) 	
      confirms that the purchase of the Shares by the Purchaser
      does not trigger:

	 	 	 	 
	 		(A) 	
      an obligation to prepare and file a registration
      statement, offering memorandum, prospectus, offering circular or similar
      document, or any other report with respect to such purchase in the
      International Jurisdiction; or

	 	 	 	 
	 		(B) 	
      continuous disclosure reporting obligations of the Issuer
      in the International Jurisdiction; and

	 	 	 	 
	 	(v) 	
      the Purchaser will, if requested by the Issuer, comply
      with such other requirements as the Issuer may reasonably
  require.

                             The
Purchaser acknowledges and agrees that the foregoing representations and
warranties are made by it with the intention that they may be relied upon in
determining its eligibility or (if applicable) the eligibility of others on
whose behalf it is contracting hereunder to purchase the Shares under relevant
securities legislation. The Purchaser further agrees that by accepting delivery
of the Shares on the Closing Date, it shall be representing and warranting that
the foregoing representations and warranties are true and correct as at the
Closing Date with the same force and effect as if they had been made by the
Purchaser at the time of the Closing and that they shall survive the purchase by
the Purchaser of the Shares and shall continue in full force and effect
notwithstanding any subsequent disposition by the Purchaser of the Shares. The
Purchaser undertakes to notify the Company immediately of any change in any
representation, warranty or other information relating to the Purchaser set
forth herein which takes place prior to the Closing Time. 

8.                        
Finder's Fee to Certain Investment Institutions. [Intentionally
Deleted.] 

9.                        
Purchaser's Expenses. The Purchaser acknowledges and agrees that except
as otherwise provided herein, all costs and expenses incurred by the Purchaser
(including any fees and disbursements of special counsel retained by the
Purchaser) relating to the purchase of the Shares shall be borne by the
Purchaser. 

I0.                     
Resale Restrictions. The Purchaser understands and acknowledges
that the Shares will be subject to certain resale restrictions under applicable
Securities Laws and the Purchaser agrees to comply with such restrictions. The
Purchaser also acknowledges that it has been advised to consult its own legal
advisors with respect to applicable resale restrictions and that it is solely
responsible (and the Company is not in any manner responsible) for complying
with such restrictions. 

                             For
purposes of complying with applicable Securities Laws and National Instrument
45-102 Resale of Securities, as well as Stock Exchange policies, the
Purchaser understands and acknowledges that when issued all the certificates
representing the Shares, as well as all certificates issued in exchange for or
in substitution of the foregoing securities, will bear the following legends:

    ("WITHOUT PRIOR WRITTEN APPROVAL OF TSX VENTURE EXCHANGE AND
      COMPLIANCE WITH ALL APPLICABLE SECURITI ES LEGISLATION, TH E SECURITIES
      REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
      OTHERWISE TRADED ON OR THROUGH THE FACI LITIES OF TSX VENTURE EXCHANGE OR
      OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL < ,
      2014.") 

9

    "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
      THIS SECURITY MUST NOT TRADE THE SECU RITY BEFORE <If>, 2014." 

(with the "< > " completed to reflect a date
that is four months plus one day following the Closing Date.)

14.                        
Legal and Tax Advice. The Purchaser acknowledges and agrees that it is
solely responsible for obtaining its own legal and tax advice as it considers
appropriate in connection with the execution, delivery and perfo1mance by it of
this Subscription Agreement and the completion of the transactions contemplated
hereby. 

15.                        
No Statutory Right of Rescission or Damages; Additional Acknowledgements.
The Purchaser acknowledges and agrees that: 

	 	(a) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Shares;

	 	 	 
	 	(b) 	
      there is no government or other insurance covering the
      Shares;

	 	 	 
	 	(c) 	
      there are risks associated with the purchase of the
      Shares;

	 	 	 
	 	(d) 	
      there are restrictions on the purchaser 's ability to
      resell the securities and it is the responsibility of the purchaser to
      find out what those restrictions are and to comply with them before
      selling the securities;

	 	 	 
	 	(e) 	
      the issuer has advised the purchaser that the issuer is
      relying on an exemption from the requirements to provide the purchaser
      with a prospectus and to sell securities through a person registered to
      sell securities under the Securities Act and, as a consequence of
      acquiring securities pursuant to this exemption, certain protections,
      rights and remedies provided by the Securities Act, including statutory
      rights of rescission or damages, will not be available to the
    purchaser

	 	 	 
	 	(f) 	
      as a consequence of acquiring the Shares pursuant to
      exemptions from registration and prospectus requirements under the
      Securities Laws, certain protections, rights and remedies provided by the
      Securities Laws, including statutory rights of rescission or damages, will
      not be available to the Purchaser;

	 	 	 
	 	(g) 	
      except for this Subscription Agreement as otherwise set
      forth herein, it has relied solely upon publicly available information
      relating to the Company and not relied upon any oral or written
      representation as to fact or otherwise made by or on behalf of the Company
      except as expressly set forth herein and such publicly available
      information having been delivered to the Purchaser;

	 	 	 
	 	(h) 	
      the Purchaser, or, where the Purchaser is not purchasing
      as principal, each beneficial purchaser, has such knowledge in financial
      and business affairs as to be capable of evaluating the merits and risks
      of its investment and is able to bear the economic risk of loss of its
      investment;

	 	 	 
	 	(i) 	
      the Company may be required to provide to the applicable
      securities regulatory authorities and to the Stock Exchange a list setting
      forth the identities of the beneficial purchasers of the Shares;

	 	 	 
	 	(j) 	
      notwithstanding that the Purchaser may be purchasing
      Shares as an agent on behalf of an undisclosed principal, the Purchaser
      agrees to provide, on request, particulars as to the identity of such
      undisclosed principal as may be required by the Company in order to comply
      with the foregoing;

	 	(k) 	
      none of the Shares have been or will be registered under
      the U.S. Securities Act or the securities Laws of any state and may not be
      offered or sold, directly or indirectly, in the United States to, or for
      the account or benefit of, a U.S. person (as defined in Regulation S),
      which definition includes, but is not limited to, an individual resident
      in the United States and an estate or trust of which any executor or
      administrator or trustee, respectively, is a U.S. person and any
      partnership or company organized or incorporated under the Jaws of the
      United States unless registered under the U.S. Securities Act and the
      securities laws of all applicable states or unless an exemption from
      such registration is available, and the Company has no
      obligation or present intention of filing a registration statement under
      the U.S. Securities Act in respect of any of the Shares;

10

	 	(I) 	
      the Purchaser acknowledges and agrees
  that:

	 	(i) 	
      the offer to purchase the Shares was not made to the
      Purchaser in the United States;

	 	 	 
	 	(ii) 	
      this Agreement was delivered to, executed and delivered
      by the Purchaser outside the United States;

	 	 	 
	 	(iii) 	
      the Purchaser is not, and will not be purchasing the
      Shares for the account or benefit of, any U.S. Person or person in the
      United States;

	 	 	 
	 	(iv) 	
      the current structure of this transaction and all
      transactions and activities contemplated hereunder is not a scheme to
      avoid the registration requirements of the 1933 Act;

	 	 	 
	 	(v) 	
      the Purchaser and any person for whose account it is
      acquiring the Shares, if applicable, has no intention to distribute either
      directly or indirectly any of the Securities in the United States, except
      in compliance with the 1933 Act;

	 	 	 
	 	(vi) 	
      if the Purchaser is a corporation, partnership or other
      legal entity incorporated or organized in the United States, the
      Purchaser's affairs are controlled and directed from outside of the United
      States, its purchase of the Securities was not solicited in the United
      States, no part of the transaction which is the subject of this
      Subscription Agreement occurred in the United States, and the Issuer has
      informed the Purchaser that no market for the Securities currently exists
      in the United States; and

	 	 	 
	 	(vii) 	
      the entering into of this Agreement and the transactions
      contemplated hereby will not result in the violation of any of the terms
      and provision of any laws applicable to or constating documents of, the
      Purchasers or of any agreement, written or oral, to which the Purchaser
      may be a part or by which he or she is or may be bound;
  and

	 	(m) 	
      if the Stock Exchange imposes escrow or other resale
      restrictions on the Shares then the Purchaser agrees to be bound by such
      restrictions.

16.                     
No Revocation. The Purchaser agrees that this offer is made for valuable
consideration and may not be withdrawn, cancelled, terminated or revoked by the
Purchaser without the consent of the Company. Further, the Purchaser expressly
waives and releases the Company from all rights of withdrawal or rescission to
which the Purchaser might otherwise be entitled pursuant to the Securities Laws.

17.                     
Indemnity. The Purchaser agrees to indemnify and hold harmless
the Company and its directors, officers, employees, agents, advisers and
shareholders from and against any and all loss, liability, claim, damage and
expense (including, but not limited to, any and all fees, costs and expenses
reasonably incurred in investigating, preparing or defending against any claim,
law suit, administrative proceeding or investigation whether commenced or
threatened) arising out of or based upon any representation or warranty of the
Purchaser contained herein being untrue in any material respect or any breach or
failure by the Purchaser to comply with any covenant or agreement made by the
Purchaser herein. 

18.                      Collection
of and Use of Personal Information. 

	 	(a) 	
      The Purchaser (on its own behalf and, if applicable, on
      behalf of any person for whose benefit the Purchaser is subscribing)
      acknowledges and consents to the fact the Issuer is collecting the
      Purchaser’s (and any beneficial purchaser’s) personal information for the
      purpose of completing the Purchaser' subscription. The Purchaser (on its
      own behalf and, if applicable, on behalf of any person for whose benefit
      the Purchaser is subscribing) acknowledges and consents to the Issuer
      retaining the personal information for as long as permitted or required by
      applicable law or business practices. The Purchaser (on its own behalf
      and, if applicable, on behalf of any person for whose benefit the
      Purchaser is subscribing) further acknowledges and consents to the fact
      the Issuer may be required by applicable securities laws,
      stock exchange rules, and Investment Industry Regulatory Organization of
      Canada rules to provide regulatory authorities any personal information
      provided by the Purchaser respecting itself (and any beneficial
      purchaser). The Purchaser represents and warrants that it has the
      authority to provide the consents and acknowledgements set out in this
      paragraph on behalf of all beneficial purchasers.

11

	 	(b) 	
      The Purchaser and disclosed principal, if applicable,
      hereby acknowledges and consents to: (i) the disclosure by the Purchaser
      and the Issuer of Personal Information (defined below) concerning the
      Purchaser to any Securities Commission, or to the Stock Exchange and its
      affiliates, authorized agent, subsidiaries and divisions, if applicable;
      and (ii) the collection, use and disclosure of Personal Information by the
      Stock Exchange for the following purposes (or as otherwise identified by
      the Stock Exchange, from time to time):

	 	 	 	 
	 		(i) 	
      to conduct background checks;

	 	 	 	 
	 		(ii) 	
      to verify the Personal Information that has been provided
      about the Purchaser;

	 	 	 	 
	 		(iii) 	
      to consider the suitability of the Purchaser as a holder
      of securities of the Issuer;

	 	 	 	 
	 		(iv) 	
      to consider the eligibility of the Issuer to list and
      continue to be listed on the Stock Exchange;

	 	 	 	 
	 		(v) 	
      to provide disclosure to market part1c1pants as the
      security holdings of the Issuer 's shareholders, and their involvement
      with any other reporting issuers, issuers subject to a cease trade order
      or bankruptcy, and information respecting penalties, sanctions or personal
      bankruptcies, and possible conflicts of interest with the
Issuer;

	 	 	 	 
	 		(vi) 	
      to detect and prevent fraud;

	 	 	 	 
	 		(vii) 	
      to conduct enforcement proceedings; and

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

	 	 	 	 
	 	(c) 	
      The Purchaser also acknowledges that: (i) the Stock
      Exchange also collects additional Personal Information from other sources,
      including securities regulatory authorities in Canada or elsewhere,
      investigative law enforcement or self-regulatory organizations , and
      regulations service providers to ensure that the purposes set forth above
      can be accomplished ; (ii) the Personal Information the Stock Exchange
      collects may also be disclosed to the agencies and organizations referred
      to above or as otherwise permitted or required by law, and they may use it
      in their own investigations for the purposes described above; (iii) the
      Personal Information may be disclosed on the Stock Exchange's website or
      through printed materials published by or pursuant to the direction of the
      Stock Exchange; and (iv) the Stock Exchange may from time to time use
      third parties to process information and provide other administrative
      services, and may share the information with such providers.

	 	 	 	 
	 	(d) 	
      If the Purchaser is resident in Ontario, the public
      official who can answer questions about the Ontario Securities
      Commission's indirect collection of Personal Information is the
      Administrative Assistant to the Director of Corporate Finance, Ontario
      Securities Commission, Suite 1903, Box 55, 20 Queen Street West, Toronto,
      Ontario, M5H 3S8, Telephone 416-593-8086.

	 	 	 	 
	 	(e) 	
      Herein, "Personal Information" means any
      information about the Purchaser required to be disclosed to a Securities
      Commission or the Exchange, whether pursuant to a Securities Commission or
      Stock Exchange form or a request made by a Securities Commission or the
      Stock Exchange including the Corporate Placee Registration Form attached
    hereto.

12

19.                      Modification.
Subject to the terms hereof, neither this Subscription Agreement nor any
provision hereof shall be modified , changed, discharged or terminated except by
an instrument in writing signed by the party against whom any waiver, change,
discharge or termination is sought. 

20.                      Assignment
.. The terms and provisions of this Subscription Agreement shall be binding upon
and enure to the benefit of the Purchaser, the Company and their respective
successors and assigns; provided that this Subscription Agreement shall not be
assignable by any party without the prior written consent of the other party.

21.                      Miscellaneous.
All representations, warranties, agreements and covenants made or deemed to be
made by the Purchaser herein will survive the execution and delivery, and
acceptance, of this offer and the Closing. 

22.                      Governing
Law. This Subscription Agreement shall be governed by and construed in
accordance with the laws of the Province of British Columbia and the federal
laws of Canada applicable therein. The Purchaser on its own behalf and, if
applicable, on behalf of others for whom it is contracting hereunder, hereby
irrevocably attoms to the exclusive jurisdiction of the courts of the Province
of British Columbia with respect to any matters arising out of this Subscription
Agreement. 

23.                     
Counterpart and Facsimile Subscriptions. This Subscription Agreement may be
signed in counterparts, including counterparts by means of facsimile or scanned
PDF via email transmission, each of which will be deemed an original, but all of
which, taken together, and delivered will constitute one and the same Agreement.
This Subscription Agreement will not be effective as to any party hereto until
such time as this Agreement or a counterpart thereof has been executed and
delivered, by facsimile or otherwise, by each party hereto. 

24.                      Entire
Agreement and Headings. This Subscription Agreement (including the schedules
hereto) contains the entire agreement of the parties hereto relating to the
subject matter hereof and there are no representations, covenants or other
agreements relating to the subject matter hereof except as stated or referred to
herein. This Subscription Agreement may be amended or modified in any respect by
written instrument only. The headings contained herein are for convenience only
and shall not affect the meanings or interpretation hereof. 

25.                      Time
of Essence. Time shall be of the essence of this Subscription Agreement. 

26.                     
Effective Date. This Subscription Agreement is intended to and shall take effect
on the Closing Date, notwithstanding its actual date of execution or delivery by
any of the parties. 

END OF TERMS

13

 

	SCHEDULE "A" 
	FORM 4C 
	CORPORATE PLACEE REGISTRATION
      FORM 

This Form will remain on file with the Exchange and must be
completed if required under section 4(b) of Part II of Form 48. The corporation
, trust, portfolio manager or other entity (the "Placee") need only file it on
one time basis , and it will be referenced for all subsequent Private Placements
in which it participates. If any of the information provided in this Form
changes, the Placee must notify the Exchange prior to participating in further
placements with Exchange listed Issuers. !f as a result of the Private
Placement, the Placee becomes an Insider of the Issuer, Insiders of the Placee
are reminded that they must file a Personal Information Form (2A) or, if
applicable, Declarations, with the Exchange. 

	I 	
       Placee Information:

	 	 	 
		(a) 	
      Name:______________________________________________________________________________

	 	 	 
		(b) 	
      Complete Address:
      ______________________________________________________

	 	 	 
		(c) 	
      Jurisdiction of Incorporation or Creation:
      ________________________________________________________

	2. 	(a) 	Is the Placee purchasing
       securities as a portfolio manager: (Yes/No)?
  _____________________
	  	  	 
		(b) 	Is the Placee carrying on business as a
    portfolio manager outside of Canada: (Yes/No)? _____________________

	3. 	
      lf the answer to 2(b) above was "Yes", the undersigned
      certifies that:

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

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

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

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

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

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

	Name * 	City 	Province or State 	Country 
	 	 	 	 
	 	 	 	 

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

	5. 	
      Acknowledgement - Personal Information and Securities
      Laws

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

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

	 	(i) 	
      the disclosure of Personal Information by the undersigned
      to the Exchange (as defined in Appendix 68) pursuant to this Form;
    and

	 	 	 
	 	(ii) 	
      the collection, use and disclosure of Personal
      Information by the Exchange for the purposes described in Appendix 68 or
      as otherwise identified by the Exchange, from time to
  time.

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

(a) Dated and certified (if applicable), acknowledged and
agreed, at ___________________________________ on
______________________________________

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

THIS IS NOT A PUBLIC DOCUM ENT 

SCHEDULE B 

CONFIRMATION OF PREVIOUSLY FILED CORPORATE PLACEE
REGISTRATION FORM 

TO:        
SILVER PREDATOR CORP. 

             In
connection with the proposed subscription for common shares of Silver Predator
Corp., the undersigned hereby confirms that the undersigned has previously filed
a Form 4C - Corporate Placee Registration Form with the TSX Venture Exchange and
that the information in such Corporate Placee Registration Form is accurate and
up-to- date as of the date hereof. 

Dated ________________________________________, 2014. 

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

8- 1

SCHEDULE "C" 

ACCREDITED INVESTOR STATUS CERTIFICATE 

TO:                        
SILVER PREDATOR CORP. (the "Company") 

             In
connection with the purchase of Shares of the Company (the "Shares'") by
the undersigned subscriber or, if applicable, the principal on whose behalf the
undersigned is purchasing as agent (the "Subscriber" for the purposes of
this Schedule "C"}, the Subscriber hereby represents, warrants, covenants and
certifies to the Company that: 

1.         The
Subscriber is purchasing or is deemed to be purchasing the Shares as principal
for its own account or complies with the provisions of paragraph 8(d} of the
Subscription Agreement; 

2.         The
Subscriber is an "accredited investor" within the meaning of National
Instrument 45-106 entitled "Prospectus and Registration Exemptions" ("NI
45-106") by virtue of satisfying the indicated criterion as set out in this
Schedule "C"; 

3.         The
Subscriber was not created or used solely to purchase or hold securities as an
accredited investor as described in paragraph (m} of the definition of
"accredited investor" in NI 45-106; and 

4.         Upon
execution of this Schedule "C" by the Subscriber, this Schedule "C" shall be
incorporated into and form a part of the Subscription Agreement. 

Dated: ____________________________________, 2014 

	 	 
	 	Print name of Subscriber 
	 	 
	 	 
	 	By: 
      ______________________________________________
	 	         Signature
  
	 	 
	 	 
	 	Print name of Signatory (if different from
      Subscriber) 
	 	 
	 	 
	 	Title 

IMPORTANT: PLEASE INITIAL THE APPLICABLE PROVISION IN

APPENDIX "A" ON THE NEXT PAGES 

B-1

APPENDIX "A" 

TO SCH EDU LE "C" 

NOTE: 
THE SUBSCRIBER MUST INITIAL BESIDE THE
APPLICABLE PORTION OF THE DEFINITION BELOW. 

Accredited Investor - (defined in National Instrument
45-106) means: 

	_______	(a) 	
      a Canadian financial institution, or a Schedule III bank;
      or 

	 	  	
       

	_______ 	(b) 	
      the Business Development Bank of Canada incorporated
      under the Business Development Bank of Canada Act (Canada);
      or 

	 	  	
       

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

	 	  	
       

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

	 	  	
       

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

	 	  	
       

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

	 	  	
       

	_______	(g) 	
      a municipality, public board or commission in Canada and
      a metropolitan community, school board, the Comite de gestion de la taxe
      scolaire de rile de Montreal or an intermunicipal management board in
      Quebec; or 

	 	  	
       

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

	 	  	
       

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

	 	  	
       

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

	 	  	
       

	_______	(k) 	
      an individual whose net income before taxes exceeded
      $200,000 in each of the 2 most recent calendar years or whose net income
      before taxes combined with that of a spouse exceeded $300,000 in each of
      the 2 most recent calendar years and who, in either case, reasonably
      expects to exceed that net income level in the current calendar year; or
      

	 	  	
       

	 		
      (Note: if individual accredited
      investors wish to purchase through wholly-owned holding
      companies or similar entities, such purchasing entities must qualify
      under section (t) below, which must be initialled.) 

	 	  	
       

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

8-2

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

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

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

	 	 	 
	 	(ii) 	
      a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 or 2.19 of National Instrument
      45-106, or

	 	 	 
	 	(iii) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under section 2.18 of National Instrument 45-106;
      or

	_______	(o) 	
      an investment fund that distributes or has distributed
      secunt1es under a prospectus in a jurisdiction of Canada for which the
      regulator or, in Quebec, the securities regulatory authority, has issued a
      receipt; or 

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

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

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

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

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

	 	 	
       

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

	 	 	
       

	_______	(t) 	
      a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors (as defined in National Instrument 45-106); or 

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

	_______	(i) 	a person that is recognized or
      designated by the secunt1es regulatory authority or, except in Ontario and
      Quebec, the regulator as an accredited investor. 

For the purposes hereof: 

	(a) 	
      "affiliate" means an issuer connected with
      another issuer because

	 	 	 
		(i) 	
      one of them is the subsidiary of the other; or

	 	 	 
		(ii) 	
      each of them is controlled by the same
  person.

B-3

	(b) 	
      "Canadian financial institution" means

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

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

	(c) 	
      "consultant" means, for an issuer, a person,
      other than an employee, executive officer, or director of the issuer or of
      a related entity of the issuer, that

	 	 	 
		(i) 	
      is engaged to provide services to the issuer or a related
      entity of the issuer, other than services provided in relation to a
      distribution,

	 	 	 
		(ii) 	
      provides the services under a written contract with the
      issuer or a related entity of the issuer, and

	 	 	 
		(iii) 	
      spends or will spend a significant amount of time and
      attention on the affairs and business of the issuer or a related entity of
      the issuer,

and includes 

	 	(iv) 	
      for an individual consultant, a corporation of which the
      individual consultant is an employee or shareholder, and a partnership of
      which the individual consultant is an employee or partner, and

	 	 	 
	 	(v) 	
      for a consultant that is not an individual, an employee,
      executive officer, or director of the consultant, provided that the
      individual employee, executive officer, or director spends or will spend a
      significant amount of time and attention on the affairs and business of
      the issuer or a related entity of the issuer;

	(d) 	
      "control person" means any person that owns or
      directly or indirectly exercises control or direction over securities of
      an issuer carrying votes which, if exercised, would entitle the first
      person to elect a majority of the directors of the issuer, unless that
      first person holds the voting securities only to secure an
    obligation;

	 	 	 
	(c) 	
      "director" means

	 	 	 
		(i) 	
      a member of the board of directors of a company or an
      individual who performs similar functions for a company, and

	 	 	 
		(ii) 	
      with respect to a person that is not a company, an
      individual who performs functions similar to those of a director of a
      company;

	(t) 	
      "eligibility adviser" means

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

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

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

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

8-4

	(g) 	
      "executive officer" means. for an issuer. an individual
      who is

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

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

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

	(h) 	
      "financial assets" means

	 	(i) 	
      cash,

	 	 	 
	 	(ii) 	
      securities, or

	 	 	 
	 	(iii) 	
      a contract of insurance, a deposit or an evidence of a
      deposit that is not a security for the purposes of securities legislation
      ;

	(i) 	"'foreign jurisdiction " means a
      country other than Canada or a political subdivision of a country other
  than Canada ; 
	 	 
	(j) 	"founder"' means. in respect of
      an issuer, a person who, 

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

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

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

	 	 
	(l) 	
      "investment fund" has the same meaning as in National
  Instrument 81-106 Investment Fund Continuous Disclosure; 

	 	 
	(m) 	
      "'jurisdiction"' means a province or territory of Canada
      except when used in the term foreign jurisdiction; 

	 	 
	(n) 	
      "local jurisdiction" means the jurisdiction in which the
      Canadian securities regulatory authority is situate; 

	 	 
	(o) 	
      "non-redeemable investment fund" has the same meaning as
      in National Instrument 21-10 I Marketplace Operation; 

	 	 
	(p) 	
      "person" includes 

	 	(i) 	
      an individual,

	 	 	 
	 	(ii) 	
      a corporation,

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

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

	(q) 	
      "regulator" means, for the local jurisdiction , the
      Executive Director or Director or la Commission des valeurs mobilieres du
      Quebec as defined under securities legislation of the local jurisdiction
      ;

	 	 
	(r) 	
      "related liabilities" means

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

8-5

	 	(ii) 	
      liabilities that are secured by financial
  assets;

	(s) 	
      "Schedule Ill bank" means an authorized foreign bank
      named in Schedule Ill of the Bank Act (Canada);

	 	 	 
	(t) 	
      "spouse" means, an individual who,

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

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

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

	(u) 	
      "subsidiary" means an issuer that is controlled
      directly or indirectly by another issuer and includes a subsidiary of that
      subsidiary.

All monetary references are in Canadian Dollars. 

8-6

 

PAYMENT INSTRUCTIONS

Deliver a certified cheque or bank draft before the Closing
Date in same day freely transferable Canadian funds at par in Vancouver, British
Columbia to: 

SILVER PREDATOR CORP. 
800 - 1199
West Hastings Street 
Vancouver, British Columbia, Canada V6E 3T5

Attention: Nancy La Couvee, Corporate Secretary
Tel: 778-968-6941

or

Send funds by wire transfer according to instructions on Page
C-2 (following this page).

Schedule "I" 
NTR Share Purchase Agreement

Please see attached. 

1

SHARE PURCHASE AGREEMENT 

THIS AGREEMENT made as of the                    day of                 , 2014 AMONG: 

  
    
      NORTHERN TIGER RESOURCES INC., a corporation existing under the
        laws of the Province of British Columbia having an office at 200, 9797 - 45
        Avenue NW, Edmonton, Alberta T6E 5V8 

    

  

      ("NTR") 

AND: 

  
    
      RESOURCE HOLDINGS LTD., an exempt company existing under the
        laws of Bermuda and having an registered office at Crawford House, 50 Cedar
        Avenue, Hamilton, HMI 1 Bermuda 

    

  

      ("RH") 

RECITALS: 

A.                 
RH is the legal and beneficial owner of all of the outstanding common shares
(the "Shares") in the capital of Americas Bullion Royalty Corp. (the "Company").

B.                 
NTR wishes to purchase, and RH wishes to sell, the Shares on the terms and
subject to the conditions of this Agreement. 

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of
the mutual covenants and agreements hereinafter set forth and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties covenant and agree as follows: 

ARTICLE 1 
INTERPRETATION 

1.1                 
Definitions 

                      In
this Agreement, including the Recitals and Schedules hereto, unless there is
something in the subject matter or context inconsistent therewith, the following
terms and expressions will have the following meanings: 

	 	(a) 	
      "Additional Royalties" means the royalty interests in
      respect of the properties and in the amounts thereon set forth in Schedule
      "C" hereto;

	 	 	 
	 	(b) 	
      "Affiliate" has the meaning ascribed to such term in the
      Securities Act;

	 	 	 
	 	(c) 	
      "Arrangement" means an arrangement involving RH and the
      Company under the provisions of Division 5 of Part 9 of the BCBCA on the
      terms and subject to the conditions set forth in the arrangement agreement between
      RH and the Company dated [February 18, 2014); 

- 2 -

	 	(d) 	
      "Assets" means all assets, contracts, equipment, goodwill
      and inventory of the Company, and includes all tangible things and
      intangible things owned by the Company as at the Effective Time, and as
      more particularly described in Schedule "A" to this Agreement; 

	 	  	
       

	 	(e) 	
      "Business" means, with respect to the Company, the
      business carried on by the Company as at the date of this Agreement;
    

	 	  	
       

	 	(f) 	
      "Business Day" means any day other than a day which is a
      Saturday, a Sunday or a statutory holiday in the State of Idaho or the
      Province of Alberta; 

	 	  	
       

	 	(g) 	
      "Business Combination Agreement" means the amended and
      restated business combination agreement signed among the Company, NTR and
      Redtail Metals Corp. dated December 17, 2013 and amended January 21, 2014
      providing for, among other things, the purchase of the Shares by NTR;
    

	 	  	
       

	 	(h) 	
      "Cash Portion" has the meaning ascribed in Section 2.2;
      

	 	  	
       

	 	(i) 	
      "Closing" has the meaning ascribed in Section 6.1;
  

	 	  	
       

	 	U) 	
      "Closing Time" has the meaning ascribed thereto in
      Section 6.1; 

	 	  	
       

	 	(k) 	
      "Commissions" means, collectively, the British Columbia
      Securities Commission and the Alberta Securities Commission; 

	 	  	
       

	 	(1) 	
      "Consideration" has the meaning ascribed in Section 2.2;
      

	 	  	
       

	 	(m) 	
      "Effective Date" means the date upon which the
      Arrangement will become effective; 

	 	  	
       

	 	(n) 	
      "Effective Time" means the time on the Effective Date
      that the Arrangement becomes effective; 

	 	  	
       

	 	(o) 	
      "Encumbrances" means mortgages, charges, pledges,
      security interests, liens, encumbrances, actions, claims, leases, demands
      and equities of any nature whatsoever or howsoever arising and any rights
      or privileges capable of becoming any of the foregoing; 

	 	  	
       

	 	(p) 	
      "Environmental Laws" means any current federal, state,
      provincial or local law, regulation, order, decree, permit, authorization,
      opinion, common law or agency requirement relating to: (i) the protection,
      investigation or restoration of the indoor or outdoor environment, health,
      safety or natural resources; (ii) the handling, use, presence, disposal,
      release or threatened release of any Hazardous Substance; or (iii) odour,
      indoor air, employee exposure, wetlands, pollution, contamination; (iv)
      and injury or threat of injury to persons or property relating to any Hazardous Substance; or (v) the protection,
      management or use of surface water or ground water;

- 3 -

	 	(q) 	
      "Exchange" means the TSX Venture Exchange;

	 	 	 
	 	(r) 	
      "Financing" means the investment by RH in common shares
      in the capital of NTR having a value equal to $ [NTD: $2,250,000 less the
      amount drawn under the NTR Interim Loan];

	 	 	 
	 	(s) 	
      "RH Percentage" means the percentage of the issued and
      outstanding NTR Shares, on a non-diluted basis owned, directly or
      indirectly, by RH and its Affiliates from time to time;

	 	 	 
	 	(t) 	
      "Hazardous Substances" means any substance, material or
      waste that is listed, classified or regulated as hazardous, toxic or
      dangerous pursuant to any Environmental Laws;

	 	 	 
	 	(u) 	
      "Material Contract" means, with respect to the
      Company:

	 	(i) 	
      any continuing contract for the purchase of materials,
      supplies, equipment or services involving, in the case of any such
      contract, more than $10,000 over the life of the contract;

	 	 	 
	 	(ii) 	
      any contract that expires, or may be renewed at the
      option of any person other than the Company so as to expire, more than one
      year after the date of this Agreement;

	 	 	 
	 	(iii) 	
      any debt instrument;

	 	 	 
	 	(iv) 	
      any contract for capital expenditures in excess of
      $10,000 in the aggregate;

	 	 	 
	 	(v) 	
      any contract limiting the right of the Company to engage
      in any line of business or to compete with any other person;

	 	 	 
	 	(vi) 	
      any confidentiality, secrecy or non-disclosure
      contract;

	 	 	 
	 	(vii) 	
      any contract pursuant to which the Company leases any
      real property;

	 	 	 
	 	(viii) 	
      any contract pursuant to which the Company leases any
      personal property involving payments by the Company in excess of $10,000
      annually or involving rights or obligations which cannot be terminated
      without penalty on less than three months' notice;

	 	 	 
	 	(ix) 	
      any employment contracts with employees and service
      contracts with independent contractors that cannot be terminated on 30
      days' notice or less by the Company without
penalty;

- 4 -

	 	(x) 	
      any agreement to indemnify, hold harmless or defend any
      other person with respect to any assertion of personal injury, damage to
      property, misappropriation or violation or warranting the lack thereof;
      and

	 	 	 
	 	(xi) 	
      any other agreement, indenture, contract, lease, deed of
      trust, license, option, instrument or other commitment which is or would
      reasonably be expected to be material to the Business, properties, Assets,
      operations, condition (financial or otherwise) or prospects of the
      Company;

	 	(v) 	
      "Plan of Arrangement" means the plan of
      arrangement attached as Schedule A of the Arrangement Agreement;

	 	 	 
	 	(w) 	
      "Public Record" has the meaning ascribed m
      Subsection 3.2(f) of this Agreement;

	 	 	 
	 	(x) 	
      "Purchase Note" has the meaning ascribed in
      Section 2.3(a)(ii);

	 	 	 
	 	(y) 	
      "Release" means any release, spill, leak,
      emission, discharge, leach, dumping, emission, escape or other
      disposal;

	 	 	 
	 	(z) 	
      "Royalties" means the royalty interests in respect
      of the properties and in the amounts thereon set forth in Schedule "B"
      hereto

	 	 	 
	 	(aa) 	
      "Securities Act" means the Securities Act
      (British Columbia), as amended from time to time, and the rules and
      regulations promulgated thereunder;

	 	(bb) 	
      "Shares" has the meaning ascribed in Recital
    A;

	 	 	 
	 	(cc) 	
      "Transaction" means the sale of the Shares by RH
      to NTR in exchange for the Consideration in accordance with the terms of
      this Agreement and the Plan of Arrangement and all other transactions
      referred to herein; and

	 	 	 
	 	(dd) 	
      "VWAP" means the volume weighted average trading
      price.

1.2                
Currency 

                     All
sums of money which are referred to in this Agreement are expressed in lawful
money of Canada unless otherwise specified. 

1.3                
Best of Knowledge 

                     Any
reference herein to "the best of the knowledge" of a party will be deemed to
mean the actual knowledge of senior management of the party and the best of the
knowledge which they would have had if they had conducted a diligent inquiry
into the relevant subject matter. 

- 5 -

1.4                
Interpretation Not Affected by Headings 

                     The
division of this Agreement into articles, sections, paragraphs, subsections and
clauses and the insertion of headings are for convenience of reference only and
will not affect the construction or interpretation of this Agreement. The terms
"this Agreement", "hereof ', "herein", "hereunder" and similar expressions refer
to this Agreement and the Schedules hereto and not to any particular article,
section, paragraph, clause or other portion hereof and include any agreement or
instrument supplementary or ancillary hereto. 

1.5                
Time of Essence 

                     Time
will be of the essence hereof. 1.6 Schedules 

                     The
following Schedules attached to this Agreement are incorporated into this
Agreement by reference and are deemed to be part hereof: 

	 	Schedule "A" 	Assets of the
      Company 
	 	Schedule "B" 	Material Contracts 
	 	Schedule "C" 	Royalties 
	 	Schedule "D" 	Additional Royalties 
	 	Schedule "E" 	Form of Purchase
      Note 
	 	Schedule "F" 	Form of Royalty Grant Agreement
    
	 	Schedule "G" 	Form of
      Subscription Agreement 

ARTICLE 2 
PURCHASE AND SALE

2.1                
Purchase and Sale

                     Subject
to the terms and conditions herein, RH agrees to the sell the Shares to NTR and
NTR agrees to purchase the Shares from RH, free and clear of all Encumbrances
other than those restrictions on transfer, if any, contained in the articles or
by-laws of the Company. 

