Document:

CA Filed by Filing Services Canada Inc. 403-717-3898

THIS
SHARE PURCHASE AGREEMENT dated for reference the 22nd day of May, 2015.

 

AMONG:

 

MINCO
GOLD CORPORATION, a corporation existing pursuant to the laws of the Province of British Columbia, Canada and having an
office at Suite #2772 – 1055 West Georgia Street, Vancouver, British Columbia, Canada 

 

(hereinafter
called the "Vendor")

 

AND:

 

MINCO
INVESTMENT HOLDINGS HK LTD., a corporation existing pursuant to the laws of Hong Kong and having an office at 9/F, No.
122 Queen’s Road Central, Central, Hong Kong

 

(hereinafter
called the "Purchaser")

 

AND:

 

MINCO
SILVER CORPORATION, a corporation existing pursuant to the laws of the Province of British Columbia, Canada and having
an office at Suite #2772 – 1055 West Georgia Street, Vancouver, British Columbia, Canada

 

(the
"Minco Silver")

WHEREAS:

 

		A.	Each of the Vendor and Minco Silver are
Canadian public companies listed for trading on the Toronto Stock Exchange;

 

		B.	The Vendor, through its wholly-owned subsidiary,
Minco Resources Limited (the "Company"), owns and operates a number of mineral exploration projects in the People’s
Republic of China, which projects are held by the Company through a wholly owned Chinese subsidiary of the Company known as Minco
Mining (China) Co. Ltd. (“Minco China”) and various Chinese corporations and joint ventures as more particularly
described in the organizational chart of the Vendor attached hereto as Schedule “A” (Minco China and its various Chinese
subsidiaries and joint ventures hereinafter referred to as the “Subsidiaries”);

 

		C.	Pursuant to an Assignment Agreement between
the Vendor, Minco Silver and Minco China dated August 20, 2004 (the “Fuwan Assignment Agreement”) Minco Gold
and a former subsidiary of Minco Gold assigned to Minco Silver all of their right, title and interest in and to a silver exploration
and development project located in Guangdong Provinces in the People’s Republic of China (the “Fuwan Project”)
in consideration for the issuance by Minco Silver to the Vendor of 14,000,000 common shares of Minco Silver; 

 

    	 	 	 

    	 	 	 

    

		D.	The Vendor holds a 51% undivided interest
in a mineral exploration property located contiguous to the Fuwan Project (the “Changkeng Property”) pursuant
to the terms of an arms’ length joint venture agreement between the Vendor’s Chinese Subsidiaries and Guangzhou Mingzhong
Mining Co. Ltd., which holds a 49% undivided interest in the Changkeng Property (the “Changkeng Joint Venture”);

 

		E.	Pursuant to the terms of the Fuwan Assignment
Agreement, the Vendor’s 51% undivided interest in the silver mineralization of the Changkeng Property was also assigned to
Minco Silver and forms part of the Fuwan Project but the Vendor’s 51% undivided interest in the gold mineralization of the
Changkeng Property was retained by the Vendor;

 

		F.	Since the completion of the acquisition
by Minco Silver of the Fuwan Project and pursuant to the terms of various trust and confirmation agreements, the Vendor and the
Company have held the legal title of the Fuwan Project in trust for Minco Silver (the “Fuwan Trust Agreements");

 

		G.	Minco Silver wishes to acquire from the
Vendor all of its remaining interest in the Changkeng Property and the Changkeng Joint Venture, including but not limited to the
Vendor’s interests in the gold mineralization in the Changkeng Property, by way of the transfer and assignment by the Vendor
to Minco Silver of one million (1,000,000) issued and outstanding shares of the Company (the “Shares”) on the
terms and conditions herein set forth;

 

		H.	The Vendor wishes to transfer and assign
to Minco Silver the Shares but retain all beneficial interest in and to the properties and assets of the Company as more particularly
set forth in Schedule “B” attached hereto (the “Retained Assets”);

 

		I.	The Company is indebted to the Vendor in
the amount of $42,326 (the “Shareholder Loan”); 

 

		J.	The Vendor is indebted to Minco Silver in
the amount of $3,700,000 (the “Vendor Debt”); and 

 

		K.	The Vendor owns 11,000,000 common shares
of Minco Silver (the “Vendor’s Minco Silver Shares”).

 

NOW
THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the promises, covenants, terms, conditions representations and
warranties hereinafter set forth, the parties hereto agree each with the other as follows:

 

	1.		SALE AND PURCHASE

 

		1.1	Minco Silver and the Purchaser hereby agree
to purchase and the Vendor hereby agrees to sell the Shares and the Shareholder Loan, specifically excluding the Retained Assets,
at a price of $13,732,260 in lawful money of Canada (the "Purchase Price"), $42,326 of which shall be allocated
to the Shareholder Loan and $13,689,934 shall be allocated to the Shares. Upon execution of this Agreement, Minco Silver shall
cause the Purchaser to provide the Vendor with an advance in the amount of $1,600,000 (the “Purchase Price Advance”),
subject to the grant by the Vendor of the security described in Subsection 1.2. Minco Silver and the Purchaser shall satisfy the
Purchase Price as follows on the Closing Date:

 

		(a)	an offset of the Purchase Price Advance
against the Purchase Price; 

 

    	 	 	 

    	 	 	 

    

		(b)	an offset of the Vendor Debt against the
Purchase Price; and 

 

		(c)	the payment to the Vendor of the balance
of the Purchase Price in the amount of $8,432,260 by certified cheque or bank draft payable to the Vendor, subject to adjustment
in accordance with the provisions of Subsection 1.2. 

