Document:

Mining Exploration and Exploitation Agreement effective November 21,2002

 Exhibit 10.15 
 MINING EXPLORATION AND EXPLOITATION AGREEMENT ENTERED INTO BY AND BETWEEN, AS FIRST PARTY MR. JOSE PEREZ REYNOSO, (HEREINAFTER “THE TITLEHOLDER”), AND AS THE SECOND PARTY, THE COMPANY DON
DAVID GOLD S.A. DE C.V. (HEREINAFTER IDENTIFIED AS “THE COMPANY”), HEREBY REPRESENTED BY MR. VICTOR GARCIA JIMENEZ, IN ACCORDANCE WITH THE FOLLOWING REPRESENTATIONS AND CLAUSES. 

R E P R E S E N T A T I O N S 
  

	I.	THE TITLEHOLDER represents: 

  

	 	(a)	To be a Mexican citizen of legal age, single, and legally authorized to hold mining concessions and to enter into this Agreement; 

 

	 	(b)	That he is the titleholder, of the rights derived from the mining concessions that cover the following mining lots (“THE LOTS”): 

 

							
	NAME OF LOT	  	TITLE NUMBER	  	HECTARES	  	TYPE OF
CONCESSION
				
	 LA TEHUANA
	  	210029	  	925.0000	  	Exploration
				
	 EL AGUILA
	  	206772	  	899.6000	  	Exploration
				
	 EL AIRE
	  	158272	  	72.0000	  	Exploitation

 THE LOTS are located in the Municipality of Totolapam, State of Oaxaca, within the circumscription of the
Mining Agency of Oaxaca, State of Oaxaca. 
  

	 	(c)	That, as titleholder of the rights covering the existing exploration mining concessions over THE LOTS, to this date, the TITLEHOLDER declares to have the concessions in
good standing in relation with all the obligations required by the Mining Law and its Regulations, as well as all other applicable legal provisions, including the filing of proof of works reports and payment of rights over mining concessions;

  

	 	(d)	That the rights covering the mining concessions covering THE LOTS are free and clear of all lien, encumbrance or limitation of domain; and 

 

	 	(e)	That its his wish to enter into this agreement to grant THE COMPANY the right to explore and exploit THE LOTS, according to the terms and conditions set forth herein.

  

	II.	THE COMPANY represents: 

  

	 	(a)	That it is a Mexican mining company incorporated in accordance with the laws of the Mexican United States, with legal capacity to enter into this agreement and to
become the titleholder of mining concessions. 

  

	 	(b)	That its legal representative, Mr. Victor Garcia Jimenez is duly authorized to represent it and enter into this agreement; and 

  
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	 	(c)	That it wishes to acquire the right to explore and in its case, exploit THE LOTS, according to the terms and conditions herein set forth. 

Given the foregoing representations, the parties agree to the following: 
 C L A U S E S 
 FIRST.- Right to explore and in its case exploit THE LOTS.
THE TITLEHOLDER hereby grants THE COMPANY the exclusive right to explore and in its case, exploit THE LOTS, during the period in which the mining concessions exist over THE LOTS, during which THE COMPANY will be allowed to carry out all the
exploration and exploitation works it considers convenient and which are allowed under the mining concession titles in force. 
 THE COMPANY
will be allowed to assign or subcontract its rights granted under this Agreement, or enter into joint operation agreements with any other person or entity without prior consent from THE TITLEHOLDER, providing that such assignment, subcontract or
joint operation agreement stipulates that all parties will be subject to the terms and conditions set forth in this Agreement. 
 SECOND.-
Right to an early termination. The term of this agreement will be mandatory for THE TITLEHOLDER and without obligation for THE COMPANY, who in turn, can terminate it at any given moment through written notice delivered to THE TITLEHOLDER,
informing of the date of termination. 
 Notwithstanding the abovementioned, THE TITLEHOLDER will also have the right to terminate this
agreement at any given moment, according to what has been established in Clauses Nine and Ten hereinafter, in case that THE COMPANY does not comply with the obligations set forth herein. 
 In case of termination by THE COMPANY, also any payment obligation of the Minimum Royalty Retainer and Production Royalty not due will be cancelled. 