2.2                
Consideration

                     In
consideration of the purchase and sale of the Shares herein contemplated, NTR
hereby agrees to pay to RH $5,250,000 (the "Cash Portion") and grant to RH the
Royalties (together, the "Consideration"). 

2.3                
Payment of the Cash Portion of the Consideration 

	 	(a) 	
      NTR will satisfy the Cash Portion of the Consideration at
      Closing as follows:

	 	 	 	 
	 		(i) 	
      NTR will pay to RH, or an Affiliate of RH as directed by
      RH in writing, $550,000, either in cash or by the issue of NTR Shares (or
      any combination thereof), at the election of NTR; provided that any such
      NTR Shares will be issued at a deemed price per share equal
      to the greater of: (A) $ [NTD: the VWAP of the NTR Shares on the Exchange
      for the seven trading days immediately preceding the date of the NTR
      Meeting]; (B) $0.35 (on a post-consolidation basis); and (C) the minimum
      price permitted by the Exchange.

- 6 -

	 	(ii) 	
      NTR will issue to RH, or an Affiliate of RH as directed
      by RH in writing, a promissory note in the form attached hereto at
      Schedule "E" in the principal amount of $4,700,000 (the "Purchase Note")
      bearing interest at a rate of [6]% (compounded annually) and payable over
      three years as set forth in the Purchase Note.

	 	(b) 	
      As security for the timely payment of the Purchase Note,
      NTR will deposit with RH, or an Affiliate of RH as directed by RH in
      writing, at Closing, the share certificates representing the Shares, duly
      endorsed in blank for transfer.

	 	 	 
	 	(c) 	
      If at any time prior to satisfaction of the Purchase Note
      in full, NTR elects (on prior written notice to RH) to terminate the
      Transaction or if NTR fails to make a payment under the Purchase Note when
      due (subject to a 30 day cure period commencing on the date when such
      payment is due), then:

	 	(i) 	
      NTR will promptly transfer the Shares back to RH or an
      Affiliate of RH, as directed by RH in writing, and represent and warrant
      to RH in substantially the same terms as the representations and
      warranties given by RH in section 3.1 hereof (substituting references to
      RH with references to NTR) provided that NTR shall have no liability to RH
      for any breach of such representations and warranties that existed as of
      the Effective Time;

	 	 	 
	 	(ii) 	
      NTR will be deemed to have forfeited to RH, without
      compensation, any of the Cash Portion of the Consideration then paid to RH
      (including any NTR Shares issued in satisfaction of the Cash Portion of
      the Consideration or payment obligations under the Purchase Note as at
      such date); and

	 	 	 
	 	(iii) 	
      RH will retain, without compensation to NTR, all of the
      Royalties and Additional Royalties.

	
      2.4                
      Royalties 

	
       

	
                         
        At Closing, NTR will execute in favour of RH, or an Affiliate of RH
      as directed by RH in writing, the royalty grant agreement in the form
      attached hereto at Schedule "F" in respect of each of the Royalties set
      forth in Schedule "C". 

	
       

	
      2.5                
      Additional Royalties 

	
       

	
                     
            At Closing, NTR will cause the Company to
      execute in favour of RH, or an Affiliate of RH as directed by RH in
      writing, the royalty grant agreement in the form attached hereto at
      Schedule "F" in respect of each of the Additional Royalties set forth in
      Schedule "D". 

- 7 -

ARTICLE 3 
REPRESENTATIONS AND WARRANTIES 

3.1                
Representations and Warranties by RH 

                     RH
hereby represents and warrants to NTR at Closing, as follows, and acknowledges
that NTR is relying upon the accuracy of each such representation and warranty
in connection with the completion of the Transaction: 

	 	(a) 	
      Corporate Authority and Binding Obligation

	 	 	 
	 		
      RH is a corporation duly incorporated and validly
      subsisting in all respects under the laws of Bermuda. RH has good right,
      full corporate power and absolute authority to enter into this Agreement
      and to perform all of RH's obligations under this Agreement. RH has taken
      all necessary or desirable actions, steps and corporate and other
      proceedings to approve or authorize, validly and effectively, the entering
      into of, and the execution, delivery and performance of, this Agreement.
      This Agreement has been duly executed and delivered by RH and, assuming
      the due authorization, execution and delivery hereof by RH, constitutes a
      legal, valid and binding obligation of RH, enforceable against it in
      accordance with its terms subject to (i) bankruptcy, insolvency,
      moratorium, reorganization and other laws relating to or affecting the
      enforcement of creditors' rights generally and (ii) the fact that
      equitable remedies, including the remedies of specific performance and
      injunction, may only be granted in the discretion of a court.

	 	 	 
	 	(b) 	
      Status, Charter Documents and
Licenses

	 	(i) 	
      The Company is a corporation duly incorporated and
      validly subsisting in all respects under the laws of the Province of
      British Columbia. The Company has all necessary corporate power and
      authority to own, lease or otherwise hold its Assets and to carry on its
      Business as it is now being conducted and proposed to be
  conducted.

	 	 	 
	 	(ii) 	
      The Company is duly licensed, registered and qualified as
      a corporation to do Business, is up-to-date in the filing of all required
      corporate returns and other notices and filings and is otherwise in good
      standing in all respects, in each jurisdiction where it carries on
      Business.

	 	(c) 	
      Authorized and Issued Capital

	 	 	 
	 		
      The authorized capital of the Company consists of an
      unlimited number of common shares without par value and an unlimited
      number of Class 1 common shares without par value of which, a total of
      <fl> common shares have been validly issued and are outstanding and
      are fully paid and non-assessable. There are no Class 1 common shares
      issued and outstanding.

- 8 -

	 	(d) 	
      Title to Shares

	 	 	 	 
	 		
      The Shares are owned by RH as the registered and
      beneficial owner thereof with good title, free and clear of all
      Encumbrances other than those restrictions on transfer, if any, contained
      in the articles or by-laws of the Company.

	 	 	 	 
	 	(e) 	
      Shareholder Agreements, Etc.

	 	 	 	 
	 		
      There are no shareholders' agreements, pooling
      agreements, voting trusts or other similar agreements with respect to the
      ownership or voting of any of the Shares or any other securities of the
      Company.

	 	 	 	 
	 	(f) 	
      Assets

	 	 	 	 
	 		(i) 	
      To the best of the knowledge of RH, Schedule "A" to this
      Agreement contains a complete and accurate description of all of the
      material Assets of the Company.

	 	 	 	 
	 		(ii) 	
      Other than the royalties NTR will cause the Company to
      grant to RH as contemplated under this Agreement, the Company is the
      registered and beneficial owner of the Assets set forth in Schedule "A"
      and has good and marketable title to such Assets, free and clear of all
      material Encumbrances.

	 	(g) 	
      Reporting Issuer

	 	 	 	 
	 		
      The Company is a "reporting issuer" in each of British
      Columbia, Alberta and Ontario, and its common shares are listed on the
      Toronto Stock Exchange.

	 	 	 	 
	 	(h) 	
      No Subsidiaries

	 	 	 	 
	 		
      The Company has no subsidiaries.

	 	 	 	 
	 	(i) 	
      Licenses

	 	 	 	 
	 		
      To the best of the knowledge of RH, all licenses and
      permits required for the conduct of the Business of the Company have been
      obtained and are in good standing.

	 	 	 	 
	 	(i) 	
      No Other Purchase Agreements

	 	 	 	 
	 		
      No person has any agreement, option, understanding or
      commitment, or any right or privilege capable of becoming an agreement,
      option or commitment, including convertible securities, warrants or
      convertible obligations of any nature, for:

	 	 	 	 
	 		(i) 	
      the purchase, subscription, allotment or issuance of, or
      conversion into, any of the unissued shares of the Company or any
      securities of the Company; or

- 9 -

	 	(ii) 	
      the purchase from RH of any of the
  Shares.

	 	(k) 	Contractual and Regulatory
      Approvals 
	 	  	
       

	 		
      Except as have been obtained on the date hereof and in
      respect of the Arrangement Agreement and the Plan of Arrangement, to the
      best of the knowledge of RH, neither RH nor the Company is under any
      obligation, contractual or otherwise, to request or obtain the consent of
      any person, and no permits, licenses, certifications, authorizations or
      approvals of, or notifications to, any federal, provincial, state,
      municipal or local government or governmental agency, board, commission or
      authority are required to be obtained by RH or the Company, in connection
      with the execution, delivery or performance by RH of this Agreement or the
      completion of any of the transactions contemplated herein. 

	 	  	
       

	 	(1) 	
      Compliance with Charter Documents, Agreements and Laws
      

	 	  	
       

	 		
      The execution, delivery and performance of this Agreement
      and each of the other agreements contemplated or referred to herein, and
      the completion of the transactions contemplated hereby, will not conflict
      with nor constitute or result in a violation or material breach of or
      material default under, or cause the acceleration of any obligations of
      the Company under: 

	 	(i) 	
      any term or provision of any of the constating documents
      of RH or the Company or any director or shareholder minutes; or

	 	 	 
	 	(ii) 	
      the terms of any agreement (written or oral), indenture,
      instrument or understanding or other obligation or restriction to which
      any of the Company, or RH is a party or by which any of them is bound;
      or

	 	 	 
	 	(iii) 	
      any term or provision of any order or decree of any
      court, governmental authority or regulatory body or any law or regulation
      of any jurisdiction.

	 	(m) 	
      Corporate Records

	 	 	 
	 		
      To the best of the knowledge of RH, the corporate records
      and minute books of the Company contain complete and accurate minutes of
      all meetings of the directors and the shareholder of the Company, at which
      resolutions were passed held since its incorporation, and signed copies of
      all resolutions, articles and by- laws duly passed or confirmed by the
      directors or the shareholder of the Company, other than at a
    meeting.

	 	 	 
	 	(n) 	
      Tax Returns

	 	 	 
	 		
      All tax returns required to be filed by or on behalf of
      the Company have been duly filed on a timely basis and such tax returns
      are true, complete and correct in all material respects. All taxes shown
      to be payable on the tax returns or on subsequent assessments with respect
      thereto have been paid in full on a timely basis, and no other taxes are payable by the Company with
      respect to items or periods covered by such tax returns.

- 10 -

	 	(o) 	
      Financial Records

	 	 	 	 
	 		
      All material financial transactions of the Company have
      been recorded in the financial books and records of the Company in
      accordance with good business practice. No information, records or systems
      pertaining to the operation or administration of the Business are in the
      possession of, recorded, stored, maintained by or otherwise dependent upon
      any other person.

	 	 	 	 
	 	(p) 	
      Liabilities

	 	 	 	 
	 		
      There are no material liabilities (contingent or
      otherwise) and, to the best of the knowledge of RH, there is no basis for
      assertion against the Company of any liabilities of any kind or in respect
      of which the Company may become liable on or after the consummation of the
      transactions contemplated by this Agreement other than liabilities
      specifically disclosed to NTR in writing before the date hereof.

	 	 	 	 
	 	(q) 	
      Material Contracts

	 	 	 	 
	 		
      Except as set forth on Schedule "B", Company is not a
      party to any Material Contracts.

	 	 	 	 
	 	(r) 	
      Litigation

	 	 	 	 
	 		
      There are no actions, suits or proceedings, judicial or
      administrative (whether or not purportedly on behalf of RH or the Company)
      pending or, to the best of the knowledge of RH, threatened, by or against
      or affecting the, at law or in equity, or before or by any court or any
      federal, provincial, state, municipal or other governmental department,
      commission, board, bureau, agency or instrumentality, domestic or
      foreign.

	 	 	 	 
	 	(s) 	
      Environmental Matters

	 	 	 	 
	 		(i) 	
      To the best of the knowledge of RH, the operation of the
      Business, the property and assets owned or used by the Company and the
      use, maintenance and operation thereof have been and are in compliance
      with all Environmental Laws. To the best of the knowledge of RH, the
      Company and its Affiliates have complied with all reporting and monitoring
      requirements under all Environmental Laws. Neither the Company nor its
      Affiliates has received any notice of any non-compliance with any
      Environmental Laws, and there is no reasonable basis upon which the
      Company could become, responsible for any material clean up or corrective
      action under any Environmental Laws.

 

- 11 -

	 	(ii) 	
      The Company has obtained all permits, certificates,
      approvals, registrations and licenses necessary to conduct the Business as
      it now exists, and to own, use and operate its properties and assets in
      compliance with all Environmental Laws.

	 	 	 
	 	(iii) 	
      To the best of the knowledge of RH, there are no
      Hazardous Substances located on or in any of the properties or assets
      owned or used by the Company and no Release of any Hazardous Substances
      has occurred on or from the properties and assets of the Company or has
      resulted from the operation of the Business and the conduct of all other
      activities of the Company. Neither the Company nor its Affiliates has used
      any of their properties or assets to produce, generate, store, handle,
      transport or dispose of any Hazardous Substances and no real property has
      been or is being used as a landfill or waste disposal site.

	 	 	 
	 	(iv) 	
      To the best of the knowledge of RH, there are no past,
      present or, future events, conditions, circumstances, activities,
      practices, incidents, actions or plans which may interfere with or prevent
      compliance or continued compliance by the Company with the Environmental
      Laws as in effect on the date hereof or which may give rise to any common
      law or legal liability under the Environmental Laws, or otherwise form the
      basis of any claim, action, demand, suit, proceeding, hearing, notice of
      violation, study or investigation, based on or related to the manufacture,
      generation, processing, distribution, use, treatment, storage, disposal,
      transport or handling, or the Release or threatened Release into the
      indoor or outdoor environment by the Company or its Affiliates of any
      Hazardous Substances.

	 	 	 
	 	(v) 	
      To the best of RH' knowledge, the Company and its
      Affiliates have never conducted or had conducted an environmental audit,
      assessment or study of any of their properties or
assets.

	 	(t) 	
      Tax Liabilities

	 	 	 
	 		
      To the best of RH's knowledge, the Company has no
      material tax liabilities.

3.2                
Representations and Warranties by NTR 

                  
    NTR hereby represents and warrants to RH at Closing as
follows, and confirms that RH is relying upon the accuracy of each of such
representation and warranty in connection with the completion of the
Transaction: 

	 	(a) 	
      Corporate Authority and Binding Obligation

	 	 	 
	 		
      NTR is a corporation duly incorporated and validly
      subsisting in all respects under the laws of the Province of Alberta. NTR
      has good right, full corporate power and absolute authority to enter into
      this Agreement and to perform all of NTR' s obligations under this
      Agreement. NTR has taken all necessary or desirable actions, steps and corporate and other
      proceedings to approve or authorize, validly and effectively, the entering
      into of, and the execution, delivery and performance of, this Agreement.
      This Agreement has been duly executed and delivered by NTR and, assuming
      the due authorization, execution and delivery hereof by RH, constitutes a
      legal, valid and binding obligation of NTR, enforceable against it in
      accordance with its terms subject to (i) bankruptcy, insolvency,
      moratorium, reorganization and other laws relating to or affecting the
      enforcement of creditors' rights generally and (ii) the fact that
      equitable remedies, including the remedies of specific performance and
      injunction, may only be granted in the discretion of a court.

- 12 -

	 	(b) 	
      Reporting Issuer

	 	 	 
	 		
      NTR is a reporting issuer in the Provinces of British
      Columbia and Alberta and its common shares are posted and listed for
      trading on the Exchange. NTR is not in default under the Securities Act
      or the rules, by-laws or policies of any stock exchange on which any
      securities of NTR are listed. There are no orders suspending the sale or
      ceasing the trading of any securities issued by NTR and no proceedings for
      such purpose are pending or, to the knowledge of NTR,
threatened.

	 	 	 
	 	(c) 	
      Share Capital

	 	 	 
	 		
      NTR's authorized share capital consists of an unlimited
      number of common shares without par value of which, as at the date hereof,
      there are common shares issued and outstanding as fully-paid and
      non-assessable. Any NTR Shares issued pursuant to Section 2.3(a)(i) or
      under the terms of the Purchase Note will, when issued, be validly issued
      as fully paid and non-assessable.

	 	(d) 	
      Contractual and Regulatory Approvals

	 	 	 
	 		
      Except as have been obtained on the date hereof, NTR is
      not under any obligation, contractual or otherwise, to request or obtain
      the consent of any person, and no permits, licenses, certifications,
      authorizations or approvals of, or notifications to, any federal,
      provincial, municipal or local government or governmental agency, board ,
      commission or authority are required to be obtained by NTR in connection
      with the execution, delivery or performance by NTR of this Agreement or
      the completion of any of the transactions contemplated herein.

	 	 	 
	 	(e) 	
      Compliance with Constating Documents, Agreements and
      Laws

	 	 	 
	 		
      The execution, delivery and performance of this Agreement
      and each of the other agreements contemplated or referred to herein by
      NTR, and the completion of the transactions contemplated hereby, will not
      conflict with nor constitute or result in a violation or breach of or
      material default under or cause the acceleration of any obligations of NTR
      under or cause the acceleration of any obligations of NTR
  under:

 

- 13 -

	 	(i) 	
      any term or provision of any of its articles, by-laws or
      other constating documents of NTR or any director or shareholder
      minutes;

	 	 	 
	 	(ii) 	
      the terms of any indenture, agreement (written or oral),
      instrument or understanding or other obligation or restriction to which
      NTR is a party or by which it is bound, or

	 	 	 
	 	(iii) 	
      any term or provision of any licenses, registrations or
      qualification of NTR or any order of any court, governmental authority or
      regulatory body or any applicable law or regulation of any
      jurisdiction.

	 	(f) 	
      Public Disclosure

	 	 	 
	 		
      As of their respective dates, all information and
      materials filed by NTR with the Commissions and which are available
      through the SEDAR website (including all exhibits and schedules thereto
      and documents incorporated by reference therein) from January 1, 2012 to
      the date hereof (collectively, the "Public Record") did not
      contain any untrue statement of a material fact or omit to state a
      material fact required to be stated therein or necessary to make the
      statements therein, in light of the circumstances under which they were
      made, not misleading, and complied in all material respects with all
      applicable legal and stock exchange requirements.

	 	 	 
	 	(g) 	
      Subsequent Events; Investment Information

	 	 	 
	 		
      Subsequent to the respective dates as of which
      information is given in the Public Record, there has been no material
      adverse change, or any fact known to NTR and not disclosed to RH that
      could reasonably be expected to result in a material adverse change in the
      condition of the assets, liabilities, operations, activities, earnings,
      affairs or financial position of NTR.

	 	 	 
	 	(h) 	
      Corporate Records

	 	 	 
	 		
      The corporate records and minute books of NTR contain
      complete and accurate minutes of all meetings of the directors and
      shareholders of NTR at which resolutions were passed held since its
      incorporation, and signed copies of all resolutions duly passed or
      confirmed by the directors or shareholders of NTR other than at a meeting.
      The share certificate books, register of security holders, register of
      transfers and register of directors and any similar corporate records of
      NTR are complete and accurate.

	 	 	 
	 	(i) 	
      Litigation

	 	 	 
	 		
      There is no suit, action, litigation, investigation,
      claim, complaint or proceeding before any governmental authority in
      progress or pending or, to the best of the knowledge of NTR, threatened
      against or relating to NTR which, if determined adversely to it, would
      prevent NTR from fulfilling all of its obligations set out in this
      Agreement or arising from this Agreement, and, to the best of the
      knowledge of NTR, there is no existing ground on which any such action,
      suit, litigation or proceeding might be commenced with any likelihood of success.
There is not presently outstanding against NTR any cease trade order, judgment,
decree, injunction, or rule or order of any governmental authority. 

 

- 14 -

3.3                
Survival of Warranties by RH 

                     The
representations and warranties made by RH and contained in this Agreement, or
contained in any document or certificate given in order to carry out the
transactions contemplated hereby, will survive the Closing and, notwithstanding
any closing or any investigation made by or on behalf of NTR or any other person
or any knowledge of NTR or any other person, will continue in full force and
effect for the benefit of NTR for a period of 12 months from the Effective Date.

3.4                
Survival of Warranties by NTR 

                     The
representations and warranties made by NTR and contained in this Agreement or
contained in any document or certificate given in order to carry out the
transactions contemplated hereby will survive the Closing and, notwithstanding
any closing or any investigation made by or on behalf of RH or any other person
or any knowledge of RH or any other person, will continue in full force and
effect for the benefit of RH for a period of 12 months from the Effective Date.

ARTICLE 4 
COVENANTS 

4.1                
Sale, Option or Joint Venture of Assets or Shares 

                     Excepting
only the grant of royalties by the Company to RH as contemplated under this
Agreement, until such time as the Purchase Note is paid in full, NTR shall not
sell, assign, transfer, joint venture, option or in any way encumber any of the
Shares or any of the Assets (and shall not enter into any binding agreement in
respect thereof), without obtaining the prior written consent of RH, such
consent not to be unreasonably withheld, conditioned or delayed. 

4.2                
Management 

	 	(a) 	
      So long as the RH Percentage is at least: (a) 20%, RH, or
      a RH Affiliate, as directed by RH, will have the right to nominate two
      appointees to the board of directors of NTR; and (b) at least 10% but less
      than 20%, RH, or a RH Affiliate, will have the right to nominate one
      appointee to the board of directors of NTR.

	 	 	 
	 	(b) 	
      At Closing, NTR will engage RH to provide contract
      services for accounting, IT, investor relations and corporate secretary
      functions at arms' length rates to be negotiated among the
  parties.

- 15 -

4.3                
Pre-Emptive Rights 

	 	(a) 	
      After the Closing and for so long as the RH Percentage is
      at least 15%, if NTR proposes to issue pursuant to a private placement any
      common shares or securities that are convertible into, exchangeable for or
      exercisable to acquire Common Shares ("New NTR Securities"), RH, or a RH
      Affiliate, as directed by RH in writing, will be entitled (but not
      required) to concurrently purchase up to such number of New NTR Securities
      ("Participation Right Securities") that will enable RH, or a RH Affiliate,
      as directed by RH in writing, to maintain the RH Percentage in effect
      immediately prior to such private placement, on the same terms and at the
      same price at which the New NTR Securities are issued to other person(s)
      ("Third Party Purchasers"), subject to the approval of the
  Exchange.

	 	 	 
	 	(b) 	
      NTR will give RH, or a RH Affiliate, as directed by RH in
      writing, written notice of any proposed issuance of New NTR Securities at
      least 10 Business Days prior to the proposed date of issuance thereof.
      Such notice will set out the material terms of the proposed issuance,
      including the proposed issue price.

	 	 	 
	 	(c) 	
      Within five Business Days following receipt of the notice
      contemplated in Section 4.3(b), RH, or a RH Affiliate, as directed by RH
      in writing, will provide written notice to NTR of the number of New NTR
      Securities (if any) it intends to purchase in connection with the proposed
      transaction. If NTR does not receive any notice from RH, or a RH
      Affiliate, as directed by RH in writing, within such five Business Day
      period referred to in this Section 4.3(c), RH, or a RH Affiliate, as
      directed by RH in writing, will be deemed to have waived its rights to
      acquire any New NTR Securities under this Section 4.3 and NTR will be
      entitled, within the period of 90 days following the expiry of such five
      Business Day period, to complete the proposed issuance of New NTR
      Securities to the Third Party Purchasers on terms and conditions no less
      favourable to NTR than those contained in the notice provided to RH, or a
      RH Affiliate, as directed by RH in writing, pursuant to Section 4.3(b). If
      no such transaction is completed within such 90 day period, NTR will be
      required to again comply with the provisions of this Section 4.3 before
      completing such transaction.

	 	 	 
	 	(d) 	
      If NTR receives within the five Business day period
      referred to in Section 4.3(c) written notice from RH, or a RH Affiliate,
      as directed by RH in writing, that it wishes to purchase some or all of
      the New NTR Securities which it is entitled to purchase under Section
      4.3(a), then subject to the approval of the Exchange (which NTR will use
      reasonable commercial efforts to promptly obtain) and any shareholder
      approvals which may be required under applicable laws or Exchange
      policies, NTR will be obligated to issue to RH (or an Affiliate of RH as
      directed by RH in writing), and RH, or a RH Affiliate, as directed by RH
      in writing, will be obligated to purchase from NTR, such New NTR
      Securities concurrently with the completion of the issuance of such New
      NTR Securities to the Third Party Purchasers.

	 	 	 
	 	(e) 	
      Nothing in this Section 4.3 will provide RH, or a RH
      Affiliate, as directed by RH in writing, with any rights to acquire any
      securities of NTR which are being issued (i) solely as consideration for the acquisition by
      NTR or its Affiliates of assets from persons dealing at arm's length to
      NTR and not as a financing transaction for NTR, (ii) under any equity
      compensation plan in respect of directors, officers, employees or
      consultants of NTR or (iii) upon the exercise of other outstanding
      convertible securities of NTR.

- 16 -

	 	(f) 	
      NTR will use commercially reasonable efforts to obtain
      any and all approvals of the Exchange and the shareholders of NTR under
      the rules of the Exchange or any other applicable laws in order for RH, or
      a RH Affiliate, as directed by RH in writing, to obtain the full benefit
      of its rights under this Section 4.3 to purchase Participation Right
      Securities.

4.4                
Public Disclosure; Confidentiality 

	 	(a) 	
      Unless and until the transactions contemplated in this
      Agreement will have been completed, except with the prior written consent
      of the other party, each party and its respective employees, officers,
      directors, shareholders, agents, advisors and other representatives will
      hold all information received from the other party and all information
      concerning the Company 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 or Exchange policies.

	 	 	 
	 	(b) 	
      All such information and documents in any form or medium
      whatsoever concerning the Company, including but without limitation copies
      thereof and derivative materials made therefrom will be delivered to RH,
      or an Affiliate of RH, as directed by RH in writing, in the event that the
      Shares are transferred back to RH or an Affiliate of RH, as directed by RH
      in writing, destroyed in the event that the transactions provided for in
      this Agreement are not completed.

ARTICLE 5

CONDITIONS 

5.1                
Mutual Conditions Precedent 

                     The
respective obligations of the parties hereto to consummate the transactions and
deliver the documents contemplated hereby are conditional on the satisfaction or
waiver of all conditions precedent in the Arrangement Agreement which condition
is for the benefit of both RH and NTR and may not be waived. 

ARTICLE 6 
CLOSING 

6.1                
Effective Time 

                     The
parties will complete the transactions contemplated hereby ("Closing")
on the the Effective Date at the time set out in the Plan of Arrangement
(the "Closing Time"). 

- 17 -

6.2                
Deliveries on Closing At Closing: 

	 	(a) 	
      RH will deliver to NTR:

	 	 	 	 
	 		(i) 	
      the share certificates representing the Shares, duly
      endorsed for transfer to NTR or to an Affiliate of NTR, as directed by
      NTR;

	 	 	 	 
	 		(ii) 	
      a subscription agreement in respect of the Financing in
      the form attached hereto as Schedule "G", duly executed by RH;

	 	 	 	 
	 		(iii) 	
      all books, minute books, records and accounts of the
      Company and any other information necessary for NTR to operate and manage
      the Business of the Company;

	 	 	 	 
	 		(iv) 	
      a certified copy of a resolution of the directors of RH
      authorizing the execution of this Agreement and the completion of the
      transactions contemplated hereby;

	 	 	 	 
	 		(v) 	
      a certified copy of a resolution of the Company approving
      the transfer of the Shares from RH to NTR or to an Affiliate of NTR, as
      directed by NTR;

	 	 	 	 
	 		(vi) 	
      a certified copy of a resolution of RH approving the
      Financing; and

	 	 	 	 
	 		(vii) 	
      such other documents as may be required by NTR's legal
      counsel, acting reasonably.

	 	(b) 	
      NTR will deliver to RH:

	 	 	 	 
	 		(i) 	
      a share certificate of NTR registered in the name of RH
      or an Affiliate of RH, as directed by RH, for the number of any NTR Shares
      which NTR elects to issue at Closing in accordance with Section
      2.3(a)(i);

	 	 	 	 
	 		(ii) 	
      the cash, if any, which NTR elects to pay to RH in
      accordance with Section 2.3(a)(i), in immediately available
  funds;

	 	 	 	 
	 		(iii) 	
      a certified copy of a resolution of the directors of NTR
      authorizing the execution of this Agreement and the transactions
      contemplated hereby, including the allotment and issuance of any NTR
      Shares issued pursuant to Section 2.3(a)(i);

	 	 	 	 
	 		(iv) 	
      the Purchase Note, duly executed by NTR in favour of RH
      or an Affiliate of RH, as directed by RH;

	 	 	 	 
	 		(v) 	
      share certificates representing the Shares, duly endorsed
      in blank for transfer, in accordance with Section
2.3(b);

- 18 -

	 	(vi) 	
      the royalty grant agreements in respect of each of the
      Royalties, duly executed by NTR in accordance with Section 2.4;

	 	 	 
	 	(vii) 	
      the royalty grant agreements in respect of each of the
      Additional Royalties, duly executed by the Company in accordance with
      Section 2.5; and

	 	 	 
	 	(viii) 	
      such other documents as may be required by RH's legal
      counsel, acting reasonably.

6.3                
Closing Arrangements

                     Subject
to the terms and conditions hereof, the Transaction will be closed at the
Closing Time at the offices of or at such other place or places as may be
mutually agreed upon by RH and NTR. 

ARTICLE 7 
GENERAL PROVISIONS 

7.1                
Further Assurances 

                     Each
of RH and NTR hereby covenant and agree that at any time and from time to time
after the Effective Date it will, upon the request of the others, do, execute,
acknowledge and deliver or cause to be done, executed, acknowledged and
delivered all such further acts, deeds, assignments, transfers, conveyances and
assurances as may be required for the better carrying out and performance of all
the terms of this Agreement including, without limitation, any documents
required to comply with securities or stock exchange requirements. 

7.2                
Notices

                     Any
notice required or permitted to be given under this agreement will be given in
writing and transmitted by facsimile or other electronic transmission or
delivered by one party to the other (the "Recipient") at the address
indicated below and will be deemed to have been given on the day on which it is
delivered or sent by facsimile or other electronic transmission, provided that
such day is a Business Day in the city in which the recipient is located and
such notice is so delivered or sent by facsimile prior to 5:00 p.m. (local time
of the Recipient). If a notice is not delivered or sent on a Business Day or is
delivered or sent on or after 5:00 p.m. on such day, it will be deemed to be
given on the next Business Day thereafter. 

If to Northern Tiger Resources
Inc.:

200, 9797 - 45 Avenue NW 
Edmonton,
AB T6E 5V8 
Attention:         Greg
Hayes, President

Fax:                   
(780) 669-3715

Email:                
ghayes@northem-tiger.com 

- 19 -

If to Resource Holdings Ltd.

c/o Cedar Management 
Crawford
House, 50 Cedar Avenue, 
Hamilton, HM 11 Bermuda

Attention:         William Sheriff,
Chairman &
CEO
Fax:                    
+441 295-6566

Email:                 
wms@aubullion.com 

With a copy to: 
11521 North Warren
Street
Hayden, Idaho 83835 

Attention :      William Sheriff, Chairman
&
CEO

Fax:                  
(208) 635-5465

Email:               
wms@aubullion.com

And 

Attention:         Timothy
Leybold,
CFO
Fax:                
  (208) 635-5465

Email:                
tleybold@aubullion.com 

7.3                
Governing Law

                     This
Agreement shall be governed by and construed in accordance with the laws of the
Province of British Columbia and the laws of Canada applicable therein and shall
be treated in all respects as a British Columbia contract. Each of the parties
hereby irrevocably attoms to the exclusive jurisdiction of the courts of the
Province of British Columbia in respect of all matters arising under and in
relation to this Agreement and the Arrangement and waives any defences to the
maintenance of an action in the Courts of the Province of British Columbia. EACH
PARTY TO THIS AGREEMENT HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT. 

7.4                
Expenses of Parties

                     Each
of the parties hereto will bear all expenses incurred by it in connection with
this Agreement including, without limitation, the charges of their respective
counsel, accountants, and financial advisors. 

- 20 -

7.5                
Assignment 

                     No
party hereto may assign its rights or obligations under this Agreement, without
the consent of the other party hereto. NTR hereby consents to the assignment by
RH to an Affiliate of RH of its rights and obligations hereunder, which rights
and obligations RH will assign an Affiliate promptly following Closing. 

7.6                
Successors and Assigns

                     This
Agreement will be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns. Nothing herein, express
or implied, is intended to confer upon any person, other than the parties hereto
and their respective successors and assigns, any rights, remedies, obligations
or liabilities under or by reason of this Agreement. 

7.7                
Entire Agreement

                     This
Agreement, the Business Combination Agreement and the Schedules hereto
constitutes the entire agreement, and supersedes all other prior agreements and
understandings between the Parties with respect to the subject matter hereof and
thereof. In the event of a conflict between this Agreement (including the
Schedules hereto) and the Business Combination Agreement, this Agreement shall
prevail. None of the parties hereto will be bound or charged with any oral or
written agreements, representations, warranties, statements, promises,
information, arrangements or understandings not specifically set forth in this
Agreement or in the Schedules, documents and instruments to be delivered on or
before the Effective Time pursuant to this Agreement. The parties hereto further
acknowledge and agree that, in entering into this Agreement and in delivering
the Schedules, documents and instruments to be delivered on or before the
Effective Time, they have not in any way relied, and will not in any way rely,
upon any oral or written agreements, representations, warranties, statements,
promises, information, arrangements or understandings, express or implied, not
specifically set forth in this Agreement or in such Schedules, documents or
instruments. 

7.8                
Waiver

                     Any
party hereto which is entitled to the benefits of this Agreement may, and has
the right to, waive any term or condition hereof at any time on or prior to the
Effective Time; provided, however, that such waiver must be evidenced by written
instrument duly executed on behalf of such party. 

7.9                
Amendments 

                     No
modification or amendment to this Agreement may be made unless agreed to by the
parties hereto in writing. 

7.10             Counterparts

                     This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together shall constitute one and the
same instrument. The parties shall be entitled to rely upon delivery of an
executed facsimile or similar executed electronic copy of this Agreement, and such facsimile
or similar executed electronic copy shall be legally effective to create a valid
and binding agreement between the parties. IN WITNESS WHEREOF, the parties
hereto have duly executed this agreement as of the day and year first above
written. 

- 21 -

	NORTHERN TIGER RESOURCES 	  
	INC., by its authorized signatory: 	 
	  	 
	  	 
	Authorized Signatory 	 
	Name: 	 
	Title: 	 
	  	 
	  	 
	  	 
	RESOURCE HOLDINGS LTD., by its 	 
	authorized signatory: 	 
	  	 
	  	 
	Authorized Signatory 	 
	Name: 	 
	Title: 	 

- 22 -

SCHEDULE "A"

ASSETS OF THE COMPANY

The assets of the Company are the assets as described in its
interim financial statements for the 3 and 9 months ended November 30, 2013
including assets that have been purchased in the ordinary course and as acquired
pursuant to disclosure of the public record of the Company on SEDAR, but not
including assets that are to be contributed to Resource Holdings Ltd. pursuant
to a contribution agreement to be entered into between AMB and Resource Holdings
Ltd. under the Arrangement, assets sold in the ordinary course and assets
disposed of pursuant to disclosure of the public record of the Company on SEDAR.

