Document:

Exhibit 4.4

 

THIS NOTE HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

 

	No. [2018B-____]	U.S. $ _____,000

Original Issue Date: ___________, 2018

 

SERIES 2018B 10% UNSECURED CONVERTIBLE
PROMISSORY NOTE 

DUE ___________ 2019

 

THIS NOTE is one of a duly authorized issue
of Notes of MAGELLAN GOLD CORPORATION, a Nevada corporation (the “Company”), designated as its Series
2018B 10% Unsecured Convertible Promissory Notes (the “Notes”) due on ____________, 2018 (which date may be extended
at the option of the Company for up to an additional 12 months) (the “Maturity Date”), in an aggregate principal
amount of up to $500,000 plus accrued and unpaid interest.

 

FOR VALUE RECEIVED,
the Company promises to pay to _______ , the registered holder hereof (the "Holder"), the principal sum
of __________ Thousand and 00/100 Dollars (US $____,000.00) and to pay interest on the principal sum outstanding from time to time
in arrears at the rate of 10% per annum, calculated from the date of initial issuance of this Note (the “Issue Date”)
and payable quarterly in cash beginning ___________, 2019. Accrual of interest shall commence on the first such business day to
occur after the Issue Date and shall continue to accrue on a daily basis until payment in full of the principal sum has been made
or duly provided for.

 

The Company shall pay
all accrued and unpaid interest, in arrears, on each Interest Payment Date, as provided herein, and shall pay the outstanding principal
balance hereof on the earlier of (i) the Conversion Date, or (ii) the Maturity Date.

 

This Note is being
issued pursuant to the terms of the Subscription Agreement (the “Subscription Agreement”), to which the Company and
the Holder (or the Holder’s predecessor in interest) are parties. Capitalized terms not otherwise defined herein shall have
the meanings ascribed to them in the Subscription Agreement.

 

This Note is subject to the following additional
provisions.

 

Section 1.     No
Collateral/Pari Passu.

 

(a)               
This Note is one of a series of unsecured Notes known as the Series 2018B 10% Unsecured Convertible Promissory Notes in a total
principal amount of up to $500,000 plus accrued but unpaid interest. No payments will be made to the holder of this Note unless
a proportional payment (based on outstanding principal amount) is made with respect to all other Notes. Upon liquidation, this
Note will be treated in pari passu with all other Notes issued in this Series.

 

(b)               
The Company’s obligations under this Note are unsecured.

 

(c)               
All holders of Notes issued in this Series shall execute and be bound by an Agreement Among Lenders pursuant to which all such
Holders will agree to act in concert with respect to the Notes as determined by Holders owning a Majority in Interest of the Notes.

 

 

 

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Section 2.     No Sale or
Transfer. This Note may not be sold, transferred, assigned, hypothecated or divided into two or more Notes of smaller
denominations except to the extent such sale, transfer, assignment, hypothecation or division is in compliance with federal
and applicable state securities laws, the compliance with which must be established to the reasonable satisfaction of the
Company.

 

Section 3.     No Limitations
on Debt. The existence of this Note does not preclude the Company from incurring other indebtedness.

 

Section 4.     Provisions
Regarding Payment of Interest. Interest hereunder will be paid to the Holder, calculated from the date of initial issuance
of this Note (the “Issue Date”) and payable quarterly in arrears beginning ___________, 2019 (each an “Interest
Payment Date”). At the option of the Company, accrued interest may be paid (i) in cash or (ii) in shares of restricted
Common Stock valued at the 20 day VWAP ending on the last day of the quarter for which interest is payable. If not paid previously,
all interest will be payable at the Maturity Date.

 

Section
5.     (a)     “Event of Default” wherever used herein, means any one of the
following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or
pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or
governmental body):

 

(i)          Any default
in the payment of the principal of or interest on this Note as and when the same shall become due and payable, (whether on the
Maturity Date or by acceleration or otherwise);

 

(ii)          The Company shall fail to observe or perform any other covenant, agreement or warranty contained in, or otherwise commit any breach
of, this Note or and such failure or breach shall not have been remedied within 30 days after the date on which notice of such
failure or breach shall have been given;

 

(iii)          The
Company shall commence a voluntary case under the United States Bankruptcy Code or insolvency laws as now or hereafter in effect
or any successor thereto (the “Bankruptcy Code”); or an involuntary case is commenced against the Company under
the Bankruptcy Code and the petition is not controverted within 30 days, or is not dismissed within 60 days, after commencement
of such involuntary case; or a “custodian” (as defined in the Bankruptcy Code) is appointed for, or takes charge of,
all or any substantial part of the property of the Company or the Company commences any other proceeding under any reorganization,
arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether
now or hereafter in effect relating to the Company or there is commenced against the Company any such proceeding which remains
undismissed for a period of 60 days; or the Company is adjudicated insolvent or bankrupt; or any order of relief or other order
approving any such case or proceeding is entered; or the Company suffers any appointment of any custodian or the like for it or
any substantial part of its property which continues undischarged or unstayed for a period of 60 days; or the Company makes a general
assignment for the benefit of creditors; or the Company shall fail to pay, or shall state that it is unable to pay its debts generally
as they become due; or the Company shall call a meeting of all of its creditors with a view to arranging a composition or adjustment
of its debts; or the Company shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of
the foregoing; or any corporate or other action is taken by the Company for the purpose of effecting any of the foregoing.

 

(b)     Remedies.
The Holder may declare a default under Section 5(a)(i) upon not less than 15 days’ written notice to the Company. If the
Company fails to cure an Event of Default within such period (or if the cure cannot be reasonably completed within such period,
commence the cure of the Event of Default and diligently pursue such cure), then the principal amount hereof together with all
accrued and unpaid interest up to the date of default shall thereafter accrue interest at the default interest rate of 12% per
annum and the Holders may:

 

 

 

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(i)          Declare all amounts due under the Notes immediately due and owing and exercise all rights with respect thereto permitted by law;

 

(ii)         Convert all of the Notes into shares of Common Stock of the Company; or

 

(iii)        Assert any other remedy available at law or in equity.