THIRD.- Payment of Minimum Advance Royalty. As consideration for the execution of this Exploration and Exploitation Agreement, and in its
case, as minimum royalty advance payments (“Minimum Royalty Advance Payment”) on the dates herein established, during the term of this Agreement, and while there is no production or it is not enough to cover the royalties, THE COMPANY will
pay THE TITLEHOLDER the following amounts in US Dollars or its equivalent in Mexican Pesos, plus 15% of Value Added Tax. 
  

					
	 a) When the TITLEHOLDER executes this Agreement
	  	$	 5,000 USD	  
	 b) Three months after the execution of the agreement
	  	$	5,000 USD	  
	 c) Twelve months after the execution of the agreement
	  	$	25,000 USD	  
	 d) Twenty-four months after the execution of the agreement
	  	$	50,000 USD	  
	 e) Thirty-six months after the execution of the agreement
	  	$	75,000 USD	  
	 f) Forty-eight months after the execution of the agreement
	  	$	100,000 USD	  
		  	  
	  
	 
	 Total
	  	$	260,000 USD	  

 Once the abovementioned amounts have been paid, THE COMPANY’S obligation to pay the Minimum Royalty Advance Payments
will be over. All Minimum Royalty Advance Payments will be considered as an advance payment for the Production Royalty that will be paid according to 

  
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Clause Four below and as from that date and the Production Date, THE COMPANY will recover all the amounts paid as Minimum Royalty Advance Payments to THE TITLEHOLDER, which were paid on account
of and will be deducted from the accrued Production Royalty payable in the future, until such deductions have totaled the amount previously paid as Minimum Royalty Advance Payments by THE COMPANY. If within the period of forty-eight months set forth
in this Clause, the production begins, and it is not enough to pay the “Production Royalty”, THE COMPANY must pay THE TITLEHOLDER the Minimum Royalty Advance Payments described herein. 

FOURTH.- Royalties. THE COMPANY hereby agrees to pay to THE TITLEHOLDER a royalty on smelting net settlements (hereinafter “Production
Royalty”) over the smelting net settlements or first hand mineral purchase-sale invoices paid to THE COMPANY for minerals, crude ore, or other valuable products obtained and sold from THE LOTS. The Production Royalty will be calculated as
follows: 
  

	 	a)	En case that THE COMPANY procures smelting services: a Production Royalty of five percent (5%) on the smelting net settlements of all substances obtained and sold
from THE LOTS. 

  

	 	b)	In case of dore metal, bullion or other substances obtained and sold from THE LOTS by THE COMPANY: a Production Royalty of four percent (4%) of the real selling
price of all minerals, crude ore or valuable products as described in the purchase-sale invoices, after deducting all treatment, penalties, and any other expenses and deductions from the product’s selling net price which are described in the
smelting settlements or any other acceptable document issued for each separate sale and after deducting the real cost of freight of such substances to the smelting plant or any other acceptable document issued for each separate sale of the mentioned
substances. 

 The Production Royalty paid to THE TITLEHOLDER according to that set forth herein, will be paid after all the
Minimum Royalty Advance Payments described in the aforementioned Clause have been completely deducted and written off. 
 THE COMPANY must make
the payment of the Production Royalty to THE TITLEHOLDER through wire transfer to an account, after receiving the corresponding invoice or invoices (including VAT) on a monthly basis within thirty (30) days after the last day of the month in
which THE COMPANY receives final payments on the mineral, crude ore and other valuable products sales. 
 FIFTH.- Mineral Mixture.
THE COMPANY can transport and mix minerals, crude ores or other valuable products from THE LOTS with other minerals, concentrates and other products from other properties, providing that before mixing them, THE COMPANY implements reasonable
practices and proceeds to weight, determine its humidity, sample and assay the respective mineral, as well as apply reasonably exact recovery factors to determine the amount of byproducts or products associated with the mineral, crude ore or other
valuable products obtained from THE LOTS. THE COMPANY must keep accounting and records of the results of such sampling and assay of the mined mineral, concentrate or other products obtained from THE LOTS and must notify THE TITLEHOLDER when such
mixing takes place, supplying when required by him, complete copies of all the records according to what has been mentioned herein, and the accounting of the results obtained. 