SCHEDULE "B" 

MATERIAL CONTRACTS 

	1. 	
      Arrangement Agreement, including the Plan of Arrangement,
      and all agreements referred to in the Arrangement Agreement and the Plan
      of Arrangement;

	 	 
	2. 	
      Agreement between Golden Predator Canada Corp. and Access
      Consulting dated October 23, 2013 to write the submission of the permit to
      the Yukon Environmental and Socio- economic Assessment Board at the
      Executive Committee Level for approximately $950,000 over the next 6 to 8
      months; and

	 	 
	3. 	
      Agreement between Americas Bullion Royalty Corp. and EBA
      Tetra Tech dated December 12, 2013 for conducting engineering heap leach
      design with approximately $150,000 outstanding. This project should be
      completed in April, 2014.

SCHEDULE "C"

ROYALTIES 1

NTR will grant royalties to RH, or an Affiliate of RH as
directed by RH in writing, on each of the following properties and in the
following amounts; provided, however, that all NPI will be calculated after any
NSR payment, such that any NSR payments are allowable expenses when calculating
NPI: 

	3Ace 	1.0% NSR high
      grade Au 
	Sonora Gulch 	1.0% NSR porph Cu Au 
	Marg 	1.0% NSR 1lmmt
      poly rsc 
	Clear Lake 	0.5% NSR 7mmt Pb-Zn rsc 
	Babine, BC 	0.5% NSR -25mt
      .3%Cu .3gAu 
	Copper Ace, BC 	2.0% NSR Cu Mo intercepts 
	Joss'ulan, BC 	2.0% NSR Cu VMS
    
	Lucky Joe 	1.0% NSR white gold Cu-Au 
	NBT 	2.0% NSR tmbstn
      au-u soils 
	Korat 	2.0% NSR Au soils KGC-CSL 
	Birman 	2.0% NSR white
      gold area 
	BONDI 	1.0% NSR minto style2
    
	DADI 	1.0% NSR minto
      style 
	MELI 	1.0% NSR minto style 
	DELI 	1.0% NSR minto
      style 
	LEDi 	1.0% NSR minto style 
	Chopin I 	1.0% NSR Sonora
      Gulch type 
	Quitovac, Mexico 	1.0% NSR 
	Willoughby, BC 	1.0% NSR 
	Kelzas 	2.0% NPI 

__________________________________________________________________
1All
properties located in Yukon Territory unless otherwise specified. 
2
Subject to Capstone Mining Corp. consent as properties are under back-in
right.

SCHEDULE "D"

ADDITIONAL ROYALTIES3 

NTR will cause the Company to grant royalties to RH, or an
Affiliate of RH as directed by RH in writing, on each of the following
properties and in the following amounts: 

	Brewery Creek 	0.5% NSR 
	Gold Dome 	1.5% NSR 
	Rogue A/B 	2.0% NPI or 0.5%
      NSR 
	Cache Creek 	2.0% NPI or 0.5% NSR 
	SER/CHO 	2.0% NSR 
	McConnell 	1.0% NSR 
	Fortymile 	2.0% NPI or 0.5%
      NSR 
	Airstrip 	1.0% NSR 
	Idaho 	1.0% NSR 
	Willoughby, BC 	2.1% NSR 

___________________________________________
3 All
properties located in Yukon Territory unless otherwise specified.

SCHEDULE "E"

 FORM OF PURCHASE NOTE

2

Schedule "E" to NTR Share Purchase Agreement 

WITHOUT PRIOR WRITTEN APPROVAL OF TSX VENTURE EXCHANGE AND
COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF TSX VENTURE EXCHANGE OR
OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A
CANADIANRESIDENTUNTIL<@>,2014. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES MUST NOT TRADE THE SECURITIES BEFORE <@>, 2014. 

NORTHERN TIGER RESOURCES INC. 

PROMISSORY NOTE 

	Date of Issue: , , 2014 	Amount: $4,700,000 

Northern Tiger Resources Inc. (the "Company"), for value
received, promises to pay to Resource Holdings Ltd. (the "Holder"), the
principal sum of $4,700,000 (the "Principal Amount"), plus simple interest
accruing from the date of issue until paid at a rate of [6]% per annum. 

This Promissory Note (the "Note") is made pursuant to the share
purchase agreement dated the date hereof between the Company and Resource
Holdings Ltd. (the "Share Purchase Agreement"). Unless otherwise defined,
capitalized terms used in this Note have the meanings assigned to them in the
Share Purchase Agreement. If there is a conflict or inconsistency between this
Note and the Share Purchase Agreement, the Share Purchase Agreement will prevail
to the extent of that conflict or inconsistency. 

1.         Principal
and Interest 

The outstanding Principal Amount and the accrued but unpaid
interest (the "Interest") shall become due and payable as follows (each, a
"Payment Due Date"): 

	 	(a) 	
      Principal Amount of $1,100,000
      on                
      , 2015;

	 	 	 
	 	(b) 	
      Principal Amount of $1,600,000
      on                
      , 2016; and

	 	 	 
	 	(c) 	
      Principal Amount of $2,000,000
      on                
      , 2017,

in each case plus Interest accumulated as at such date. 

All payments under this Note shall be made in the lawful money
of Canada. The Company may prepay all or any part of the Note at any time
without penalty, bonus or charges. Any such payments shall first be applied to
the Interest and thereafter to the outstanding Principal Amount. All payments of
Interest, whether in cash, or in shares pursuant to section 2, will be net of
applicable Canadian withholding tax, if any. 

2.         Payment of
Principal Amount and Interest in Common Shares 

Subject to the receipt of any required regulatory approvals and
the other provisions of this Note the Company may, at its option provided that
its common shares are then listed on the Toronto Stock Exchange or the TSX
Venture Exchange, and not subject to any cease trade order or suspension or halt
in trading, in exchange for or in lieu of paying the portion of
the Principal Amount and/or any Interest due on each Payment Due Date (or any
other pre-payment date) solely in money, elect to satisfy its obligation to pay
such portion of the Principal Amount and/or any Interest by issuing and
delivering to the Holder on the date of payment (the "Common Share Payment
Date") that number of fully paid common shares in the capital of the Company
("Common Shares") obtained by dividing such portion of the Principal
Amount and/or any Interest that the Company elects to pay in Common Shares by
the Common Share FMV (the "Common Share Payment Right"). 

- 2 -

For the purposes of the foregoing, the "Common Share FMV'
shall be the greater of: (a) the volume weighted average trading price
("VWAP") of the Common Shares on the TSX Venture Exchange (or such other
stock exchange on which the Common Shares may at such time be trading) (the
"Exchange") for the 14 trading days immediately preceding the date which
is two days before the Common Share Payment Date, (b) $0.35, and (c) the minimum
price permitted by the Exchange; in any case less a 20% discount to the
applicable VWAP. 

Any amount payable by the Company to the Holder pursuant to the
terms of this Note that is paid in Common Shares in accordance with the
Company's Common Share Payment Right will be deemed to be paid and satisfied in
full as of the Common Share Payment Date. The Holder shall be treated as the
shareholder of record of the Common Shares issued on due exercise by the Company
of its Common Share Payment Right effective immediately after the close of
business on the Common Share Payment Date, and shall be entitled to all
substitutions therefor, all income earned thereon or accretions thereto and all
dividends or distributions (including distributions and dividends in kind)
thereon and arising thereafter. As soon as practicable following the Common
Share Payment Date, the Company, at its expense, will cause to be issued in the
name of and delivered to the Holder, a certificate or certificates for the
number of Common Shares to which the Holder shall be entitled pursuant to this
Section 2. The Holder acknowledges and agrees that this Note and any securities
acquired upon conversion pursuant to this Section 2 will be subject to such
trade restrictions as may be imposed by operation of applicable securities rules
and that the Company will be required to legend the certificates representing
such securities with those restrictions. 

3.        
Fractional Shares

The Company shall not be required to issue fractional Common
Shares upon the payment of any portion of this Note in Common Shares pursuant to
Section 2. If any fractional interest in Common Shares would, except for the
provisions of this Section 3, be issuable upon the payment of any amount of this
Note, the number of Common Shares issued upon such payment shall be rounded down
to the next whole number of Common Shares and the Company shall not be required
to make any payment in lieu of delivering any certificates of such fractional
interest. 

4.        
Adjustment and Anti-dilution Rights

If, prior to repayment of this Note, the Company undertakes any
reclassification of, or other change in (including a change resulting from
consolidation or subdivision) the outstanding Common Shares other than the
Consolidation; or in case of any issue of Common Shares (or securities
convertible into Common Shares) to all or substantially all of the holders of
its outstanding Common Shares by way of a stock dividend or other distribution
of assets or securities; the number of Conversion Shares to be issued under
Section 2 shall, after such reclassification, change, issue, distribution or
dividend, be equal to the number of shares or other securities or property of
the Company, to which the Holder would have been entitled to upon such
reclassification, change, distribution or dividend. The Common Share FMV in
effect on the Common Share Payment Date of any such subdivision, redivision or
on the record dated for such issuance of the Common Shares by way of a stock dividend or other
distribution of assets or securities, as the case may be, shall be decreased in
the proportion which the number of Common Shares outstanding before such
transaction bears to the number of Common Shares outstanding after such
transaction. The Conversion Price in effect on the Common Share Payment Date of
any such reduction, combination or consolidation of the Common Shares, shall be
increased in the proportion which the number of Common Shares outstanding before
such transaction bears to the number of Common Shares outstanding after such
transaction. 

2

- 3 -

The Company covenants with the Holder that so long as this Note
remains outstanding, it will give notice to the Holder of its intention to fix a
record date for any event referred to in this Section 4 which may give rise to
an adjustment in the number of Common Shares issuable under Section 2 herein and
such notice must specify the particulars of such event and the record date and
the effective date for such event. The Company shall give such notice to the
Holder not less than ten business days in each case prior to such applicable
record date. 

5.        
Transfer of Note - Restrictions on Transfer

This Note may not be transferred or assigned without the
consent of the Company, which consent will not be unreasonably withheld by the
Company; provided however that the Holder may transfer or assign this Note to an
affiliate (as defined in the Securities Act (British Columbia) of the
Holder without the consent of the Company. The Company shall not be required to
consent to the transfer of this Note to a person that is either a non-resident
person or a partnership that is not a "Canadian Partnership" each for the
purposes of the Income Tax Act (Canada). If consented to by the Company,
this Note may be transferred only in compliance with applicable securities laws
and only upon surrender of the original Note for registration of transfer, duly
endorsed, or accompanied by a duly executed written instrument of transfer in
form satisfactory to the Company. A new Note for like Principal Amount will be
issued to, and registered in the name of, the transferee. 

6.        
No Impairment

Except and to the extent as waived or consented to by the
Holder, the Company will not, by amendment of its articles or bylaws or through
any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or
performed hereunder by the Company, but will at all times in good faith assist
in the carrying out of all the provisions of this Note and in the taking of all
such action as may be necessary or appropriate in order to protect the exercise
rights of the Holder against impairment. 

7.        
Miscellaneous 

	 	(a) 	
      The Company may deem and treat the holder of record of
      this Note as the absolute owner for all purposes regardless of any notice
      to the contrary.

	 	 	 
	 	(b) 	
      This Note shall not entitle the Holder to any voting
      rights or any other rights as a shareholder of the Company or to any other
      rights except the rights stated herein.

	 	 	 
	 	(c) 	
      Any term of this Note may be amended and the observance
      of any term may be waived (either generally or in a particular instance
      and either retroactively or prospectively) only with the written consent
      of both the Company and the Holder.

3

- 4 -

	 	(d) 	
      This Note shall be governed by and construed under the
      laws of the Province of British Columbia.

	 	 	 
	 	(e) 	
      The terms and conditions of this Note shall inure to the
      benefit of and be binding on the respective successors and assigns of the
      parties.

	 	 	 
	 	(f) 	
      If one or more provisions of this Note are held to be
      unenforceable under applicable law, such provision shall be excluded from
      this Note, and the balance of this Note shall be interpreted as if such
      provision were so excluded and shall be enforceable in accordance with its
      terms.

	NORTHERN TIGER RESOURCES INC. 	  
	 	 
	Per: 	 
	 	 
	  	 
	Authorized Signatory 	 

4

SCHEDULE "F" 

FORM OF ROYALTY GRANT AGREEMENT

 

 

 

 

 

3

No APN's - no transfer of title 
Deed of Royalties Only 

Recorded at the request of 
and when recorded return to:

	The undersigned affirms that this document 
	does not contain
      the personal information of any person. 

Deed of Royalties 

This Deed of Royalties ("Deed") is made and entered into
effective this <         , day of ,
2014 from         , a corporation
("         "),
to         , a corporation
("         "). 

Recitals 

                          ,
a company incorporated under the laws "of
<        
("         "),
and         , a corporation incorporated
under the laws of         , are parties
to the Share Purchase Agreement
dated         , 2014 (the "Sale
Agreement") pursuant to which agreed to grant to the "Net Profits Royalty" (as
defined herein) in the properties more particularly described in Exhibit A
(hereinafter the "NPI Properties") and the "Net Smelter Royalty" (as defined
herein) in the properties more particularly described in Exhibit B (hereinafter
the "NSR Properties") (together with the Net Profits Royalty, the "Royalties")
attached to and by this reference incorporated in this Deed (collectively the
"Properties" and each individually a "Property"). 

             All capitalized words not otherwise defined shall
have the respective meanings set forth in Exhibit C. 

                          desires to grant to               
the Royalties provided for in the Sale Agreement. 

             In
consideration of the sum of ten dollars ($10.00), the receipt of which is
acknowledged, and the parties' rights and obligations under the Sale Agreement,
the parties agree as follows: 

1.        
Net Profits Royalty. <@> grants to <@>, and
<@>'s assigns and successors forever, and <@> covenants for itself
and its assigns and successors, to pay to < >, and <@>'s assigns and
successors, a production royalty of 1.0% of the Net Profits of the Properties
payable after the commencement of Commercial Production from the <@>
Properties the "Net Profits Royalty"). For greater certainty, the Net Profits
Royalty encumbers the < Properties separately, and the Net Profits Royalty in
respect of the <@> Properties shall encumber, and shall only be payable
from, the Net Profits to which <@> is entitled in respect of the <@>
Properties and shall not encumber any other claims. 

             1.1        
Calculation of Royalty. If and for so long as the Net Profits Royalty
is payable in respect of the Properties, <@> shall calculate, as of the
end of each calendar quarter ending after the date of commencement of Commercial Production on each
of the <@> Properties, the Gross Revenue, Expenditures and Net Profits for
each of the <@> Properties for such quarter.

- 2 -

            1.2       
Arm's Length. Notwithstanding the definitions of Gross Revenue and Expenditures,
if, in respect of the <@> Properties: 

	 	(a) 	
      sales of ore, minerals or other products extracted or
      produced from the <@> Properties are made to; 

	 	 	
       

	 	(b) 	
      receipts are paid by or receivables are payable by; or
      

	 	 	
       

	 	(c) 	
      costs, charges, obligations, liabilities and expenses
      paid or payable by <@>, <@> US and their respective affiliates
      to, 

a person not at arm's length to <@>, the amount to be
added to Gross Revenue for the <@> Properties in respect of such sales,
receipts or receivables or to be added to Expenditures in respect of such costs,
charges, obligations, liabilities and expenses shall be the fair market value to
<@>, as delivered, of the ore, minerals, metals or other products or of
the subject matter of the receipts, receivables, costs, charges, obligations,
liabilities and expenses at the time. 

            1.3       
Payment of Net Profits Royalty. If and for so long as the Net Profits Royalty is
payable in respect of the <@> Properties, <@> shall, within 45 days
after the end of each calendar quarter ending after the date of commencement of
Commercial Production on the <@> Properties: 

	 	(a) 	
      deliver to <@> a statement, showing in reasonable
      detail the calculation of Gross Revenue, Expenditures and Net Profits for
      the <@> Properties for such quarter; and

	 	 	 
	 	(b) 	
      pay to <@> the Net Profits Royalty for such
      quarter.

            1.4       
Carrying Forward of Losses. Any amount by which the aggregate of the
Expenditures for the <@> Properties in any calendar quarter ending after
the date of commencement of Commercial Production on the <@> Properties,
exceeds Gross Revenue for the <@> Properties for such quarter shall,
together with any negative balance carried forward from the previous quarter (as
long as such quarter ended after the date of commencement of Commercial
Production), be carried forward for deduction from Gross Revenue for the purpose
of determining the Net Profits for the <@> Properties for the immediately
succeeding quarter. 

            1.5       
Year End Adjustment. If and for so long as the Net Profits Royalty is payable in
respect of the <@> Properties, <@> shall, within 120 days of the end
of each calendar year ending after the date of commencement of Commercial
Production on the <@> Properties, deliver to <@> a statement of the
Gross Revenue, Expenditures and Net Profits for such calendar year, and
contemporaneously with the delivery of such statement an appropriate adjustment
shall be made with respect to the royalty payments made by <@> pursuant to
Paragraph 1.3(b) above and <@> shall pay to <@> any amount payable
by reason of the Net Profits disclosed in such statement. 

- 3 -

            1.6       
Access and Audit. For the purpose of verifying any statement of Net Profits for
the <@> Properties delivered by <@> to <@> hereunder,
<@> agrees that <@> and its authorized representatives shall, at all
reasonable times, have full and free access to the books, accounts and records
of <@> dealing with all aspects and elements of Gross Revenue and
Expenditures for the <@> Properties, and <@> grants to <@> the
right at any time to have the Gross Revenue, Expenditures and Net Profits for
such Property determined and audited by a chartered accountant selected by
<@>. <@> shall pay, on demand by <@>, any deficiency shown to
be due by any such audit and, if the statement of Net Profits for the <@>
Properties in respect of any period is found by such audit to be understated by
more than 5%, <@> shall also reimburse <@> for the costs of the
audit. 

2.        Net Smelter
Royalty. <@> grants to <@>, and <@>'s assigns and successors
forever, and <@> covenants for itself and its assigns and successors, to
pay to <@>, and <@>'s assigns and successors, a production royalty
based on the Net Smelter Returns from the production or sale of minerals from
each of the <@> Properties payable after the commencement of Commercial
Production from such Owned Property (the "Net Smelter Royalty"). For greater
certainty, the Net Smelter Royalty encumbers each of the <@> Properties
separately and the Net Smelter Royalty in respect of anyone Owned Property shall
encumber, and shall only be payable from, the Net Smelter Returns to which
<@> is entitled in respect of that Property and shall not encumber any
other claims. 

            2.1.1       
The Net Smelter Royalty percentage rate shall be 2.0% of the Net Smelter Returns
with respect to Precious Metals derived from each of the <@> Properties
payable after the commencement of Commercial Production from such Owned
Property; and 

           
2.1.2        The Net Smelter Royalty
percentage rate shall be 1.0% of the Net Smelter Returns with respect to all
other metals and minerals derived from each of the <@> Properties payable
after the commencement of Commercial Production from such Owned Property. 

            The
Royalties shall be non-administrative, nonexecutive, non-participating and
nonworking mineral production royalties. 

            2.1       
Royalty on Property. The Royalties shall burden and run with the Properties, as
applicable, including any amendments, conversions to a lease or other form of
tenure, relocations or patent of all or any of the unpatented mining claims
which comprise all or part of the Properties. On amendment, conversion to a
lease or other form of tenure, relocation or patenting of any of the unpatented
mining claims which comprise all or part of the Properties, <@> agrees and
covenants to execute, deliver and record in the office of the recorder of the
county in which all or any part of the Properties are situated an instrument by
which <@> grants to <@> the Royalties and subjects the amended,
converted or relocated unpatented mining claims and the patented claims, as
applicable, to all of the burdens, conditions, obligations and terms of this
Deed. 

- 4 -

            2.2       
Notice of Commencement of Commercial Production. <@>
shall provide <@> with written notice of the date of commencement of
Commercial Production on any of the Properties within ten days after the
occurrence of such date. 

            2.3       
Payment of Net Smelter Royalty. <@> shall, within 45 days after
the end of each calendar quarter ending after the date of commencement of
Commercial Production on any of the <@> Properties: 

	 	(a) 	
      deliver to <@> a statement, showing in reasonable
      detail the calculation of Net Smelter Returns for such Owned Property for
      such quarter together with documentation supporting the proceeds and
      payments underlying such calculation; and

	 	 	 
	 	(b) 	
      pay <@> the Net Smelter Royalty in respect of such
      Owned Property for such quarter.

            2.4       
Arm's Length. Notwithstanding the definition of Net Smelter
Returns, if the proceeds from the sales of ore, minerals or other products
extracted or produced from any of the <@> Properties are paid to a person
not at arm's length to <@>, or the payments deductible from proceeds are
paid to a person not at arm's length to <@>, the amount to be added to or
deducted from Net Smelter Returns for such Owned Property in respect of such
sales or payments shall be the fair market value to <@>, as delivered, of
the ore, minerals, metals or other products or to <@> of the subject
matter of the payments at the time. 

            2.5       
Audit. <@> shall have the right, within 90 days after the
delivery to <@> of the annual audited financial statements of <@>
Parentco for each fiscal year during which Commercial Production from any of the
<@> Properties exists to request an audit of any of the Net Smelter
Royalty calculations for the previous year by <@> Parentco's public
auditors, after which time period <@>'s calculations shall be deemed to be
correct. The cost of such audit shall be paid by <@> unless the audit
reveals that the amount paid on account of the Net Smelter Royalty for the
fiscal year in question was more than 5% less than that calculated as being due
by the auditor, in which case the cost of such audit shall be paid by <@>.

3.       
Interest on Unpaid Amounts. If <@> shall fail to pay any
amount when due under this Deed, the unpaid amount shall bear interest from the
due date thereof to the date of payment at the annual rate equal to the Prime
Rate plus [3%), calculated and payable monthly. 

4.       
Commingling. Subject to <@> obtaining any necessary
consents or agreements of the owners of the <@> Properties <@> shall
have the right to commingle any ores, minerals or mineral products from any of
the Properties with ores, minerals and mineral products produced from other
properties, provided that such commingling is accomplished after such ores,
minerals or mineral products have been weighed or measured and sampled in
accordance with sound mining and metallurgical practices. Any Royalty due
hereunder shall be determined by equitable allocation between ores, minerals and
mineral products from any of the Properties and ores, minerals and mineral
products from other properties in accordance with sound accounting and
metallurgical practices. Before the commencement of Commercial Production from
any of the Properties that would involve commingling, <@> shall present
and explain the commingling procedures that will be used to <@> and give reasonable
consideration to any concerns raised by <@>. Accurate records of tonnage,
volume of products, analyses of products, weight, assays of metal content,
sales, and other records necessary for the computation of any Royalty due
hereunder shall be kept by <@>, and such shall be available for inspection
by <@>, at <@>'s sole expense, as applicable, at all reasonable
times. In any dispute regarding the amount of any Royalty payable, the foregoing
shall not alter the common law principles applicable to commingling regarding
fair dealing and the burden of proof relating to the calculations of royalties
payable. 

- 5 -

5.       
General Provisions. 

           
5.1        Entire
Agreement. This Deed and the Sale Agreement constitute the entire
agreement between the parties with respect to the subject matter hereof. 

            5.2       
Additional Documents. The parties shall from time to time execute all
such further instruments and documents and do all such further actions as may be
necessary to effectuate the purposes of this Deed. 

            5.3       
Binding Effect. All of the covenants, conditions, and terms of this Deed
shall bind and inure to the benefit of the parties and their successors and
assigns. 

            5.4       
No Partnership. Nothing in this Deed shall be construed to
create, expressly or by implication, a joint venture, mining partnership or
other partnership relationship between the parties. 

            5.5       
Governing Law and Forum Selection. This Deed is to be governed by and
construed under the laws of the State of Nevada. Any action or proceeding
concerning the construction, or interpretation of the terms of this Deed or any
claim or dispute between the parties shall be commenced and heard in the Second
Judicial District Court of the State of Nevada, in and for the County of Washoe,
Reno, Nevada. 

            5.6       
Severability. If any part, term or provision of this Deed is
held by a court of competent jurisdiction to be illegal or in conflict with any
laws or regulations, the validity of the remaining portions or provisions shall
not be affected, and the rights and obligations of the parties shall be
construed and enforced as if this Deed did not contain the particular part, term
or provision held to be invalid. 

            5.7       
Notices. Any notices required or authorized to be given by this Deed
shall be in writing and shall be sent either by commercial courier, facsimile,
or by certified U.S. mail, postage prepaid and return receipt requested,
addressed to the proper party at the address stated below or such address as the
party shall have designated to the other parties in accordance with this
Section. Such notice shall be effective on the date of receipt by the addressee
party, except that any facsimiles received after 5:00 p.m. of the addressee's
local time shall be deemed delivered the next day. 

If to <@>:

             >

- 6 -

lf to <@>.: 

             > 

This Deed is
effective              
,
of              
, 2014. 

	     OMPANY N 
	  
	By:  
      _________________________________________________
	             Authorized
      Signatory 
	           
       Name: 
	           
       Title: 

 

This Royalty Deed was executed before me on
_______________________, by        , Chief
Financial Officer and Treasurer of 

 

	 	 
	Notary Public 	  

My commission does not expire. 

Exhibit A 

<@> Properties

PROPERTY 

The
following              
[NTD: insert property description] 

	Claim Name 	BLM# 
	 	<@>

PROPERTY 

The
following              
[NTD: insert property description] 

	Claim Name 	BLM# 
	 	<@>

Exhibit B 

<@> Properties

PROPERTY 

The following        claims
[NTD: insert property description]: 

	Claim Name 	BLM# 
	 	<@>

> PROPERTY 

The following "       
claims [NTD: insert property description]: 

	Claim Name 	BLM# 
	 	<@>

Exhibit C

Defined Terms

	1. 	
      "Claims" means the mining claims that comprise the
      Properties.

	 	 
	2. 	
      "Commercial Production" means, and is deemed to
      have been achieved, in respect of any of the Claims when the concentrator
      processing ores, for other than testing purposes, has operated for a
      period of 30 consecutive production days at an average rate of not less
      than 60% of the projected production rate specified in a feasibility study
      recommending placing any of the relevant Claims in commercial production
      or other production plan being pursued or, if a concentrator is not
      erected on such Claims, when ores have been produced for a period of 30
      consecutive production days at the rate of not less than 60% of the mining
      rate specified in a feasibility study recommending placing such Claims in
      commercial production, but specifically excludes the milling of ores for
      the purpose of testing or milling (to a maximum of 500 tons in respect of
      each of the Claims) by a pilot plant or milling during an initial tune-up
      period of a plant.

	 	 
	3. 	
      "Expenditures" means, subject to Paragraph 1.2
      hereof, all costs, charges, obligations, liabilities and expenses of every
      nature incurred or chargeable, directly or indirectly, by <@>,
      <@> Parentco and their respective affiliates, including payments for
      damages, if any, save and except for damages arising from willful
      misconduct or gross negligence of any of <@> or <@> Parentco,
      resulting from or connected with the preparation, equipping and operation
      of the <@> Properties which are incurred or become chargeable in
      connection with or for the benefit of the <@> Properties, its
      development, improvement, maintenance and operation, and the products
      thereof, except that any capital expenditure shall only be deemed to be an
      expenditure for any period to the extent that such capital expenditure is
      depreciated or amortized, as applicable, in accordance with Canadian
      generally accepted accounting principles, consistently applied, or the
      International Financial Reporting Standards, if adopted by <@> for
      that period. All Expenditures shall be determined in accordance with
      Canadian generally accepted accounting principles consistently applied or
      the International Financial Reporting Standards, if adopted by <@>
      or <@> Parentco. Without limiting the generality of the foregoing,
      and without intending to enumerate all items of expense, it is understood
      that Expenditures shall include the following items which are incurred or
      chargeable in connection with or for the benefit of the <@>
      Properties and without duplication:

	 	(a) 	
      all costs of or related to the mining and concentrating
      of ore or other products and the operation and development of the
      <@> Properties;

	 	 	 
	 	(b) 	
      all selling and marketing expenses of ore or other
      products, including without limitation, transportation, agents'
      commissions and discounts;

	 	 	 
	 	(c) 	
      all costs of maintaining any the <@> Properties or
      the leases relating thereto, as applicable, or any other interest therein
      in good standing, including payment of the Royalties and any other amounts
      due thereunder, as applicable, and taxes of any nature whatsoever in
      connection therewith;

 

- 10 -

	 	(d) 	
      the costs of purchase or rental of all supplies,
      equipment, machinery, plant maintenance, plant additions, repairs and
      replacements and construction;

	 	 	 
	 	(e) 	
      the costs of purchase or rental of all equipment,
      facilities and amenities for the use and welfare of employees employed in
      connection with the <@> Properties;

	 	 	 
	 	(f) 	
      the total annual costs and expenses of insuring the
      <@> Properties, including the buildings, improvements, equipment and
      other property on or below the <@> Properties;

	 	 	 
	 	(g) 	
      the salaries, fees and wages of all personnel, including
      supervisory and management personnel who work full time at the <@>
      Properties employed to carry out the maintenance and operation of the
      <@> Properties, including contributions and premiums towards usual
      fringe benefits, hospital and medical attention, unemployment and workers'
      compensation insurance, accident benefits, and other sums payable on
      account of death or injury to such employees, including all sums payable
      as compensation or damages arising in any manner out of the mining and
      treatment of the products and including any operations or work of any
      nature at the property, and in and on the plant or equipment on or below
      each such claim, including legal expenses in connection therewith, pension
      plan contributions and similar premiums and contributions;

	 	 	 
	 	(h) 	
      all costs of consulting, audit, legal and accounting and
      other services;

	 	 	 
	 	(i) 	
      all reasonable and actual costs and fees of<@> or
      <@> Parentco for providing technical, management and/or supervisory
      services, such amount, excluding costs relating to depreciated or
      amortized capital expenditures, not to exceed: (i) 3% of the Expenditures
      during the relevant period under paragraphs (a), (c), (d), (e), (f), (g),
      U), (1) and (m) of the definition of Expenditures; and (ii) 10% of the
      Expenditures during the relevant period under paragraph (k), provided
      that, notwithstanding the foregoing, the costs and fees pursuant to this
      clause (ii) shall not exceed 5% of the Expenditures in respect of any
      contract pursuant to which the cost to <@> or <@> Parentco is
      in excess of $50,000;

	 	 	 
	 	(j) 	
      the costs of cleaning, garbage and waste collection and
      disposal, and operating and maintaining storage areas, loading and
      receiving areas and truck docks;

	 	(k) 	
      all exploration and development expenditures, and all
      other costs, expenses, interest, obligations and liabilities of whatsoever
      nature or kind, including those of a capital nature to the extent that
      such capital expenditures are depreciated or amortized, as applicable, in
      accordance with Canadian generally accepted accounting principles,
      consistently applied, or the International Financial Reporting Standards,
      if adopted by <@> or <@> Parentco, during the relevant period,
      incurred or chargeable, directly or indirectly by <@> or <@>
      Parentco with respect to the exploration and development of the <@>
      Properties and equipping such claims for production, but excluding
      reasonable overhead charges;

 

- 11 -

	 	(1) 	
      the costs for pollution control, reclamation or any other
      similar costs incurred or to be incurred as a result of any governmental
      regulations or requirements; 

	 	  	     
	 	(m) 	
      costs or expenses incurred or to be incurred relating to
      the termination of the operation and development of the <@>
      Properties; and 

	 	  	     
	 	(n) 	
      all Taxes, rates, royalties, assessments, fees and
      duties, levied or imposed on the <@> Properties or on <@> or
      <@> Parentco in respect of such interests, and all taxes and other
      charges payable to any Governmental Entity, department or agency thereof
      (excluding income and similar taxes), including all government royalties,
      mining duties and Taxes not based or imposed on profits, payable on or in
      respect of or measured by the products from such claims.

	4. 	
      "Gross Revenue" means, subject to Paragraph 1.2 hereof,
      the total amount of all sales of ores, minerals, metals or other product
      extracted or produced from the <@> Properties and all other receipts
      or receivables whatsoever from all business conducted on or from such
      claims, whether those sales or other receipts be evidenced by cheque;
      cash, credit, charge accounts, exchange or otherwise. If any part of the
      operations on the <@> Properties shall be subcontracted or conducted
      by any person, firm or corporation other than <@>, then the total
      amount of all sales and other receipts of that subcontractor or other
      person, firm or corporation shall be included in Gross Revenue for the
      purpose of calculating the royalties payable hereunder.

	 	 
	5. 	
      "Net Smelter Returns" means, subject to Paragraph 2.4
      hereof, the net proceeds received from the sale of ore, or ore
      concentrates, metals or other mineral products from the relevant Claim to
      a smelter or other purchaser, after payment
of:

	 	(a) 	
      smelter and refining charges;

	 	 	 
	 	(b) 	
      government imposed production and ad valorem taxes
      (excluding taxes on income);

	 	 	 
	 	(c) 	
      ore treatment charges, penalties and any and all charges
      made by the purchaser of ore or concentrates. In the case of leaching
      operations or other solution mining or beneficiation techniques, where the
      metal being treated is precipitated or otherwise directly derived from
      such leach solution, all processing and recovering costs incurred beyond
      the point at which the metal being treated is in solution, shall be
      considered as treatment charges;

	 	 	 
	 	(d) 	
      any and all transportation and insurance costs which may
      be incurred in connection with the transportation of ore, concentrates or
      other products, ex- headframe in the case of ores and ex-mill or other
      treatment facility in the case of concentrates or other products;
    and

	 	 	 
	 	(e) 	
      all umpire charges which <@> may be required to
      pay.

	6. 	
      "Net Profits" means, with respect to any period and in
      respect of any of the Lease Properties, the Gross Revenue for such period
      less all Expenditures for such period.

- 12 -

	7. 	
      "Precious Metals" includes platinum, rhodium,
      gold, iridium, osmium, palladium, rhenium, ruthenium and silver.

	 	 
	8. 	
      "Prime Rate" means at any particular time, the
      reference rate of interest, expressed as a rate per annum that the Bank of
      Montreal, at its main office in Vancouver, British Columbia, establishes
      as its prime rate of interest in order to determine interest rates that it
      will charge for demand loans in Canadian dollars to its most credit worthy
      customers.

SCHEDULE "G" 

FORM OF SUBSCRIPTION AGREEMENT

4

SUBSCRIPTION FOR SHARES

TO:              
Northern Tiger Resources Inc. (the "Corporation")

The undersigned (hereinafter referred to as the "Subscriber")
hereby irrevocably subscribes for and agrees to purchase the number of common
shares (the "Shares" or "Securities") of the Corporation set forth below for
the subscription amount set forth below (the "Subscription Amount"),
representing a subscription price of $0. • per Share, upon and subject to the
terms and conditions set forth in "Terms and Conditions of Subscription for
Shares of Northern Tiger Resources Inc." attached hereto (together with this
page and the attached exhibits, the "Subscription Agreement"). 

ACCEPTANCE:              
The Corporation hereby accepts the subscription as set forth above on the terms
and conditions contained in this Subscription Agreement. 

_____________________________________ , 2014 

	NORTHERN TIGER RESOURCES INC. 	Subscription No: 
	 
	By:
      ______________________________________

This is the first page of an agreement comprised of IO pages
(not including Exhibits 1-4). 

2

TERMS AND CONDITIONS OF SUBSCRIPTION FOR 
SHARES OF
NORTH ERN TIGER RESOURCES INC. 

Terms of the Offering 

l.              
The Subscriber acknowledges (on its own behalf and, if applicable, on behalf of
each person on whose behalf the Subscriber is contracting) that this
subscription is subject to rejection or allotment by the Corporation in whole or
in part at any time prior to closing. 