 

		1.2	In the event that for any reason the transactions
herein set forth are not completed or this Agreement is terminated, the Vendor shall forthwith repay the Purchase Price Advance
to the Purchaser, together with interest at the rate of 8.0% per annum, calculated monthly, not in advance. As security for the
repayment of the Purchase Price Advance, the Vendor shall pledge the Vendor’s Minco Silver Shares to the Purchaser and deliver
to the Purchaser the certificates representing such shares together with duly executed stock powers of attorney. 

 

		1.3	In the event that, on the Closing Date,
the Vendor’s portion of the Unallocated Changkeng JV Cash Balance (as hereinafter defined) is less than $625,260, the Purchase
Price and the payment to be made by the Purchaser to the Vendor pursuant to Subsection 1.1(c) shall be reduced by an amount equal
to the shortfall.

 

		1.4	The Purchaser and Minco Silver acknowledge
and agree that the beneficial interest in the Retained Assets will be assigned, transferred and/or distributed by the Company directly
or indirectly to the Vendor, or its order, immediately prior to Closing and the Company shall enter into a Declaration of Trust
and Agency Agreement in favour of the Vendor, or its order, in the form attached hereto as Schedule “C” pursuant to
which the Company will hold the Retained Assets in trust for the Vendor, or its order, and deal with the Retained Assets in such
manner as the Vendor, or its order, may direct from time to time.

 

	2.		REPRESENTATIONS AND WARRANTIES
OF THE VENDOR

 

		2.1	In order to induce the Purchaser to enter
into and consummate this Agreement, the Vendor represents and warrants to the Purchaser as follows:

 

		(a)	each of the Company and the Subsidiaries
validly exists and is in good standing with respect to the filing of any and all corporate reports with the relevant regulatory
authorities in its jurisdiction of incorporation;

 

		(b)	the consolidated financial statements of
the Company for the fiscal year ended December 31, 2014 attached hereto as Schedule "D" are substantially true and
correct in all material respects and present fairly the financial position of the Company and the results of its operations for
the period described therein;

 

		(c)	there have been no material adverse changes
in the corporate or financial affairs of the Company since December 31, 2014 other than as disclosed in the Vendor's financial
statements for the quarter ended March 31, 2015;

 

		(d)	each of the Vendor and the Company has due
and sufficient right and authority to enter into this Agreement on the terms and conditions herein set forth and to transfer the
legal and beneficial title and ownership of the Shares and the Shareholder Loan to the Purchaser and no other corporate proceedings
on the part of the Vendor are necessary to authorize the Vendor’s execution, delivery and performance of this Agreement,
or to consummate the transactions contemplated hereby;

    	 	 	 

    	 	 	 

    

 

		(e)	this Agreement has been duly executed and
delivered by the Vendor and constitutes a valid and binding agreement of the Vendor, enforceable against the Vendor in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to creditors’
rights generally and to general principles of equity;

 

		(f)	the execution, delivery and performance
by the Vendor of this Agreement and the consummation by the Vendor of the transactions contemplated hereby does not and will not
require any consent, approval, waiver or authorization of, or any action by or in respect of any person or regulatory authority
other than as set forth in Section 6.2 (a) and (b);

 

		(g)	no person, firm or corporation has any agreement
or option or a right capable of becoming an agreement for the purchase of the Shares or any right capable of becoming an agreement
for the purchase, subscription or issuance of any of the unissued shares in the capital stock of the Company;

 

		(h)	each of the Company and the Subsidiaries
has the corporate power to own the properties owned by it, and to carry out the business carried on by it and is duly registered
and qualified to carry on business in the jurisdiction of its incorporation or formation and all other jurisdictions in which it
does so;

 

		(i)	there are no liabilities, contingent or
otherwise, of the Company or the Subsidiaries, other than the Shareholder Loan, and neither the Company nor any of the Subsidiaries
has guaranteed, or agreed to guarantee, any debt, liability or other obligation of any person, firm or corporation, other than
as disclosed in the consolidated financial statements of the Company for the fiscal year ended December 31, 2014;

 

		(j)	neither the Company nor any of the Subsidiaries
is indebted to the Vendor or any affiliate or director or officer of the Company or any of the Subsidiaries, other than the Shareholder
Loan;

 

		(k)	no dividends or other distribution of any
shares in the capital of the Company or any of the Subsidiaries has been made, declared or authorized since December 31, 2014;

 

		(l)	neither the Company nor any of the Subsidiaries
has discharged or satisfied or paid any lien or encumbrance or obligation or liability other than current liabilities in the ordinary
course of business since December 31, 2104;

 

		(m)	the Memorandum and Articles of Association
of the Company have not been altered since the incorporation of the Company, except as set out in the Company's minute book and
the corporate records therein;