 

Section 6.     Intentionally Omitted

 

Section 7.     Definitions. For the purposes
hereof, the following terms shall have the following meanings:

 

“Business Day” means any day except
Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the State of Colorado are
authorized or required by law or other government action to close.

 

“Company” means Magellan Gold Corporation,
a Nevada corporation.

 

“Conversion Amount” shall mean
the total of unpaid principal and accrued but unpaid interest at the date such amount is determined.

 

“Conversion Price” shall mean $0.025
per share, as adjusted as set forth in Section 8(d), below.

 

“Conversion Shares” shall mean
the shares of the Company’s Common Stock, $.001 par value, issued or issuable upon conversion of the Notes.

 

“Notes” means the Notes, or any
of them, as the context may require.

 

“Holder” means any Person who is
a registered holder of this Note as listed in the books of the Company.

 

“Interest Payment Date” The Notes
accrue interest at the rate of 10% per annum, payable quarterly in arrears.

 

“Market Price” at any date shall
be deemed to be (i) if the principal trading market for such securities is any exchange, the last reported sale price, on each
Trading Day for which determination is made as officially reported on any consolidated tape, (ii) if the principal market for such
securities is the over-the-counter market, the closing prices (or, if no closing price, the closing bid price) on such Trading
Days as set forth by Nasdaq or the OTC.QB of the OTC Markets Group, Inc. (whichever is the principal market for the Company’s
common stock) as reported at http://finance.yahoo.com or, (iii) if the security is not quoted on Nasdaq or the OTC.QB, the average
bid and asked price as set forth on OTC.Pink of the OTC Markets Group, Inc. listing such securities for such day. Notwithstanding
the foregoing, if there is no reported closing price or bid price, as the case may be, on any of the ten trading days preceding
the event requiring a determination of Market Price hereunder, then the Market Price shall be determined in good faith by resolution
of the Board of Directors of the Company, based on the best information available to it.

 

“Material Adverse Effect” means
a material adverse effect upon the business, operations, properties, assets or condition (financial or otherwise) of the Company
taken as a whole.

 

 

 

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“Maturity Date” means the date
defined in the first paragraph or (if earlier) the date of any prepayment or acceleration.

 

“Original Issue Date” shall mean
the date this Note is purchased by the initial holder.

 

“Person” means a corporation, an
association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental
agency.

 

“Trading Day” means a day in which
the market on which shares of the Company’s common stock are principally traded is open for trading, whether or not any shares
of the Company’s common stock are actually traded on that day.

 

Section 8.     Conversion.

 

a.       Voluntary
Conversion. At any time before this Note has been paid, upon written notice to the Company, the Holder may convert the
Conversion Amount into Conversion Shares determined by dividing the Conversion Amount by the Conversion Price.

 

b.       Mandatory
Conversion. The Conversion Amount shall automatically be converted into Conversion Shares in the event (i) there exists
a public market for the Company’s common stock, (ii) the closing price of the common stock in the principal trading market
has been $0.25 per share or higher for the preceding ten (10) trading days, and (iii) either (A) there is an effective registration
statement registering for resale under the Securities Act of 1933, as amended (“Securities Act”) the Conversion Shares
or (B) the Conversion Shares are eligible to be resold by non-affiliates of the Company without restriction under Rule 144 under
the Securities Act.

 

c.       Limitation on Conversion.Notwithstanding any other provision
hereof, in no event (except (i) as specifically provided herein as an exception to this provision, or (ii) while there is outstanding
a tender offer for any or all of the shares of the Company’s Common Stock) shall the Holder be entitled to convert any portion
of this Note, or shall the Company have the obligation to convert such Note to the extent that, after such conversion, the sum
of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock
which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or other convertible securities
or of the unexercised portion of warrants or other rights to purchase Common Stock), and (2) the number of shares of Common Stock
issuable upon conversion of the Common Stock which are issuable upon the conversion of the Notes with respect to which the determination
of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the
outstanding shares of Common Stock (after taking into account the shares to be issued to the Holder upon such conversion). For
purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended, except as otherwise provided in clause (1) of such sentence. The Holder,
by its acceptance of this Note, further agrees that if the Holder transfers or assigns any of the Notes to a party who or which
would not be considered such an affiliate, such assignment shall be made subject to the transferee’s or assignee’s
specific agreement to be bound by the provisions of this Section 4(C) as if such transferee or assignee were the original Holder
hereof. Nothing herein shall preclude the Holder from disposing of a sufficient number of other shares of Common Stock beneficially
owned by the Holder so as to thereafter permit the continued conversion of this Note. The
provisions of this Section 8(c) (i) do not apply to any Holder who is the beneficial owner of 5% or more of the outstanding Common
Stock of the Company without regard to the conversion of this Note, and (ii) may be waived by agreement of the Company and the
Holder.

 

 

 

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d.       Conversion
Price Dilution Adjustment. In order to prevent dilution of the conversion rights granted under this Section, the Conversion
Price will be subject to adjustment from time to time pursuant to this Section 8d.