Representations, Warranties, Acknowledgements and Covenants by
Subscriber 

2.              
The Subscriber (on its own behalf and, if applicable, on behalf of each person
on whose behalf the Subscriber is contracting) represents, warrants,
acknowledges and covenants, as applicable, to the Corporation (and acknowledges
that the Corporation, and its counsel, are relying thereon) both at the date
hereof and at the Closing Time (as herein defined) that: 

	 	(a) 	
      the Subscriber has been independently advised to consult
      with its own legal advisors as to restrictions with respect to trading in
      the Securities, imposed by applicable securities legislation in the
      jurisdiction in which it resides or to which it is otherwise subject,
      confirms that no representation has been made to it by or on behalf of the
      Corporation with respect thereto, acknowledges that it is aware of the
      characteristics of the Securities, the risks relating to an investment
      therein and of the fact that it may not be able to resell the Securities,
      except in accordance with limited exemptions under applicable securities
      legislation and regulatory policy until the expiry of the applicable
      restricted period and compliance with the other requirements of applicable
      law; and it agrees that any certificates representing the Securities will
      bear a legend indicating that the resale of such securities is restricted;
      and 

	 	  	
       

	 	(b) 	
      the Subscriber has not received nor been provided with,
      nor has the Subscriber requested, nor does the Subscriber have any need to
      receive, any offering memorandum, any prospectus, sales or advertising
      literature, or any other document (other than an annual report, annual
      information form, interim report, information circular, take-over bid
      circular, issuer bid circular, prospectus , or other continuous disclosure
      document, the content of which is prescribed by applicable securities law,
      that, in each case, has been filed with applicable securities commissions)
      describing, or purporting to describe, the business and affairs of the
      Corporation which has been prepared for delivery to, and review by,
      prospective purchasers in order to assist such prospective purchasers in
      making an investment decision in respect of the Shares; and 

	 	  	
       

	 	(c) 	
      the Subscriber has not become aware of and the purchase
      of the Shares is not made through or as a result of any general
      solicitation or any advertisement in printed media of general and regular
      paid circulation (or other printed public media), radio, television or
      telecommunications or other form of advertisement (including electronic
      display such as the Internet) with respect to the distribution of the
      Shares; and 

	 	  	
       

	 	(d) 	
      unless the Subscriber is purchasing under Section 3(e)
      hereof, the Subscriber is, purchasing the Shares as principal for its own
      account, not for the benefit of any other person, for investment only and
      not with a view to the resale or distribution of all or any of the
      Securities, it is resident in or is otherwise subject to applicable
      securities laws of the jurisdiction set out as the "Subscriber's Address"
      on the face page hereof, and it fully complies with one or more of the
criteria set forth below: 

	 	(i)	it is resident in or otherwise subject to
      applicable securities laws of any jurisdiction of Canada and:
  

	 	
      (A) 
	
      it is an "accredited investor", as such
      term is defined in National Instrument 45-106 - Prospectus and
      Registration Exemptions ("NI 45-106"}, and has
      concurrently executed and delivered a Representation letter in the form
      attached as Exhibit 1 to this Subscription Agreement with Appendix
      A to Exhibit 1 completed ; or 

	 	  	  
	 	(B) 	the Subscriber is one of the following and
      has so indicated by identifying the applicable subsection
  

	 	____ (I)	
      an employee, executive officer, director or consultant of
      the Corporation or a related entity (as defined in N I 45-106) of the
      Corporation; or 

3

	 	_____ (II) 	a permitted assign (as defined in
      NI 45-106) of a person referred to in (I) above; and 

participation in the purchase is
voluntary, meaning it is not induced to participate in the trade by expectation
of employment or appointment or continued employment or appointment with, or
engagement to provide services or continued engagement to provide services to,
as applicable, the Corporation; or 

	 	(ii) 	
      it has an aggregate acquisition cost for the Shares of
      not less than $150,000 paid in cash at the time of the trade and it was
      not created or used solely to purchase or hold securities in reliance on
      this exemption from the registration and prospectus requirements of
      applicable securities laws; or

	 	 	 
	 	(iii) 	
      it is resident in or otherwise subject to applicable
      securities laws of any jurisdiction of Canada, other than Ontario or
      Saskatchewan, is one of the following and has so indicated by identifying
      the applicable subsection:

		(A) 	
      a "director", "executive officer" or "control
      person" of the Corporation, or of an "affiliate" (as such terms are
      defined in N I 45-106 and reproduced in Appendix A to Exhibit l to this
  Subscription Agreement) of the Corporation; or 

	 	  	     
		(B) 	
      a "spouse" (as such term is defined in NI 45-106 and
      reproduced in Appendix A to Exhibit 1 to this Subscription Agreement),
      parent, grandparent, brother, sister or child of any person referred to in
  subclause (A) above; or 

	 	  	     
	 	(C)	
       a parent, grandparent, brother, sister or child of
      the spouse of any person referred to in 

	 	  	
      subclause (A); or 

	 	  	     
		(D) 	
      a close personal friend of any person referred to in
      subclause (A) and, if requested by the Corporation or its respective
      counsel, will provide a signed statement describing their relationship
      with any such person; or 

	 	  	     
		(E) 	
      a close business associate of any person referred to in
      subclause (A) and, if requested by the Corporation or its respective
      counsel, will provide a signed statement describing their relationship
      with any such person; or 

	 	  	     
		(F) 	
      a "founder" (as such term is defined in NI 45-106 and
      reproduced in Appendix A to Exhibit l to this Subscription Agreement) of
      the Corporation or a spouse, parent, grandparent, brother, sister, child,
      close personal friend or close business associate of a founder of the
      Corporation; or 

	 	  	     
	 	(G) 	
      a parent, grandparent, brother, sister or child of a
      spouse of a founder of the Corporation; or 

	 	  	     
		(H) 	
      a person of which a majority of the voting securities are
      beneficially owned by, or a majority of the directors are, persons
      described in subsections (A) through (G) above; or

	 	(I) 	
      a trust or estate of which all of the beneficiaries or a
      majority of the trustees are persons described in subsections (A) through
      (G) above; or

(Note: for the purposes of
subparagraph (D) above, a person is not a close persona/ friend
solely because the individual is a relative or a member of the same organization
or religious group or because the individual is a client, customer or former
client or customer, nor is an individual a close personal friend as a result of
being a close personal friend of a close friend of one of the listed individuals
above, rather the relationship must be direct. A close personal friend is one
who knows the director, executive officer, founder or control person well enough
and has known them for a sufficient period of time to be in a position to assess
their capabilities and trustworthiness. Further, for the purposes of
subparagraph (E) above, a person is not a "close business
associate" if the person is a casual business associate or
a person introduced or solicited for purposes of purchasing securities nor is the
individual a close business associate solely because the
individual is a client, customer, former client or customer, nor is the
      individual a close business associate if they are a close
      business associate of a close business associate of one of the listed
      individuals above, rather the relationship must be direct. A close
      business associates an individual who had sufficient prior dealings with
      the director, executive officer, founder or control person
      to be in a position to assess their capabilities and
      trustworthiness)

4

	 	(iv) 	
      it is resident in or otherwise subject to applicable
      securities laws of Ontario, is one of the following and has so indicated
      by identifying the applicable subsection:

	 	(A) 	
      a founder of the Corporation; or 

	 	 	
       

	 	(B) 	
      an affiliate of a founder of the Corporation; or
  

	 	 	
       

	 	
      (C) 
	
      a spouse, parent, brother, sister, grandparent,
      grandchild or child of an executive officer, director or founder of the
      Corporation; or 

	 	 	
       

	 	(D) 	
      a person that is a control person of the Corporation ; or
      

	 	(v) 	
      if it is a resident of or otherwise subject to applicable
      securities laws of any jurisdiction referred to in the preceding
      subsections but not purchasing thereunder , the Subscriber or any
      beneficial purchaser for whom the Subscriber is acting, is purchasing
      pursuant to an exemption from prospectus and registration requirements
      (particulars of which have been enclosed herewith by the Subscriber)
      available to the Subscriber under applicable securities legislation of the
      jurisdiction of the Subscriber's residence and shall deliver to the
      Corporation such further particulars of the exemption(s) and the
      Subscriber's qualifications thereunder as the Corporation or its
      respective counsel may request; or

	 	 	 
	 	(vi) 	
      if the Subscriber is resident in or otherwise subject to
      applicable securities laws of a jurisdiction other than Canada or the
      United States, the Subscriber confirms, represents and warrants that
    :

	 	(A) 	
      the Subscriber is knowledgeable of, or has been
      independently advised as to, the applicable securities laws of the
      jurisdiction in which the Subscriber is resident (the "International
      Jurisdiction") and which would apply to the acquisition of the Securities;
      

	 	  	
       

	 	(B) 	
      the Subscriber is purchasing the Shares pursuant to
      exemptions from prospectus or registration requirements or equivalent
      requirements under applicable securities laws or, if such is not
      applicable, the Subscriber is permitted to purchase the Securities under
      the applicable securities laws of the International Jurisdiction without
      the need to rely on any exemptions; 

	 	  	
       

	 	(C) 	
      the applicable securities laws of the International
      Jurisdiction do not require the Corporation to make any filings or seek
      any approvals of any kind whatsoever from any securities regulator of any
      kind whatsoever in the International Jurisdiction in connection with the
      issue and sale or resale of the Subscriber's Securities; and 

	 	  	
       

	 	(D) 	
      the purchase of the Securities by the Subscriber does not
      trigger: 

	 	(I) 	
      any obligation to prepare and file a prospectus or
      similar document, or any other report with respect to such purchase i n
      the International Jurisdiction; or

	 	 	 
	 	(II) 	
      any continuous disclosure reporting obligation of the
      Corporation in the International Jurisdiction; and

the Subscriber will, if requested by
the Corporation , deliver to the Corporation a certificate or opinion of local
counsel from the International Jurisdiction which will confirm the matters
referred to in subsections (8), (C) and (D) above to the satisfaction of the
Corporation, acting reasonably ; 

	 	(e) 	
      if it is not purchasing as a principal, it is duly
      authorized to enter into this Subscription Agreement and to execute and
      deliver all documentation in connection with the purchase on behalf of
      each beneficial purchaser, each of whom is purchasing as principal for its
      own account, not for the benefit of any other person, and not with a view
      to the resale or distribution of all or any of the
Securities, it acknowledges that the Corporation is required by law to disclose
to certain regulatory authorities the identity of each beneficial purchaser of
Shares for whom it may be acting, and it and each beneficial purchaser is
resident in the jurisdiction set out as the "Subscriber" s Address" and: 

 

5

	 	(A) 	
      it is an "accredited investor" as such term is defined
      in paragraphs (p) or (q) of the definition of "accredited investor" in NI 45-106 and reproduced in
      Appendix "A" to Exhibit 1 of this Subscription Agreement
      (provided, however, that it is not a trust company or trust corporation
      registered under the laws of Prince Edward Island that is not registered
      or authorized under the Trust and Loan Companies Act (Canada) or
      under comparable legislation in another jurisdiction in Canada) and is
      therefore deemed to be purchasing as principal pursuant to N I 45-106 and
      it has concurrently executed and delivered a Representation Letter in the
      form attached hereto as Exhibit 1 and has initialed or placed a
      check mark in Appendix "A" thereto indicating that the Subscriber
      satisfied one of the categories of "accredited investor" set out in
      paragraphs (p) or (q) of Appendix "A" thereto;
or

	 	(B) 	
      subject to securities laws applicable to the Subscriber,
      it is acting as agent for one or more Disclosed Beneficial Principals,
      each of such principals is purchasing as principal for its own account,
      not for the benefit of any other person, for investment only, and not with
      a view to the resale or distribution of all or any of the Common
      Shares, and each of such principals complies with subparagraphs (i) or
      (ii) of paragraph 3(d) hereof as are applicable to it;
  and

	 	(f) 	
      the Subscriber acknowledges that:

	 	 	 	 
	 		(i) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities subscribed for
      hereunder; and

	 	 	 	 
	 		(ii) 	
      there is no government or other insurance covering the
      Shares subscribed for hereunder ; and

	 	 	 	 
	 		(iii) 	
      there are risks associated with the purchase of the
      Shares subscribed for hereunder; and

	 	 	 	 
	 		(iv) 	
      there are restrictions on the Subscriber's ability to
      resell the Securities subscribed for hereunder, and it is the
      responsibility of the Subscriber to find out what those restrictions are
      and to comply with them before selling such securities; and

	 	 	 	 
	 		(v) 	
      the Corporation has advised the Subscriber that the
      Corporation is relying on an exemption from the requirements to provide
      the Subscriber with a prospectus and to sell securities through a person
      or company registered to sell securities under the Securities Act
      (Alberta) and other applicable securities laws and, as a consequence
      of acquiring Shares pursuant to this exemption, certain protections,
      rights and remedies provided by the Securities Act
      (Alberta) and other applicable securities laws, including statutory
      rights of rescission or damages, will not be available to the Subscriber;
      and

	 	 	 	 
	 		(vi) 	
      the certificate(s) representing the Securities subscribed
      for hereunder will be endorsed by a legend stating that the Securities
      subscribed for hereunder will be subject to restrictions on resale in
      accordance with applicable securities legislation ; and

	 	 	 	 
	 	(g) 	
      the Subscriber is aware that the Securities have not been
      and will not be registered under the United States Securities Act of
      1933, as amended ("U.S. Securities Act") or the
      securities laws of any state and that the Securities may not be offered or
      sold, directly or indirectly, in the United States without registration
      under the U.S. Securities Act or compliance with requirements of an
      exemption from registration and the applicable laws of all applicable
      states and acknowledges that the Corporation has no present intention of
      filing a registration statement under the U.S. Securities Act in respect
      of the Securities; and

	 	 	 	 
	 	(h) 	
      the Shares have not been offered to the Subscriber in the
      United States, and the individuals making the order to purchase the Shares
      and executing and delivering this Subscription Agreement on behalf of the
      Subscriber were not in the United States when the order was placed and
      this Subscription Agreement was executed and delivered;
  and

 

6

	 	(i) 	
      the Subscriber is not a U.S. Person (as defined in
      Regulation S under the U.S. Securities Act, which definition includes, but
      is not limited to, an individual resident in the United States, an estate
      or trust of which any executor or administrator or trustee, respectively,
      is a U.S. Person and any partnership or corporation organized or
      incorporated under the Jaws of the United States) and is not purchasing
      the Shares on behalf of, or for the account or benefit of, a person in the
      United States or a U.S. Person; and

	 	(j) 	
      the Subscriber undertakes and agrees that it will not
      offer or sell the Securities, in the United States unless such securities
      are registered under the U.S. Securities Act and the securities laws of
      all applicable states of the United States or an exemption from such
      registration requirements is available, and further that the Subscriber
      will not resell the Securities, except in accordance with the provisions
      of applicable securities legislation, regulations, rules, policies and
      orders and stock exchange rules; and

	 	(k) 	
      if a corporation , partnership , unincorporated
      association or other entity, the Subscriber has the legal capacity and
      competence to enter into and be bound by this Subscription Agreement and
      to perform all of its obligations hereunder, and if it is a body
      corporate, it is duly incorporated or created and validly subsisting under
      the laws of the jurisdiction of its incorporation, and further certifies
      that all necessary approvals of directors, shareholders, partners or
      otherwise have been given and obtained; and

	 	(I) 	
      if an individual , the Subscriber is of the full age of
      majority and is legally competent to execute this Subscription Agreement
      and take all action pursuant hereto; and

	 	(m) 	
      this Subscription Agreement has been duly and validly
      authorized, executed and delivered by and constitutes a legal, valid,
      binding and enforceable obligation of the Subscriber ; and

	 	 	 
	 	(n) 	
      the Subscriber acknowledges that this Subscription
      Agreement is not enforceable by the Subscriber until the Subscription
      Agreement has been accepted by the Corporation; and

	 	 	 
	 	(o) 	
      in the case a Subscriber is acting on behalf of a
      principal/beneficial purchaser, the Subscriber is duly authorized to
      execute and deliver this Subscription Agreement and all other necessary
      documentation in connection with such subscription on behalf of such
      principal/beneficial purchaser and this Subscription Agreement has been
      duly authorized , executed and delivered by or on behalf of, and
      constitutes a legal, valid and binding agreement of, such
      principal/beneficial purchaser and the Subscriber acknowledges that the
      Corporation may be required by law to disclose to certain principal
      regulatory authorities the identity of each principal/beneficial purchaser
      for whom the Subscriber may be acting; and

	 	 	 
	 	(p) 	
      the Subscriber, or each principal/beneficial purchaser
      for whom it is acting, has such knowledge in financial and business
      affairs as to be capable of evaluating the merits and risks of its
      investment and the Subscriber, or each principal/beneficial purchaser for
      whom it is acting, is able to bear the economic risk of loss of its entire
      investment; and

	 	 	 
	 	(q) 	
      the Subscriber has relied solely upon publicly available
      information relating to the Corporation and, other than as stated herein,
      not upon any verbal or written representation as to fact or otherwise made
      by or on behalf of the Corporation; and

	 	 	 
	 	(r) 	
      the Subscriber understands and acknowledges that the
      Shares are being offered for sale only on a "private placement" basis and
      that the sale and delivery of the Shares is conditional upon such sale
      being exempt from the requirements as to the filing of a prospectus or
      delivery of an offering memorandum or upon the issuance of such orders,
      consents or approvals as may be required to permit such sale without the
      requirement of filing a prospectus or delivering an offering memorandum;
      and

	 	 	 
	 	(s) 	
      IF REQUIRED BY APPLICABLE SECURITIES LEGISLATION, REGU
      LATIONS, RULES, POLICIES OR ORDERS OR BY ANY SECURITIES COMMISSION, STOCK
      EXCHANGE OR OTHER REGULATORY AUTHORITY, THE SUBSCRIBER WILL EXECUTE, DELIV
      ER, FI LE AND OTHERWISE ASSIST THE CORPORATION IN FI LING, SUCH REPORTS, U
      NDERTAKI NGS AND OTHER DOCUMENTS WITH RESPECT TO THE ISSU E OF TH E COMMON
      SHAR ES AS MAY BE REQUIRED (INCLUDI NG, WITHOUT LI MITATION)
  :

 

7

	 	(i) 	
      in the case of an "accredited investor" resident in or
      otherwise subject to applicable securities laws of Canada, a
      representation letter in the form attached as Exhibit 1 with Appendix A to
      Exhibit 1fully completed;

	 	 	 
	 	(ii) 	
      Form 4C - Corporate Placee Registration Form, a copy of
      which is attached hereto as Exhibit 2 for all Subscribers who are not
      individuals and have not previously filed such form with the TSX Venture
      Exchange ;

	 	 	 
	 	(iii) 	
      Acknowledgement - Personal Information attached hereto as
      Exhibit 3 for all Subscribers; and

	 	 	 
	 	(iv) 	
      Particulars of the Subscriber Form attached hereto as
      Exhibit 4 for all Subscribers.

	 	(t) 	
      the Subscriber will not resell the Securities except i n
      accordance with the provisions of applicable securities legislation and
      stock exchange rules, if applicable, in the future;
and

	 	(u) 	
      the entering into of this Subscription Agreement and the
      completion of the transactions contemplated hereby will not result in a
      violation of any of the terms or provisions of any law applicable to the
      Subscriber, or if the Subscriber is not a natural person, any of the
      Subscriber's constating documents, or any agreement to which the
      Subscriber is a party or by which the Subscriber is bound ; and

	 	 	 
	 	(v) 	
      none of the funds that the Subscriber is using to
      purchase the Shares represent proceeds of crime for the purposes of the
      Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada)
      (the "PCMLA") and the Subscriber acknowledges that the Corporation may in
      the future be required by law to disclose the Subscriber's name and other
      information relating to this Subscription Agreement and the Subscriber's
      subscription hereunder, on a confidential basis, pursuant to the PCMLA,
      and to the best of the Subscriber's knowledge (i) the Subscription Amount
      to be provided by the Subscriber (A) has not been or will not be derived
      from or related to any activity that is deemed criminal under the laws of
      Canada, the United States of America, or any other jurisdiction, or (8) is
      not being tendered on behalf of a person or entity who has not been
      identified to the Subscriber, and (ii) the Subscriber shall promptly
      notify the Corporation if the Subscriber discovers that any of such
      representations ceases to be true, and to provide the Corporation with
      appropriate information in connection therewith ; and

	 	 	 
	 	(w) 	
      none of the funds the Subscriber is using to purchase the
      Shares are, to the knowledge of the Subscriber, proceeds obtained or
      derived, directly or indirectly, as a result of illegal activities;
    and

	 	 	 
	 	(x) 	
      the Subscriber understands and acknowledges that the
      Shares are being purchased pursuant to exemptions from the prospectus
      requirements contained in applicable securities legislation and, as a
      result:

	 	(i) 	
      the Subscriber is restricted from using most of the civil
      remedies available under applicable securities legislation ; and

	 	 	 
	 	(ii) 	
      the Subscriber may not receive information that would
      otherwise be required to be provided to the Subscriber under applicable
      securities legislation; and

	 	 	 
	 	(iii) 	
      the Corporation is relieved from certain obligations that
      would otherwise apply under applicable securities legislation;
  and

	 	(y) 	
      the Subscriber acknowledges that it has been encouraged
      to and should obtain independent legal, income tax and investment advice
      with respect to its subscription for the Shares, including, but not
      limited to, the applicable resale restrictions and accordingly, has had
      the opportunity to acquire an understanding of the meanings of all terms
      contained herein relevant to the Subscriber for purposes of giving
      representations, warranties and covenants under this Subscription
      Agreement ; and

8

	 	(z) 	
      the Subscriber's offer to subscribe for Shares has not
      been induced by any representations with regard to the present or future
      worth of the Securities; and

	 	 	 
	 	(aa) 	
      the Subscriber, either alone or together with the
      Subscriber 's financial advisor, has sufficient financial knowledge and
      experience to evaluate the merit and risks of an investment in the
      Corporation on the basis of information presented to the
  Subscriber;

Closing 

	3. 	
      The Subscriber agrees to deliver to the Corporation, not
      later than 4:30 p.m.. (Mountain Time) on the day that is two business
      days before the Closing Date:

	 	(a) 	
      this duly completed and executed Subscription
      Agreement;

	 	 	 
	 	(b) 	
      if the Subscriber is an "accredited investor"' resident
      in or otherwise subject to applicable securities laws of Canada, a fully
      executed and completed Representation Letter in the form of Exhibit 1
      with Appendix A to Exhibit 1 fully completed;

	 	 	 
	 		
      a certified cheque or bank draft payable to Northern
      Tiger Resources Inc. for the Subscription Amount of the Shares subscribed
      for under this Subscription Agreement or payment of the same amount in
      such other manner as is acceptable to the Corporation;

	 	 	 
	 	(c) 	
      a fully executed and completed copy of Form 4C -
      Corporate Placee Registration Form in the form of Exhibit 2 for all
      Subscribers who are not individuals;

	 	 	 
	 	(d) 	
      a fully executed "Acknowledgement - Personal Information"
      attached hereto as Exhibit 3 for all Subscribers ; and

	 	 	 
	 	(e) 	
      the Particulars of the Subscriber Form attached hereto as
      Exhibit 4 for all Subscribers.

4.        The sale of the
Shares pursuant to this Subscription Agreement will be completed at the offices
of the Corporation in Edmonton, Alberta at 4:30 p.m. or such other times as the
Corporation may determine (the ''Closing Time")
on • or such other dates as the Corporation may determine (the
"Closing Date"). 

5.        The
Corporation shall be entitled to rely on delivery of a facsimile copy of
executed Subscription Agreement, and acceptance by the Corporation of such
facsimile subscriptions shall be legally effective to create a valid and binding
agreement between the Subscriber and the Corporation in accordance with the
terms hereof. Notwithstanding the foregoing, the Subscriber shall deliver
originally executed copies of the documents listed in section 4 hereof to the
Corporation within two business days of the Closing Date. In addition, this
Subscription Agreement may be executed in counterparts, each of which shall be
deemed to be an original and all of which shall constitute one and the same
document. 

General 

6.        The
Subscriber agrees that the representations, warranties and covenants of the
Subscriber herein will be true and correct both as of the execution of this
Subscription Agreement and as of the Closing Time as if made at that time and
will survive the completion of the issuance of the Shares. The representations,
warranties and covenants of the Subscriber herein are made withthe intent that
they be relied upon by the Corporation and their counsel in determining the
Subscriber's eligibility to purchase the Shares and the Subscriber hereby agrees
to indemnify the Corporation and its directors, officers, employees, advisors,
affiliates, shareholders, partners and agents from and against any and all loss,
liability, claim, damage and expense whatsoever including, but not limited to,
any fees, costs and expenses whatsoever reasonably incurred in investigating,
preparing or defending against any litigation, administrative proceeding or
investigation commenced or threatened or any claim whatsoever arising out of or
based upon any representation or warranty of the Subscriber contained herein or
in any document furnished by the Subscriber to the Corporation in connection
herewith being untrue in any material respect or any breach or failure by the
Subscriber to comply with any covenant or agreement made by the Subscriber herein or
in any document furnished by the Subscriber to the Corporation in connection
herewith. The Subscriber undertakes to immediately notify the Corporation of
any change in any statement or other information relating to the Subscriber set
forth herein which takes place prior to the Closing Time. 

9

7.        This
Subscription Agreement and the Exhibits hereto require the Subscriber to provide
certain personal information to the Corporation and its respective counsel. Such
information is being collected by the Corporation and its respective counsel for
the purposes of completing the Offering described herein. which includes,
without limitation, determining the Subscriber's eligibility to purchase the
Shares under applicable securities legislation, preparing and registering
certificates representing the Shares to be issued to the Subscriber and
completing filings required by any stock exchange, securities commission or
securities regulatory authority or taxation authorities. Certain securities
commissions have been granted the authority to indirectly collect this personal
information pursuant to securities legislation and this personal information is
also being collected for the purpose of administration and enforcement of
securities legislation. In Ontario, the Administrative Assistant to the Director
of Corporate Finance, Suite 1903, Box 5520 Queen Street West, Toronto, Ontario
M5H 3S8, Telephone (416) 593-8086, Facsimile: (416) 593-8252 is the public
official who can answer questions about the indirect collection of personal
information. The Subscriber's personal information may be disclosed by the
Corporation or its respective counsel to: (a) stock exchanges, securities
commissions or securities regulatory authorities; ( b) the Corporation's
registrar and transfer agent (c) taxation authorities; (d) any of the other
parties involved in the offering, including legal counsel. By executing this
Subscription Agreement and the "Acknowledgement-Personal Information " attached
as Exhibit 3, the Subscriber is deemed to be authorizing and consenting
to the foregoing collection (including the indirect collection of personal
information), use and disclosure of the Subscriber 's personal information as
set forth above and in the "'Acknowledgement-Personal Information " attached as
Exhibit 3. The Subscriber also consents to the filing of copies or
originals of any of the Subscriber's documents described in this Subscription
Agreement as may be required to be filed with any stock exchange, securities
commission or securities regulatory authority in connection with the
transactions contemplated hereby. 

8.        The
obligations of the parties hereunder are subject to acceptance of the terms of
the Offering by the TSX Venture Exchange Inc. and all other required regulatory
approvals. 

9.        The
Subscriber acknowledges and agrees that all costs incurred by the Subscriber
(including any fees and disbursements of any special counsel retained by the
Subscriber) relating to the sale of the Shares to the Subscriber shall be borne
by the Subscriber. 

10.      The contract arising out
of this Subscription Agreement and all documents relating thereto shall be
governed by and construed in accordance with the laws of the Province of Alberta
and the federal laws of Canada applicable therein. The parties irrevocably attom
to the exclusive jurisdiction of the courts of the Province of Alberta. Time
shall be of the essence hereof 

11.      This Subscription
Agreement represents the entire agreement of the parties hereto relating to the
subject matter hereof and there are no representations, covenants or other
agreements relating to the subject matter hereof except as stated or referred to
herein. 

12.      The terms and provisions of
this Subscription Agreement shall be binding upon and enure to the benefit of
the Subscriber and the Corporation and their respective heirs, executors,
administrators, successors and assigns; provided that, except for the assignment
by a Subscriber who is acting as nominee or agent to the beneficial owner and as
otherwise herein provided, this Subscription Agreement shall not be assignable
by any party without prior written consent of the other parties. 

13.      Except as otherwise provided
herein, the parties may waive, modify, change, discharge or terminate this
Subscription Agreement only by a written instrument signed by each party against
whom the waiver, change, discharge or termination is sought. 

14.      The invalidity, illegality or
unenforceability of any provision of this Subscription Agreement shall not
affect the validity, legality or enforceability of any other provision hereof

15.      The Subscriber, on its
own behalf and, if applicable, on behalf of others for whom it is contracting
hereunder, agrees that this subscription is made for valuable consideration and
may not be withdrawn , cancelled, terminated or revoked by the Subscriber, on
its own behalf and, if applicable, on behalf of others for whom it is
contracting hereunder. 

10

16.      The covenants,
representations and warranties contained herein shall survive the closing of the
transactions contemplated hereby. 

17.      In this Subscription
Agreement (including attachments), references to "$" or "Cdn. $" are to
Canadian dollars. 

EXH IBIT I 

REPRESENTATION LETTER 

(FOR ACCREDITED INVESTORS) 

TO:                      NORTHERN
TIG ER RESOURCES INC. (TH E "CORPORATION") 

            In
connection with the purchase of Shares (the "Shares") of the Corporation
by the undersigned subscriber or, if applicable, the principal on whose behalf
the undersigned is purchasing as agent (the "Subscriber" for the
purposes of this Exhibit 1), the Subscriber hereby represents, warrants,
covenants and certifies to the Corporation that: 

	I. 	The Subscriber is resident in a jurisdiction of
      Canada or is subject to the securities laws of a jurisdiction of Canada;
    
	  	  
	2. 	The Subscriber is purchasing the Shares as
      principal for its own account or complies with the provisions of paragraph 9(e) of the Subscription Agreement;
    
	  	 
	3. 	The Subscriber is an "accredited investor"
      within the meaning of National Instrument 45-106 entitled "Prospectus and Registration Exemptions" by virtue of
      satisfying the indicated criterion as set out in Appendix "A" to this
      Representation Letter;
  
	  	 
	4. 	The Subscriber was not created or used solely
      to purchase or hold securities as an "accredited investor" as described in paragraph (m) of the attached Appendix "A'" of
      this Exhibit 1; and
  
	  	  
	5. 	Upon execution of this Exhibit 1 by the
      Subscriber, this Exhibit 1 shall be incorporated into and form a part of
      the Subscription Agreement. 

Dated: ______________________________, 2014 

	 	 
	 	Print name of Subscriber

	 	By:	   
	 	 	Signature 
	 	 	 
	 	 	 
	 	 	Print name of Signatory (if different from
      Subscriber) 
	 	 	 
	 	 	 
	 	 	Title 

IMPORTANT: PLEASE MARK THE CATEGORY OR CATEGORIES 
IN
APPEN DIX "A" ON THE NEXT PAGE THAT DESCRIBES YOU 

APPENDIX "A" 

TO EXHIBIT 1 

NOTE: THE INVESTOR MUST INITIAL BESIDE THE APPLICABLE
PORTION OF THE DEFINITION BELOW.

Accredited Investor - (defined
in National Instrument 45-106) means:

	_______	(a) 	
      a Canadian financial institution, or a Schedule Ill Bank;
      or 

	 	  	     
	_______ 	(b) 	
      the Business Development Bank of Canada incorporated
      under the Business Development Bank of Canada Act (Canada); or
    

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

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

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

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

	 	  	     
	_______	(g) 	
      a municipality, public board or commission in Canada and
      a metropolitan community school board, the Comite de gestion de la taxe
      scolaire de l'ile de Montreal or an intermunicipal management board in
      Quebec; or 

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

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

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

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

	 	  	     
	 		
      (Note: if individual accredited investors wish to
      purchase through wholly-owned holding companies or similar
      entities, such purchasing entities must qualify under paragraph (t)
      below, which must be initialed.) 

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

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

 

2

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

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

	 	 	 
	 	(ii) 	
      a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 or 2.19 of National Instrument
      45-106, or

	 	 	 
	 	(iii) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under section 2.18 of National Instrument 45-106 ;
      or

	_______	(o) 	an investment fund that
      distributes or has distributed securities under a prospectus in a
      jurisdiction of Canada for which the regulator or, in Quebec, the
      securities regulatory authority, has issued a receipt; or 
	 	  	  
	_______	(p) 	a trust company or trust
      corporation registered or authorized to carry on business under the
      Trust and loan Companies Act (Canada) or under
      comparable legislation in a jurisdiction of Canada or a foreign
      jurisdiction, acting on behalf of a fully managed account managed by the
      trust company or trust corporation , as the case may be; or 
	 	  	  
	_______	(q) 	a person acting on behalf of a
      fully managed account managed by that person , if that person:
  

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

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

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

	 	  	  
	_______	(s) 	an entity organized in a foreign
      jurisdiction that is analogous to any of the entities referred to in
      paragraphs (a) to (d) or paragraph (i) in form and function; or 
	 	  	  
	_______	(t) 	a person in respect
      of which all of the owners of interests, direct, indirect or beneficial,
      except the voting securities required by law to be owned by directors, are
      persons that are accredited investors (as defined in National Instrument
      45-106); or 
	 	  	  
	 		(Note: if you
      are purchasing as an individual accredited investor, paragraph (k) above
      must be initialed rather than paragraph (t).) 
	 	  	  
	_______	(u) 	an investment fund that is
      advised by a person registered as an adviser or a person that is exempt
      from registration as an adviser; or 
	 	  	  
	_______	(v) 	a person that is recognized or
      designated by the securities regulatory authority or, except in Ontario
      and Quebec, the regulator as: 

	 	(i) 	
      an accredited investor, or

	 	 	 
	 	(ii) 	
      an exempt purchaser in Alberta or British
  Columbia.