 

		(n)	neither the Company nor any of the Subsidiaries
have any contracts, agreements, pension plans, profit sharing plans, bonus plans, undertakings, or arrangements whether oral, written
or implied with employees, lessees, licensees, managers, accountants, suppliers, agents, distributors, officers, directors, lawyers,
or others which cannot be terminated on not more than one month's notice;

 

		(o)	the Vendor is not aware of any basis
                                                                                                                             for and there are no actions, suits, judgments, investigations or proceedings outstanding or pending or to the knowledge of
                                                                                                                             the Vendor threatened
against or affecting the Company or any of the Subsidiaries at law or in equity or before or by a federal, provincial, state, municipal
or other governmental department, commission, board, bureau or agency other than the litigation involving the Vendor’s Tugurige
Gold Project as more particularly described in Schedule “B”;

    	 	 	 

    	 	 	 

    

 

		(p)	to the knowledge of the Vendor, neither
the Company nor any of the Subsidiaries is in breach of any applicable laws, ordinances, statutes, regulations, by-laws, orders
or decrees to which it is subject or which apply to it; 

 

		(q)	the Company has not experienced nor is the
Vendor aware of any occurrence or event which has had or might reasonably be expected to have, a materially adverse effect on the
business or the results of operations of either the Company or any of the Subsidiaries;

 

		(r)	neither the Vendor nor any officer, director,
employee or shareholder of the Company are indebted or under obligation to the Company on any account whatsoever;

 

		(s)	all tax returns and reports of the Company
and the Subsidiaries required to be filed prior to the date hereof have been filed with all governmental authorities having jurisdiction
and are substantially true, correct and accurate in all material respects, and all taxes and other governmental charges have been
paid or accrued in the Company's books;

 

		(t)	all material transactions of the Company
have been recorded or filed as required in or with its respective books and records, and the minute books of the Company contain
all records of the meetings and proceedings of shareholders and directors thereof;

 

		(u)	the performance of this Agreement will not
be in violation of the Memorandum or Articles of Association of the Company or of any agreement to which the Vendor or the Company
are a party and will not give any person or company any right to terminate or cancel any agreement or any right enjoyed by the
Company and will not result in the creation or imposition of any lien, encumbrance or restriction of any nature whatsoever in favour
of a third party upon or against the assets of the Company;

 

		(v)	the Company does not own, directly or indirectly,
any shares or interest in any other company or firm, other than as disclosed in the Company's books and records;

 

		(w)	the Shares of the Company are validly issued,
fully-paid and non-assessable common shares not subject to any liens, charges or encumbrances of any nature or kind whatsoever
and the authorized capital of the Company consists of HK$10,000,000 divided into 100,000,000 shares of HK$0.10 each and the Shares
are the only issued and outstanding shares of the Company;

 

		(x)	as of the date hereof, the assets of the
Changkeng Joint Venture include a minimum of $1,226,000 cash of which the Vendor’s portion based on its 51% undivided interest
is $625,260 and such cash has not been allocated for any specific purpose or use (the “Unallocated Changkeng JV Cash Balance”);
and

 

		(y)	as of the date hereof, the Vendor is the
legal and beneficial owner of the Vendor’s Minco Silver Shares, free and clear of any liens, charges or encumbrances. 

 

    	 	 	 

    	 	 	 

    

		2.2	The representations, warranties, covenants
and agreements by the Vendor contained in this Agreement or any certificates or documents delivered pursuant to the provisions
hereof or in connection with the transactions contemplated hereby shall be true in all material respects at and as of the Closing
Date of this Agreement as though such representations and warranties were made at and as of such time.  Notwithstanding any
investigations or inquiries made by the Purchaser prior to the execution of this Agreement or the waiver of any condition by the
Purchaser, the representations, warranties, covenants and agreements of the Vendor shall survive the execution and Closing of this
Agreement and notwithstanding the purchase and sale herein provided for, shall continue in full force and effect for a period of
one (1) year following the Closing Date.

 

		3.	REPRESENTATIONS AND WARRANTIES OF
THE PURCHASER AND MINCO SILVER

 

		3.1	In order to induce the Vendor to enter into
and consummate this Agreement, the Purchaser and Minco Silver jointly and severally represent and warrant to the Vendor as follows:

 

		(a)	each of the Purchaser and Minco Silver validly
exists and is in good standing with respect to the filing of any and all corporate reports with the relevant regulatory authorities
in its jurisdiction of incorporation;

 

		(b)	each of the Purchaser and Minco Silver has
due and sufficient right and authority to enter into this Agreement on the terms and conditions herein set forth and no other corporate
proceedings on the part of the Purchaser and Minco Silver are necessary to authorize the Purchaser and Minco Silver’s execution,
delivery and performance of this Agreement, or to consummate the transactions contemplated hereby;

 

		(c)	this Agreement has been duly executed and
delivered by the Purchaser and Minco Silver and constitutes a valid and binding agreement of the Purchaser and Minco Silver, enforceable
against the Purchaser and Minco Silver in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to creditors’ rights generally and to general principles of equity; 

 