  
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 SIXTH.- Fees, rights, taxes and expenses. All the fees, rights, taxes and expenses caused as a
consequence of the granting and execution of this agreement will be paid by THE COMPANY, with the exception of the income tax for the earnings received by THE TITLEHOLDER, which will be paid by him. THE TITLEHOLDER will issue invoices to THE COMPANY
with the respective VAT. 
 SEVENTH.- Labor liability. Given that there will be no labor relationship between the workers and
contractors of each one of the parties and the other, each party expressly agrees that in relation to their workers and contractors, it and its contractors, in relation to its workers, they will undertake full labor liability and therefore each
party agrees to maintain the other party free and clear from any claim, lawsuit, charge or complaint presented against it by the workers or employees of any party, or by its contractors, labor or administrative authorities. 

EIGHTH.- Additional obligations of THE TITLEHOLDER. In addition to the obligations acquired in accordance with the abovementioned clauses,
THE TITLEHOLDER, during the term of this Agreement will: 
  

	 	(a)	Keep the rights that cover the mining concession of THE LOTS in good standing and also, keep them free and clear of any lien, encumbrance or limitation of domain;

  

	 	(b)	Do not transfer the rights covering the mining concession of THE LOTS without previous consent from THE COMPANY, and in case he wishes to assign them, he shall give THE
COMPANY the right of pre-emption to acquire them in the same terms and conditions offered to a third party; 

  

	 	(c)	Keep THE COMPANY free and clear from any claim and responsibility from any acts that are directly attributable to THE TITLEHOLDER and which are his own responsibility.
Being compelled to indemnify THE COMPANY and repay the damages and losses that could be caused should it be deprived from the right to explore and exploit THE LOTS according to this Agreement; 

 

	 	(d)	In case this agreement is terminated, allow THE COMPANY a period of ninety (90) days to remove all its equipment and machinery from THE LOTS.

 NINTH.- Additional obligations of THE COMPANY, In addition to the obligations acquired in accordance with the
abovementioned clauses, THE COMPANY, during the term of this Agreement will: 
  

	 	(a)	Carry out the exploration and in its case, the exploitation of THE LOTS, as a good miner, according to appropriate and rational mining practices and in accordance with
all legal provisions, carrying out enough work to comply with what has been set forth in the Mining Law and its Regulations, and to avoid interrupting the exploration and exploitation works without any justified cause; 

 

	 	(b)	Assume responsibility and comply when required, with the obligation of preparing and presenting exploration regular works’ assessments as the case may be and pay
all the rights on the mining concessions; 

  

	 	(c)	 Allow THE TITLEHOLDER or his representatives to inspect the works that are being carried out in THE LOTS, on the dates and times mutually convened in
order to avoid obstruction of the activities being performed and for security reasons. Also, will allow 

  
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THE TITLEHOLDER or his representatives, access to all information related to the works, in particular, when they exist, the balance sheets on the metallurgical production obtained in THE LOTS;

  

	 	(d)	Comply with the Safety and Police requirements on the works carried out in the mines and environmental pollution control; and 

 

	 	(e)	Keep THE LOTS in good conservation, exploration and exploitation conditions; 

 If at any given moment, during the term of this agreement, THE COMPANY should fail to comply with the obligations acquired herein, and especially the ones mentioned in this Clause, THE TITLEHOLDER will
have the right to terminate this agreement in terms of what has been established in the following Clause Ten, apart from its right to request the payment of damages and prejudicial consequences. 

TENTH.- Breach of Contract. The breach by any of the parties in relation to any of the obligations hereby acquired, will give the other
party the right to request the immediate observation of the non-complied obligations, in such case, the affected party can request through written notice to the non-compliant party to fulfill its obligations, and if after a period of ninety days
after the notice was delivered, the breach continues and no reasonable action has been made to correct such breach, then the affected party will have the right, at its own discretion, to legally request the other party compliance of its obligations
or else, the termination of this agreement, and in addition the right to request payment for damages and prejudicial consequences. 