For the purposes hereof: 

	(a) 	
      "affiliate" means an issuer connected with another
      issuer because

	 	(i) 	
      one of them is the subsidiary of the
  other;

3

	 	(ii) 	
      each of them is controlled by the same person ;
  or

	 	 	 
	 	(iii) 	
      for the purposes of Saskatchewan securities law, both are
      subsidiaries of the same issuer;

	(b) 	
      "Canadian financial institution"
      means

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

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

	(c) 	
      "consultant" means, for an issuer, a person, other
      than an employee, executive officer, or director of the issuer or of a
      related entity of the issuer, that

	 	 	 
		(i) 	
      is engaged to provide services to the issuer or a related
      entity of the issuer, other than services provided in relation to a
      distribution,

	 	 	 
		(ii) 	
      provides the services under a written contract with the
      issuer or a related entity of the issuer, and

	 	 	 
		(iii) 	
      spends or will spend a significant amount of time and
      attention on the affairs and business of the issuer or a related entity of
      the issuer and includes, for an individual consultant, a corporation of
      which the individual consultant is an employee or shareholder, and a
      partnership of which the individual consultant is an employee or
      partner;

	(d) 	
      "director" means:

	 	 	 
		(i) 	
      a member of the board of directors of a company or an
      individual who performs similar functions for a company, and

	 	 	 
		(ii) 	
      with respect to a person that is not a company, an
      individual who performs functions similar to those of a director of a
      company;

	(e) 	
      "eligibility adviser" means :

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

	 	 	 
		(ii) 	
      in Saskatchewan or Manitoba, also means a lawyer who is a
      practicing member in good standing with a law society of a jurisdiction of
      Canada or a public accountant who is a member in good standing of an
      institute or association of chartered accountants , certified general
      accountants or certified management accountants in a jurisdiction of
      Canada provided that the lawyer or public
accountant:

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

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

	(t) 	
      "executive officer" means, for an issuer, an
      individual who is:

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

4

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

	 	 	 
	 	(iii) 	
      an officer of the issuer or any of its subsidiaries and
      who performs a policy-making function in respect of the issuer,
  or

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

	(g) 	
      "financial assets" means :

	 	 	 
		(i) 	
      cash,

	 	 	 
		(ii) 	
      securities, or

	 	 	 
		(iii) 	
      a contract of insurance, a deposit or an evidence of a
      deposit that is not a security for the purposes of securities
      legislation;

	(h) 	
      "foreign jurisdiction" means a country other than
      Canada or a political subdivision of a country other than Cana
  da;

	 	 	 
	(i) 	
      "founder" means, in respect of an issuer,
      a person who :

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

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

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

	 	 
	(k) 	"investment fund"
      means a mutual fund or a non-redeemable investment fund; 
	 	 
	(I) 	"jurisdiction" means a
      province or territory of Canada except when used in the term foreign
      jurisdiction; 
	 	 
	(m) 	“local jurisdiction" means the jurisdiction in which the Canadian securities regulatory
      authority is situate; 
	 	 
	(n) 	“non-redeemable investment
      fund" means an issuer, 

	 	(i) 	
      whose primary purpose is to invest money provided by its
      securityholders;

	 	 	 
	 	(ii) 	
      that does not invest;

	 	(A) 	
      for the purpose of exercising or seeking to exercise
      control of an issuer, other than an issuer that is a mutual fund or a
      non-redeemable investment fund; or 

	 	  	
       

	 	(B) 	
      for the purpose of being actively involved in the
      management of any issuer in which it invests, other than an issuer that is
      a mutual fund or a non-redeemable investment fund; and

	 	(iii) 	
      that is not a mutual fund;

	(o) 	
      "person" includes:

	 	 	 
		(i) 	
      an individual,

	 	 	 
		(ii) 	
      a corporation,

5

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

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

	(p) 	
      "regulator" means, for the local jurisdiction,
      the Executive Director as defined under securities legislation of the
      local jurisdiction;

	 	 	 
	(q) 	
      "related liabilities" means

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

	 	 	 
		(ii) 	
      liabilities that are secured by financial
  assets;

	(r) 	
      "Schedule III bank" means an authorized foreign
      bank named in Schedule III of the Bank Act (Canada);

	 	 	 
	(s) 	
      "spouse" means, an individual
  who,

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

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

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

	(t) 	
      "subsidiary" means an issuer that is controlled
      directly or indirectly by another issuer and includes a subsidiary of that
      subsidiary.

All monetary references are in Canadian
Dollars. 

 

FORM 4C 
CORPORATE
PLACEE REGISTRATION FORM

This Form will remain on file with the Exchange and must be
completed if required under section 4(b) of Part II of Form 48. The corporation,
trust, portfolio manager or other entity (the "Placee") need only file it on
one time basis, and it will be referenced for all subsequent Ptrust, portfolio manager or other entity (the "Placee") need only file it on
rivate Placements
in which it participates. If any of the information provided in this Form
changes, the Placee must notify the Exchange prior to participating in further
placements with Exchange listed Issuers. If as a result of the Private
Placement, the Placee becomes an Insider of the Issuer, Insiders of the Placee
are reminded that they must file a Personal Information Form (2A) or, if
applicable, Declarations, with the Exchange. 

	1. 	
      Placee Information:

	 	 
	 	(a)	Name:_________________________________________________________________ 
	 	 	 
		(b) 	
      Complete Address:
      _______________________________________________

	 	 	 
		(c) 	
      Jurisdiction of Incorporation or Creation:
      _________________________________________________________

	2. 	(a) 	Is the Placee purchasing
      securities as a portfolio manager: (Yes/No)?
    ____________________________
	  	  	 
	  	(b) 	Is the Placee carrying on
      business as a portfolio manager outside of Canada: (Yes/No)? _______________________ 

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

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

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

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

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

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

 

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

	 Name * 	 City 	 Province or State 	 Country 
	   	  	  	  
	  	  	  	  
	  	  	  	  
	  	  	  	  

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

	5. 	
      Acknowledgement - Personal Information and Securities
      Laws

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

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

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

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

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

Dated and certified (if applicable), acknowledged and agreed,
at __________________________________________ on 
_________________________________________

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

THIS IS NOT A PUBLIC DOCUMENT 

EXHIBIT 3 

ACKNOWLEDGEMENT - PERSONAL INFORMATION 

"Personal Information" means any information about an
identifiable individual, and includes information provided by the Subscriber on
the cover page and in the forms, schedules and appendices forming part of the
Subscription Agreement. 

The undersigned Subscriber provides its written consent to:

	(a) 	
      the disclosure of Personal Information by the Corporation
      to the Exchange (as defined below) and to any applicable securities
      regulatory authorities; and

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

Dated at ______________________________________on 
____________________________________________________

	 	X 
	 	Signature of individual (if Subscriber is an
      individual) 
	 	 
	 	 
	 	X
	 	Authorized signatory (if Subscriber is not
      an individual) 
	 	 
	 	 
	 	Name of Subscriber (pleaseprint) 
	 	 
	 	 
	 	Name of authorized signatory (please
      print) 
	 	 
	 	 
	 	Official capacity of authorized signatory
      (please print) 

TSX Venture Exchange Inc. and its affiliates, authorized
agents, subsidiaries and divisions, including the TSX Venture Exchange
(collectively referred to as the "Exchange") collect Personal Information
in certain Forms that are submitted by the individual and/or by an issuer (the
"Corporation") or Applicant and use it for the following purposes: 

	(a) 	
      to conduct background checks;

	 	 
	(b) 	
      to verify the Personal Information that has been provided
      about each individual;

	(c) 	
      to consider the suitability of the individual to act as
      an officer, director, insider, promoter, investor relations provider or,
      as applicable, an employee or consultant, of the Corporation or
      Applicant;

	 	 
	(d) 	
      to consider the eligibility of the Corporation or
      Applicant to list on the Exchange;

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

	 	 
	(f) 	
      to conduct enforcement proceedings;
and

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

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

The Personal Information the Exchange collects may also be
disclosed: 

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

	 	 
	(b) 	
      on the Exchange's website or through printed materials
      published by or pursuant to the directions of the
  Exchange.

The Exchange may from time to time use third parties to process
information and/or provide other administrative services. In this regard, the
Exchange may share the information with such third party service providers. 

EXHIBIT 4 
PARTICULARS OF THE SUBSCRIBER

	 	 
	Name of Subscriber (Please Print)Till Capital Ltd.: Exhibit 4.12 - Filed by newsfilecorp.com

SHARE PURCHASE AGREEMENT 

THIS AGREEMENT made as of the 17th day of April, 2014 

AMONG: 

  
    
      SILVER PREDATOR CORP., a corporation existing under the
        laws of the Province of British Columbia having an office at #5 - 5450 Riggins
        Court, Reno, Nevada, USA 89502 

    

  

     ("SPD") 

AND: 

  
    
      GOLDEN PREDATOR US HOLDING CORP., a company existing
        under the laws of the State of Nevada and having an office at 1521 North Warren
        Street, Hayden, Idaho, USA 83835 

    

  

     ("GPUS") 

RECITALS: 

A.                 
 GPUS is the legal and beneficial owner of all of the outstanding common
shares (the "SMC Shares") in the capital of Springer Mining Company
("SMC") and all of the outstanding common shares (the "NRC Shares"
and together with the SMC Shares, the "Shares") in the capital of
Nevada Royalty Corp. ("NRC"). 

B.                    SPD
wishes to purchase, and GPUS wishes to sell, the Shares on the terms and subject
to the conditions of this Agreement. 

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in
consideration of the mutual covenants and agreements hereinafter set forth and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties covenant and agree as follows: 

ARTICLE 1 
INTERPRETATION 

1.1                
Definitions 

                
     In this Agreement, including the Recitals and
Schedules hereto, unless there is something in the subject matter or context
inconsistent therewith, the following terms and expressions will have the
following meanings: 

	 	(a) 	
      "Additional Royalties" means the royalty interests
      in respect of the properties and in the amounts thereon set forth in
      Schedule "D" hereto;

	 	 	 
	 	(b) 	
      "Affiliate" has the meaning ascribed to such term
      in the Securities Act;

- 2 - 

	 	(c) 	
      "AMB" means Americas Bullion Royalty Corp., a corporation
      existing under the laws of the Province of British Columbia;

	 	 	 
	 	(d) 	
      "Arrangement" means an arrangement involving Till and AMB
      under the provisions of Division 5 of Part 9 of the BCBCA on the terms and
      subject to the conditions set forth in the arrangement agreement between
      Till and AMB dated February 18, 2014, as amended March 25, 2014;

	 	 	 
	 	(e) 	
      "Assets" means all assets, contracts, equipment, goodwill
      and inventory of a Company, and (i) in respect of Springer Mining,
      includes all tangible things and intangible things owned by Springer
      Mining as at the Effective Time, and as more particularly described in
      Schedule "A" to this Agreement; and, (ii) in respect of Nevada Royalty,
      includes all tangible things and intangible things owned by Nevada Royalty
      as at the Effective Time, and as more particularly described in Schedule
      "B" to this Agreement;

	 	(f) 	
      "Business" means, with respect to a Company, the business
      carried on by the Company;

	 	(g) 	
      "Business Day" means any day other than a day which is a
      Saturday, a Sunday or a statutory holiday in the State of Nevada or the
      Province of British Columbia; 

	 	  	
       

	 	(h) 	
      "Cash Portion" has the meaning ascribed in Section 2.2;
      

	 	  	
       

	 	(i) 	
      "Closing" has the meaning ascribed in Section 6.1;
  

	 	  	
       

	 	(j) 	
      "Closing Time" has the meaning ascribed thereto in
      Section 6.1; 

	 	  	
       

	 	(k) 	
      "Commissions" means, collectively, the British Columbia
      Securities Commission, the Alberta Securities Commission and the Ontario
      Securities Commission; 

	 	  	
       

	 	(1) 	
      "Companies" means, collectively, Springer Mining and
      Nevada Royalty, and "Company" means any one of them; 

	 	  	
       

	 	(m) 	
      "Consideration" has the meaning ascribed in Section 2.2;
      

	 	  	
       

	 	(n) 	
      "Effective Date" means the date upon which the
      Arrangement will become effective; 

	 	  	
       

	 	(o) 	
      "Effective Time" means the time on the Effective Date
      that the Arrangement becomes effective; 

	 	  	
       

	 	(p) 	
      "Encumbrances" means mortgages, charges, pledges,
      security interests, liens, encumbrances, actions, claims, leases, demands
      and equities of any nature whatsoever or howsoever arising and any rights
      or privileges capable of becoming any of the foregoing;

- 3 - 

	 	(q) 	
      "Environmental Laws" means any current federal,
      state, provincial or local law, regulation, order, decree, permit,
      authorization, opinion, common law or agency requirement relating to: (i)
      the protection, investigation or restoration of the indoor or outdoor
      environment, health, safety or natural resources; (ii) the handling, use,
      presence, disposal, release or threatened release of any Hazardous
      Substance; or (iii) odour, indoor air, employee exposure, wetlands,
      pollution, contamination; (iv) and injury or threat of injury to persons
      or property relating to any Hazardous Substance; or (v) the protection,
      management or use of surface water or ground water;

	 	 	 
	 	(r) 	
      "Exchange" means the TSX Venture
  Exchange;

	 	 	 
	 	(s) 	
      "Financing" means the investment by Till in common
      shares in the capital of SPD having a value equal to
  US$1,800,000;

	 	 	 
	 	(t) 	
      "GPUS Percentage" means the percentage of the
      issued and outstanding SPD Shares, on a non-diluted basis owned, directly
      or indirectly, by GPUS and its Affiliates from time to time. For greater
      certainty, the GPUS Percentage includes the SPD Shares that will be issued
      pursuant to the Financing;

	 	 	 
	 	(u) 	
      "Hazardous Substances" means any substance,
      material or waste that is listed, classified or regulated as hazardous,
      toxic or dangerous pursuant to any Environmental Laws;

	 	 	 
	 	(v) 	
      "Letter of Intent" means the letter of intent
      signed between AMB and SPD dated December 17, 2013 and amended January 17,
      2014 providing for, among other things, the purchase of the Shares by
      SPD;

	 	 	 
	 	(w) 	
      "Material Contract" means, with respect to a
      Company:

	 	(i) 	
      any continuing contract for the purchase of materials,
      supplies, equipment or services involving, in the case of any such
      contract, more than $10,000 over the life of the contract;

	 	 	 
	 	(ii) 	
      any contract that expires, or may be renewed at the
      option of any person other than the Company so as to expire, more than one
      year after the date of this Agreement;

	 	 	 
	 	(iii) 	
      any debt instrument;

	 	 	 
	 	(iv) 	
      any contract for capital expenditures in excess of
      $10,000 in the aggregate;

	 	 	 
	 	(v) 	
      any contract limiting the right of the Company to engage
      in any line of business or to compete with any other person;

	 	 	 
	 	(vi) 	
      any confidentiality, secrecy or non-disclosure
      contract;

	 	 	 
	 	(vii) 	
      any contract pursuant to which the Company leases any
      real property;

- 4 - 

	 	(viii) 	
      any contract pursuant to which the Company leases any
      personal property involving payments by the Company in excess of $10,000
      annually or involving rights or obligations which cannot be terminated
      without penalty on less than three months' notice;

	 	 	 
	 	(ix) 	
      any employment contracts with employees and service
      contracts with independent contractors that cannot be terminated on 30
      days' notice or less by the Company without penalty;

	 	 	 
	 	(x) 	
      any agreement to indemnify, hold harmless or defend any
      other person with respect to any assertion of personal injury, damage to
      property, misappropriation or violation or warranting the lack thereof;
      and

	 	 	 
	 	(xi) 	
      any other agreement, indenture, contract, lease, deed of
      trust, license, option, instrument or other commitment which is or would
      reasonably be expected to be material to the Business, properties, Assets,
      operations, condition (financial or otherwise) or prospects of the
      Company;

	 	(x) 	
      "Nevada Royalty" means Nevada Royalty Corp., a
      corporation existing under the laws of the state of Nevada; 

	 	 	 
	 	(y) 	
      "NRC" has the meaning ascribed in Recital A; 

	 	 	 
	 	(z) 	
      "NRC Shares" has the meaning ascribed in Recital A;
    

	 	 	 
	 	(aa) 	
      "Plan of Arrangement" means the plan of arrangement
      attached as Schedule A of the Arrangement Agreement; 

	 	 	 
	 	(bb) 	
      "Public Record" has the meaning ascribed m Subsection
      3.2(f) of this Agreement; 

	 	 	 
	 	(cc) 	
      "Purchase Note" has the meaning ascribed in Section
      2.3(a)(ii); 

	 	 	 
	 	(dd) 	
      "Release" means any release, spill, leak, emission,
      discharge, leach, dumping, emission, escape or other disposal; 

	 	 	 
	 	(ee) 	
      "Royalties" means the royalty interests in respect of the
      properties and in the amounts thereon set forth in Schedule "C" hereto;
      

	 	 	 
	 	(fl) 	
      "Securities Act" means the Securities Act (British
      Columbia), as amended from time to time, and the rules and regulations
      promulgated thereunder; 

	 	 	 
	 	(gg) 	
      "Shares" has the meaning ascribed in Recital A;

	 	 	 
	 	(hh) 	
      "SMC" has the meaning ascribed in Recital A; 

	 	 	 
	 	(ii) 	
      "SMC Shares" has the meaning ascribed in Recital A;
    

	 	 	 
	 	(jj) 	
      "SPD Shares" means common shares in the capital of SPD;
      

- 5 -

	 	(kk) 	
      "Springer Mining" means Springer Mining Company, a
      corporation existing under the laws of the state of Nevada; 

	 	  	     
	 	(ll) 	
      "Taylor Mill" means the Taylor Mill property and
      equipment in White Pine County, Nevada, including 5 onsite unpatented
      mining claims and water rights; 

	 	  	     
	 	(mm) 	
      "Till" means Till Capital Ltd. (formerly Resource
      Holdings Ltd.), an exempt company incorporated under the laws of Bermuda;
      

	 	  	     
	 	(nn) 	
      "Transaction" means the sale of the Shares by GPUS to SPD
      in exchange for the Consideration in accordance with the terms of this
      Agreement and all other transactions referred to herein; and 

	 	  	     
	 	(oo) 	
      "VWAP" means the volume weighted average trading price.
      

1.2                 
Currency 

                  
   All sums of money which are referred to in this Agreement are
expressed in lawful money of Canada unless otherwise specified. 

1.3                 
Best of Knowledge 

               
      Any reference herein to "the best of the
knowledge" of a party will be deemed to mean the actual knowledge of the senior
management of the party and the best of the knowledge which they would have had
if they had conducted a diligent inquiry into the relevant subject matter. 

1.4                 
Interpretation Not Affected by Headings 

                
     The division of this Agreement into articles,
sections, paragraphs, subsections and clauses and the insertion of headings are
for convenience of reference only and will not affect the construction or
interpretation of this Agreement. The terms ''this Agreement", "hereof ',
"herein", "hereunder" and similar expressions refer to this Agreement and the
Schedules hereto and not to any particular article, section, paragraph, clause
or other portion hereof and include any agreement or instrument supplementary or
ancillary hereto. 

1.5                
 Time of Essence 

                    
 Time will be of the essence hereof 1.6 Schedules 

                    
 The following Schedules attached to this Agreement are incorporated into
this Agreement by reference and are deemed to be part hereof: 

	 	Schedule "A" 	Assets of Springer Mining 
	 	Schedule "B" 	Assets of Nevada Royalty 
	 	Schedule "C" 	Royalties 
	 	Schedule "D" 	Additional Royalties
  
	 	Schedule "E" 	Form of Purchase Note 
	 	Schedule "F" 	Form of Royalty Grant Agreement
    
	 	Schedule "G" 	Form of Subscription Agreement
  

- 6 -

ARTICLE 2 
PURCHASE AND SALE 

2.1         
       Purchase and Sale 

                  
   Subject to the terms and conditions herein, GPUS agrees to the
sell the Shares to SPD and SPD agrees to purchase the Shares from GPUS. 

2.2        
        Consideration 

                  
   In consideration of the purchase and sale of the Shares herein
contemplated, SPD hereby agrees to pay to GPUS US$5,000,000 (the "Cash
Portion") and grant to GPUS the Royalties (together, the
"Consideration"). 

2.3           
     Payment of the Cash Portion of the Consideration

	 	(a) 	
      SPD will satisfy the Cash Portion of the Consideration at
      Closing as follows:

	 	 	 	 
	 		(i) 	
      SPD will pay to GPUS, or an Affiliate of GPUS as directed
      by GPUS in writing, US $500,000 converted to Canadian dollars at the noon
      rate of exchange published by the Bank of Canada on the Business Day
      immediately prior to the Closing Time, by the issue of SPD Shares issued
      at a deemed price per share equal to the greater of (A) $0.08; and (B) the
      minimum price permitted by the Exchange.

	 	 	 	 
	 		(ii) 	
      SPD will issue to GPUS, or an Affiliate of GPUS as
      directed by GPUS in writing, a promissory note in the form attached hereto
      at Schedule "E" in the principal amount of US$4,500,000 (the "Purchase
      Note") bearing interest at a rate of 4% (compounded annually) and
      payable over three years as set forth in the Purchase Note.

	 	 	 	 
	 	(b) 	
      As security for the timely payment of the Purchase Note,
      SPD will deposit with GPUS, or an Affiliate of GPUS as directed by GPUS in
      writing, at Closing, the share certificates representing the NRC Shares
      and SMC Shares, duly endorsed in blank for transfer.

	 	 	 	 
	 	(c) 	
      If at any time prior to satisfaction of the Purchase Note
      in full, SPD elects (on prior written notice to GPUS) to terminate the
      Transaction or if SPD fails to make a payment under the Purchase Note when
      due (subject to a 30 day cure period commencing on the date when such
      payment is due), then:

	 	 	 	 
	 		(i) 	
      SPD will promptly transfer the NRC Shares and SMC Shares
      back to GPUS or an Affiliate of GPUS, as directed by GPUS in writing, and
      represent and warrant to GPUS in substantially the same terms as
  the representations and warranties given by GPUS in section
      3.1 hereof (substituting references to GPUS with references to SPD)
      provided that SPD shall have no liability to GPUS for any breach of such
      representations and warranties that existed as of the Effective Time;
      provided however, that if at such time SPD shall have paid GPUS or its
      Affiliates an aggregate of not less than US$ l,000,000 of the Cash Portion
      of the Consideration, SPD will (provided that it is entitled to) promptly
      and in any event within 45 days (or such longer period of time agreed by
      GPUS, acting reasonably) cause NRC to transfer the Taylor Mill to SPD, at
      its direction, immediately prior to, and as a condition of, the transfer
      of the NRC Shares back to GPUS,

- 7 -

	 	(ii) 	
      SPD will be deemed to have forfeited to GPUS, without
      compensation, any of the Cash Portion of the Consideration then paid to
      GPUS (including any SPD Shares issued in satisfaction of the Cash Portion
      of the Consideration or payment obligations under the Purchase Note as at
      such date); and

	 	(iii) 	
      GPUS will retain, without compensation to SPD, all of the
      Royalties and Additional Royalties.

	 	(d) 	
      For the purpose of any US Dollar conversion required to
      give effect to this Section 2.3, the parties will have reference to the
      noon rate of exchange published by the Bank of Canada on the Business Day
      immediately prior to the date of any issue of SPD Shares.

	 	 	 	 
	 	(e) 	
      Until such time as the Purchase Note is paid in full with
      accrued interest, SPD will not cause or permit:

	 	 	 	 
	 		(i) 	
      the issuance of, and will ensure that each of NRC and SMC
      does not issue, any securities of NRC or SMC, respectively; and

	 	 	 	 
	 		(ii) 	
      the wind up or dissolution of NRC or
  SMC.

2.4                
Royalties 

                 
    At Closing, SPD will execute in favour of GPUS, or an
Affiliate of GPUS as directed by GPUS in writing the royalty grant agreement in
the form attached hereto at Schedule "F" in respect of each of the Royalties set
forth in Schedule "C". 

2.5                
Additional Royalties 

                
     At Closing, SPD will cause each of Springer Mining
and Nevada Royalty, as applicable, to execute in favour of GPUS, or an Affiliate
of GPUS as directed by GPUS in writing, the royalty grant agreement in the form
attached hereto at Schedule "F" in respect of each of the Additional Royalties
set forth in Schedule "D". 

- 8 -

ARTICLE 3 
REPRESENTATIONS AND WARRANTIES

3.1                
Representations and Warranties by GPUS 

                
     OPUS hereby represents and warrants to SPD at
Closing as follows, and acknowledges that SPD is relying upon the accuracy of
each such representation and warranty in connection with the completion of the
Transaction: 

	 	(a) 	
      Corporate Authority and Binding Obligation

	 	 	 	 
	 		
      OPUS is a corporation duly incorporated and validly
      subsisting in all respects under the laws of the State of Nevada. OPUS has
      good right, full corporate power and absolute authority to enter into this
      Agreement and to perform all of OPUS's obligations under this Agreement.
      OPUS has taken all necessary or desirable actions, steps and corporate and
      other proceedings to approve or authorize, validly and effectively, the
      entering into of, and the execution, delivery and performance of, this
      Agreement. This Agreement has been duly executed and delivered by OPUS
      and, assuming the due authorization, execution and delivery hereof by SPD,
      constitutes a legal, valid and binding obligation of OPUS, enforceable
      against it in accordance with its terms subject to (i) bankruptcy,
      insolvency, moratorium, reorganization and other laws relating to or
      affecting the enforcement of creditors' rights generally and (ii) the fact
      that equitable remedies, including the remedies of specific performance
      and injunction, may only be granted in the discretion of a
court.

	 	 	 	 
	 	(b) 	
      Status, Charter Documents and Licenses

	 	 	 	 
	 		(i) 	
      Each Company is a corporation duly incorporated and
      validly existing in all respects under the laws of Nevada. Each Company
      has all necessary corporate power and authority to own, lease or otherwise
      hold its Assets and to carry on its Business as it is now being conducted
      and proposed to be conducted.

	 	 	 	 
	 		(ii) 	
      Each Company is duly licensed, registered and qualified
      as a corporation to do Business, is up-to-date in the filing of all
      required corporate returns and other notices and filings and is otherwise
      in good standing in all respects, in each jurisdiction where it carries on
      Business.

	 	 	 	 
	 	(c) 	
      Authorized and Issued Capital

	 	 	 	 
	 		(i) 	
      The authorized capital of Springer Mining consists of
      20,000 common shares with a par value $1.00 per share of which, a total of
      20,000 common shares have been validly issued and are outstanding and are
      fully paid and non-assessable.

	 	 	 	 
	 		(ii) 	
      The authorized capital of Nevada Royalty consists of
      75,000,000 common shares with a par value $0.001 per share of which, a
      total of 33,617,536 common shares have been validly issued
and are outstanding and are fully paid and non-assessable. 

- 9 -

	 	(d) 	
      Title to Shares

	 	 	 	 
	 		
      The Shares are owned by GPUS as the registered and
      beneficial owner thereof with good title, free and clear of all
      Encumbrances other than those restrictions on transfer, if any, contained
      in the articles or by-laws of the relevant Company.

	 	 	 	 
	 	(e) 	
      Shareholder Agreements, Etc.

	 	 	 	 
	 		
      There are no shareholders' agreements, pooling
      agreements, voting trusts or other similar agreements with respect to the
      ownership or voting of any of the Shares or any other securities of either
      Company.

	 	 	 	 
	 	(f) 	
      Assets

	 	 	 	 
	 		(i) 	
      To the best of the knowledge of GPUS, Schedule "A" to
      this Agreement contains a complete and accurate description of all of the
      material Assets of Springer Mining and Schedule "B" to this Agreement
      contains a complete and accurate description of all of the material Assets
      of Nevada Royalty.

	 	 	 	 
	 		(ii) 	
      Other than the royalties Springer Mining will grant to
      GPUS as contemplated under this Agreement, Springer Mining is the
      registered and beneficial owner of the Assets set forth in Schedule "A"
      and has good and marketable title to such Assets, free and clear of all
      material Encumbrances.

	 	 	 	 
	 		(iii) 	
      Other than the royalties Nevada Royalty will grant to
      GPUS as contemplated under this Agreement, Nevada Royalty is the
      registered and beneficial owner of the Assets set forth in Schedule "B"
      and has good and marketable title to such Assets, free and clear of all
      material Encumbrances.

	 	(g) 	
      Non-Reporting Issuer

	 	 	 
	 		
      No Company is a "reporting issuer" in any jurisdiction
      and its common shares are not listed on any stock exchange or trading
      facility.

	 	 	 
	 	(h) 	
      No Subsidiaries

	 	 	 
	 		
      No Company has any subsidiaries.

	 	 	 
	 	(i) 	
      Licenses

	 	 	 
	 		
      To the best of the knowledge of GPUS, all licenses and
      permits required for the conduct of the Business of each Company have been
      obtained and are in good standing.

- 10

	 	(j) 	
      No Other Purchase Agreements

	 	 	 	 
	 		
      No person has any agreement, option, understanding or
      commitment, or any right or privilege capable of becoming an agreement,
      option or commitment, including convertible securities, warrants or
      convertible obligations of any nature, for:

	 	 	 	 
	 		(i) 	
      the purchase, subscription, allotment or issuance of, or
      conversion into, any of the unissued shares of either Company or any
      securities of either Company; or

	 	 	 	 
	 		(ii) 	
      the purchase from GPUS of any of the
  Shares.

	 	(k) 	Contractual and Regulatory
      Approvals 
	 	  	 
			
      Except as have been obtained on the date hereof, to the
      best of the knowledge of GPUS, OPUS is not under any obligation,
      contractual or otherwise, to request or obtain the consent of any person,
      and no permits, licenses, certifications, authorizations or approvals of,
      or notifications to, any federal, provincial, state, municipal or local
      government or governmental agency, board, commission or authority are
      required to be obtained by GPUS, in connection with the execution,
      delivery or performance by GPUS of this Agreement or the completion of any
      of the transactions contemplated herein. 

	 	  	
       

	 	(1) 	
      Compliance with Charter Documents, Agreements and Laws
      

	 	  	
       

			
      The execution, delivery and performance of this Agreement
      and each of the other agreements contemplated or referred to herein, and
      the completion of the transactions contemplated hereby, will not conflict
      with nor constitute or result in a violation or material breach of or
      material default under, or cause the acceleration of any obligations of
      either Company under: 

	 	(i) 	
      any term or provision of any of the constating documents
      of the Company or any director or shareholder minutes; or

	 	 	 
	 	(ii) 	
      the terms of any agreement (written or oral), indenture,
      instrument or understanding or other obligation or restriction to which
      any of the Company, or OPUS is a party or by which any of them is bound;
      or

	 	 	 
	 	(iii) 	
      any term or provision of any order or decree of any
      court, governmental authority or regulatory body or any law or regulation
      of any jurisdiction.

	 	(m) 	
      Corporate Records

	 	 	 
	 		
      To the best of the knowledge of GPUS, the corporate
      records and minute books of each Company, all of which have been provided
      to SPD, contain complete and accurate minutes of all meetings of the
      directors and the shareholder of the Company, at which resolutions were
      passed held since its incorporation, and signed copies of all resolutions,
      articles and by-laws duly passed or confirmed by the directors or the
      shareholder of the Company, other than at a
meeting.

- 11

	 	(n) 	
      Tax Returns

	 	 	 
	 		
      All tax returns required to be filed by or on behalf of
      each Company have been duly filed on a timely basis and such tax returns
      are true, complete and correct in all material respects. All taxes shown
      to be payable on the tax returns or on subsequent assessments with respect
      thereto have been paid in full on a timely basis, and no other taxes are
      payable by either Company with respect to items or periods covered by such
      tax returns.

	 	 	 
	 	(o) 	
      Financial Records

	 	 	 
	 		
      All material financial transactions of each Company have
      been recorded in the financial books and records of each such Company in
      accordance with good business practice. No information, records or systems
      pertaining to the operation or administration of the Business are in the
      possession of, recorded, stored, maintained by or otherwise dependent upon
      any other person.

	 	 	 
	 	(p) 	
      Liabilities

	 	 	 
	 		
      There are no material liabilities (contingent or
      otherwise) and, to the best of the knowledge of GPUS, there is no basis
      for assertion against either Company of any liabilities of any kind or in
      respect of which either Company may become liable on or after the
      consummation of the transactions contemplated by this Agreement other than
      liabilities specifically disclosed to SPD in writing before the date
      hereof.

	 	 	 
	 	(q) 	
      Material Contracts

	 	 	 
	 		
      No Company is a party to any Material
Contracts.

	 	 	 
	 	(r) 	
      Litigation

	 	 	 
	 		
      There are no actions, suits or proceedings, judicial or
      administrative (whether or not purportedly on behalf of GPUS or either
      Company) pending or, to the best of the knowledge of GPUS, threatened, by
      or against or affecting either Company, at law or in equity, or before or
      by any court or any federal, provincial, state, municipal or other
      governmental department, commission, board, bureau, agency or
      instrumentality, domestic or foreign.

	 	 	 
	 	(s) 	
      Environmental Matters

	 	(i) 	
      To the best of the knowledge of GPUS, the operation of
      the Business, the property and assets owned or used by each Company and
      the use, maintenance and operation thereof have been and are in compliance
      with all Environmental Laws. To the best of the knowledge of GPUS, each
      Company has complied with all reporting and monitoring requirements under
      all Environmental Laws. No Company has received any notice of any
      non-compliance with any Environmental Laws, and there is no reasonable
      basis upon which either Company could become,
responsible for any material clean up or corrective action under any
      Environmental Laws.

- 12

	 	(ii) 	
      Each Company has obtained all permits, certificates,
      approvals, registrations and licenses necessary to conduct the Business as
      it now exists, and to own, use and operate its properties and assets in
      compliance with all Environmental Laws.

	 	 	 
	 	(iii) 	
      To the best of the knowledge of GPUS, there are no
      Hazardous Substances located on or in any of the properties or assets
      owned or used by either Company and no Release of any Hazardous Substances
      has occurred on or from the properties and assets of either Company or has
      resulted from the operation of the Business and the conduct of all other
      activities of either Company. No Company has used any of its properties or
      assets to produce, generate, store, handle, transport or dispose of any
      Hazardous Substances and no real property has been or is being used as a
      landfill or waste disposal site.

	 	 	 
	 	(iv) 	
      To the best of the knowledge of GPUS, there are no past,
      present or, future events, conditions, circumstances, activities,
      practices, incidents, actions or plans which may interfere with or prevent
      compliance or continued compliance by either Company with the
      Environmental Laws as in effect on the date hereof or which may give rise
      to any common law or legal liability under the Environmental Laws, or
      otherwise form the basis of any claim, action, demand, suit, proceeding,
      hearing, notice of violation, study or investigation, based on or related
      to the manufacture, generation, processing, distribution, use, treatment,
      storage, disposal, transport or handling, or the Release or threatened
      Release into the indoor or outdoor environment by either Company of any
      Hazardous Substances.

	 	 	 
	 	(v) 	
      To the best of GPUS' knowledge, no Company has ever
      conducted or had conducted an environmental audit, assessment or study of
      any of its properties or assets.

	 	(t) 	
      Tax Liabilities

	 	 	 
	 		
      To the best of GPUS' knowledge, no Company has any tax
      liabilities.

3.2                 
Representations and Warranties by SPD 

                
     SPD hereby represents and warrants to GPUS at
Closing as follows, and confirms that GPUS is relying upon the accuracy of each
of such representation and warranty in connection with the completion of the
Transaction: 

	 	(a) 	
      Corporate Authority and Binding Obligation

	 	 	 
	 		
      SPD is a corporation duly incorporated and validly
      subsisting in all respects under the laws of the Province of British
      Columbia. SPD has good right, full corporate power and absolute authority to enter into this Agreement
      and to perform all of SPD's obligations under this Agreement. SPD has
      taken all necessary or desirable actions, steps and corporate and other
      proceedings to approve or authorize, validly and effectively, the entering
      into of, and the execution, delivery and performance of, this Agreement.
      This Agreement has been duly executed and delivered by SPD and, assuming
      the due authorization, execution and delivery hereof by GPUS, constitutes
      a legal, valid and binding obligation of SPD, enforceable against it in
      accordance with its terms subject to (i) bankruptcy, insolvency,
      moratorium, reorganization and other laws relating to or affecting the
      enforcement of creditors' rights generally and (ii) the fact that
      equitable remedies, including the remedies of specific performance and
      injunction, may only be granted in the discretion of a court.

- 13

	 	(b) 	
      Reporting Issuer

	 	 	 
	 		
      SPD is a reporting issuer in the Provinces of British
      Columbia, Alberta and Ontario and its common shares are posted and listed
      for trading on the Exchange. There are no orders suspending the sale or
      ceasing the trading of any securities issued by SPD and no proceedings for
      such purpose are pending or, to the knowledge of SPD,
threatened.

	 	 	 
	 	(c) 	
      Share Capital

	 	 	 
	 		
      SPD's authorized share capital consists of an unlimited
      number of common shares without par value of which, as at the date hereof,
      there are 72,498,692 common shares issued and outstanding as fully-paid
      and non-assessable. Any SPD Shares issued pursuant to Section 2.3(a)(i) or
      under the terms of the Purchase Note will, when issued, be validly issued
      as fully paid and non-assessable.