 

(i)       If,
for as long as this Note remains outstanding, the Company enters into a merger (other than where the Company is the surviving entity)
or consolidation with another corporation or other entity or a sale or transfer of all or substantially all of the assets of the
Company to another person (collectively, a "Sale"), the Company will require, in the agreements reflecting such transaction,
that the surviving entity expressly assume the obligations of the Company hereunder. Notwithstanding the foregoing, if the Company
enters into a Sale and the holders of the Common Stock are entitled to receive stock, securities or property in respect of or in
exchange for Common Stock, then as a condition of such Sale, the Company and any such successor, purchaser or transferee will agree
that the Note may thereafter be converted on the terms and subject to the conditions set forth above into the kind and amount of
stock, securities or property receivable upon such merger, consolidation, sale or transfer by a holder of the number of shares
of Common Stock into which this Note might have been converted immediately before such merger, consolidation, sale or transfer,
subject to adjustments which shall be as nearly equivalent as may be practicable. In the event of any such proposed Sale, (i) the
Holder hereof shall have the right to convert by delivering a Notice of Conversion to the Company within fifteen (15) days of receipt
of notice of such Sale from the Company.

 

(ii)       If,
at any time while any portion of this Note remains outstanding, the Company spins off or otherwise divests itself of a part of
its business or operations or disposes of all or of a part of its assets in a transaction (the “Spin Off”) in which
the Company, in addition to or in lieu of any other compensation received and retained by the Company for such business, operations
or assets, causes securities of another entity (the “Spin Off Securities”) to be issued to security holders of the
Company, the Company shall cause (i) to be reserved Spin Off Securities equal to the number thereof which would have been issued
to the Holder had all of the Holder’s Notes outstanding on the record date (the “Record Date”) for determining
the amount and number of Spin Off Securities to be issued to security holders of the Company (the “Outstanding Notes”)
been converted as of the close of business on the trading day immediately before the Record Date (the “Reserved Spin Off
Shares”), and (ii) to be issued to the Holder on the conversion of all or any of the Outstanding Notes, such amount of the
Reserved Spin Off Shares equal to (x) the Reserved Spin Off Shares multiplied by (y) a fraction, of which (I) the numerator is
the principal amount of the Outstanding Notes then being converted, and (II) the denominator is the principal amount of the Outstanding
Notes.

 

(iii)       If,
at any time while any portion of this Note remains outstanding, the Company effectuates a stock split or reverse stock split of
its Common Stock or issues a dividend on its Common Stock consisting of shares of Common Stock, the Conversion Price and any other
amounts calculated as contemplated hereby or by any of the other Transaction Agreements shall be equitably adjusted to reflect
such action. By way of illustration, and not in limitation, of the foregoing, (i) if the Company effectuates a 2:1 split of its
Common Stock, thereafter, with respect to any conversion for which the Company issues shares after the record date of such split,
the Conversion Price shall be deemed to be one-half of what it had been immediately prior to such split; (ii) if the Company effectuates
a 1:10 reverse split of its Common Stock, thereafter, with respect to any conversion for which the Company issues shares after
the record date of such reverse split, the Conversion Price shall be deemed to be ten times what it had been calculated to be immediately
prior to such split; and (iii) if the Company declares a stock dividend of one share of Common Stock for every 10 shares outstanding,
thereafter, with respect to any conversion for which the Company issues shares after the record date of such dividend, the Conversion
Price shall be deemed to be such amount multiplied by a fraction, of which the numerator is the number of shares (10 in the example)
for which a dividend share will be issued and the denominator is such number of shares plus the dividend share(s) issuable or issued
thereon (11 in the example).

 

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(iv)       If
the Company at any time subdivides (by any stock split, stock dividend or otherwise) its outstanding shares of common stock into
a greater number of shares, the Conversion Price and the Strike Price in effect immediately prior to such subdivision will be proportionately
reduced, and if the Company at any time combines (by reverse stock split or otherwise) its outstanding shares of common stock into
a smaller number of shares, the Conversion Price and the Strike Price in effect immediately prior to such combination will be proportionately
increased.

 

(v)       In
the event of a judicial or non-judicial dissolution of the Company, the conversion rights and privileges of the Holder shall terminate
on a date, as fixed by the Board of Directors of the Company, not more than 45 days and not less than 30 days before the date of
such dissolution. The reference to shares of common stock herein shall be deemed to include shares of any class into which said
shares of common stock may be changed.

 

e.       Manner of Converison.Conversion
shall be effectuated by faxing a Notice of Conversion (as defined below) to the Company as provided in this paragraph. The Notice
of Conversion shall be executed by the Holder of this Note and shall evidence such Holder's intention to convert this Note or a
specified portion hereof in the form annexed hereto as Exhibit A. No fractional shares of Common Stock or scrip representing fractions
of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share. The date
on which notice of conversion is given (the "Conversion Date") shall be deemed to be the date on which the Holder faxes
or otherwise delivers the conversion notice ("Notice of Conversion") to the Company so that it is received by the Company
on or before such specified date, provided that, if such conversion would convert the entire remaining principal of this Note,
the Holder shall deliver to the Company the original Notes being converted no later than five (5) business days thereafter. Facsimile
delivery of the Notice of Conversion shall be accepted by the Company at facsimile number (303) 449-1045: Attention Clifford L.
Neuman. Certificates representing Common Stock upon conversion (“Conversion Certificates”) will be delivered to the
Holder at the address specified in the Notice of Conversion (which may be the Holder’s address for notices as contemplated
by the Subscription Agreement or a different address), via express courier, by electronic transfer or otherwise, as provided in
Section 8(d)(iii) below, and, if interest is paid by Common Stock, the Interest Payment Date. The Holder shall be deemed to be
the holder of the shares issuable to it in accordance with the provisions of this Section 8(c) on the Conversion Date. 

 

f.       Nature
of Conversion Shares and Conversion Securities Issued.

 

(i)          When issued upon conversion of the Notes pursuant to Section 8(a) hereof, the Conversion Shares and Conversion Securities will
be legally and validly issued, fully-paid and non-assessable.