		(d)	the execution, delivery and performance
by the Purchaser and Minco Silver of this Agreement and the consummation by the Purchaser and Minco Silver of the transactions
contemplated hereby, does not and will not require any consent, approval, waiver or authorization of, or any action by or in respect
of any person or regulatory authority other than as set forth in Section 6.1(a) and (b);

 

		(e)	the performance of this Agreement will not
be in violation of the Memorandum or Articles of Association of each of Minco Silver and the Purchaser or any agreement to which
Minco Silver or the Purchaser are a party;

 

		(f)	the Vendor Debt is the only debt or liability
owing by the Vendor to Minco Silver;

 

		(g)	the Purchaser and Minco Silver are not aware
of any basis for and there are no actions, suits, judgements, investigations or proceedings outstanding or pending or to the knowledge
of the Purchaser and Minco Silver, threatened against the Purchaser or Minco Silver that may prevent the Purchaser from purchasing
the Shares and fulfilling its obligations hereunder. 

 

		3.2	The representations, warranties, covenants
and agreements by the Purchaser and Minco Silver contained in this Agreement or any certificates or documents delivered pursuant
to the provisions hereof
or in connection with the transactions contemplated hereby shall be true in all material respects at and as of the Closing Date
of this Agreement as though such representations and warranties were made at and as of such time.  Notwithstanding any investigations
or inquiries made by the Vendor prior to the execution of this Agreement or the waiver of any condition by the Purchaser, the representations,
warranties, covenants and agreements of the Purchaser and Minco Silver shall survive the execution and Closing of this Agreement
and notwithstanding the purchase and sale herein provided for, shall continue in full force and effect for a period of one (1)
year following the Closing Date.  

    	 	 	 

    	 	 	 

    

 

	4.		CLOSING MATTERS

 

		4.1	In this Agreement, the "Closing
Date" means the date mutually agreed to by the parties hereto within ten (10) days from the Approval Date, as hereinafter
defined, upon which the Vendor and the Purchaser shall complete the transactions contemplated by this Agreement and provide the
documents herein described to complete the transactions (the "Closing").

 

		4.2	Upon the Closing Date of this Agreement,
the following events shall occur:

 

		(a)	the Company will assign and transfer to
the Vendor all of its right and beneficial interest in and to the Retained Assets;

 

		(b)	the Vendor shall deliver to the Purchaser
the share certificates representing the Shares duly endorsed for transfer, and all corporate records, registers and documents of
the Company, including the minute book and corporate seal of the Company;

 

		(c)	the Purchaser shall deliver to the Vendor
a certified cheque or bank draft payable to the Vendor in the amount specified in Subsection 1.1(c);

 

		(d)	the Company and the Vendor, or its order,
shall execute and deliver the Declaration of Trust and Agency Agreement in the form attached hereto as Schedule “C”;

 

		(e)	the parties shall execute and deliver written
confirmation of the termination of the Fuwan Trust Agreements;

 

		(f)	the Vendor shall deliver to the Purchaser
a certificate of the Vendor’s Chief Executive Officer confirming the amount of the Unallocated Changkeng JV Cash Balance
as at the Closing Date;

 

		(g)	the Vendor shall deliver to the Purchaser
the officer’s certificate to be given under Section 6.1(c);

 

		(h)	the Purchaser shall deliver to the Vendor
the officer’s certificate to be given under Section 6.2(c);

 

		(i)	the Purchaser shall deliver to the Vendor
an acknowledgement and confirmation that the Purchase Price Advance and Vendor Debt have been repaid and settled in full; and

 

		(j)	the Purchaser shall return to the Vendor
the Vendor’s Minco Silver Shares and stock powers of attorney delivered in connection with the Purchase Price Advance.

    	 	 	 

    	 	 	 

    

 

	5.		NOTICES

 

		5.1	All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed postage
prepaid addressed to the addressee at the address appearing on the first page hereof or to such other address as may be given in
writing by a party to the other parties, and shall be deemed to have been received, if delivered, on the date of delivery and if
mailed as aforesaid at Vancouver, British Columbia then on the next business day following the posting thereof.

 

	6.		CONDITIONS PRECEDENT

 

		6.1	The Purchaser’s and Minco Silver’s
obligations to complete the transactions contemplated herein is subject to:

 

		(a)	The receipt of approval of this Agreement
by the shareholders of each of the Vendor and Minco Silver at duly convened shareholder meetings in accordance with applicable
securities law and stock exchange policies;

 

		(b)	the receipt of the written acceptance of
this Agreement by the Toronto Stock Exchange by each of the Vendor and Minco Silver (the date of such acceptance being referred
to herein as the "Approval Date”);

 

		(c)	the representations and warranties of the
Vendor made in or pursuant to this Agreement shall be true and correct in all material respects as at the Closing Date and with
the same effect as if made on the Closing Date (except as such representations and warranties may be affected by the occurrence
of events or transactions expressly contemplated and permitted by this Agreement) and the Purchaser and Minco Silver shall have
received a certificate from a senior officer of the Vendor confirming the truth and correctness of such representations and warranties;
and

 

		(d)	the Vendor shall have performed or complied
with, in all material respects, all its obligations, covenants and agreements under this Agreement.