ELEVENTH.- Force Majeure. It will not be considered a breach of contract if any of the parties has not complied with its obligations
acquired herein due to force majeure causes. 
 All occurrences mentioned as follows in an illustrative, non-limitative way, will be considered
force majeure: earthquakes, fire, floods, storms, epidemic, civil disturbances, labor disturbances, strikes, wars, invasions, revolution, acts of authority, opposition or disturbances, and in general, any other event or action which is completely
out of control of any of the parties and which impedes the party to totally or partially comply with its obligations. 
 When any of the parties
is affected by any event of force majeure that impedes it to comply with its obligations, it must notify the other party of such event, and must include information on the estimated time the event will last. 

The other party will have the right to terminate this agreement, if after a twelve-month period from the date in which the event of force majeure
started, this has not been solved, even though reasonable efforts to solve it have been made, within the party’s possibilities. 

TWELFTH.- Agreement between the parties. This agreement reflects the total agreement between the parties in relation to its objective,
therefore the same cancels and leaves without effect any other agreement, covenant or letter of intent which was previously executed in relation to the same objective. 
 This agreement is enforceable in all its terms and conditions to all heirs, assignees and successors of the parties. 
 Both parties agree upon the ratification of this document before a Notary Public and to register it in the Mining Public Registry according to the Mining Law and its Regulations. 

  
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 THIRTEENTH.- Communications. All communications to be made among the parties pursuant to this
Agreement shall be oral or in writing, on the understanding that if any of the parties wish to give an irrefutable notice, this must be done before a Notary Public. 
 For the purposes of this agreement, the parties designate the following domiciles: 
  

			
	THE TITLEHOLDER:	  	THE COMPANY:
		
	 Mr. Jose Perez Reynoso
 Cerro del Chiquihuite #22
 Col. Campestre Churubusco

México D.F. C.P. 04200
 Phone: (55) 55496390
	  	 DON DAVID GOLD, S.A. DE C.V.
 San Francisco #656 - 601
 Col. Del Valle, C.P, 03100

México D.F.

Phone/Fax: (55) 55362028
  

Atn Mr. Victor Garcia Jimenez

 FOURTEENTH.- Applicable Laws and Jurisdiction. For all that has not been expressly stated in this
Agreement, the parties subject themselves to the applicable legal provisions of Mexico City, Federal District, specially to the Mining Law and its Regulations, the Federal Rights Law, the Commerce Code and the Civil Code for the Federal District,
agreeing to submit their disputes before the competent courts of Mexico City, Federal District, waiving their right to the jurisdiction of any other court, judicature or court of justice to which they may have a right by virtue of their present or
future domiciles. 
 This agreement is signed by quadruplicate on November 21, 2002 

 

					
	THE TITLEHOLDER	 		  	THE COMPANY
		 		  	DON DAVID GOLD, S.A. DE C.V.
			
	 /s/    Jose Perez
Reynoso        
	 		  	 /s/    Victor Garcia
Jimenez        

	Mr. Jose Perez Reynoso	 		  	Mr. Victor Garcia Jimenez

  
 6Mining Exploration and Exploitation Agreement effective November 22, 2002

 Exhibit 10.16 
 

 
  