	 	 	 
	 	(d) 	
      Contractual and Regulatory Approvals

	 	 	 
	 		
      Except as have been obtained on the date hereof, SPD is
      not under any obligation, contractual or otherwise, to request or obtain
      the consent of any person, and no permits, licenses, certifications,
      authorizations or approvals of, or notifications to, any federal,
      provincial, municipal or local government or governmental agency, board,
      commission or authority are required to be obtained by SPD in connection
      with the execution, delivery or performance by SPD of this Agreement or
      the completion of any of the transactions contemplated herein.

	 	 	 
	 	(e) 	
      Compliance with Constating Documents, Agreements and
      Laws

	 	 	 
	 		
      The execution, delivery and performance of this Agreement
      and each of the other agreements contemplated or referred to herein by
      SPD, and the completion of the transactions contemplated hereby, will not
      conflict with nor constitute or result in a violation or breach of or
      material default under or cause the acceleration of any obligations of SPD
      under or cause the acceleration of any obligations of SPD
  under:

- 14

	 	(i) 	
      any term or provision of any of its notice of articles,
      articles or other constating documents of SPD or any director or
      shareholder minutes;

	 	 	 
	 	(ii) 	
      the terms of any indenture, agreement (written or oral),
      instrument or understanding or other obligation or restriction to which
      SPD is a party or by which it is bound, or

	 	 	 
	 	(iii) 	
      any term or provision of any licenses, registrations or
      qualification of SPD or any order of any court, governmental authority or
      regulatory body or any applicable law or regulation of any
      jurisdiction.

	 	(f) 	
      Public Disclosure

	 	 	 
	 		
      As of their respective dates, all information and
      materials filed by SPD with the Commissions and which are available
      through the SEDAR website (including all exhibits and schedules thereto
      and documents incorporated by reference therein) from January 1, 2012 to
      the date hereof (collectively, the "Public Record") did not contain
      any untrue statement of a material fact or omit to state a material fact
      required to be stated therein or necessary to make the statements therein,
      in light of the circumstances under which they were made, not misleading,
      and complied in all material respects with all applicable legal and stock
      exchange requirements.

	 	 	 
	 	(g) 	
      Subsequent Events; Investment Information

	 	 	 
	 		
      Subsequent to the respective dates as of which
      information is given in the Public Record, there has been no material
      adverse change, or any fact known to SPD and not disclosed to GPUS that
      could reasonably be expected to result in a material adverse change in the
      condition of the assets, liabilities, operations, activities, earnings,
      affairs or financial position of SPD.

	 	 	 
	 	(h) 	
      Corporate Records

	 	 	 
	 		
      The corporate records and minute books of SPD contain
      complete and accurate minutes of all meetings of the directors and
      shareholders of SPD at which resolutions were passed held since its
      incorporation, and signed copies of all resolutions duly passed or
      confirmed by the directors or shareholders of SPD other than at a meeting.
      The share certificate books, register of security holders, register of
      transfers and register of directors and any similar corporate records of
      SPD are complete and accurate.

	 	 	 
	 	(i) 	
      Litigation

	 	 	 
	 		
      There is no suit, action, litigation, investigation,
      claim, complaint or proceeding before any governmental authority in
      progress or pending or, to the best of the knowledge of SPD, threatened
      against or relating to SPD which, if determined adversely to it, would
      prevent SPD from fulfilling all of its obligations set out in this
      Agreement or arising from this Agreement, and, to the best of the
      knowledge of SPD, there is no existing ground on which any such action,
      suit, litigation or proceeding might be commenced with any likelihood of success.
There is not presently outstanding against SPD any cease trade order, judgment,
decree, injunction, or rule or order of any governmental authority. 

- 15

3.3                
 Survival of Warranties by GPUS 

                    
 The representations and warranties made by GPUS and contained in this
Agreement, or contained in any document or certificate given in order to carry
out the transactions contemplated hereby, will survive the Closing and,
notwithstanding any closing or any investigation made by or on behalf of SPD or
any other person or any knowledge of SPD or any other person, will continue in
full force and effect for the benefit of SPD for a period of 12 months from the
Effective Date. 

3.4                 
Survival of Warranties by SPD 

                    
 The representations and warranties made by SPD and contained in this
Agreement or contained in any document or certificate given in order to carry
out the transactions contemplated hereby will survive the Closing and,
notwithstanding any closing or any investigation made by or on behalf of GPUS or
any other person or any knowledge of GPUS or any other person, will continue in
full force and effect for the benefit of GPUS for a period of 12 months from the
Effective Date. 

ARTICLE 4 
COVENANTS 

4.1                
 Sale, Option or Joint Venture of Assets or Shares 

                  
   Excepting only the grant of royalties by each of Springer
Mining and Nevada Royalty to GPUS as contemplated under this Agreement, until
such time as the Purchase Note is paid in full, SPD shall not sell, assign,
transfer, joint venture, option or in any way encumber any of the NRC Shares or
the SMC Shares or any of the Assets (and shall not enter into any binding
agreement in respect thereof), without obtaining the prior written consent of
GPUS, such consent not to be unreasonably withheld, conditioned or delayed. 

4.2                 
Nominee Rights 

                   
  So long as the GPUS Percentage is at least: (a) 20%, GPUS, or a GPUS
Affiliate, as directed by GPUS, will have the right to nominate two appointees
to the board of directors of SPD; and (b) at least 10% but less than 20%, GPUS,
or a GPUS Affiliate, will have the right to nominate one appointee to the board
of directors of SPD. 

4.3                 
Pre-Emptive Rights 

	 	(a) 	
      After the Closing and for so long as the GPUS Percentage
      is at least 15%, if SPD proposes to issue pursuant to a private placement
      any common shares or securities that are convertible into, exchangeable
      for or exercisable to acquire Common Shares ("New SPD Securities"), GPUS,
      or a GPUS Affiliate, as directed by GPUS in writing, will be entitled (but
      not required) to concurrently purchase up to such number of New SPD
      Securities ("Participation Right Securities") that
will enable GPUS, or a GPUS Affiliate, as directed by GPUS in
      writing, to maintain the GPUS Percentage in effect immediately prior to
      such private placement, on the same terms and at the same price at which
      the New SPD Securities are issued to other person(s) ("Third Party
      Purchasers"), subject to the approval of the Exchange.

- 16

	 	(b) 	
      SPD will give GPUS, or a GPUS Affiliate, as directed by GPUS in writing,
      written notice of any proposed issuance of New SPD Securities at least 10
      Business Days prior to the proposed date of issuance thereof. Such notice
      will set out the material terms of the proposed issuance, including the
      proposed issue price.
	 	 	 
	 	(c) 	
      Within five Business Days following receipt of the notice
      contemplated in Section 4.3(b), GPUS, or a GPUS Affiliate, as directed by
      GPUS in writing, will provide written notice to SPD of the number of New
      SPD Securities it intends to purchase in connection with the proposed
      transaction. If SPD does not receive any notice from GPUS, or a GPUS
      Affiliate, as directed by GPUS in writing, within such five Business Day
      period referred to in this Section 4.3(c), GPUS, or a GPUS Affiliate, as
      directed by GPUS in writing, will be deemed to have waived its rights to
      acquire any New SPD Securities under this Section 4.3 and SPD will be
      entitled, within the period of 90 days following the expiry of such five
      Business Day period, to complete the proposed issuance of New SPD
      Securities to the Third Party Purchasers on terms and conditions no less
      favourable to SPD than those contained in the notice provided to GPUS, or
      a GPUS Affiliate, as directed by GPUS in writing, pursuant to Section
      4.3(b). If no such transaction is completed within such 90 day period, SPD
      will be required to again comply with the provisions of this Section 4.3
      before completing such transaction.

	 	 	 
	 	(d) 	
      If SPD receives within the five Business day period
      referred to in Section 4.3(c) written notice from GPUS, or a GPUS
      Affiliate, as directed by GPUS in writing, that it wishes to purchase some
      or all of the New SPD Securities which it is entitled to purchase under
      Section 4.3(a), then subject to the approval of the Exchange (which SPD
      will use reasonable commercial efforts to promptly obtain) and any
      shareholder approvals which may be required under applicable laws, SPD
      will be obligated to issue to GPUS (or an Affiliate of GPUS as directed by
      GPUS in writing), and GPUS, or a GPUS Affiliate, as directed by GPUS in
      writing, will be obligated to purchase from SPD, such New SPD Securities
      concurrently with the completion of the issuance of such New SPD
      Securities to the Third Party Purchasers.

	 	 	 
	 	(e) 	
      Nothing in this Section 4.3 will provide GPUS, or a GPUS
      Affiliate, as directed by GPUS in writing, with any rights to acquire any
      securities of SPD which are being issued (i) solely as consideration for
      the acquisition by SPD or its Affiliates of assets from persons dealing at
      arm's length to SPD and not as a financing transaction for SPD, (ii) under
      any equity compensation plan in respect of directors, officers, employees
      or consultants of SPD or (iii) upon the exercise of other outstanding
      convertible securities of SPD.

- 17

	 	(f) 	
      SPD will use commercially reasonable efforts to obtain
      any and all approvals of the Exchange and the shareholders of SPD under
      the rules of the Exchange or any other applicable laws in order for GPUS,
      or a GPUS Affiliate, as directed by GPUS in writing, to obtain the full
      benefit of its rights under this Section 4.3 to purchase Participation
      Right Securities.

4.4                 Public Disclosure; Confidentiality 

	 	(a) 	
      Unless and until the transactions contemplated in this
      Agreement will have been completed, except with the prior written consent
      of the other party, each party and its respective employees, officers,
      directors, shareholders, agents, advisors and other representatives will
      hold all information received from the other party and all information
      concerning the Company 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.

	 	 	 
	 	(b) 	
      All such information and documents in any form or medium
      whatsoever concerning the Company, including but without limitation copies
      thereof and derivative materials made therefrom will be delivered to GPUS,
      or an Affiliate of GPUS, as directed by GPUS, in the event that the Shares
      are transferred back to GPUS or an Affiliate of GPUS, as directed by GPUS
      in writing, destroyed in the event that the transactions provided for in
      this Agreement are not completed.

ARTICLE 5

CONDITIONS 

5.1                
 Mutual Conditions Precedent 

                 
    The respective obligations of the parties hereto to
consummate the transactions and deliver the documents contemplated hereby are
conditional on the satisfaction or waiver of all conditions precedent in the
Arrangement Agreement which condition is for the benefit of both GPUS and SPD
and may not be waived. 

ARTICLE 6 
CLOSING 

6.1                 
Effective Time 

                        The
parties will complete the transactions contemplated hereby ("Closing") on
the  Effective Date at the time set out in the Plan of Arrangement (the
"Closing Time"). 

6.2        
         Deliveries on
Closing 

                        At Closing: 

	 	(a) 	
      GPUS will deliver to SPD:

	 	 	 	 
	 		(i) 	
      the share certificates representing the Shares, duly
      endorsed for transfer to SPD or to an Affiliate of SPD, as directed by
      SPD;

- 18

	 	(ii) 	
      a subscription agreement in respect of the Financing in
      the form attached hereto as Schedule "G", duly executed by Till or an
      Affiliate of Till;

	 	 	 
	 	(iii) 	
      all books, minute books, records and accounts of each
      Company and any other information necessary for SPD to operate and manage
      the Business of each Company;

	 	 	 
	 	(iv) 	
      a certified copy of a resolution of the directors of GPUS
      authorizing the execution of this Agreement and the completion of the
      transactions contemplated hereby;

	 	 	 
	 	(v) 	
      a certified copy of a resolution of each Company
      approving the transfer of the Shares from GPUS to SPD or to an Affiliate
      of SPD, as directed by SPD;

	 	 	 
	 	(vi) 	
      a certified copy of a resolution of Till approving the
      Financing; and

	 	 	 
	 	(vii) 	
      such other documents as may be required by SPD's legal
      counsel, acting reasonably.

	 	(b) 	
      SPD will deliver to GPUS:

	 	 	 	 
	 		(i) 	
      a share certificate of SPD registered in the name of GPUS
      or an Affiliate of GPUS, as directed by GPUS, for the number of the SPD
      Shares which SPD issues at Closing in accordance with Section
      2.3(a)(i);

	 	 	 	 
	 		(ii) 	
      a certified copy of a resolution of the directors of SPD
      authorizing the execution of this Agreement and the transactions
      contemplated hereby, including the allotment and issuance of the SPD
      Shares issued pursuant to Section 2.3(a)(i);

	 	(iii) 	
      the Purchase Note, duly executed by SPD in favour of GPUS
      or an Affiliate of GPUS, as directed by GPUS;

	 	(iv) 	
      share certificates representing the NRC Shares and SMC
      Shares, duly endorsed in blank for transfer, in accordance with Section
      2.3(b);

	 	 	 
	 	(v) 	
      the royalty transfer agreements in respect of each of the
      Royalties, duly executed by SPD in accordance with Section 2.4;

	 	 	 
	 	(vi) 	
      the royalty transfer agreements in respect of each of the
      Additional Royalties, duly executed by each of NRC or SMC, as applicable,
      in accordance with Section 2.5; and

	 	 	 
	 	(vii) 	
      such other documents as may be required by GPUS's legal
      counsel, acting reasonably.

- 19

6.3               
 Closing Arrangements 

                  
   Subject to the terms and conditions hereof, the Transaction
will be closed at the Closing Time at the Vancouver offices of Stikeman Elliott
LLP or at such other place or places as may be mutually agreed upon by GPUS and
SPD. 

ARTICLE 7 
GENERAL PROVISIONS 

7.1                
Further Assurances 

                
     Each of GPUS and SPD hereby covenant and agree
that at any time and from time to time after the Effective Date it will, upon
the request of the others, do, execute, acknowledge and deliver or cause to be
done, executed, acknowledged and delivered all such further acts, deeds,
assignments, transfers, conveyances and assurances as may be required for the
better carrying out and performance of all the terms of this Agreement
including, without limitation, any documents required to comply with securities
or stock exchange requirements. 

7.2                
 Notices 

                   
  Any notice required or permitted to be given under this agreement
will be given in writing and transmitted by facsimile or other electronic
transmission or delivered by one party to the other (the "Recipient") at
the address indicated below and will be deemed to have been given on the day on
which it is delivered or sent by facsimile or other electronic transmission,
provided that such day is a Business Day in the city in which the recipient is
located and such notice is so delivered or sent by facsimile prior to 5:00 p.m.
(local time of the Recipient). If a notice is not delivered or sent on a
Business Day or is delivered or sent on or after 5:00 p.m. on such day, it will
be deemed to be given on the next Business Day thereafter. 

lf to Silver Predator Corp.:

5450 Riggins Court, #5 
Reno, Nevada
USA 89502 
Attention: Nathan Tewalt, CEO 
(Fax): (775) 284-1275 
Email:
ntewalt@silverpredator.com 

If to Golden Predator US Holding
Corp. 

11521 North Warren Street 
Hayden,
Idaho 83835 
Attention: William Sheriff, Chairman & CEO 
Fax: (208)
635-5465 
Email: wms@aubullion.com 

with a copy to 

11521 North Warren Street 

- 20 -

Hayden, Idaho 83835 
Attention:
Timothy Leybold, CFO 
Fax: (208) 635-5465 
Email: tleybold@aubullion.com

7.3               
 Governing Law 

                
    This Agreement shall be governed by and construed in
accordance with the laws of the Province of British Columbia and the laws of
Canada applicable therein and shall be treated in all respects as a British
Columbia contract. Each of the parties hereby irrevocably attorns to the
exclusive jurisdiction of the courts of the Province of British Columbia in
respect of all matters arising under and in relation to this Agreement and the
Arrangement and waives any defences to the maintenance of an action in the
Courts of the Province of British Columbia. EACH PARTY TO THIS AGREEMENT HEREBY
WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE
PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS
AGREEMENT. 

7.4                
 Expenses of Parties 

                 
    Each of the parties hereto will bear all expenses
incurred by it in connection with this Agreement including, without limitation,
the charges of their respective counsel, accountants, and financial advisors.

7.5                 
Assignment 

                
     No party hereto may assign its rights or
obligations under this Agreement, without the consent of the other party hereto.
SDP hereby consents to the assignment by GPUS to an Affiliate of GPUS of its
rights and obligations hereunder, which rights and obligations GPUS will assign
an Affiliate promptly following Closing. 

7.6                
 Successors and Assigns 

                   
  This Agreement will be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns. Nothing herein,
express or implied, is intended to confer upon any person, other than the
parties hereto and their respective successors and assigns, any rights,
remedies, obligations or liabilities under or by reason of this Agreement. 

7.7                
 Entire Agreement 

                   
  This Agreement and the Schedules hereto constitutes the entire agreement, and
supersedes all other prior agreements and understandings between the Parties
with respect to the subject matter hereof and thereof, including the Letter of
Intent. None of the parties hereto will be bound or charged with any oral or
written agreements, representations, warranties, statements, promises,
information, arrangements or understandings not specifically set forth in this
Agreement or in the Schedules, documents and instruments to be delivered on or
before the Effective Time pursuant to this Agreement. The parties hereto further
acknowledge and agree that, in entering into this Agreement and in delivering
the Schedules, documents and instruments to be delivered on or before the
Effective Time, they have not in any way relied, and will not in any way rely,
upon any oral or written agreements, representations, warranties, statements,
promises, information, arrangements or understandings, express or implied, not
specifically set forth in this Agreement or in such Schedules, documents or
instruments. 

- 21 -

7.8                
 Waiver 

                   
  Any party hereto which is entitled to the benefits of this Agreement
may, and has the right to, waive any term or condition hereof at any time on or
prior to the Effective Time; provided, however, that such waiver must be
evidenced by written instrument duly executed on behalf of such party. 

7.9                
 Amendments 

                        No
modification or amendment to this Agreement may be made unless agreed to by the
parties hereto in writing. 

7.10               
Counterparts 

                     
 This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original but all of which together shall constitute one
and the same instrument. The parties shall be entitled to rely upon delivery of
an executed facsimile or similar executed electronic copy of this Agreement, and
such facsimile or similar executed electronic copy shall be legally effective to
create a valid and binding agreement between the parties. 

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

SILVER PREDATOR CORP., by the authorized signatory:

/s/ Nathan A. Tewalt

  Authorized
Signatory 

Name:  Nathan A. Tewalt

Title: Chief Executive Officer

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

GOLDEN PREDATOR US HOLDING CORP., by its authorized signatory: 

/s/ Timothy P. Leybold

  Authorized
  Signatory 

  Name: Timothy P. Leybold

  Title: Treasurer and Chief Financial Officer

SCHEDULE "A" 

ASSETS OF SPRINGER MINING 

	Fee land of approximately 3,756 acres in Pershing County, NV
  
	All underground mine and surface mill equipment at the Springer mine
  property in Pershing County, NV, including water and air pollution control
  permits, tailings/water dam and pond permits, and industrial water rights
  permits
  
	340 unpatented lode mining claims in Pershing County, NV
  
	25 placer mineral claims in Pershing County, NV
  
	Copper King Tungsten property consisting of 7 unpatented and 9 patented
  mining claims in Pershing County, NV 

SCHEDULE "B" 

ASSETS OF NEVADA ROYALTY 

	Taylor Mill property and equipment in White Pine County, NV, including 5
  onsite unpatented mining claims and water rights
  
	Rumbolt Mill site in Pershing County, NV
  
	Tempo property consisting of approximately 200 unpatented mining claims in
  Lander County, NV
  
	Modoc property consisting of an 85% interest in 114 unpatented mining
  claims in Lander County, NV
  
	Guild/Skipjack property consisting of 74 unpatented mining claims in Nye
  County, NV
  
	Lewiston property consisting of 175 unpatented and 3 patented owned
  claims, and 8 patented and 10 unpatented leased claims in Fremont County, WY
  
	Yankee West property consisting of 107 unpatented mining claims in White
  Pine County, NV
  
	Flamingo property consisting of 68 unpatented mining claims in Nye County,
  NV
  
	Aphro Claim group consisting of 17 unpatented mining claims in Nye County,
  NV, 

SCHEDULE "C" 

ROYALTIES 

SPD will grant royalties to OPUS, or an Affiliate of OPUS as
directed by OPUS in writing, on each of the following properties and in the
following amounts; provided, however, that all NPI will be calculated after any
NSR payment, such that any NSR payments are allowable expenses when calculating
NPI: 

	Taylor 	1.0%NPI 
	Treasure Hill 	0.5% NPI 
	Cordero 	1.0%NPI 
	Copper King, ID 	1.0% NPI or 1.0% NSR 
	McBride, Manitoba 	1.0% NSR (Sypher
      Rscs) 
	Illinois Creek, Alaska 	1/3 of any NSR or NPI currently
      owned by SPD or granted to SPD in the future. 

SCHEDULE "D" 

ADDITIONAL ROYALTIES 

SPD will cause Nevada Royalty to grant royalties to GPUS, or an
Affiliate of GPUS as directed by GPUS in writing, on each of the following
properties and in the following amounts: 

	Flamingo 	2.0% NSR 
	Modoc (85%) 	2.0% NSR 
	Tempo 	2.0% NSR 
	Yankee West 	1.0%NSR 
	Guild/Skipjack 	2.0% NSR 
	Lewiston WY 	1.0%NSR 
	Aphro 	2.0% NSR 

SPD will cause Springer Mining to grant royalties to GPUS, or
an Affiliate of GPUS as directed by GPUS in writing, on each of the following
properties and in the following amounts: 

	Springer 	2.0% NSR 
	Copper King 	2.0% NSR 

SCHEDULE "E" 

FORM OF PURCHASE NOTE 

WITHOUT PRIOR WRITTEN APPROVAL OF TSX VENTURE EXCHANGE AND
COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
REPRESENTED BY TIDS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF TSX VENTURE EXCHANGE OR
OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL AUGUST
18, 2014. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES MUST NOT TRADE THE SECURITIES BEFORE AUGUST 18, 2014. 

SILVER PREDATOR CORP. 

PROMISSORY NOTE 

	Date of Issue: April 17, 2014 	Amount: US$4,500,000 

Silver Predator Corp. (the "Company"), for value received,
promises to pay to Resource Re Ltd. (the "Holder"), the principal sum of
US$4,500,000 (the "Principal Amount"), plus simple interest accruing from the
date of issue until paid at a rate of 4% per annum. 

This Promissory Note (the "Note") is made pursuant to the share
purchase agreement dated the date hereof between the Company and Golden Predator
US Holding Corp. (the "Share Purchase Agreement"). Unless otherwise defined,
capitalized terms used in this Note have the meanings assigned to them in the
Share Purchase Agreement. If there is a conflict or inconsistency between this
Note and the Share Purchase Agreement, the Share Purchase Agreement will prevail
to the extent of that conflict or inconsistency. 

1.        Principal and
Interest 

The outstanding Principal Amount and the accrued but unpaid
interest (the "Interest") shall become due and payable as follows (each, a
"Payment Due Date"): 

	 	(a) 	
      Principal Amount of US$1,000,000 on April 17,
  2015;

	 	 	 
	 	(b) 	
      Principal Amount of US$1,500,000 on April 17, 2016;
      and

	 	 	 
	 	(c) 	
      Principal Amount of US$2,000,000 on April 17,
  2017,

in each case plus Interest accumulated
as at such date. 

All payments under this Note shall be made in the lawful money
of Canada. The Company may prepay all or any part of the Note at any time
without penalty, bonus or charges. All payments shall first be applied to the
Interest and thereafter to the outstanding Principal Amount. All payments of
Interest, whether in cash, or in shares pursuant to section 2, will be net of
applicable Canadian withholding tax, if any. 

2.        Payment of
Principal Amount and Interest in Common Shares 

Subject to the receipt of any required regulatory approvals and
the other provisions of this Note the Company may, at its option provided that
its common shares are then listed on the Toronto Stock Exchange or the TSX Venture Exchange, and not subject to any
cease trade order or suspension or halt in trading, in exchange for or in lieu
of paying the portion of the Principal Amount and/or any Interest due on each
Payment Due Date (or any other pre-payment date) solely in money, elect to
satisfy its obligation to pay such portion of the Principal Amount and/or any
Interest by issuing and delivering to the Holder on the date of payment (the
"Common Share Payment Date") that number of fully paid common shares in
the capital of the Company ("Common Shares") obtained by dividing such
portion of the Principal Amount and/or any Interest that the Company elects to
pay in Common Shares by the Common Share FMV (the "Common Share Payment
Right"). 

- 2-

For the purposes of the foregoing, the "Common Share FMV"
shall be the greater of: (a) subject to the Available Discount (as defined
below), the volume weighted average trading price ("VWAP") of the Common
Shares on the TSX Venture Exchange (or such other stock exchange on which the
Common Shares may at such time be trading) for the 14 trading days immediately
preceding the date which is two days before the Common Share Payment Date; and
(b) CAD$0.05. 

The VWAP of the Common Shares will be subject to a 10% discount
in the event the VWAP is at least CAD$0.36 but less than CAD$0.75, and a 15%
discount in the event the VWAP is CAD$0.75 or more (the "Available
Discount"). 

Any amount payable by the Company to the Holder pursuant to the
terms of this Note that is paid in Common Shares in accordance with the
Company's Common Share Payment Right will be deemed to be paid and satisfied in
full as of the Common Share Payment Date. The Holder shall be treated as the
shareholder of record of the Common Shares issued on due exercise by the Company
of its Common Share Payment Right effective immediately after the close of
business on the Common Share Payment Date, and shall be entitled to all
substitutions therefor, all income earned thereon or accretions thereto and all
dividends or distributions (including distributions and dividends in kind)
thereon and arising thereafter. As soon as practicable following the Common
Share Payment Date, the Company, at its expense, will cause to be issued in the
name of and delivered to the Holder, a certificate or certificates for the
number of Common Shares to which the Holder shall be entitled pursuant to this
Section 2. The Holder acknowledges and agrees that this Note and any securities
acquired upon conversion pursuant to this Section 2 will be subject to such
trade restrictions as may be imposed by operation of applicable securities rules
and that the Company will be required to legend the certificates representing
such securities with those restrictions. 

3.       
Fractional Shares 

The Company shall not be required to issue fractional Common
Shares upon the payment of any portion of this Note in Common Shares pursuant to
Section 2. If any fractional interest in Common Shares would, except for the
provisions of this Section 3, be issuable upon the payment of any amount of this
Note, the number of Common Shares issued upon such payment shall be rounded down
to the next whole number of Common Shares and the Company shall not be required
to make any payment in lieu of delivering any certificates of such fractional
interest.

4.       
Adjustment and Anti-dilution Rights 

If, prior to repayment of this Note, the Company undertakes any
reclassification of, or other change in (including a change resulting from
consolidation or subdivision) the outstanding Common Shares other than the
Consolidation; or in case of any issue of Common Shares (or securities
convertible into Common Shares) to all or substantially all of the holders of
its outstanding Common Shares by way of a stock dividend or other distribution
of assets or securities; the number of Conversion Shares to be issued under Section 2 shall, after such reclassification, change, issue,
distribution or dividend, be equal to the number of shares or other securities
or property of the Company, to which the Holder would have been entitled to upon
such reclassification, change, distribution or dividend. The Common Share FMV in
effect on the Common Share Payment Date of any such subdivision, redivision or
on the record dated for such issuance of the Common Shares by way of a stock
dividend or other distribution of assets or securities, as the case may be,
shall be decreased in the proportion which the number of Common Shares
outstanding before such transaction bears to the number of Common Shares
outstanding after such transaction. The Conversion Price in effect on the Common
Share Payment Date of any such reduction, combination or consolidation of the
Common Shares, shall be increased in the proportion which the number of Common
Shares outstanding before such transaction bears to the number of Common Shares
outstanding after such transaction. 

- 3-

The Company covenants with the Holder that so long as this Note
remains outstanding, it will give notice to the Holder of its intention to fix a
record date for any event referred to in this Section 4 which may give rise to
an adjustment in the number of Common Shares issuable under Section 2 herein and
such notice must specify the particulars of such event and the record date and
the effective date for such event. The Company shall give such notice to the
Holder not less than ten business days in each case prior to such applicable
record date. 

5.       
Transfer of Note - Restrictions on Transfer 

This Note may not be transferred or assigned without the
consent of the Company, which consent will not be unreasonably withheld by the
Company; provided however that the Holder may transfer or assign this Note to an
affiliate (as defined in the Securities Act (British Columbia) of the
Holder without the consent of the Company. The Company shall not be required to
consent to the transfer of this Note to a person that is either a non-resident
person or a partnership that is not a "Canadian Partnership" each for the
purposes of the Income Tax Act (Canada). If consented to by the Company,
this Note may be transferred only in compliance with applicable securities laws
and only upon surrender of the original Note for registration of transfer, duly
endorsed, or accompanied by a duly executed written instrument of transfer in
form satisfactory to the Company. A new Note for like Principal Amount will be
issued to, and registered in the name of, the transferee. 

6.       
No Impairment 

Except and to the extent as waived or consented to by the
Holder, the Company will not, by amendment of its articles or bylaws or through
any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or
performed hereunder by the Company, but will at all times in good faith assist
in the carrying out of all the provisions of this Note and in the taking of all
such action as may be necessary or appropriate in order to protect the exercise
rights of the Holder against impairment. 

7.       
Miscellaneous 

	 	(a) 	
      The Company may deem and treat the holder of record of
      this Note as the absolute owner for all purposes regardless of any notice
      to the contrary.

	 	 	 
	 	(b) 	
      This Note shall not entitle the Holder to any voting
      rights or any other rights as a shareholder of the Company or to any other
      rights except the rights stated herein.

- 4-

	 	(c) 	
      Any term of this Note may be amended and the observance
      of any term may be waived (either generally or in a particular instance
      and either retroactively or prospectively) only with the written consent
      of both the Company and the Holder.

	 	 	 
	 	(d) 	
      This Note shall be governed by and construed under the
      laws of the Province of British Columbia.

	 	 	 
	 	(e) 	
      The terms and conditions of this Note shall inure to the
      benefit of and be binding on the respective successors and assigns of the
      parties.

	 	 	 
	 	(f) 	
      If one or more provisions of this Note are held to be
      unenforceable under applicable law, such provision shall be excluded from
      this Note, and the balance of this Note shall be interpreted as if such
      provision were so excluded and shall be enforceable in accordance with its
      terms.

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

- 5-

SILVER PREDATOR CORP. 

Per: _________________________________________________

       Authorized Signatory 

SCHEDULE "F" 

FORM OF ROYALTY GRANT AGREEMENT 

No APN's - no transfer of title 
Deed of Royalties Only 

Recorded at the request of 
and when recorded return to:

	The undersigned affirms that this document 
	does not contain
      the personal information of any person. 

Deed of Royalties 

This Deed of Royalties ("Deed") is made and entered into
effective
this              
, day
of              
, 2014
from              
, a corporation
("              
"),
to              
, a corporation
("              
"). 

Recitals 

                   ,
a company incorporated under the laws of
<       
("              
"), and        , a corporation incorporated
under the laws of , are parties to the Share Purchase Agreement
dated              
, 2014 (the "Sale Agreement") pursuant to
which              
agreed to grant
to              
the "Net Profits Royalty" (as defined herein) in the properties more
particularly described in Exhibit A (hereinafter the "NPI Properties") and the
"Net Smelter Royalty" (as defined herein) in the properties more particularly
described in Exhibit B (hereinafter the "NSR Properties") (together with the Net
Profits Royalty, the "Royalties") attached to and by this reference incorporated
in this Deed (collectively the "Properties" and each individually a "Property").

            All
capitalized words not otherwise defined shall have the respective meanings set
forth in Exhibit C. 

                    
desires to grant
to                     
the Royalties provided for in the Sale Agreement. 

            In
consideration of the sum of ten dollars ($10.00), the receipt of which is
acknowledged, and the parties' rights and obligations under the Sale Agreement,
the parties agree as follows: 

1.       
Net Profits Royalty. <@> grants to <@>, and
<@>'s assigns and successors forever, and <@> covenants for itself
and its assi s and successors, to pay to < , and <@>'s assigns and
successors, a production royalty of % of the Net Profits of the Properties
payable after the commencement of Commercial Production from the <@>
Properties the "Net Profits Royalty"). For greater certainty, the Net Profits
Royalty encumbers the Properties separately, and the Net Profits Royalty in
respect of the <@> Properties shall encumber, and shall only be payable
from, the Net Profits to which <@> is entitled in respect of the <@>
Properties and shall not encumber any other claims. 

            1.1       
Calculation of Royalty. If and for so long as the Net Profits
Royalty is payable in respect of the Properties, <@> shall calculate, as
of the end of each calendar quarter ending after the date of commencement of Commercial Production on each
of the <@> Properties, the Gross Revenue, Expenditures and Net Profits for
each of the <@> Properties for such quarter. 

- 2 -

            1.2       
Arm's Length. Notwithstanding the definitions of Gross Revenue
and Expenditures, if, in respect of the <@> Properties: 

	 	(a) 	
      sales of ore, minerals or other products extracted or
      produced from the <@> Properties are made to;

	 	 	 
	 	(b) 	
      receipts are paid by or receivables are payable by;
    or

	 	 	 
	 	(c) 	
      costs, charges, obligations, liabilities and expenses
      paid or payable by <@>, <@> US and their respective affiliates
      to,

a person not at arm's length to <@>, the amount to be
added to Gross Revenue for the <@> Properties in respect of such sales,
receipts or receivables or to be added to Expenditures in respect of such costs,
charges, obligations, liabilities and expenses shall be the fair market value to
<@>, as delivered, of the ore, minerals, metals or other products or of
the subject matter of the receipts, receivables, costs, charges, obligations,
liabilities and expenses at the time. 

            1.3       
Payment of Net Profits Royalty. If and for so long as the Net
Profits Royalty is payable in respect of the <@> Properties, <@>
shall, within 45 days after the end of each calendar quarter ending after the
date of commencement of Commercial Production on the <@> Properties: 

	 	(a) 	
      deliver to <@> a statement, showing in reasonable
      detail the calculation of Gross Revenue, Expenditures and Net Profits for
      the <@> Properties for such quarter; and

	 	 	 
	 	(b) 	
      pay to <@> the Net Profits Royalty for such
      quarter.

            1.4       
Carrying Forward of Losses. Any amount by which the aggregate of the
Expenditures for the <@> Properties in any calendar quarter ending after
the date of commencement of Commercial Production on the <@> Properties,
exceeds Gross Revenue for the <@> Properties for such quarter shall,
together with any negative balance carried forward from the previous quarter (as
long as such quarter ended after the date of commencement of Commercial
Production), be carried forward for deduction from Gross Revenue for the purpose
of determining the Net Profits for the <@> Properties for the immediately
succeeding quarter. 

            1.5       
Year End Adjustment. If and for so long as the Net Profits Royalty is
payable in respect of the <@> Properties, <@> shall, within 120 days
of the end of each calendar year ending after the date of commencement of
Commercial Production on the <@> Properties, deliver to <@> a
statement of the Gross Revenue, Expenditures and Net Profits for such calendar
year, and contemporaneously with the delivery of such statement an appropriate
adjustment shall be made with respect to the royalty payments made by <@>
pursuant to Paragraph 1.3(b) above and <@> shall pay to <@> any
amount payable by reason of the Net Profits disclosed in such statement. 

- 3 -

            1.6       
Access and Audit. For the purpose of verifying any statement of
Net Profits for the <@> Properties delivered by <@> to <@>
hereunder, <@> agrees that <@> and its authorized representatives
shall, at all reasonable times, have full and free access to the books, accounts
and records of <@> dealing with all aspects and elements of Gross Revenue
and Expenditures for the <@> Properties, and <@> grants to <@>
the right at any time to have the Gross Revenue, Expenditures and Net Profits
for such Property determined and audited by a chartered accountant selected by
<@>. <@> shall pay, on demand by <@>, any deficiency shown to
be due by any such audit and, if the statement of Net Profits for the <@>
Properties in respect of any period is found by such audit to be understated by
more than 5%, <@> shall also reimburse <@> for the costs of the
audit. 