 

		6.2	The Vendor’s obligations to complete
the transactions contemplated herein is subject to:

 

		(a)	The receipt of approval of this Agreement
by the shareholders of each of the Vendor and Minco Silver in accordance with applicable securities law and stock exchange policies;

 

		(b)	the receipt of the written acceptance of
this Agreement by the Toronto Stock Exchange by each of the Vendor and Minco Silver;

 

		(c)	the representations and warranties of the
Purchaser made in or pursuant to this Agreement shall be true and correct in all material respects as at the Closing Date and with
the same effect as if made on the Closing Date (except as such representations and warranties may be affected by the occurrence
of events or transactions expressly contemplated and permitted by this Agreement) and the Vendor shall have received a certificate
from a senior officer of the Purchaser and Minco Silver confirming the truth and correctness of said representation and warranties;
and

    	 	 	 

    	 	 	 

    

 

		(d)	the Purchaser and Minco Silver shall have
performed or complied with, in all material respects, all their obligations, covenants and agreements under this Agreement

 

	7.		TERMINATION

 

		7.1	This Agreement may be terminated:

 

		(a)	by any party if the transactions contemplated
by this Agreement have not been completed by July 31, 2015 by providing prior written notice of its intent to do so to the other
parties to this Agreement;

 

		(b)	provided that the Purchaser is not in material
breach of its obligations under this Agreement, by the Purchaser if any of the conditions in Section 6.1 have not been satisfied
at or prior to July 31, 2015 and the Purchaser has not waived such condition; and

 

		(c)	provided that the Vendor is not in material
breach of its obligations under this Agreement, by the Vendor if any of the conditions in Section 6.2 have not been satisfied at
or prior to July 31, 2015 and the Vendor has not waived such condition.

 

		7.2	If this Agreement is terminated pursuant
to Section 7.1, written notice thereof shall be promptly given to the other parties and this Agreement shall become void and have
no further force and effect and all further obligations of the Vendor and the Purchaser under this Agreement shall terminate without
further liability of the Vendor and the Purchaser, except for the obligations of the Vendor to repay the Purchase Price Advance
to the Purchaser and for the Purchaser to return the Vendor’s Minco Silver Shares to the Vendor.

 

	8.		GENERAL

 

		8.1	The parties shall, with reasonable diligence,
do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by
this Agreement, and each party shall provide such further documents or instruments required by any other party as may be reasonably
necessary or desirable to effect the purpose of this Agreement and carry out its provisions, whether before or after the Closing.

 

		8.2	Each party shall pay its own costs and expenses
(including the fees and disbursements of legal counsel and other advisers) it incurs in connection with the negotiation, preparation
and execution of this Agreement and the transactions contemplated by this Agreement.

 

		8.3	Unless otherwise indicated herein, all references
to monetary amounts shall mean Canadian dollars.

 

		8.4	This Agreement shall enure to the benefit
of and shall be binding upon the Vendors, their successors and assigns, as the case may be, and the Purchaser and its successors
and assigns.

 

		8.5	Time shall be of the essence of this Agreement.

 

		8.6	The terms and provisions herein contained
constitute the entire agreement between the parties and shall supersede all previous oral or written communications.

 

    	 	 	 

    	 	 	 

    

		8.7	This Agreement will be governed by and construed
in accordance with the laws of British Columbia, and the parties hereto attorn to the jurisdiction of the courts of British Columbia.

 

		8.8	If any part of this Agreement is held invalid
or unenforceable by a court of law, then this Agreement shall be read as if such invalid or unenforceable provision were removed.

 

[THE
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IN
WITNESS WHEREOF the parties have duly executed this Agreement on the day and year first above written.

 

	
        MINCO GOLD CORPORATION

         

        Per:

         

        /s/Jennifer Trevitt 

        Authorized Signatory

         
	
        MINCO INVESTMENT HOLDINGS HK LTD.

         

        Per:

         

         

         

         

         

        /s/ Ken Cai 

        Authorized Signatory

	 	
         

         

         

         

	 	 

 

 

	 	
        MINCO SILVER CORPORATION

         

        Per:

         

        /s/ Jennifer Trevitt 

        Authorized Signatory

 

 

 

 

    	 	 	 

    	 	 	 

    

SCHEDULE
"A"

    	 	 	 

    	 	 	 

    

 

SCHEDULE
"B"

 

RETAINED ASSETS

 

		1.	All right, title and interest in the Longnan Project located in the
Wudu district of Gansu Province, in the People’s Republic of China, held by
Minco Mining (China) Co. Ltd., a wholly owned subsidiary of Minco Resources Limited.

 

		2.	All right, title and interest in the Gold Bull Mountain Project located
in the Yuanling County of Hunan Province, in the People’s Republic of China,
held by Huaihua Tiancheng Mining Ltd, a wholly owned subsidiary of Yuanling Minco Mining Co. Ltd., which in turn is a wholly owned
subsidiary of Minco Mining (China) Co. Ltd., which in turn is a wholly owned subsidiary of Minco Resources Limited. 