 

(ii)          Upon any conversion, this Note will be deemed cancelled and of no further force and effect, representing only the right to receive
the Conversion Shares and Conversion Securities, regardless whether the Holder delivers this Note to the Company for cancellation.

 

(iii)          As
soon as possible after a conversion has been effected (and subject to the Holder having returned the Note to the Company for cancellation),
the Company will deliver to the converting holder a certificate or certificates representing the Conversion Shares and Conversion
Securities issuable by reason of such conversion in such name or names and such denomination or denominations as the converting
holder has specified If any fractional share of Common Stock would be issuable upon any conversion, the Company will pay the holder
of the Conversion Shares an amount equal to the Market Price of such fractional share.

 

(iv)          The
issuance of certificates for Conversion Shares and Conversion Securities will be made without charge.

 

 

 

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(v)          The
Company will not close its books against the transfer of the Conversion Shares or Conversion Securities issued or issuable in any
manner which interferes with the conversion of this Note.

 

Section 9.     No
Impairment. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, and interest on, this Note at the time, place, and rate, and in
the coin or currency, herein prescribed. This Note is a direct obligation of the Company.

 

Section 10.     No
Rights as a Shareholder. This Note shall not entitle the Holder to any of the rights of a Member of the Company, including
without limitation, the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend,
meetings of Members or any other proceedings.

 

Section 11.     No
recourse shall be had for the payment of the principal of, or the interest on, this Note, or for any claim based hereon, or otherwise
in respect hereof, against any incorporator, member, shareholder, manager, officer or director, as such, past, present or future,
of the Company or any successor entity, whether by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

 

Section 12.     All
payments contemplated hereby to be made “in cash” shall be made in immediately available good funds of United States
of America currency by wire transfer to an account designated in writing by the Holder to the Company (which account may be changed
by notice similarly given). All payments of cash and each delivery of shares of Common Stock issuable to the Holder as contemplated
hereby shall be made to the Holder at the address last appearing on the Note Register of the Company as designated in writing
by the Holder from time to time; except that the Holder can designate, by notice to the Company, a different delivery address
for any one or more specific payments or deliveries.

 

Section 13.     The
Holder of the Note, by acceptance hereof, agrees that this Note is being acquired for investment and that such Holder will not
offer, sell or otherwise dispose of this Note or the shares of Common Stock issuable upon conversion thereof except under circumstances
which will not result in a violation of the Act or any applicable state Blue Sky or foreign laws or similar laws relating to the
sale of securities.

 

Section 14.     The
Notes will initially be issued in denominations determined by the Company, but are exchangeable for an equal aggregate principal
amount of Notes of different denominations, as requested by the Holder surrendering the same. No service charge will be made for
such registration or transfer or exchange.

 

Section
15.     The Company shall be entitled to withhold from all payments of principal of, and interest
on, this Note any amounts required to be withheld under the applicable provisions of the United States income tax laws or other
applicable laws at the time of such payments, and Holder shall execute and deliver all required documentation in connection therewith.

 

Section
16.     This Note has been issued subject to investment representations of the original purchaser
hereof and may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended (the "Act"),
and other applicable state and foreign securities laws and the terms of the Subscription Agreement. In the event of any proposed
transfer of this Note, the Company may require, prior to issuance of a new Note in the name of such other person, that it receive
reasonable transfer documentation that is sufficient to evidence that such proposed transfer complies with the Act and other applicable
state and foreign securities laws and the terms of the Subscription Agreement. Prior to due presentment for transfer of this Note,
the Company and any agent of the Company may treat the person in whose name this Note is duly registered on the Company's Note
Register as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not
this Note be overdue, and neither the Company nor any such agent shall be affected by notice to the contrary.

 

 

 

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Section 17.     Mutilated,
Lost or Stolen Notes. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in
exchange and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or
destroyed Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed but only upon receipt
of evidence of such loss, theft or destruction of such Note, and of the ownership hereof, and adequate indemnity, if requested,
all reasonably satisfactory to the Company.

 

Section 18.     Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of Colorado. Each of the parties
consents to the exclusive jurisdiction of the federal courts whose districts encompass any part of State of Colorado, or the state
courts of the State of Colorado sitting in Denver, Colorado in connection with any dispute arising under this Agreement and hereby
waives, to the maximum extent permitted by law, any objection, including any objection based on forum non coveniens, to
the bringing of any such proceeding in such jurisdictions. To the extent determined by such court, the Company shall reimburse
the Holder for any reasonable legal fees and disbursements incurred by the Holder in enforcement of or protection of any of its
rights under any of this Note.

 

Section 19.     Waiver
of Jury Trial; No Other Waivers. The Company and the Holder hereby waive the right to a trial by jury in any action, proceeding
or counterclaim in respect of any matter arising out or in connection with this Note. Any waiver by the Company or the Holder
of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any other breach of such provision
or of any breach of any other provision of this Note. The failure of the Company or the Holder to insist upon strict adherence
to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter
to insist upon strict adherence to that term or any other term of this Note. Any waiver must be in writing.

 

Section 20.     Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if
any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and
circumstances.

 

Section 21.     Obligations Due on a Business Day. Whenever any payment or other obligation hereunder
shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day (or, if such next
succeeding Business Day falls in the next calendar month, the preceding Business Day in the appropriate calendar month).

 

IN WITNESS WHEREOF, the Company has
caused this instrument to be duly executed by an officer duly authorized for such purpose, as of the date first above indicated.

 

MAGELLAN GOLD CORPORATION

 

 

By:____________________________

 

 

 

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Accepted this _____ day of _______ 2018
by the undersigned, thereunto duly authorized, in accordance with the terms stated herein and the Subscription Agreement pursuant
to which the undersigned acquired this Note.