2.       
Net Smelter Royalty. <@> grants to <@>, and <@>'s
assigns and successors forever, and <@> covenants for itself and its assi
s and successors, to pay to <@>, and <@>'s assigns and successors, a
production royalty of % of the Net Smelter Returns from the production or sale
of minerals from each of the <@> Properties payable after the commencement
of Commercial Production from such Owned Property (the "Net Smelter Royalty").
For greater certainty, the Net Smelter Royalty encumbers each of the <@>
Properties separately and the Net Smelter Royalty in respect of anyone Owned
Property shall encumber, and shall only be payable from, the Net Smelter Returns
to which <@> is entitled in respect of that < Property and shall not
encumber any other claims. The Royalties shall be non-administrative,
nonexecutive, non- participating and nonworking mineral production royalties.

            2.1       
Royalty on Property. The Royalties shall burden and run with the
Properties, as applicable, including any amendments, conversions to a lease or
other form of tenure, relocations or patent of all or any of the unpatented
mining claims which comprise all or part of the Properties. On amendment,
conversion to a lease or other form of tenure, relocation or patenting of any of
the unpatented mining claims which comprise all or part of the Properties,
<@> agrees and covenants to execute, deliver and record in the office of
the recorder of the county in which all or any part of the Properties are
situated an instrument by which <@> grants to <@> the Royalties and
subjects the amended, converted or relocated unpatented mining claims and the
patented claims, as applicable, to all of the burdens, conditions, obligations
and terms of this Deed. 

            2.2       
Notice of Commencement of Commercial Production. <@>
shall provide <@> with written notice of the date of commencement of
Commercial Production on any of the Properties within ten days after the
occurrence of such date. 

            2.3       
Payment of Net Smelter Royalty. <@> shall, within 45 days after the
end of each calendar quarter ending after the date of commencement of Commercial
Production on any of the <@> Properties: 

	 	(a) 	
      deliver to <@> a statement, showing in reasonable
      detail the calculation of Net Smelter Returns for such Owned Property for
      such quarter together with documentation supporting the proceeds and
      payments underlying such calculation; and

- 4 -

	 	(b) 	
      pay <@> the Net Smelter Royalty in respect of such
      Owned Property for such quarter.

            2.4       
Arm's Length. Notwithstanding the definition of Net Smelter
Returns, if the proceeds from the sales of ore, minerals or other products
extracted or produced from any of the <@> Properties are paid to a person
not at arm's length to <@>, or the payments deductible from proceeds are
paid to a person not at arm's length to <@>, the amount to be added to or
deducted from Net Smelter Returns for such Owned Property in respect of such
sales or payments shall be the fair market value to <@>, as delivered, of
the ore, minerals, metals or other products or to <@> of the subject
matter of the payments at the time. 

            2.5       
Audit. <@> shall have the right, within 90 days after the
delivery to <@> of the annual audited financial statements of <@>
Parentco for each fiscal year during which Commercial Production from any of the
<@> Properties exists to request an audit of any of the Net Smelter
Royalty calculations for the previous year by <@> Parentco's public
auditors, after which time period <@>'s calculations shall be deemed to be
correct. The cost of such audit shall be paid by <@> unless the audit
reveals that the amount paid on account of the Net Smelter Royalty for the
fiscal year in question was more than 5% less than that calculated as being due
by the auditor, in which case the cost of such audit shall be paid by <@>.

3.       
Interest on Unpaid Amounts. If <@> shall fail to pay any
amount when due under this Deed, the unpaid amount shall bear interest from the
due date thereof to the date of payment at the annual rate equal to the Prime
Rate plus [3%], calculated and payable monthly. 

4.       
Commingling. Subject to <@> obtaining any necessary
consents or agreements of the owners of the <@> Properties <@> shall
have the right to commingle any ores, minerals or mineral products from any of
the Properties with ores, minerals and mineral products produced from other
properties, provided that such commingling is accomplished after such ores,
minerals or mineral products have been weighed or measured and sampled in
accordance with sound mining and metallurgical practices. Any Royalty due
hereunder shall be determined by equitable allocation between ores, minerals and
mineral products from any of the Properties and ores, minerals and mineral
products from other properties in accordance with sound accounting and
metallurgical practices. Before the commencement of Commercial Production from
any of the Properties that would involve commingling, <@> shall present
and explain the commingling procedures that will be used to <@> and give
reasonable consideration to any concerns raised by <@>. Accurate records
of tonnage, volume of products, analyses of products, weight, assays of metal
content, sales, and other records necessary for the computation of any Royalty
due hereunder shall be kept by <@>, and such shall be available for
inspection by <@>, at <@>'s sole expense, as applicable, at all
reasonable times. In any dispute regarding the amount of any Royalty payable,
the foregoing shall not alter the common law principles applicable to
commingling regarding fair dealing and the burden of proof relating to the
calculations of royalties payable. 

5.       
General Provisions. 

            5.1       
Entire Agreement. This Deed and the Sale Agreement constitute the
entire agreement between the parties with respect to the subject matter hereof.

- 5 -

            5.2       
Additional Documents. The parties shall from time to time
execute all such further instruments and documents and do all such further
actions as may be necessary to effectuate the purposes of this Deed. 

            5.3       
Binding Effect. All of the covenants, conditions, and terms of
this Deed shall bind and inure to the benefit of the parties and their
successors and assigns. 

            5.4       
No Partnership. Nothing in this Deed shall be construed to create,
expressly or by implication, a joint venture, mining partnership or other
partnership relationship between the parties. 

            5.5       
Governing Law and Forum Selection. This Deed is to be governed
by and construed under the laws of the State of Nevada. Any action or proceeding
concerning the construction, or interpretation of the terms of this Deed or any
claim or dispute between the parties shall be commenced and heard in the Second
Judicial District Court of the State of Nevada, in and for the County of Washoe,
Reno, Nevada. 

            5.6       
Severability. If any part, term or provision of this Deed is
held by a court of competent jurisdiction to be illegal or in conflict with any
laws or regulations, the validity of the remaining portions or provisions shall
not be affected, and the rights and obligations of the parties shall be
construed and enforced as if this Deed did not contain the particular part, term
or provision held to be invalid. 

      
     5.7       
Notices. Any notices required or authorized to be given by this Deed
shall be in writing and shall be sent either by commercial courier, facsimile,
or by certified U.S. mail, postage prepaid and return receipt requested,
addressed to the proper party at the address stated below or such address as the
party shall have designated to the other parties in accordance with this
Section. Such notice shall be effective on the date of receipt by the addressee
party, except that any facsimiles received after 5:00 p.m. of the addressee's
local time shall be deemed delivered the next day. 

If to <@>: 

If to <@>.: 

This Deed is
effective                   
 ,
of                     
, 2014. 

- 6 -

By:    
_________________________________________________________________

          
Authorized Signatory

           Name:

          
Title: 

 

This Royalty Deed was executed before me on
_____________________________, by < , Chief Financial Officer and Treasurer
of < 

 

_________________________________________________
Notary
Public 

My commission does not expire. 

Exhibit A 

<@> Properties

PROPERTY 

The following      [NTD: insert
property description] 

	Claim Name 	BLM# 
	 	<@>

PROPERTY 

The following      [NTD: insert
property description] 

	Claim Name 	BLM# 
	 	<@>

Exhibit B 

<@> Properties

PROPERTY 

The following claims      [NTD: insert
property description]: 

	Claim Name 	BLM# 
	 	<@>

PROPERTY 

The following claims      [NTD: insert
property description]: 

	Claim Name 	BLM# 
	 	<@>

Exhibit C 

Defined Terms 

	1. 	
      "Claims" means the mining claims that comprise the
      Properties.

	 	 	 
	2. 	
      "Commercial Production" means, and is deemed to
      have been achieved, in respect of any of the Claims when the concentrator
      processing ores, for other than testing purposes, has operated for a
      period of 30 consecutive production days at an average rate of not less
      than 60% of the projected production rate specified in a feasibility study
      recommending placing any of the relevant Claims in commercial production
      or other production plan being pursued or, if a concentrator is not
      erected on such Claims, when ores have been produced for a period of 30
      consecutive production days at the rate of not less than 60% of the mining
      rate specified in a feasibility study recommending placing such Claims in
      commercial production, but specifically excludes the milling of ores for
      the purpose of testing or milling (to a maximum of 500 tons in respect of
      each of the Claims) by a pilot plant or milling during an initial tune-up
      period of a plant.

	 	 	 
	3. 	
      "Expenditures" means, subject to Paragraph 1.2
      hereof, all costs, charges, obligations, liabilities and expenses of every
      nature incurred or chargeable, directly or indirectly, by <@>,
      <@> Parentco and their respective affiliates, including payments for
      damages, if any, save and except for damages arising from willful
      misconduct or gross negligence of any of <@> or <@> Parentco,
      resulting from or connected with the preparation, equipping and operation
      of the <@> Properties which are incurred or become chargeable in
      connection with or for the benefit of the <@> Properties, its
      development, improvement, maintenance and operation, and the products
      thereof, except that any capital expenditure shall only be deemed to be an
      expenditure for any period to the extent that such capital expenditure is
      depreciated or amortized, as applicable, in accordance with Canadian
      generally accepted accounting principles, consistently applied, or the
      International Financial Reporting Standards, if adopted by <@> for
      that period. All Expenditures shall be determined in accordance with
      Canadian generally accepted accounting principles consistently applied or
      the International Financial Reporting Standards, if adopted by <@>
      or <@> Parentco. Without limiting the generality of the foregoing,
      and without intending to enumerate all items of expense, it is understood
      that Expenditures shall include the following items which are incurred or
      chargeable in connection with or for the benefit of the <@>
      Properties and without duplication:

	 	 	 
		(a) 	
      all costs of or related to the mining and concentrating
      of ore or other products and the operation and development of the
      <@> Properties;

	 	 	 
		(b) 	
      all selling and marketing expenses of ore or other
      products, including without limitation, transportation, agents'
      commissions and discounts;

	 	 	 
		(c) 	
      all costs of maintaining any the <@> Properties or
      the leases relating thereto, as applicable, or any other interest therein
      in good standing, including payment of the Royalties and any other amounts
      due thereunder, as applicable, and taxes of any nature whatsoever in
      connection therewith;

- 10 -

	 	(d) 	
      the costs of purchase or rental of all supplies,
      equipment, machinery, plant maintenance, plant additions, repairs and
      replacements and construction;

	 	 	 
	 	(e) 	
      the costs of purchase or rental of all equipment,
      facilities and amenities for the use and welfare of employees employed in
      connection with the <@> Properties;

	 	 	 
	 	(f) 	
      the total annual costs and expenses of insuring the
      <@> Properties, including the buildings, improvements, equipment and
      other property on or below the <@> Properties;

	 	 	 
	 	(g) 	
      the salaries, fees and wages of all personnel, including
      supervisory and management personnel who work full time at the <@>
      Properties employed to carry out the maintenance and operation of the
      <@> Properties, including contributions and premiums towards usual
      fringe benefits, hospital and medical attention, unemployment and workers'
      compensation insurance, accident benefits, and other sums payable on
      account of death or injury to such employees, including all sums payable
      as compensation or damages arising in any manner out of the mining and
      treatment of the products and including any operations or work of any
      nature at the property, and in and on the plant or equipment on or below
      each such claim, including legal expenses in connection therewith, pension
      plan contributions and similar premiums and contributions;

	 	 	 
	 	(h) 	
      all costs of consulting, audit, legal and accounting and
      other services;

	 	 	 
	 	(i) 	
      all reasonable and actual costs and fees of<@> or
      <@> Parentco for providing technical, management and or supervisory
      services, such amount, excluding costs relating to depreciated or
      amortized capital expenditures, not to exceed: (i) 3% of the Expenditures
      during the relevant period under paragraphs (a), (c), (d), (e), (f), (g),
      (j), (1) and (m) of the definition of Expenditures; and (ii) 10% of the
      Expenditures during the relevant period under paragraph (k), provided
      that, notwithstanding the foregoing, the costs and fees pursuant to this
      clause (ii) shall not exceed 5% of the Expenditures in respect of any
      contract pursuant to which the cost to <@> or <@> Parentco is
      in excess of $50,000;

	 	 	 
	 	(j) 	
      the costs of cleaning, garbage and waste collection and
      disposal, and operating and maintaining storage areas, loading and
      receiving areas and truck docks;

	 	 	 
	 	(k) 	
      all exploration and development expenditures, and all
      other costs, expenses, interest, obligations and liabilities of whatsoever
      nature or kind, including those of a capital nature to the extent that
      such capital expenditures are depreciated or amortized, as applicable, in
      accordance with Canadian generally accepted accounting principles,
      consistently applied, or the International Financial Reporting Standards,
      if adopted by <@> or <@> Parentco, during the relevant period,
      incurred or chargeable, directly or indirectly by <@> or <@>
      Parentco with respect to the exploration and development of the <@>
      Properties and equipping such claims for production, but excluding
      reasonable overhead charges;

- 11 -

		(1) 	
      the costs for pollution control, reclamation or any other
      similar costs incurred or to be incurred as a result of any governmental
      regulations or requirements; 

	 	  	     
		(m) 	
      costs or expenses incurred or to be incurred relating to
      the termination of the operation and development of the <@>
      Properties; and 

	 	  	     
		(n) 	
      all Taxes, rates, royalties, assessments, fees and
      duties, levied or imposed on the <@> Properties or on <@> or
      <@> Parentco in respect of such interests, and all taxes and other
      charges payable to any Governmental Entity, department or agency thereof
      (excluding income and similar taxes), including all government royalties,
      mining duties and Taxes not based or imposed on profits, payable on or in
      respect of or measured by the products from such claims.

	4. 	
      "Gross Revenue" means, subject to Paragraph 1.2 hereof,
      the total amount of all sales of ores, minerals, metals or other product
      extracted or produced from the <@> Properties and all other receipts
      or receivables whatsoever from all business conducted on or from such
      claims, whether those sales or other receipts be evidenced by cheque;
      cash, credit, charge accounts, exchange or otherwise. If any part of the
      operations on the <@> Properties shall be subcontracted or conducted
      by any person, firm or corporation other than <@>, then the total
      amount of all sales and other receipts of that subcontractor or other
      person, firm or corporation shall be included in Gross Revenue for the
      purpose of calculating the royalties payable hereunder.

	 	 
	5. 	
      "Net Smelter Returns" means, subject to Paragraph 2.4
      hereof, the net proceeds received from the sale of ore, or ore
      concentrates, metals or other mineral products from the relevant Claim to
      a smelter or other purchaser, after payment
of:

	 	(a) 	
      smelter and refining charges;

	 	 	 
	 	(b) 	
      government imposed production and ad valorem taxes
      (excluding taxes on income);

	 	 	 
	 	(c) 	
      ore treatment charges, penalties and any and all charges
      made by the purchaser of ore or concentrates. In the case of leaching
      operations or other solution mining or beneficiation techniques, where the
      metal being treated is precipitated or otherwise directly derived from
      such leach solution, all processing and recovering costs incurred beyond
      the point at which the metal being treated is in solution, shall be
      considered as treatment charges;

	 	 	 
	 	(d) 	
      any and all transportation and insurance costs which may
      be incurred in connection with the transportation of ore, concentrates or
      other products, ex- headframe in the case of ores and ex-mill or other
      treatment facility in the case of concentrates or other products;
    and

	 	 	 
	 	(e) 	
      all umpire charges which <@> may be required to
      pay.

	6. 	
      "Net Profits" means, with respect to any period and in
      respect of any of the Lease Properties, the Gross Revenue for such period
      less all Expenditures for such period.

- 12 -

	7. 	
      "Prime Rate" means at any particular time, the
      reference rate of interest, expressed as a rate per annum that the Bank of
      Montreal, at its main office in Vancouver, British Columbia, establishes
      as its prime rate of interest in order to determine interest rates that it
      will charge for demand loans in Canadian dollars to its most credit worthy
      customers.

SCHEDULE "G" 

FORM OF SUBSCRIPTION AGREEMENT 

Schedule "G" to the SPD Share Purchase Agreement 

THIS OFFERING IS BEING MADE ONLY IN JURISDICTIONS WHERE THE
SHARES MAY BE LAWFULLY OFFERED FOR SALE. NO OFFER IS MADE NOR WILL SUBSCRIPTIONS
BE ACCEPTED FROM RESIDENTS OF ANY JURISDICTION WHERE THE OFFER AND SALE OF THE
SHARES WILL CONTRAVENE APPLICABLE SECURITIES LAWS. THIS OFFERING IS NOT BEING
MADE TO U.S. PERSONS (AS THAT TERM IS DEFINED IN REGULATION S). 

 

	 
	 PRIVATE PLACEMENT 
	 
	SUBSCRIPTION AGREEMENT OF COMMON SHARES
      
	 
	CAN
      $0.                 
      PER COMMON SHARE 
	 
	,2014 
	 

INSTRUCTIONS TO PURCHASER 

	I . 	
      Page 1- Complete all the information in the boxes on page
      1 and sign where indicated. 

	2. 	
      Schedule "A" or "B" - Complete either the Corporate
      Placee Registration Form attached hereto as Schedule "A" or the
      Confirmation of Previously Filed Corporate Placee Registration Form
      attached hereto as Schedule "B". 

	3. 	
      Schedule "C" – If you are an "accredited investor", then
      complete the "Accredited Investor Questionnaire" attached hereto as
      Schedule "B". 

	4. 	
      Pages 6 & 7 – If you are not an "accredited investor"
      and are resident in Canada, then ensure that you have completed either of
      sections 8(e)(iii) or (iv) on pages 6 or 7 of this Subscription.

	5. 	
      Payment - Send a bank draft, certified cheque along with
      your completed forms to the address below. If you wish to pay by wire
      transfer, refer to Schedule "D". 

The completed forms and any cheques should be delivered to:

Attention: Nancy La Couvee, Corporate Secretary 
SILVER
PREDATOR CORP. 
#800 - 1199 West Hastings Street 
Vancouver, British
Columbia, Canada V6E 3T5 
Fax: (604) 608-9345 
Email:
nlacouvee@silverpredator.com 

Should you have any questions regarding the completion of this
Subscription and the attached Schedules please contact Nancy La Couvee at (778)
968-6941. 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT - COMMON SHARES 

 

	Purchaser Information 	 	 
	 	 	 
	  	 	Number
      of Shares Subscribed
	Signature of Purchaser 	 	
	(or authorized signatory if a company) 	 	 
	 	 	 
	RESOURCE HOLDINGS LTD. 	 	 
	Name of Purchaser - please print 	 	Aggregate Subscription Payment - CAN $0. per 
	  	 	Share:
      CDN$-<8> (USSl,800,000) 
	 	 	 
	If a company, capacity or title of signatory - please 	 	 
	  	 	Number
      of securities of the Company currently held or controlled by the Purchaser
      (excluding those subscribed for hereunder): 
	 	 	 
	print Purchaser's Residential or Head Office Address 	 	
	  	 	_______________________________________ Shares 
	  	 	_______________________________________ Warrants 
	Telephone Number 	 	_______________________________________ Options 
	 	 	 
	 	 	 
	Email Address 	 	 
	  	 	The
      Purchaser isan insider of the
      Company              
      [   ]
	  	 	The
      Purchaser is not an insider of the
      Company       [   ]
	  	 	The
      Purchaser is a member of the pro
      group             
      [   ]
	  	 	The
      Purchaser is not a member of the pro
      group       [   ]
	 	 	 
	 	 	 
	Register the Shares as follows: 	 	Deliver the Shares as follows: 
	 
    	 	 
	 	 	 
	Name 	 	Name
  
	 	 	 
	 	 	 
	Account reference, if applicable 	 	Account
      reference, if applicable 
	 
    	 	 
	 	 	 
	Address 	 	Contact
      Name 
	 
    	 	 
	 	 	 
	Address 	 	Address
    
	 
    	 	 
	 	 	 
	Address 	 	Telephone I Email 
	 	 	 
	 	 	 

ACCEPTANCE: The Company hereby accepts the subscription as set
forth above on the terms and conditions contained in this Subscription
Agreement. 

Dated at Vancouver, British Columbia, this _______________ day
of ________________________________________ 2013. 

SILVER PREDATOR CORP. 

 

Per:                    
(Authorized Signatory) 

TO:        SILVER PREDATOR
CORP. 

1.                    
Subscription. The undersigned (the "Purchaser") hereby tenders to SILVER
PREDATOR CORP. (the "Company" or the "Issuer") this subscription offer
which, upon acceptance by the Company, will constitute an agreement (the
"Subscription Agreement") of the Purchaser with the Company to purchase from the
Company the number of Shares (as defined below) set out on page 1 hereof at the
price (the "Purchase Price") of CAN$0. per Share, on the terms and subject to
the conditions set forth in this Subscription Agreement. 

By its acceptance of this offer, the Company covenants, agrees
and confirms that the Purchaser will have the benefit of all of the
representations, warranties, covenants, agreements, terms and conditions set
forth hereunder. 

2.                    
Definitions. In this Subscription Agreement, unless the context otherwise
requires: 

	 	(a) 	
      "Accredited Investor Status Certificate" means the
      accredited investor status certificate required to be completed by a
      Purchaser who is a resident of Canada, in the form of Schedule "C"
      attached hereto;

	 	 	 
	 	(b) 	
      "affiliate", "distribution" and "insider" have the
      respective meanings ascribed to them in the Securities Act (British
      Columbia);

	 	 	 
	 	(c) 	
      "Closing" means the completion of the issue and sale by
      the Company and the purchase by the Purchaser of the Shares pursuant to
      this Subscription Agreement;

	 	 	 
	 	(d) 	
      "Closing Date" means April 15, 2014 or such earlier date
      mutually agreed by the Company and the Purchaser;

	 	 	 
	 	(e) 	
      "Closing Time" means a.m. (Pacific time) on the Closing
      Date or such other time as the Company and the Purchaser may
    determine;

	 	 	 
	 	(f) 	
      "Common Share" means common shares without par value in
      the capital of the Company;

	 	 	 
	 	(g) 	
      "Designated Provinces" means Ontario, British Columbia
      and Alberta;

	 	 	 
	 	(h) 	
      "material" means material in relation to the
    Company;

	 	 	 
	 	(i) 	
      "material change" means any change in the business,
      operations, assets, liabilities, ownership or capital of the Company
      (except the transactions contemplated herein) that would reasonably be
      expected to have a significant effect on the market price or value of the
      Shares and includes a decision to implement such a change made by the
      board of directors of the Company or by senior management of the Company
      who believe that confirmation of the decision by the board of directors is
      probable;

	 	 	 
	 	(j) 	
      "Offering" means the offering of Common Shares for an
      aggregate subscription price of US$1,800,000 to the Purchaser;

	 	 	 
	 	(k) 	
      "Public Record" means all information and materials filed
      by the Company with the Commissions and which are available through the
      SEDAR website (including all exhibits and schedules thereto and documents
      incorporated by reference therein) from January 1, 2012 to the date
      hereof;

	 	 	 
	 	(l) 	
      "Purchaser" means Resource Holdings Ltd.;

	 	 	 
	 	(m) 	
      "Regulation S" means Regulation S under the U.S.
      Securities Act;

	 	 	 
	 	(n) 	
      "Securities Commissions" means, collectively, the
      securities commission or other securities regulatory authority in each of
      the Designated Provinces;

2 

	 	(o) 	
      "Securities Laws" means, collectively, the applicable
      securities laws of each of the Designated Provinces and the respective
      regulations and rules made and forms prescribed thereunder together with
      all applicable published policy statements, blanket orders, rulings and
      notices of the Securities Commissions;

	 	 	 
	 	(p) 	
      "SEDAR" means the System for Electronic Document Analysis
      and Retrieval;

	 	 	 
	 	(q) 	
      "Shares" means common shares of the Company offed for
      sale to the Purchaser pursuant to this Offering;

	 	 	 
	 	(r) 	
      "Stock Exchange" means the [TSX Venture
  Exchange;]

	 	 	 
	 	(s) 	
      "U.S. Person" means a U.S. Person as that term is defined
      in Regulation S under the U.S. Securities Act; and

	 	 	 
	 	(t) 	
      "U.S. Securities Act" means the United States
      Securities Act of 1933, as amended and rules and regulations
      thereunder.

3.                    
Delivery and Payment. The Purchaser agrees that the following shall be delivered
to the Company at the address set out on the face page hereof, at such time as
the Company may advise: 

	 	(a) 	
      a completed and duly signed copy of this Subscription
      Agreement;

	 	 	 
	 	(b) 	
      if the Purchaser is not an individual and will hold more
      than 5% of the Issuer's issued and outstanding common shares upon
      completion of the Offering, a fully executed corporate placee registration
      form in the form set out in Schedule "A" unless the Purchaser has filed
      such a form with the Stock Exchange within the last year and it is still
      current, in which case the Purchaser will deliver confirmation of such
      filing in the form set out in Schedule "B".

	 	 	 
	 	(c) 	
      if the Purchaser is purchasing as an "accredited
      investor", a completed and duly signed copy of the Accredited Investor
      Status Certificate;

	 	 	 
	 	(d) 	
      any other documents required by applicable securities
      laws which the Company requests; and

	 	 	 
	 	(e) 	
      a certified cheque or bank draft made payable on or
      before the Closing Date (or such other date as the Company may advise) in
      same day freely transferable Canadian funds at par in Vancouver, British
      Columbia to "SILVER PREDATOR CORP." representing the aggregate purchase
      price payable by the Purchaser for the Shares, or such other method of
      payment against delivery of the Shares as the Company may
  accept.

                        The
Purchaser acknowledges and agrees that such undertakings, questionnaires and
other documents, when executed and delivered by the Purchaser, will form part of
and will be incorporated into this Subscription Agreement with the same effect
as if each constituted a representation and warranty or covenant of the
Purchaser hereunder in favour of the Company. The Purchaser consents to the
filing of such undertakings, questionnaires and other documents as may be
required to be filed with the Stock Exchange or other securities regulatory
authority in connection with the transactions contemplated hereby. The Purchaser
acknowledges and agrees that this offer, the Purchase Price and any other
documents delivered in connection herewith will be held by the Company until
such time as the Company accepts or rejects this offer. 

4.                    
Closing. The transactions contemplated hereby will be completed at the Closing
at the offices of the Company at Suite 800, 1199 West Hastings Street,
Vancouver, British Columbia . At the Closing, the Company will issue the Shares
subscribed and paid for hereunder and deliver them such Shares to the Purchaser
at the address set forth on the cover page hereof. 

5.                    
General Representations, Warranties and Covenants of the Company. By accepting
this offer, the Company represents and warrants to the Purchaser as follows:

3

	 	(a) 	
      the Company and its subsidiaries are valid and subsisting
      corporations duly incorporated and in good standing under the laws of the
      jurisdictions in which they are incorporated, continued or
    amalgamated;

	 	 	 
	 	(b) 	
      the Company has all requisite corporate power and
      capacity to enter into, and carry out its obligations under, this
      Subscription Agreement and this Subscription Agreement is a legal, valid
      and binding obligation of the Company;

	 	 	 
	 	(c) 	
      no Offering Memorandum has been or will be provided to
      the Purchaser;

	 	 	 
	 	(d) 	
      the Company has complied, or will comply, with all
      applicable corporate and securities laws and regulations in connection
      with the offer, sale and issuance of the Shares, and in connection
      therewith has not engaged in any "direct selling efforts," as such term is
      defined in Regulation S, or any "general solicitation or general
      advertising" as described in Regulation D of the U.S. Securities
    Act;

	 	 	 
	 	(e) 	
      on the Closing Date, the Company will have taken all
      corporate steps and proceedings necessary to approve the transactions
      contemplated hereby, including the execution and delivery of this
      Subscription Agreement;

	 	 	 
	 	(f) 	
      the Company and its subsidiaries are the beneficial
      owners of the properties, business and assets or the interests in the
      properties, business or assets referred to in its Public Record and except
      as disclosed therein, all agreements by which the Company or its
      subsidiaries holds an interest in a property, business or asset are in
      good standing according to their terms, and the properties are in good
      standing under the applicable laws of the jurisdictions in which they are
      situated;

	 	 	 
	 	(g) 	
      the financial statements comprised in the Public Record
      accurately reflect the financial position of the Company as at the date
      thereof, and no adverse material changes in the financial position of the
      Company have taken place since the date of the Company's last financial
      statements except as filed in the Public Record;

	 	 	 
	 	(h) 	
      neither the Company nor any of its subsidiaries is a
      party to any actions, suits or proceedings which could materially affect
      its business or financial condition, and to the best of the Company's
      knowledge no such actions, suits or proceedings have been threatened as at
      the date hereof, except as disclosed in the Public Record;

	 	 	 
	 	(i) 	
      except as set out in the Public Record or herein, no
      person has any right, agreement or option, present or future, contingent
      or absolute, or any right capable of becoming a right, agreement or option
      for the issue or allotment of any unissued common shares of the Company or
      any other security convertible or exchangeable for any such shares or to
      require the Company to purchase, redeem or otherwise acquire any of the
      issued or outstanding Shares of the Company;

	 	(j) 	
      the entering into and performance by the Company will
      not, on the Closing Date, constitute a default under any term or provision
      of the constating documents or resolutions of the Company, or any
      judgment, decree, order, statute, rule or regulation, or any agreement or
      instrument applicable to the Company which in any way materially adversely
      affects the Company or the condition (financial or otherwise) of the
      Company or which would have any material effect upon the ability of the
      Company to perform its obligations arising under this Subscription
      Agreement;

	 	(k) 	
      the Shares will, at the time of Closing, be duly
      allotted, validly issued, fully paid and non- assessable and will be free
      of all liens, charges and encumbrances and the Company will reserve
      sufficient shares in the treasury of the Company to enable it to issue the
      Shares;

	 	(l) 	
      the outstanding Shares are now, and will be on the
      Closing Date, listed on the Stock Exchange;

	 	 	 
	 	(m) 	
      on the Closing Date, no order ceasing or suspending
      trading in the securities of the Company nor prohibiting the sale of such
      securities will have been issued to the Company or its
  directors, officers or promoters and, to the knowledge of the
      Company, no investigations or proceedings for such purposes are pending or
      threatened;

4

	 	(n) 	
      prior to the Closing Date, the Company will have obtained
      all required approvals from the Stock Exchange in order to permit the
      completion of the transactions contemplated hereby;

	 	 	 
	 	(o) 	
      the Company will use reasonable commercial efforts to
      satisfy as expeditiously as possible any conditions of the Stock Exchange
      required to be satisfied prior to the Exchange's acceptance of the
      Company's notice of the Offering;

	 	 	 
	 	(p) 	
      the Company will use its best efforts to obtain all
      necessary approvals for this Offering;

	 	 	 
	 	(q) 	
      as at , 2014, the Company is a reporting issuer in good
      standing under the securities laws of the Provinces of British Columbia,
      Alberta and Ontario and the Company will use its commercially reasonable
      best efforts to maintain its status; and

	 	 	 
	 	(r) 	
      the Company has full corporate authority to issue the
      Shares at the Closing Time.

6.                    
Acceptance or Rejection. The Company will have the right to accept or reject
this offer in whole or in part at any time at or prior to the Closing Time. The
Purchaser acknowledges and agrees that the acceptance of this offer will be
conditional upon the sale of the Shares to the Purchaser being exempt from any
prospectus or offering memorandum requirements of all applicable Securities Laws
and the equivalent provisions of securities laws of any other applicable
jurisdiction. The Company will be deemed to have accepted this offer upon the
Company's execution of the acceptance form on the face page of this Subscription
Agreement and the delivery at the Closing of the certificates representing the
Shares to or upon the direction of the Purchasers in accordance with the
provisions hereof. 

If this subscription is rejected in whole, any cheques or other
forms of payment delivered to the Company will be promptly returned to the
Purchaser without interest or deduction. If this subscription is accepted only
in part, a cheque representing any refund for that portion of the subscription
for the Shares which is not accepted will be promptly delivered to the Purchaser
without interest or deduction. 