 

		3.	All future settlement proceeds to be received by Minco Mining (China)
Co. Ltd. from 208 Team, a subsidiary of China National Nuclear Corporation, regarding the Tugurige Gold Project, located in Inner
Mongolia China, pursuant to a settlement made between Minco Mining (China) Co. Ltd. and 208 Team.

 

 

 

    	 	 	 

    	 	 	 

    

 

SCHEDULE
"C"

 

 

 

 

    	 	 	 

    	 	 	 

    

 

SCHEDULE
"D"CA Filed by Filing Services Canada Inc. 403-717-3898

AMENDED AND RESTATED DECLARATION OF
TRUST AND AGENCY AGREEMENT

 

THIS AGREEMENT made effective as of the 31st day of July,
2015, notwithstanding the date of execution of this Agreement by the parties hereto.

 

AMONG:

 

MINCO
MINING (CHINA) CORPORATION, a corporation existing pursuant to the laws of the People's Republic of China and having an
office at Suite 1706, Tower C, Global Trade Centre 36, East Beisanhuan Road, Dongcheng District, Beijing, People's Republic of
China 100013

 

(the "Trustee")

 

AND:

 

Yuanling
Minco Mining Co. Ltd., a corporation existing pursuant to the laws of the
People's Republic of China and having an office at Suite 1706, Tower C, Global Trade Centre 36, East Beisanhuan Road, Dongcheng
District, Beijing, People's Republic of China 100013

 

("Yuanling Minco")

 

AND:

 

HUAIHUA TIANCHENG MINING LTD.,
a corporation existing pursuant to the laws of the People's Republic of China and
having an office at Suite 1706, Tower C, Global Trade Centre 36, East Beisanhuan Road, Dongcheng
District, Beijing, People's Republic of China 100013

 

("Huaihua
Tiancheng")

 

AND:

 

MINCO SILVER CORPORATION,
a corporation existing pursuant to the laws of the Province of British Columbia, Canada, and
having an office at Suite 2772 – 1055 West Georgia Street, Vancouver, British Columbia, Canada

 

("Minco
Silver")

 

    	 	 	 

    	 	- 2 -	 

    

AND:

 

MINCO GOLD CORPORATION,
a corporation existing pursuant to the laws of the Province of British Columbia, Canada, and having an office at Suite 2772 –
1055 West Georgia Street, Vancouver, British Columbia, Canada

 

(the "Principal")

 

WHEREAS:

 

		A.	The Trustee is a wholly-owned subsidiary of Minco Resources Limited
("Minco Resources"), a wholly-owned subsidiary of Minco Silver;

 

		B.	The Trustee holds legal title to, and has registered in its name,
a 100% equity interest in Yuanling Minco;

 

		C.	Yuanling Minco holds legal title to, and has registered in its
name, a 100% equity interest in Huaihua Tiancheng;

 

		D.	Huaihua Tiancheng holds legal title to, and has registered in its
name, a 100% interest in the Gold Bull Mountain property exploration permit located in the Yuanling County of Hunan Province, the
People's Republic of China (the "Gold Mountain Property");

 

		E.	The Trustee holds legal title to, and has registered in its name,
a 100% interest in the Longnan property exploration permits, located in the Wudu district of Gansu Province, the People's Republic
of China (the "Longnan Property");

 

		F.	Pursuant to the terms of a share purchase agreement dated May 22,
2015 among the Principal, Minco Investment Holdings HK Ltd. ("Minco HK") and Minco Silver Corporation ("Minco
Silver"), the Principal transferred and assigned to Minco HK all of the issued and outstanding common shares of Minco
Resources;

 

		G.	The Trustee has entered into a settlement agreement with its former
joint venture partner, 208 Team, a subsidiary of China National Nuclear Corporation, regarding a mineral project in the People's
Republic of China known as the Tugurige Project and pursuant to which certain settlement amounts remain owing to the Trustee by
208 Team (the "Tugurige Settlement Proceeds");

 

		H.	Prior to the completion of the sale of the issued and outstanding
shares of Minco Resources to Minco HK, Minco Resources assigned to the Principal the beneficial interest in the Gold Mountain Property,
the Longnan Property and the Tugurige Settlement Proceeds (collectively, the "Trust Assets");

 

		I.	The Trustee has agreed, effective from the date of this Agreement,
to hold legal title in and to the Trust Assets, as nominee, agent and bare trustee for the sole benefit and account of the Principal
as principal and beneficial owner; and

 

    	 	 	 

    	 	- 3 -	 

    

		J.	This Agreement amends and restates the Declaration of Trust and
Agency Agreement among the Trustee, Minco Silver and the Principal dated effective July 31, 2015 to clarify the definition of Trust
Assets.