 

Name of Holder: ___________________

 

 

By:______________________________

 

 

Tax Identification Number: SS. __________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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NOTICE OF CONVERSION

 

 

(To be Executed by the Registered Holder

in order to Convert the Notes)

 

The undersigned hereby
irrevocably elects to convert $__________ principal amount of the Note (defined below) and $___________ in accrued and unpaid interest
due under the Note into shares of common stock, par value $.001 per share (“Common Stock”), of MAGELLAN GOLD
CORPORATION, a Nevada corporation (the “Company”) according to the conditions of the convertible Note of the
Company dated as of ___________, 2018 (the “Note”), as of the date written below. If securities are to be issued
in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and
is delivering herewith such certificates. No fee will be charged to the Holder for any conversion, except for transfer taxes, if
any. The original certificate evidencing the Note is delivered herewith (or evidence of loss, theft or destruction thereof).

 

The Company shall electronically
transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned or its nominee with
DTC through its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).

 

Name of DTC Prime Broker: ____________________

 

Account Number:  ____________________

 

In lieu of receiving
shares of Common Stock issuable pursuant to this Notice of Conversion by way of a DWAC Transfer, the undersigned hereby requests
that the Company issue a certificate or certificates for the number of shares of Common Stock set forth below (which numbers are
based on the Holder’s calculation attached hereto) in the name(s) specified immediately below or, if additional space is
necessary, on an attachment hereto:

 

Name:  ______________________________

 

Address: _________________________________________________

 

 

 

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The undersigned represents
and warrants that all offers and sales by the undersigned of the securities issuable to the undersigned upon conversion of the
Note shall be made pursuant to registration of the securities under the Securities Act of 1933, as amended (the “Act”),
or pursuant to an exemption from registration under the Act.

 

Date of Conversion:___________________________

 

Applicable Conversion Price:____________________

 

Number of Shares of Common Stock
to be Issued Pursuant to

Conversion of the Notes:___________________

 

Signature:___________________________________

 

Name:______________________________________

 

Address:____________________________________

 

___________________________________________

 

SS or Tax I.D. No.____________________________

 

The Company shall issue and deliver shares
of Common Stock to an overnight courier not later than three business days following receipt of the original Note(s) to be converted,
and shall make payments pursuant to the Notes for the number of business days such issuance and delivery is late.

 

 

 

 

 

 

 

    	 	11Exhibit 4.5

 

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE
HEREOF HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION") OR THE SECURITIES
COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"). NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD, PLEDGED,
TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE
SECURITIES LAWS, OR IN A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE SECURITIES ACT AND UNDER PROVISIONS
OF APPLICABLE STATE SECURITIES LAWS.

 

Warrant 2018-A-___

 

STOCK PURCHASE WARRANT

 

To Purchase _______________ Shares of
Common Stock of

 

MAGELLAN GOLD CORPORATION

 

THIS
CERTIFIES that, for value received, _________________________________, or assigns (the
"Holder"), is entitled, upon the terms and subject to the conditions hereinafter set forth, at any time on or after the
date of issuance of this Warrant (the "Initial Exercise Date") and on or prior to the close of business on a date that
is three (3) months following the effective date of a Registration Statement on Form S-1 registering for resale the Warrant Shares
(defined below) under the Securities Act of 1933, as amended (the "Termination Date") unless sooner terminated in accordance
with the Agreement as hereinbelow defined but not thereafter, to subscribe for and purchase from Magellan Gold Corporation,
a Nevada corporation (the "Company"), up to ______________________________ (_______________) shares (the "Warrant
Shares") of Common Stock, $0.001 par value per share of the Company (the "Common Stock"). The purchase price of
one share of Common Stock (the "Exercise Price") under this Warrant shall be $0.04. The Exercise Price and the number
of shares for which the Warrant is exercisable shall be subject to adjustment as provided herein. 

 

1.       Transferability
of Warrant. Prior to the expiration hereof and subject to compliance with applicable laws, this Warrant and all rights hereunder
are transferable, in whole or in part, at the office or agency of the Company by the holder hereof in person or by duly authorized
attorney, upon surrender of this Warrant together with the Assignment Form annexed hereto properly endorsed.

 

2.       Authorization
of Shares. The Company covenants that all shares of Common Stock which may be issued upon the exercise of rights represented
by this Warrant will, upon exercise of the rights represented by this Warrant, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).

 

3.       Exercise
of Warrant.

 

 

 

    	 	1	 

     

    

 

(a)          Except
as provided in Paragraph 3(b) herein, exercise of the purchase rights represented by this Warrant may be made at any time or times
on or after the Initial Exercise Date, and before the close of business on the Termination Date, or such earlier date on which
this Warrant may terminate as provided elsewhere in this Warrant, by the surrender of this Warrant and the Notice of Exercise
Form annexed hereto duly executed at the office of the Company (or such other office or agency of the Company as it may designate
by notice in writing to the registered holder hereof at the address of such holder appearing on the books of the Company) and
upon payment of the Exercise Price of the shares thereby purchased in the manner provided for herein, and all taxes required,
if any, to be paid by Holder prior to the issuance of such shares pursuant to Paragraph 6. Upon such exercise, the holder of this
Warrant shall be entitled to receive a certificate for the number of shares of Common Stock so purchased. Certificates for shares
purchased hereunder shall be delivered to the holder hereof within three (3) business days after the date on which this Warrant
shall have been exercised as aforesaid. This Warrant shall be deemed to have been exercised and such certificate or certificates
shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have
become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised. If this Warrant shall
have been exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing the Warrant
Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased shares of Common Stock called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