7.                    
Purchaser's Representations and Warranties. The Purchaser represents and
warrants to the Company, as representations and warranties that are true as of
the date of this offer and will be true as of the Closing Date, that: 

	 	(a) 	
      Authorization and Effectiveness. If the Purchaser is a
      corporation, or other unincorporated entity, the Purchaser is a valid and
      existing entity, has the necessary capacity and authority to execute and
      deliver this offer and to observe and perform its covenants and
      obligations hereunder and has taken all necessary corporate action in
      respect thereof. If the Purchaser is an individual, partnership, syndicate
      or other form of unincorporated organization, the Purchaser has the
      necessary legal capacity and authority to execute and deliver this offer
      and to observe and perform its covenants and obligations hereunder and has
      obtained all necessary approvals in respect thereof. In either case,
      whether the Purchaser is a corporation, individual, or an unincorporated
      entity, upon acceptance by the Company, this offer will constitute a
      legal, valid and binding contract of the Purchaser enforceable against the
      Purchaser in accordance with its terms and will not result in a violation
      of any of the Purchaser's constating documents, or equivalent, or any
      agreement to which the Purchaser is a party or by which it is
  bound;

	 	 	 
	 	(b) 	
      Residence. The Purchaser is a resident of the
      jurisdiction referred to under "Name and Address of Purchaser" set out on
      the face page hereof and: (i) is not a U.S. Person or a resident of the
      United States nor is it purchasing the Shares for the account or benefit
      of a U.S. Person or a resident of the United States; (ii) was not offered
      the Shares in the United States; and (iii) did not execute or deliver this
      Subscription Agreement in the United States;

	 	 	 
	 	(c) 	
      Purchasing as Principal. Except to the extent
      contemplated herein, the Purchaser is purchasing the Shares as principal
      (as defined in applicable Securities Laws), for its own account and not
      for the benefit of any other person;

5

	 	(d) 	
      Purchasing as Agent or Trustee. In the case of the
      purchase by the Purchaser of the Shares as agent or trustee for any
      principal whose identity is disclosed or undisclosed or identified by
      account number only, each beneficial purchaser of the Shares for whom the
      Purchaser is acting, is purchasing its Shares as principal for its own
      account, and not for the benefit of any other person, for investment only
      and not with a view to resale or distribution, and the beneficial
      purchaser is properly described in subparagraph (e)(i), (ii), (iii) or
      (iv) below, and the Purchaser has due and proper authority to act as agent
      or trustee for and on behalf of such beneficial purchaser in connection
      with the transactions contemplated hereby;

	 	 	 
	 	(e) 	
      Purchaser Has Benefit of Statutory Exemptions. Unless it
      satisfies the requirements under subparagraph 8(d), the Purchaser is (or
      is deemed to be) purchasing the Shares as principal for its own account,
      not for the benefit of any other person, for investment only and not with
      a view to the resale or distribution of all or any of the Shares, it is
      resident in or otherwise subject to applicable securities laws of the
      jurisdiction set under "Name and Address of Purchaser'' on the face page
      hereof and it fully complies with one or more of the criteria set forth
      below:

	 	(i) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada and it is an "accredited investor", as such term
      is defined in National Instrument 45-106 - Prospectus and Registration
      Exemptions of the Canadian Securities Administrators adopted under the
      securities legislation of the Canadian jurisdictions ("NI 45-106"), it was
      not created or used solely to purchase or hold securities as an accredited
      investor as described in paragraph (m) of the definition of "accredited
      investor" in NI 45-106, and it has concurrently executed and delivered an
      Accredited Investor Status Certificate in the form attached as Schedule
      "C" to this Subscription Agreement and has initialled or placed a check
      mark in Appendix "A" to Schedule "C" thereto indicating that the Purchaser
      satisfies one of the categories of "accredited investor" set forth in such
      definition; or

	 	 	 
	 	(ii) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada and it has an aggregate acquisition cost for the
      Shares of not less than $150,000 paid in cash at the time of the trade and
      it was not created or used solely to purchase or hold securities in
      reliance on this exemption from the registration and prospectus
      requirements of applicable securities laws; or

	 	 	 
	 	(iii) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada (other than Ontario) and it is (if
      applicable, please initial):

	 	(A) 	
      a "director", "executive officer" or "control person" (as
      such terms are defined in NI 45-106 and reproduced in Schedule "C" of this
      Subscription Agreement) of the Company, or of an affiliate of the Company;
      or

	 	 	 
	 	(B) 	
      a "spouse" (as such term is defined in NI 45-106 and
      reproduced in Schedule "C" of this Subscription Agreement), parent,
      grandparent, brother, sister, child or grandchild of any person referred
      to in subparagraph (A) above; or

	 	 	 
	 	(C) 	
      a parent, grandparent, brother, sister, child or
      grandchild of the spouse of any person referred to in subparagraph (A)
      above; or

	 	 	 
	 	(D) 	
      a close personal friend of any person referred to in
      subparagraph (A) above and, if requested by the Company, will provide a
      signed statement describing the relationship with any of such persons;
      or

	 	(E) 	
      a close business associate of any person referred to in
      subparagraph (A) above and, if requested by the Company, will provide a
      signed statement describing the relationship with any of such persons;
      or

6

	 	(F) 	
      a "founder" of the Company (as such term is defined in NI
      45-106 and reproduced in Schedule C of this Subscription Agreement), or a
      spouse, parent, grandparent, brother, sister, child, grandchild, close
      personal friend or close business associate of a founder of the Company
      and, if requested by the Company, will provide a signed statement
      describing the relationship with such founder of the Company;
  or

	 	(G) 	
      a parent, grandparent, brother, sister, child or
      grandchild of a spouse of a founder of the Company; or

	 	 	 
	 	(H) 	
      a person of which a majority of the voting securities are
      beneficially owned by, or a majority of directors are, persons described
      in subparagraphs (A) through (G) above; or

	 	 	 
	 	(I) 	
      a trust or estate of which all of the beneficiaries or a
      majority of the trustees or executors are persons described in
      subparagraphs (A) through (G) above; or

	 		
      (Note: for the purposes of subparagraph (D) and (F)
      above, a person is not a "close personal friend" solely
      because the individual is a relative or a member of the same organization,
      association or religious group or because the individual is a client,
      customer or former client or customer, nor is an individual a close
      personal friend as a result of being a close personal friend of a close
      personal friend of one of the listed individuals above, rather the
      relationship must be direct. A close personal friend is one who knows the
      director, executive officer, founder or control person well enough and has
      known them for a sufficient period of time to be in a position to assess
      their capabilities and trustworthiness. Further, for the purposes of
      subparagraph (E) and (F) above, a person is not a "close business
      associate" solely because the individual is a client, customer, former
      client or customer, nor is the individual a close business associate if
      they are a close business associate of a close business associate of one
      of the listed individuals above, rather the relationship must be direct. A
      close business associate is an individual who has had sufficient prior
      dealings with the director, executive officer, founder or control person
      to be in a position to assess their capabilities and trustworthiness.);
      or

	 	 	 
	 	(iv) 	
      it is resident in or otherwise subject to applicable
      securities laws of Ontario and it is (if applicable, please
      initial):

	 	(A) 	
      a "founder" of the Company, or an "affiliate" of a
      "founder'' of the Company (as such terms are defined in NI 45-106 and
      reproduced in Schedule "C" of this Subscription Agreement);
  or

	 	(B) 	
      a "spouse" (as such term is defined in NI 45-106 and
      reproduced in Schedule "C" of this Subscription Agreement), parent,
      brother, sister, grandparent, grandchild or child of an executive officer,
      director or "founder" of the Company; or

	 	(C) 	
      a person that is a "control person" of the Company;
    or

	 	(v) 	
      it is resident in or otherwise subject to applicable
      securities laws of Canada and it is an employee, executive officer,
      director or consultant (as such terms (other than employee) are defined in
      NI 45-106 and reproduced in Schedule "C" of this Subscription Agreement)
      of the Company and its participation in the trade is voluntary, meaning it
      is not induced to participate in the trade by expectation of employment or
      appointment or continued employment or appointment with, or engagement or
      continued engagement to provide services to, as applicable, the
      Company;

7

	 	(t) 	
      Company or Unincorporated Organization. If the Purchaser,
      or any beneficial purchaser referred to in subparagraph (d) above, is a
      corporation or a partnership, syndicate, trust or other form of
      unincorporated organization, the Purchaser or such beneficial purchaser
      was not incorporated or created solely, nor is it being used primarily, to
      permit purchases without a prospectus under applicable law; 

	 	  	
       

	 	(g) 	
      Absence of Offering Memorandum . The offering and sale of
      the Shares to the Purchaser were not made as a result of any advertising
      in the printed media of general and regular paid circulation, radio or
      television or any other form of advertisement and, except for this
      Subscription Agreement, the only documents, if any, delivered or otherwise
      furnished to the Purchaser in connection with such offering and sale were
      a term sheet, copies of news releases issued by the Company and other
      publicly available documents, which documents the Purchaser acknowledges
      do not, individually or collectively, constitute an offering memorandum or
      similar document; 

	 	  	
       

	 	(h) 	
      No Undisclosed Information. The Shares are not being
      purchased by the Purchaser as a result of any material information
      concerning the Company that has not been publicly disclosed and the
      Purchaser's decision to tender this offer and acquire the Shares has not
      been made as a result of any oral or written representation as to fact or
      otherwise made by or on behalf of the Company or any other person other
      than as set out in this Subscription Agreement and the decision is
      otherwise based entirely upon currently available public information
      concerning the Company; 

	 	  	
       

	 	(i) 	
      Investment Suitability. The Purchaser has obtained, to
      the extent it or he deems necessary, its own professional advice with
      respect to the risks inherent in the investment in the Shares, and the
      suitability of the investment in the Shares in light of its financial
      condition and investment needs; and the Purchaser, and any beneficial
      purchaser referred to in subparagraph (d) above, has such knowledge and
      experience in financial and business affairs as to be capable of
      evaluating the merits and risks of the investment hereunder in the Shares
      and is able to bear the economic risk of loss of such investment;
  

	 	  	
       

	 	(j) 	
      Source of Subscription Funds.

	 	(i) 	
      none of the subscription funds used for the purchase of
      the Shares (the "Subscription Funds") (A) will represent proceeds of crime
      for the purposes of the Proceeds of Crime (Money Laundering) and
      Terrorist Financing Act (Canada), (B) have been or will be derived
      from or related to any activity that is deemed criminal under the laws of
      Canada, the United States or any other jurisdiction, or (C) are being
      tendered on behalf of a person or entity who has not been identified to
      the Purchaser, and

	 	 	 
	 	(ii) 	
      the Purchaser shall promptly notify the Company if the
      Purchaser discovers that any of the representations in paragraph (i) above
      ceases to be true, and to provide the Company with appropriate information
      in connection therewith; and

	 	(k) 	
      Absence of Certain Representations . No person has made
      to the Purchaser any written or oral representation:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Shares;

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Shares; or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of the
  Shares.

	 	(1) 	
      International Purchaser. If the Purchaser is resident
      outside of Canada and the United States, the Purchaser:

	 	 	 	 
	 		(i) 	
      is knowledgeable of, or has been independently advised as
      to the applicable securities laws of the securities regulatory authorities
      (the "Authorities") having application in the jurisdiction in which the
      Purchaser is resident (the "International Jurisdiction") which would apply
      to the acquisition of the Shares, if any;

8

	 	(ii) 	
      is purchasing the Shares pursuant to exemptions from the
      prospectus and registration or equivalent requirements under the
      applicable securities laws of the Authorities in the International
      Jurisdiction or, if such is not applicable, the Purchaser is permitted to
      purchase the Shares under the applicable securities laws of the
      Authorities in the International Jurisdiction without the need to rely on
      any exemption;

	 	 	 
	 	(iii) 	
      confirms that the applicable securities laws of the
      Authorities in the International Jurisdiction do not require the Issuer to
      make any filings or seek any approvals of any nature whatsoever from any
      Authority of any kind whatsoever in the International Jurisdiction in
      connection with the issue and sale or resale of the Shares; and

	 	 	 
	 	(iv) 	
      confirms that the purchase of the Shares by the Purchaser
      does not trigger:

	 	(A) 	
      an obligation to prepare and file a registration
      statement, offering memorandum, prospectus, offering circular or similar
      document, or any other report with respect to such purchase in the
      International Jurisdiction; or

	 	 	 
	 	(B) 	
      continuous disclosure reporting obligations of the Issuer
      in the International Jurisdiction; and

	 	(v) 	
      the Purchaser will, if requested by the Issuer, comply
      with such other requirements as the Issuer may reasonably
  require.

                       The
Purchaser acknowledges and agrees that the foregoing representations and
warranties are made by it with the intention that they may be relied upon in
determining its eligibility or (if applicable) the eligibility of others on
whose behalf it is contracting hereunder to purchase the Shares under relevant
securities legislation. The Purchaser further agrees that by accepting delivery
of the Shares on the Closing Date, it shall be representing and warranting that
the foregoing representations and warranties are true and correct as at the
Closing Date with the same force and effect as if they had been made by the
Purchaser at the time of the Closing and that they shall survive the purchase by
the Purchaser of the Shares and shall continue in full force and effect
notwithstanding any subsequent disposition by the Purchaser of the Shares. The
Purchaser undertakes to notify the Company immediately of any change in any
representation, warranty or other information relating to the Purchaser set
forth herein which takes place prior to the Closing Time. 

8.                    
Finder's Fee to Certain Investment Institutions. [Intentionally Deleted .] 

9.                    
Purchaser's Expenses. The Purchaser acknowledges and agrees that except as
otherwise provided herein, all costs and expenses incurred by the Purchaser
(including any fees and disbursements of special counsel retained by the
Purchaser) relating to the purchase of the Shares shall be borne by the
Purchaser. 

10.                  
Resale Restrictions. The Purchaser understands and acknowledges that the Shares
will be subject to certain resale restrictions under applicable Securities Laws
and the Purchaser agrees to comply with such restrictions. The Purchaser also
acknowledges that it has been advised to consult its own legal advisors with
respect to applicable resale restrictions and that it is solely responsible (and
the Company is not in any manner responsible) for complying with such
restrictions. 

                     
   For purposes of complying with applicable Securities Laws and
National Instrument 45-102 Resale of Securities, as well as Stock
Exchange policies, the Purchaser understands and acknowledges that when issued
all the certificates representing the Shares, as well as all certificates issued
in exchange for or in substitution of the foregoing securities, will bear the
following legends: 

  ["WITHOUT PRIOR WRITTEN APPROVAL OF TSX VENTURE EXCHANGE AND
    COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
    REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
    OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF TSX VENTURE EXCHANGE OR
    OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL ,
    2014.") 

9

  "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, <l9>THE
    HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE , 2014." 

(with the "< >"completed to reflect a date that
is four months plus one day following the Closing Date.) 

14.                  
Legal and Tax Advice. The Purchaser acknowledges and agrees that it is solely
responsible for obtaining its own legal and tax advice as it considers
appropriate in connection with the execution, delivery and performance by it on
his Subscription Agreement and the completion of the transactions contemplated
hereby. 

15.                   No
Statutory Right of Rescission or Damages; Additional Acknowledgements. The
Purchaser acknowledges and agrees that: 

	 	(a) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Shares;

	 	 	 
	 	(b) 	
      there is no government or other insurance covering the
      Shares;

	 	 	 
	 	(c) 	
      there are risks associated with the purchase of the
      Shares;

	 	 	 
	 	(d) 	
      there are restrictions on the purchaser's ability to
      resell the securities and it is the responsibility of the purchaser to
      find out what those restrictions are and to comply with them before
      selling the securities;

	 	 	 
	 	(e) 	
      the issuer has advised the purchaser that the issuer is
      relying on an exemption from the requirements to provide the purchaser
      with a prospectus and to sell securities through a person registered to
      sell securities under the Securities Act and, as a consequence of
      acquiring securities pursuant to this exemption, certain protections,
      rights and remedies provided by the Securities Act, including statutory
      rights of rescission or damages, will not be available to the
    purchaser

	 	(f) 	
      as a consequence of acquiring the Shares pursuant to
      exemptions from registration and prospectus requirements under the
      Securities Laws, certain protections, rights and remedies provided by the
      Securities Laws, including statutory rights of rescission or damages, will
      not be available to the Purchaser;

	 	(g) 	
      except for this Subscription Agreement as otherwise set
      forth herein, it has relied solely upon publicly available information
      relating to the Company and not relied upon any oral or written
      representation as to fact or otherwise made by or on behalf of the Company
      except as expressly set forth herein and such publicly available
      information having been delivered to the Purchaser;

	 	 	 
	 	(h) 	
      the Purchaser, or, where the Purchaser is not purchasing
      as principal, each beneficial purchaser, has such knowledge in financial
      and business affairs as to be capable of evaluating the merits and risks
      of its investment and is able to bear the economic risk of loss of its
      investment;

	 	 	 
	 	(i) 	
      the Company may be required to provide to the applicable
      securities regulatory authorities and to the Stock Exchange a list setting
      forth the identities of the beneficial purchasers of the
  Shares;

	 	(j) 	
      notwithstanding that the Purchaser may be purchasing
      Shares as an agent on behalf of an undisclosed principal, the Purchaser
      agrees to provide, on request, particulars as to the identity of such
      undisclosed principal as may be required by the Company in order to comply
      with the foregoing;

	 	(k) 	
      none of the Shares have been or will be registered under
      the U.S. Securities Act or the securities laws of any state and may not be
      offered or sold, directly or indirectly, in the United States to, or for
      the account or benefit of, a U.S. person (as defined in Regulation S),
      which definition includes, but is not limited to, an individual resident
      in the United States and an estate or trust of which any executor or
      administrator or trustee, respectively, is a U.S. person and any
      partnership or company organized or incorporated under the laws of the
      United States unless registered under the U.S. Securities Act and the
      securities laws of all applicable states or unless an exemption from
      such registration is available, and the Company has no
      obligation or present intention of filing a registration statement under
      the U.S. Securities Act in respect of any of the Shares;

10

	 	(l) 	
      the Purchaser acknowledges and agrees
  that:

	 	(i) 	
      the offer to purchase the Shares was not made to the
      Purchaser in the United States; 

	 	  	     
	 	(ii) 	
      this Agreement was delivered to, executed and delivered
      by the Purchaser outside the United States; 

	 	  	     
	 	(iii) 	
      the Purchaser is not, and will not be purchasing the
      Shares for the account or benefit of, any U.S. Person or person in the
      United States; 

	 	  	     
	 	(iv) 	
      the current structure of this transaction and all
      transactions and activities contemplated hereunder is not a scheme to
      avoid the registration requirements of the 1933 Act; 

	 	  	     
	 	(v) 	
      the Purchaser and any person for whose account it is
      acquiring the Shares, if applicable, has no intention to distribute either
      directly or indirectly any of the Securities in the United States, except
      in compliance with the 1933 Act; 

	 	  	     
	 	(vi) 	
      if the Purchaser is a corporation, partnership or other
      legal entity incorporated or organized in the United States, the
      Purchaser's affairs are controlled and directed from outside of the United
      States, its purchase of the Securities was not solicited in the United
      States, no part of the transaction which is the subject of this
      Subscription Agreement occurred in the United States, and the Issuer has
      informed the Purchaser that no market for the Securities currently exists
      in the United States; and 

	 	  	     
	 	(vii) 	
      the entering into of this Agreement and the transactions
      contemplated hereby will not result in the violation of any of the terms
      and provision of any laws applicable to or constating documents of, the
      Purchasers or of any agreement, written or oral, to which the Purchaser
      may be a part or by which he or she is or may be bound; and
  

	 	(m) 	
      if the Stock Exchange imposes escrow or other resale
      restrictions on the Shares then the Purchaser agrees to be bound by such
      restrictions.

16.                  
No Revocation. The Purchaser agrees that this offer is made for valuable
consideration and may not be withdrawn, cancelled, terminated or revoked by the
Purchaser without the consent of the Company. Further, the Purchaser expressly
waives and releases the Company from all rights of withdrawal or rescission to
which the Purchaser might otherwise be entitled pursuant to the Securities Laws.

17.                  
Indemnity. The Purchaser agrees to indemnify and hold harmless the
Company and its directors, officers, employees, agents, advisers and
shareholders from and against any and all loss, liability, claim, damage and
expense (including, but not limited to, any and all fees, costs and expenses
reasonably incurred in investigating, preparing or defending against any claim,
law suit, administrative proceeding or investigation whether commenced or
threatened) arising out of or based upon any representation or warranty of the
Purchaser contained herein being untrue in any material respect or any breach or
failure by the Purchaser to comply with any covenant or agreement made by the
Purchaser herein. 

18.                 
 Collection of and Use of Personal Information. 

	 	(a) 	
      The Purchaser (on its own behalf and, if applicable, on
      behalf of any person for whose benefit the Purchaser is subscribing)
      acknowledges and consents to the fact the Issuer is collecting the
      Purchaser's (and any beneficial purchaser's) personal information for the
      purpose of completing the Purchaser' subscription. The Purchaser (on its
      own behalf and, if applicable, on behalf of any person for whose benefit
      the Purchaser is subscribing) acknowledges and consents to the Issuer
      retaining the personal information for as long as permitted or required by
      applicable law or business practices. The Purchaser (on its own behalf
      and, if applicable, on behalf of any person for whose benefit the
      Purchaser is subscribing) further acknowledges and consents to the fact
      the Issuer may be required by applicable securities laws,
      stock exchange rules, and Investment Industry Regulatory Organization of
      Canada rules to provide regulatory authorities any personal information
      provided by the Purchaser respecting itself (and any beneficial purchaser)
      . The Purchaser represents and warrants that it has the authority to
      provide the consents and acknowledgements set out in this paragraph on
      behalf of all beneficial purchasers.

11

	 	(b) 	
      The Purchaser and disclosed principal, if applicable,
      hereby acknowledges and consents to: (i) the disclosure by the Purchaser
      and the Issuer of Personal Information (defined below) concerning the
      Purchaser to any Securities Commission, or to the Stock Exchange and its
      affiliates, authorized agent, subsidiaries and divisions, if applicable;
      and (ii) the collection, use and disclosure of Personal Information by the
      Stock Exchange for the following purposes (or as otherwise identified by
      the Stock Exchange, from time to time):

	 	(i) 	
      to conduct background checks;

	 	 	 
	 	(ii) 	
      to verify the Personal Information that has been provided
      about the Purchaser;

	 	 	 
	 	(iii) 	
      to consider the suitability of the Purchaser as a holder
      of securities of the Issuer;

	 	 	 
	 	(iv) 	
      to consider the eligibility of the Issuer to list and
      continue to be listed on the Stock Exchange;

	 	 	 
	 	(v) 	
      to provide disclosure to market participants as the
      security holdings of the Issuer's shareholders, and their involvement with
      any other reporting issuers, issuers subject to a cease trade order or
      bankruptcy, and information respecting penalties , sanctions or personal
      bankruptcies, and possible conflicts of interest with the
Issuer;

	 	 	 
	 	(vi) 	
      to detect and prevent fraud;

	 	 	 
	 	(vii) 	
      to conduct enforcement proceedings; and

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

	 	(c) 	
      The Purchaser also acknowledges that: (i) the Stock
      Exchange also collects additional Personal Information from other sources,
      including securities regulatory authorities in Canada or elsewhere,
      investigative law enforcement or self-regulatory organizations, and
      regulations service providers to ensure that the purposes set forth above
      can be accomplished; (ii) the Personal Information the Stock Exchange
      collects may also be disclosed to the agencies and organizations referred
      to above or as otherwise permitted or required by law, and they may use it
      in their own investigations for the purposes described above; (iii) the
      Personal Information may be disclosed on the Stock Exchange's website or
      through printed materials published by or pursuant to the direction of the
      Stock Exchange; and (iv) the Stock Exchange may from time to time use
      third parties to process information and provide other administrative
      services, and may share the information with such providers.

	 	 	 
	 	(d) 	
      If the Purchaser is resident in Ontario, the public
      official who can answer questions about the Ontario Securities
      Commission's indirect collection of Personal Information is the
      Administrative Assistant to the Director of Corporate Finance, Ontario
      Securities Commission, Suite 1903, Box 55, 20 Queen Street West, Toronto,
      Ontario, M5H 3S8, Telephone 416-593-8086.

	 	 	 
	 	(e) 	
      Herein, "Personal Information" means any
      information about the Purchaser required to be disclosed to a Securities
      Commission or the Exchange, whether pursuant to a Securities Commission or
      Stock Exchange form or a request made by a Securities Commission or the
      Stock Exchange including the Corporate Placee Registration Form attached
      hereto.

12

19.                   Modification.
Subject to the terms hereof, neither this Subscription Agreement nor any
provision hereof shall be modified, changed, discharged or terminated except by
an instrument in writing signed by the party against whom any waiver, change,
discharge or termination is sought. 

20.                   Assignment.
The terms and provisions of this Subscription Agreement shall be binding upon
and enure to the benefit of the Purchaser, the Company and their respective
successors and assigns; provided that this Subscription Agreement shall not be
assignable by any party without the prior written consent of the other party.

21.                  
Miscellaneous. All representations, warranties, agreements and covenants made or
deemed to be made by the Purchaser herein will survive the execution and
delivery, and acceptance, of this offer and the Closing. 

22.                   Governing
Law. This Subscription Agreement shall be governed by and construed in
accordance with the laws of the Province of British Columbia and the federal
laws of Canada applicable therein. The Purchaser on its own behalf and, if
applicable, on behalf of others for whom it is contracting hereunder, hereby
irrevocably attorns to the exclusive jurisdiction of the courts of the Province
of British Columbia with respect to any matters arising out of this Subscription
Agreement. 

23.                  
Counterpart and Facsimile Subscriptions. This Subscription Agreement may be
signed in counterparts, including counterparts by means of facsimile or scanned
PDF via email transmission, each of which will be deemed an original, but all of
which, taken together, and delivered will constitute one and the same Agreement.
This Subscription Agreement will not be effective as to any party hereto until
such time as this Agreement or a counterpart thereof has been executed and
delivered, by facsimile or otherwise, by each party hereto. 

24.                  
Entire Agreement and Headings. This Subscription Agreement (including the
schedules hereto) contains the entire agreement of the parties hereto relating
to the subject matter hereof and there are no representations, covenants or
other agreements relating to the subject matter hereof except as stated or
referred to herein. This Subscription Agreement may be amended or modified in
any respect by written instrument only. The headings contained herein are for
convenience only and shall not affect the meanings or interpretation hereof.

25.                   Time
of Essence. Time shall be of the essence of this Subscription Agreement. 

26.                   Effective
Date. This Subscription Agreement is intended to and shall take effect on the
Closing Date, notwithstanding its actual date of execution or delivery by any of
the parties. 

END OF TERMS 

13

 

SCHEDULE "A" 

FORM 4C 
CORPORATE PLACEE REGISTRATION FORM

This Form will remain on file with the Exchange and must be
completed if required under section 4(b) of Part II of Form 4B. The corporation,
trust, portfolio manager or other entity (the "Placee") need only file it on one
time basis, and it will be referenced for all subsequent Private Placements in
which it participates . If any of the information provided in this Form changes,
the Placee must notify the Exchange prior to participating in further placements
with Exchange listed Issuers. If as a result of the Private Placement, the
Placee becomes an Insider of the Issuer, Insiders of the Placee are reminded
that they must file a Personal Information Form (2A) or, if applicable,
Declarations, with the Exchange. 

	I. 	
      Placee Information:

	 	(a) 	
      Name:_______________________________________________________________________________________

	 	 	 
	 	(b) 	
      Complete Address :
      ______________________________________

	 	 	 
	 	(c) 	
      Jurisdiction of Incorporation or Creation :
      __________________________________________________________

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

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

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

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

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

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

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

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

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

	Name * 	City 	Province or State 	Country 
	 	 	 	 
	 	 	 	 

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

	 	 
	5. 	
      Acknowledgement - Personal Information and Securities
      Laws

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

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

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

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

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

	
      (a) Dated and certified (if applicable), acknowledged and
      agreed, at ___________________________________________on
      __________________________________ 

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

THIS IS NOT A PUBLIC DOCUMENT 

SCHEDULE B 

CONFIRMATION OF PREVIOUSLY FILED CORPORATE PLACEE REGISTRATION
FORM 

TO:                        
SILVER PREDATOR CORP. 

      
     In connection with the proposed subscription for
common shares of Silver Predator Corp., the undersigned hereby confirms that the
undersigned has previously filed a Form 4C - Corporate Placee Registration Form
with the TSX Venture Exchange and that the information in such Corporate Placee
Registration Form is accurate and up-to- date as of the date hereof. 

Dated _________________________________________________, 2014.

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

B-1

SCHEDULE"C" 

ACCREDITED INVESTOR STATUS CERTIFICATE 

TO:                        
SILVER PREDATOR CORP. (the "Company") 

                In
connection with the purchase of Shares of the Company (the "Shares") by the
undersigned subscriber or, if applicable, the principal on whose behalf the
undersigned is purchasing as agent (the "Subscriber" for the purposes of this
Schedule "C"), the Subscriber hereby represents, warrants, covenants and
certifies to the Company that: 

I.            
The Subscriber is purchasing or is deemed to be purchasing the Shares as
principal for its own account or complies with the provisions of paragraph 8(d)
of the Subscription Agreement; 

2.            
The Subscriber is an "accredited investor" within the meaning of National
Instrument 45-106 entitled "Prospectus and Registration Exemptions" ("NI
45-106") by virtue of satisfying the indicated criterion as set out in this
Schedule "C"; 

3.            
The Subscriber was not created or used solely to purchase or hold securities as
an accredited investor as described in paragraph (m) of the definition of
"accredited investor" in NI 45-106; and 

4.            
Upon execution of this Schedule "C" by the Subscriber, this Schedule "C" shall
be incorporated into and form a part of the Subscription Agreement. 

Dated: ______________________________, 2014 

	 	 
	 	Print name of Subscriber 
	 	 
	 	By:  
      _______________________________________________
	 	         Signature
  
	 	  
	 	 
	 	Print name of Signatory (if different from
      Subscriber) 
	 	  
	 	 
	 	Title 

IMPORTANT: PLEASE INITIAL THE APPLICABLE PROVISION IN

APPENDIX "A" ON THE NEXT PAGES 

B-1

APPENDIX "A" 

TO SCHEDULE "C" 

NOTE: 
THE SUBSCRIBER MUST INITIAL BESIDE THE APPLICABLE
PORTION OF THE DEFINITION BEWW. 

Accredited Investor - (defined in National Instrument 45-106)
means: 

	 	________	(a) 	a Canadian financial institution,
      or a Schedule IIIbank; or 
	 	 	  	 
	 	________	(b) 	the Business Development Bank of
      Canada incorporated under the Business Development Bank of
      Canada Act (Canada); or 
	 	 	  	 
	 	________	(c) 	a subsidiary of any person
      referred to in paragraphs (a) or (b), if the person owns all of the voting
      securities of the subsidiary, except the voting securities required by law
      to be owned by directors of that subsidiary; or 
	 	 	  	 
	 	________	(d) 	a person registered under the
      securities legislation of a jurisdiction of Canada as an adviser or
      dealer, other than a person registered solely as a limited market dealer
      under one or both of the Securities Act (Ontario) or the
      Securities Act (Newfoundland and Labrador); or 
	 	 	  	 
	 	________	(e) 	an individual registered or
      formerly registered under the securities legislation of a jurisdiction of
      Canada as a representative of a person referred to in paragraph (d); or
  
	 	 	  	 
	 	________	(f) 	the Government of Canada or a
      jurisdiction of Canada, or any crown corporation, agency or wholly-owned
      entity of the Government of Canada or a jurisdiction of Canada; or 
	 	 	  	 
	 	________	(g) 	a municipality, public board or
      commission in Canada and a metropolitan community, school board, the
      Comite de gestion de la taxe scolaire de l'ile de Montreal or an
      intermunicipal management board in Quebec; or 
	 	 	  	 
	 	________	(h) 	any national, federal, state,
      provincial, territorial or municipal government of or in any foreign
      jurisdiction, or any agency of that government; or 
	 	 	  	 
	 	________	(i) 	a pension fund that is regulated
      by either the Office of the Superintendent of Financial Institutions
      (Canada) or a pension commission or similar regulatory authority of a
      jurisdiction of Canada; or 
	 	 	  	 
	 	________	(j) 	an individual who, either alone
      or with a spouse, beneficially owns financial assets having an aggregate
      realizable value that before taxes, but net of any related liabilities,
      exceeds $1,000,000; or 
	 	 	  	 
	 	________	(k) 	an individual whose net income
      before taxes exceeded $200,000 in each of the 2 most recent calendar years
      or whose net income before taxes combined with that of a spouse exceeded
      $300,000 in each of the 2 most recent calendar years and who, in either
      case, reasonably expects to exceed that net income level in the current
      calendar year; or 
	 	 	  	 
	 	 		(Note: if
      individual accredited investors wish to purchase through
      wholly-owned holding companies or similar entities, such purchasing
      entities must qualify under section (t) below, which
      must be initialled.) 
	 	 	  	 
	 	________	(l) 	an individual who, either alone
      or with a spouse, has net assets of at least $5,000,000; or

B-2

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

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

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

	 	 	 
	 	(ii) 	
      a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 or 2.19 of National Instrument
      45-106, or

	 	 	 
	 	(iii) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under section 2.18 of National Instrument 45-106;
      or

		________	(o) 	an investment fund that distributes or has
      distributed securities under a prospectus in a jurisdiction of Canada for
      which the regulator or, in Quebec, the securities regulatory authority,
      has issued a receipt; or 
	 	 	  	  
		________	(p) 	a trust company or trust corporation registered
      or authorized to carry on business under the Trust and Loan Companies
      Act (Canada) or under comparable legislation in a jurisdiction of
      Canada or a foreign jurisdiction, acting on behalf of a fully managed
      account managed by the trust company or trust corporation, as the case may
      be; or 
	 	 	  	  
	 	________	(q) 	 a person acting on behalf of a fully
      managed account managed by that person, if that person

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

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

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

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

	 	 	  	     
	 	________	(t) 	
      a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors (as defined in National Instrument 45-106); or 

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

	 	________	
      (i) 
	
      a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Quebec, the
      regulator as an accredited investor. 

For the purposes hereof: 

	 	(a) 	
      "affiliate" means an issuer connected with another
      issuer because

	 	 	 	 
	 		(i) 	
      one of them is the subsidiary of the other; or

	 	 	 	 
	 		(ii) 	
      each of them is controlled by the same
  person.

B-3

	 	(b) 	
      "Canadian financial institution" means

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

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

	 	 	 	 	 
	 	(c) 	
      "consultant" means, for an issuer, a person, other
      than an employee, executive officer, or director of the issuer or of a
      related entity of the issuer, that

	 	 	 	 	 
	 		(i) 	
      is engaged to provide services to the issuer or a related
      entity of the issuer, other than services provided in relation to a
      distribution,

	 	 	 	 	 
	 		(ii) 	
      provides the services under a written contract with the
      issuer or a related entity of the issuer, and

	 	 	 	 	 
	 		(iii) 	
      spends or will spend a significant amount of time and
      attention on the affairs and business of the issuer or a related entity of
      the issuer,

	 	 	 	 	 
	 		
      and includes

	 	 	 	 	 
	 		(iv) 	
      for an individual consultant, a corporation of which the
      individual consultant is an employee or shareholder, and a partnership of
      which the individual consultant is an employee or partner, and

	 	 	 	 	 
	 		(v) 	
      for a consultant that is not an individual, an employee,
      executive officer, or director of the consultant, provided that the
      individual employee, executive officer, or director spends or will spend a
      significant amount of time and attention on the affairs and business of
      the issuer or a related entity of the issuer;

	 	 	 	 	 
	 	(d) 	
      "control person" means any person that owns or
      directly or indirectly exercises control or direction over securities of
      an issuer carrying votes which, if exercised, would entitle the first
      person to elect a majority of the directors of the issuer, unless that
      first person holds the voting securities only to secure an
    obligation;

	 	 	 	 	 
	 	(e) 	
      "director" means

	 	 	 	 	 
	 		(i) 	
      a member of the board of directors of a company or an
      individual who performs similar functions for a company, and

	 	 	 	 	 
	 		(ii) 	
      with respect to a person that is not a company, an
      individual who performs functions similar to those of a director of a
      company;

	 	 	 	 	 
	 	(f) 	
      "eligibility adviser" means

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

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

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

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

B-4

	 	(g) 	
      "executive officer" means, for an issuer, an individual
      who is

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

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

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

	 	(h) 	
      "financial assets" means

	 	 	 	 
	 		(i) 	
      cash,

	 	 	 	 
	 		(ii) 	
      securities, or

	 	 	 	 
	 		(iii) 	
      a contract of insurance, a deposit or an evidence of a
      deposit that is not a security for the purposes of securities
      legislation;

	 	(i) 	"foreign jurisdiction" means a
      country other than Canada or a political subdivision of a country other
      than Canada; 
	 	 	 
	 	(j) 	"founder" means, in respect of an
      issuer, a person who, 

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

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

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

	 	 	
       

	 	(I) 	
      "investment fund" has the same meaning as in National
      Instrument 81-106 Investment Fund Continuous Disclosure; 

	 	 	
       

	 	(m) 	
      "jurisdiction" means a province or territory of Canada
      except when used in the term foreign jurisdiction; 

	 	 	
       

	 	(n) 	
      "local jurisdiction" means the jurisdiction in which the
      Canadian securities regulatory authority is situate; 

	 	 	
       

	 	(o) 	
      "non-redeemable investment fund" has the same meaning as
      in National Instrument 21-10 I Marketplace Operation; 

	 	 	
       

	 	(p) 	
      "person" includes 

	 	(i) 	
      an individual,

	 	 	 
	 	(ii) 	
      a corporation,

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

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

	 	(q) 	
      "regulator" means, for the local jurisdiction, the
      Executive Director or Director or la Commission des valeurs mobilieres du
      Quebec as defined under securities legislation of the local
      jurisdiction;

	 	 	 
	 	(r) 	
      "related liabilities" means

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

B-5

	 	(ii) 	
      liabilities that are secured by financial
  assets;

	 	(s) 	
      "Schedule III bank" means an authorized foreign
      bank named in Schedule III of the Bank Act (Canada);

	 	 	 	 
	 	(t) 	
      "spouse" means, an individual who,

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

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

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

	 	 	 	 
	 	(u) 	
      "subsidiary" means an issuer that is
      controlled directly or indirectly by another issuer and includes a
      subsidiary of that subsidiary.

All monetary references are in Canadian Dollars. 

B-6

SCHEDULE "D" 

 

PAYMENT INSTRUCTIONS 

Deliver a certified cheque or bank draft before the Closing
Date in same day freely transferable Canadian funds at par in Vancouver, British
Columbia to: 

SILVER PREDATOR CORP. 
800-1199West
Hastings Street 
Vancouver, British Columbia, Canada V6E 3T5 
Attention:
Nancy La Couvee, Corporate Secretary 
Tel: 778-968-6941 

or 

Send funds by wire transfer according to instructions on Page
C-2 (following this page). 

1

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