 

NOW THEREFORE THIS AGREEMENT WITNESSES
that in consideration of the premises and the respective covenants and agreements herein contained and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by each of the parties hereto, the parties covenant
and agree as follows:

 

		1.	Appointment

 

The Principal hereby appoints the
Trustee as its nominee, agent and bare trustee to hold legal and registered title to the Trust Assets (either directly, in respect
of the Longnan Property and Tugurige Settlement Proceeds, or indirectly, through Huaihua Tiancheng, in respect of the Gold Mountain
Property), together with any and all accretions, additions, accessions, substitutions and replacements thereto or therefor, for
and on behalf the Principal in accordance with this Agreement, with full power to manage and deal with the Trust Assets (either
directly, in respect of the Longnan Property and Tugurige Settlement Proceeds, or indirectly, through Huaihua Tiancheng, in respect
of the Gold Mountain Property) and execute any instrument, document or encumbrance in respect of the Trust Assets (either directly,
in respect of the Longnan Property and Tugurige Settlement Proceeds, or indirectly, through Huaihua Tiancheng, in respect of the
Gold Mountain Property), all at the direction of the Principal as principal and beneficial owner and strictly in accordance with
this Agreement, and the Trustee accepts such appointment.

 

		2.	Trustee's Agreements

 

The Trustee acknowledges
and agrees that:

 

		(a)	The Trustee shall hold legal title to the Trust Assets (either
directly, in respect of the Longnan Property and Tugurige Settlement Proceeds, or indirectly, through Huaihua Tiancheng, in respect
of the Gold Mountain Property) as nominee, agent and bare trustee for the sole benefit and account of the Principal as principal
and beneficial owner subject to and in accordance with this Agreement;

 

		(b)	The Trustee has and shall have no equitable or beneficial interest
in the Trust Assets, and the Trustee acknowledges that the equitable and beneficial interest in the Trust Assets is vested solely
and exclusively in the Principal;

 

		(c)	Any benefit, interest, profit or advantage arising out of or accruing
from the Trust Assets is and will continue to be a benefit, interest, profit or advantage of the Principal and, if received by
the Trustee (either directly, in respect of the Longnan Property and Tugurige Settlement Proceeds, or indirectly, through Huaihua
Tiancheng, in respect of the Gold Mountain Property), the Trustee shall hold such benefit, interest, profit or advantage for the
sole use, benefit and advantage of the Principal and the Trustee shall account to the Principal for any money or other consideration
paid to or to the order of the Trustee (either directly, in respect of the Longnan Property and Tugurige Settlement Proceeds, or
indirectly, through Huaihua

    	 	 	 

    	 	- 4 -	 

    

Tiancheng, in respect of the Gold
Mountain Property) in connection with the Trust Assets as and when requested in writing by the Principal;

 

		(d)	The Trustee shall, upon the written direction of the Principal,
deal with the Trust Assets and do all acts and things in respect of the Trust Assets at the expense of and as directed by the Principal
from time to time and shall assign, transfer, convey, pledge, charge, or otherwise deal with the Trust Assets (either directly,
in respect of the Longnan Property and Tugurige Settlement Proceeds, or indirectly, through Huaihua Tiancheng, in respect of the
Gold Mountain Property) or any of them at any time and from time to time in such manner as the Principal may determine, to the
extent permitted under all relevant laws; without limiting the generality of the foregoing, the Trustee shall transfer legal title
to the Trust Assets (either directly, in respect of the Longnan Property and Tugurige Settlement Proceeds, or indirectly, through
Huaihua Tiancheng, in respect of the Gold Mountain Property), or any of them, to or as directed in writing by the Principal forthwith
upon the written demand of the Principal;

 

		(e)	The Trustee shall (either directly, in respect of the Longnan Property
and Tugurige Settlement Proceeds, or indirectly, through Huaihua Tiancheng, in respect of the Gold Mountain Property), upon and
in accordance with the written direction of the Principal, act as the agent of the Principal in respect of any matter relating
to the Trust Assets;

 

		(f)	The Trustee shall not deal with the Trust Assets (either directly,
in respect of the Longnan Property and Tugurige Settlement Proceeds, or indirectly, through Huaihua Tiancheng, in respect of the
Gold Mountain Property) in any way or execute any instrument, document or encumbrance in respect of the Trust Assets without the
prior written direction of the Principal; and 

 

		(g)	The Trustee shall notify the Principal forthwith, upon receipt
by the Trustee (either directly, in respect of the Longnan Property and Tugurige Settlement Proceeds, or indirectly, through Huaihua
Tiancheng, in respect of the Gold Mountain Property) of notice of any matter or thing in respect of the Trust Assets or any portion
of the Trust Assets, including, without limitation, in respect of any tax, lien, charge or encumbrance in respect of the Trust
Assets.

 

		3.	Sale of Yuanling Minco or Huaihua Tiancheng

 

If the Trustee sells its interest
in Yuanling Minco or Yuangling Minco sells its interest in Huaihua Tiancheng, the Trustee shall pay the Principal the amount the
Trustee or Yuanling Minco receives from such sale, up to the fair market value of the Gold Mountain Property. The Trustee or Yuangling
Minco shall not accept an amount less than the fair market value of the Gold Mountain Property as consideration for the sale of
its interest in Yuanling Minco or Huaihua Tiancheng, respectively, unless the proposed transferee of such sale agrees to pay the
Principal, upon the subsequent sale of the Gold Mountain Property by said proposed transferee, an amount equal to the difference
between the fair market value of the Gold Mountain Property and the amount the Trustee or Yuanling Minco received for its interest
in Yuanling Minco or Huaihua Tiancheng, respectively. All payments owed to the Principal pursuant to this Section 3 shall
be made immediately upon completion of the underlying applicable sale.