(b)          Notwithstanding any other
provision hereof, in no event (except (i) as specifically provided herein as an exception to this provision, or (ii) while there
is outstanding a tender offer for any or all of the shares of the Company’s Common Stock) shall the Holder be entitled to
exercise any portion of this Warrant, nor shall the Company have the obligation to accept the exercise of such Warrant to the
extent that, after such exercise or issuance of stock in payment of interest, the sum of (1) the number of shares of Common Stock
beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned
through the ownership of the unexercised portion of the Warrants or other convertible securities or of the unexercised portion
of other options or warrants or other rights to purchase Common Stock), and (2) the number of shares of Common Stock issuable
upon the exercise of the Warrants with respect to which the determination of this proviso is being made, would result in beneficial
ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock (after taking into account
the shares to be issued to the Holder upon such conversion). For purposes of the proviso to the immediately preceding sentence,
beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended,
except as otherwise provided in clause (1) of such sentence. The Holder, by its acceptance of this Warrant, further agrees that
if the Holder transfers or assigns any of the Warrants to a party who or which would not be considered such an affiliate, such
assignment shall be made subject to the transferee’s or assignee’s specific agreement to be bound by the provisions
of this Paragraph 3(b) as if such transferee or assignee were the original Holder hereof. Nothing herein shall preclude the Holder
from disposing of a sufficient number of other shares of Common Stock beneficially owned by the Holder so as to thereafter permit
the continued exercise of this Warrant. The provisions of this Paragraph 3(b) (i) shall not apply to any Holder who, without regard
to this Warrant and the underlying Warrant Shares is the beneficial owner, within the meaning of Rule 13d-3 of 5% or more of the
Company’s issued and outstanding shares of common stock, (ii) can be waived by agreement of the Company and the Holder,
and (iii) shall terminate in the event the Company exercises its right to redeem the Warrants pursuant to the provisions of Paragraph
17 of this Warrant Certificate.

 

4.       Manner
of Payment. The exercise price of each Warrant shall be paid in cash, certified funds or wire transfer at the time the Warrant
is exercised.

 

5.       No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company
shall pay a cash adjustment in respect of such final fraction in an amount equal to the Exercise Price.

 

 

 

    	 	2	 

     

    

 

6.       Charges,
Taxes and Expenses. Issuance of certificates for shares of Common Stock upon the exercise of this Warrant shall be made without
charge to the holder hereof for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate,
all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the holder of
this Warrant or in such name or names as may be directed by the holder of this Warrant; provided, however, that in the event certificates
for shares of Common Stock are to be issued in a name other than the name of the holder of this Warrant, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the holder hereof; and provided further,
that upon any transfer involving the issuance or delivery of any certificates for shares of Common Stock, the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

7.       Closing
of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this
Warrant.

 

8.       Transfer,
Division and Combination.

 

(a)          Subject
to compliance with any applicable securities laws (including the provision to the Company of an opinion of counsel for the assignor
of this Warrant), transfer of this Warrant and all rights hereunder, in whole or in part, shall be registered on the books of the
Company to be maintained for such purpose, upon surrender of this Warrant at the principal office of the Company, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the
denomination specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of
this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by
a new Holder for the purchase of shares of Common Stock without having a new Warrant issued.

 

(b)          This
Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by Holder or its agent
or attorney. Subject to compliance with Paragraph 8(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined
in accordance with such notice.

 

(c)          The
Company shall prepare, issue and deliver at its own expense (other than transfer taxes) the new Warrant or Warrants under this
Paragraph 8.

 

(d)          The
Company agrees to maintain, at its aforesaid office, books for the registration and the registration of transfer of the Warrants.

 

9.       No
Rights as Shareholder until Exercise. This Warrant does not entitle the holder hereof to any voting rights or other rights
as a shareholder of the Company prior to the exercise hereof. Upon the exercise (as defined in Paragraph 3(a)), the Warrant Shares
so purchased shall be and be deemed to be issued to such holder as the record owner of such shares as of the close of business
on the later of the date of such exercise.

 

10.       Loss,
Theft, Destruction or Mutilation of Warrant. The Company represents and warrants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant certificate or any stock certificate
relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to
it, and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a
new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

 

 

    	 	3	 

     

    

 

11.       Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on
the next succeeding day not a Saturday, Sunday or legal holiday.

 

12.       Adjustments
of Exercise Price and Number of Warrant Shares.

 

(a)          Stock
Splits, etc. The number and kind of securities purchasable upon the exercise of this Warrant and the Exercise Price shall be
subject to adjustment from time to time upon the happening of any of the following, (an “Adjustment Event”): The Company
shall (i) pay a dividend in shares of Common Stock or make a distribution in shares of Common Stock to holders of its outstanding
Common Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of shares of Common Stock, (iii) combine
its outstanding shares of Common Stock into a smaller number of shares of Common Stock or (iv) issue any shares of its capital
stock in a reclassification of the Common Stock. Upon the occurrence of an Adjustment Event, the number of Warrant Shares purchasable
upon exercise of this Warrant immediately prior thereto shall be adjusted so that the holder of this Warrant shall be entitled
to receive the kind and number of Warrant Shares or other securities of the Company which he would have owned or have been entitled
to receive had such Warrant been exercised in advance thereof. Upon each such adjustment of the kind and number of Warrant Shares
or other securities of the Company which are purchasable hereunder, the holder of this Warrant shall thereafter be entitled to
purchase the number of Warrant Shares or other securities resulting from such adjustment at an Exercise Price per such Warrant
Share or other security obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number
of Warrant Shares purchasable pursuant hereto immediately prior to such adjustment and dividing by the number of Warrant Shares
or other securities of the Company resulting from such adjustment. An adjustment made pursuant to this paragraph shall become effective
immediately after the effective date of such event retroactive to the record date, if any, for such Adjustment Event.