    	 	 	 

    	 	- 5 -	 

    

 

		4.	Sale of the Trustee

 

If Minco Silver sells its interest
in the Trustee, Minco Silver shall pay the Principal the amount Minco Silver receives from such sale, up to the aggregate fair
market value of the Trust Assets. Minco Silver shall not accept an amount less than the aggregate fair market value of the Trust
Assets as consideration for the sale of its interest in the Trustee, unless the proposed transferee of such sale agrees to pay
the Principal, upon the subsequent sale of any of the Trust Assets, Huaihua Tiancheng or Yuanling Minco by said proposed transferee,
an amount equal to the difference between the fair market value of the Trust Assets, as applicable, and the amount Minco Silver
received for its interest in the Trustee attributable to the Trust Assets, as applicable. All payments owed to the Principal pursuant
to this Section 4 shall be made immediately upon completion of the underlying applicable sale.

 

		5.	Reimbursement of Expenses

 

Any payments or disbursements made
by the Trustee in respect of the Trust Assets in accordance with this Agreement will be made as the agent of and for the account
of the Principal, as principal, and the Principal shall reimburse the Trustee for any amount reasonably and properly expended by
the Trustee in connection with the Trust Assets on the written direction of the Principal.

 

		6.	Fee

 

The Trustee shall not receive any
fee or remuneration from the Principal for acting under this Agreement.

 

		7.	Termination

 

The powers conferred on the Trustee
under this Agreement will continue in force and effect until the earlier of:

 

		(a)	The date upon which the Principal notifies the Trustee in writing
that this Agreement is terminated; or

 

		(b)	The date upon which (i) legal title to the Trust Assets has been
transferred to either the Principal or a third party designated by the Principal in accordance with applicable law and upon terms
accepted by the Principal in its sole discretion, or (ii) payment in full of all amounts owing pursuant to Sections 3 and 4 have
been made to the satisfaction of the Principal.

 

Upon termination of this Agreement
in accordance with the foregoing provisions, all obligations of the parties under this Agreement will be terminated except for
the indemnification provisions in Section 8 which will survive indefinitely.

 

		8.	Indemnity of the Trustee

 

The Principal shall indemnify and
save harmless the Trustee, its agents and each of the Trustees affiliated parties, directors, officers, and employees against any
and all liability, loss, cost, action, claim or expense resulting from the Trustee's holding of the legal title to or dealing with
the Trust Assets as directed by the Principal from time to time, except to the extent that the same results from a fraudulent or
negligent act or omission of the Trustee or if the Trustee breaches this Agreement.

 

    	 	 	 

    	 	- 6 -	 

    

 

		9.	Guarantee of Performance

 

Minco Silver agrees to guarantee
the performance by the Trustee (either directly, in respect of the Longnan Property and Tugurige Settlement Proceeds, or indirectly,
through Huaihua Tiancheng, in respect of the Gold Mountain Property) of all of its obligations under this Agreement and agrees
to be bound by and perform the terms of this Agreement as Trustee to the full extent, as may be necessary to ensure the performance
in full of this Agreement.

 

		10.	Entire Agreement

 

This Agreement represents the entire
agreement between the parties pertaining to the subject matter of this Agreement and supersedes all prior agreements, understandings,
negotiations and discussions whether oral or written of the parties and there are no warranties, representations or other agreements
between the parties in connection with the subject matter of this Agreement except as specifically set forth in this Agreement.

 

		11.	Amendment

 

This Agreement may be altered or
amended only by an agreement in writing signed by the parties.

 

		12.	Enurement

 

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

 

		13.	Time of Essence

 

Time shall be of the essence of
this Agreement.

 

		14.	Governing Law

 

This Agreement shall be governed
by and construed in accordance with the laws of British Columbia and the parties hereto attorn to the jurisdiction of the Courts
of British Columbia.

 

		15.	Execution of Agreement

 

This Agreement may be executed
in several counterparts and by e-mail or facsimile, each of which so executed shall be deemed to be an original, and such counterparts
together shall constitute one and the same instrument and notwithstanding their date of execution, shall be deemed to bear the
date as of the date above written.

 

    	 	 	 

    	 	- 7 -	 

    

 

 

 

 

[The remainder of this page is
intentionally left blank.]

 

 

    	 	 	 

    	 	 	 

    

IN WITNESS WHEREOF the parties have
duly executed this Agreement on the day and year first above written.

 

 

MINCO MINING (CHINA)

CORPORATION

/s/ Ken Z. Cai

Ken Z. Cai, President

 

MINCO GOLD CORPORATION

/s/ Jennifer Trevitt

Jennifer Trevitt, Director of Corporate Affairs

 

HUAIHUA TIANCHENG MINING LTD.

/s/ Ken Z. Cai

Ken Z. Cai, President

 

MINCO SILVER CORPORATION

/s/ Jennifer Trevitt

Jennifer Trevitt, Director of Corporate Affairs

 

YUANLING MINCO MINING CO. LTD.

/s/ Ken Z. Cai

Ken Z. Cai, President

 

 

Signature
Page to Amended and Restated Declaration of Trust and Agency Agreement

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