 

(b)          Reorganization,
Reclassification, Merger, Consolidation or Disposition of Assets. In case (i) the Company shall (A) reorganize its capital,
(B) reclassify its capital stock, consolidate or merge with or into another corporation (where the Company is not the surviving
corporation or where there is a change in or distribution with respect to the Common Stock of the Company), or (C) sell, transfer
or otherwise dispose of all or substantially all its property, assets or business to another corporation (a “Fundamental
Change”) and, (ii) pursuant to the terms of such Fundamental Change, shares of common stock of the successor or acquiring
corporation, or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other
subscription or purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock of the Company, then the holder of this Warrant
shall have the right thereafter to receive, upon exercise of this Warrant, the number of shares of common stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation, and Other Property receivable upon or as a result
of such Fundamental Change by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately
prior to such event. In case of any such reorganization, reclassification, merger, consolidation or disposition of assets, the
successor or acquiring corporation (if other than the Company) shall expressly assume the due and punctual observance and performance
of each and every covenant and condition of this Warrant to be performed and observed by the Company and all the obligations and
liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined by resolution of the Board of
Directors of the Company) in order to provide for adjustments of shares of Common Stock for which this Warrant is exercisable which
shall be as nearly equivalent as practicable to the adjustments provided for in this Section 12. For purposes of this Paragraph
12, "common stock of the successor or acquiring corporation" shall include stock of such corporation of any class which
is not preferred as to dividends or assets over any other class of stock of such corporation and which is not subject to redemption
and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable
for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants
or other rights to subscribe for or purchase any such stock. The foregoing provisions of this Paragraph 12 shall similarly apply
to successive Fundamental Changes.

 

(c)          Anti-Dilution
Provisions.

 

 

 

    	 	4	 

     

    

 

(i)          Adjustment
for Dividends. In the event the Company shall make or issue, or shall have issued, or shall fix a record date for the determination
of holders of common stock entitled to receive a dividend or the distribution (other than a distribution otherwise provided for
herein) payable in (a) securities of the Company other than shares of Common Stock or (b) assets (including cash paid
or payable out of capital or capital surplus or surplus created as a result of a revaluation of property, but excluding the cumulative
dividends payable with respect to an authorized series of Preferred Stock), then and in each such event provision shall be made
so that the holders of Warrants shall receive upon exercise thereof in addition to the number of shares of Common Stock receivable
thereupon, the number of securities or such other assets of the Company which they would have received had their Warrants been
exercised into Common Stock on the date of such event and had they thereafter, during the period from the date of such event to
and including the exercise date, retained such securities or such other assets receivable by them as aforesaid during such period,
giving application to all adjustments called for during such period under this paragraph with respect to Warrrantholders.

 

(ii)          Adjustment
for Capital Reorganization or Reclassification. If the common stock issuable upon the exercise of the Warrants shall be changed
into the same or different number of shares of any class or classes of stock, whether by capital reorganization, reclassification
or otherwise then and in each such event the holder of the Warrants shall have the right thereafter to exercise such Warrants and
receive the kind an amount of shares of stock and other securities and property receivable upon such reorganization, reclassification
or other change by holders of the number of shares of common stock into which such Warrant might have been exercised immediately
prior to such reorganization, reclassification or change, all subject to further adjustment as provided herein.

 

(iii)          Adjustment
of Number of Shares. Anything in this Certificate to the contrary notwithstanding, in case the Company shall at any time issue
Common Stock or Convertible Securities by way of dividend or other distribution on any stock of the Company or subdivide or combine
the outstanding shares of Common Stock, the Exercise Price shall be proportionately decreased in the case of such issuance (on
the day following the date fixed for determining shareholders entitled to receive such dividend or other distribution) or decreased
in the case of such subdivision or increased in the case of such combination (on the date that such subdivision or combination
shall become effective).

 

(iv)          No
Adjustment for Small Amounts. Anything in this paragraph to the contrary notwithstanding, the Company shall not be required
to give effect to any adjustment in the Exercise Price unless and until the net effect of one or more adjustments, determined as
above provided, shall have required a change of the Exercise Price by at least one cent, but when the cumulative net effect of
more than one adjustment so determined shall be to change the actual Exercise Price by at least one cent, such change in the Exercise
Price shall thereupon be given effect.

 

(v)          Number
of Shares Adjusted. Upon any adjustment of the Exercise Price, the Holder of this Warrant shall thereafter (until another such
adjustment) be entitled to purchase, at the new Exercise Price, the number of shares, calculated to the nearest full share, obtained
by multiplying the number of shares of Common Stock initially issuable upon exercise of this Warrant by the Exercise Price in effect
on the date hereof and dividing the product so obtained by the new Exercise Price.

 

(vi)          Common
Stock Defined. Whenever reference is made in this Paragraph 12 to the issue or sale of shares of Common Stock, the term "Common
Stock" shall mean the Common Stock of the Company of the class authorized as of the date hereof and any other class of stock
ranking on a parity with such Common Stock. However, subject to the provisions of Paragraph 12 hereof, shares issuable upon exercise
hereof shall include only shares of the class designated as Common Stock of the Company as of the date hereof.

 

13.       Voluntary
Adjustment by the Company. The Company may at any time during the term of this Warrant, (i) extend the Termination Date or
(ii) reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors
of the Company.

 

 

 

    	 	5	 

     

    

 

14.       Notice
of Adjustment. Whenever the number of Warrant Shares or number or kind of securities or other property purchasable upon the
exercise of this Warrant or the Exercise Price is adjusted, as herein provided, the Company shall promptly mail by registered or
certified mail, return receipt requested, to the holder of this Warrant notice of such adjustment or adjustments setting forth
the number of Warrant Shares (and other securities or property) purchasable upon the exercise of this Warrant and the Exercise
Price of such Warrant Shares (and other securities or property) after such adjustment, setting forth a brief statement of the facts
requiring such adjustment and setting forth the computation by which such adjustment was made. Such notice, in absence of manifest
error, shall be conclusive evidence of the correctness of such adjustment.

 

15.       Notice
of Corporate Action. If at any time:

 

(a)          the
Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or other
distribution, or any right to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or
any other securities or property, or to receive any other right, or

 

(b)          there
shall be any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company
or any consolidation or merger of the Company with, or any sale, transfer or other disposition of all or substantially all the
property, assets or business of the Company to, another corporation or,

 

(c)          there
shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company;

 

then, in any one or more of such cases,
the Company shall give to Holder (i) at least 30 days' prior written notice of the record date for such dividend, distribution
or right or for determining rights to vote in respect of any such reorganization, reclassification, merger, consolidation, sale,
transfer, disposition, liquidation or winding up, and (ii) in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least 30 days' prior written notice of the date when the
same shall take place. Such notice in accordance with the foregoing clause also shall specify (i) the date on which the holders
of Common Stock shall be entitled to any such dividend, distribution or right, and the amount and character thereof, and (ii) the
date on which any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation
or winding up is to take place and the time, if any such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their shares of Common Stock for securities or other property deliverable upon such disposition, dissolution,
liquidation or winding up. Each such written notice shall be sufficiently given if addressed to Holder at the last address of Holder
appearing on the books of the Company and delivered in accordance with Section 17(d).

 

16.       Authorized
Shares. The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the
Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as
may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the NASDAQ Capital Market, or any domestic
securities exchange upon which the Common Stock may be listed.

 

 

 

    	 	6	 

     

    

 

The Company shall
not by any action, including, without limitation, amending its certificate of incorporation 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 of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder against
impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (b) take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (c) use its best efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Warrant.

 

Upon the request
of Holder, the Company will at any time during the period this Warrant is outstanding acknowledge in writing, in form reasonably
satisfactory to Holder, the continuing validity of this Warrant and the obligations of the Company hereunder.

 

Before taking any
action which would cause an adjustment reducing the current Exercise Price below the then par value, if any, of the shares of Common
Stock issuable upon exercise of the Warrants, the Company shall take any corporate action which may be necessary in order that
the Company may validly and legally issue fully paid and non-assessable shares of such Common Stock at such adjusted Exercise Price.

 

17.       Miscellaneous.

 

(a)          Jurisdiction.
This Warrant shall be binding upon any successors or assigns of the Company. This Warrant shall constitute a contract under the
laws of Colorado without regard to its conflict of law, principles or rules, and be subject to arbitration pursuant to the terms
set forth in the Agreement.

 

(b)          Restrictions.
The holder hereof acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have
restrictions upon resale imposed by state and federal securities laws and by the Agreement.

 

(c)          Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice Holder's rights, powers or remedies, notwithstanding all rights hereunder terminate
on the Termination Date. If the Company fails to comply with any provision of this Warrant, the Company shall pay to Holder such
amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including
those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any
of its rights, powers or remedies hereunder.

 

(d)          Notices.
Any notice, request or other document required or permitted to be given or delivered to the holder hereof by the Company shall
be delivered in accordance with the notice provisions of the Agreement.

 

(e)          Limitation
of Liability. No provision hereof, in the absence of affirmative action by Holder to purchase shares of Common Stock, and no
enumeration herein of the rights or privileges of Holder hereof, shall give rise to any liability of Holder for the purchase price
of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.

 

 

 

    	 	7	 

     

    

 

(f)          Remedies.
Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate.

 

(g)          Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions
of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by
any such Holder or holder of Warrant Shares.

 

(h)          Cooperation.
The Company shall cooperate with Holder in supplying such information as may be reasonably necessary for Holder to complete and
file any information reporting forms presently or hereafter required by the SEC as a condition to the availability of an exemption
from the Securities Act for the sale of any Warrant or any Warrant Shares.

 

(i)          Indemnification.
The Company agrees to indemnify and hold harmless Holder from and against any liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, claims, costs, attorneys' fees, expenses and disbursements of any kind which may be imposed upon, incurred
by or asserted against Holder in any manner relating to or arising out of any failure by the Company to perform or observe in any
material respect any of its covenants, agreements, undertakings or obligations set forth in this Warrant; provided, however, that
the Company will not be liable hereunder to the extent that any liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, costs, attorneys' fees, expenses or disbursements are found in a final non-appealable judgment by a court
to have resulted from Holder's negligence, bad faith or willful misconduct in its capacity as a stockholder or warrantholder of
the Company.

 

(j)          Amendment.
This Warrant may be modified or amended or the provisions hereof waived only with the written consent of the Company and the Holder.

 

(k)          Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

(l)          Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its officer thereunto duly authorized.

 

Dated: _____________, 2018

MAGELLAN GOLD CORPORATION,
a Nevada

corporation

 

 

 

By: __________________________________

 

 

 

 

    	 	8	 

     

    

 

NOTICE OF EXERCISE

 

 

To:    MAGELLAN GOLD CORPORATION

 

The undersigned hereby
elects to purchase ________ shares of Common Stock (the "Common Stock"), of MAGELLAN GOLD CORPORATION,  pursuant
to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable
transfer taxes, if any.

 

Please issue a certificate
or certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is specified below:

 

_______________________________

(Name)

 

_______________________________

(Address)

 

_______________________________

 

 

 

Dated:_____________________

 

______________________________

Signature

 

 

 

 

 

 

 

 

    	 	9	 

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

 

 

FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to
________________________________ whose address is

 

________________________________________________________________________________.

 

 

Dated: ______________,
_______

 

 

	 	Holder's
Signature:	_________________________________
	 	 	 
	 	Holder's Address:	_________________________________
	 	 	 
	 	 	_________________________________

 

 

Signature Guaranteed: ______________________________________

 

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing Warrant.

 

 

    	 	10

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