 Exhibit
10.17 
 b) En caso de venta de doré, bullion u otras substancias obtenidas y vendidas de LOS LOTES por LA
COMPAŃÍA: una regalía de producción del cuatro por ciento (4%) del precio real de venta de todos los minerales, mineral en bruto o productos de valor que aparezcan en las facturas de compraventa, después de
deducir todos los cargos de tratamiento, castigos y cualquier otros gastos y deducciones del precio neto de venta del producto que aparezcan en las liquidaciones de fundición o cualquier otro documento aceptable por cada venta por separado y
después de deducir también el costo real de los fletes de dichas substancias a la fundición o cualquier otro documento aceptable por cada venta por separado de las substancias mencionadas. La regalía de producción
pagadera al CONCESIONARIO conforme a lo aqui establecido, será pagadera después de deducir y amortizar todos los pagos de Anticipo Minimo de Regalias establecidos en la Cláusula Tercera Anterior. LA COMPAŃIA deberá
efectuar el pago de Regalías de Producción al CONCESIONARIO MEDIANTE transferencia por giro a una cuenta y contra el recibo de la factura o facturas correspondientes (con el IVA agregado y desglosado), mensualmente dentro de los
treinta (30) días siguientes a la fecha de terminación de cada mes en el que LA COMPAÑÍA reciba pagos finales por venta de minerales, mineral en bruto u otros productos de valor. Con base en los antecedentes
mencionados, las partes: 
 b) In case of gold/silver bearing material, ingots or any other substances obtained
and sold from THE LOTS by THE COMPANY: a production royalty of four percent (4%) on the real sale price of all the minerals, crude metals or valuable products included in the buying and selling invoices, after deducting all the processing
charges, punishments or any other expenses and deductions on the net sale price of the products included in the smelting accounts or any other acceptable document for each separate sale and also after deducting the real freight cost of sending such
substances to the smelting company or any other acceptable document for each separate sale of the aforementioned substances. 
 The production royalty payable to the CONCESSIONAIRE according to what has been established herein, will be payable after deducting and repaying the Royalty Minimum Advance payment
mentioned in the previous Third Clause. THE COMPANY must pay the CONCESSIONAIRE his production royalty through bank transfers to an account upon receiving the respective invoice or invoices (including VAT), every month within 30 days following the
end of each month in which THE COMPANY receives final payments for the sale of minerals, raw minerals or other valuable products. Given the foregoing, the parties: 
 2 

 

 
  
 DECLARAN

 1. Que los representantes de cada una de las partes que intervienen en éste convenio cuentan con las
facultades requeridas para celebrarlo y que las mismas no les han sido revocadas o limitadas en forma tal que les impidiera la celebración de este convenio. 
 2. Que es su voluntad realizar la modificación del CONTRATO, a fin de que: especificamente de los concentrados que se produzcan y vendan de la Mina a Cielo Abierta denominada EL
Aguila y exclusivamente de esta mina, se realicen pagos anticipados del tres por ciento (3%) al CONCESIONARIO al recibir LA COMPAÑÍA el anticipo de los lotes o embarques a fundición. 

En virtud de los antecedentes y declaraciones anteriores, las partes convienen en las siguientes: 

CLAUSULAS 
 PRIMERA. Las partes convienen en agregar a la Cláusula CUARTA, lo siguiente a fin de que ésta quede como sigue: 

LA COMPAÑÍA pagará al CONCESIONARIO una regalia sobre liquidaciones netas de fundición (en
adelante “Regalias de producción) sobre las liquidaciones netas de fundición o facturas de compraventa de primera mano de mineral pagadas a LA COMPAÑÍA por minerals, mineral en bruto u otros productos de valor
obtenidos y vendidos de LOS LOTES. La regalia de producción será calculada como sigue: 
 (a) En
caso de que LA COMPAÑÍA utilice 
 DECLARE 

1. That the parties’ representatives entering into this agreement have enough authority to execute it, same authority
that has not been revoked or limited whatsoever which would impede them from entering into this agreement. 
 2.
That it is their wish to modify the AGREEMENT, for the specific circumstance where concentrates are produced and sold from the EI Aguila Open Pit mine, and for only this mine, so that: a three percent (3%) advance payment can be paid to the
CONCESSIONAIRE, when THE COMPANY receives the advance payment of the LOTS or shipments to the smelting facility. 

In view of the aforementioned facts and representations, the parties agree to the following: 

CLAUSES 
 First.- The parties agree to include into Clause FOURTH the following; in order for same to remain as follows: 
 THE COMPANY will pay the CONCESSIONAIRE a royalty on net smelting proceeds (hereinafter “Production Royalties) based on net smelting proceeds or first hand mineral buying and selling
invoices paid to THE COMPANY for minerals, raw minerals or any other valuable product obtained or sold from THE LOTS. The production royalty will be assessed as follows: 
 a) In case THE COMPANY uses 
 3 

 

 
  
 servicios
de fundicion. Una regalia de produccion del cinco por ciento (5%) de las liquidaciones netas de fundicion de todas las sustancias obtenidas y vendidas de LOS LOTES. 
 b) En caso de venta de dore, bullion u otras substancias obtenidas y vendidas de LOS LOTES por LA COMPANIA; una regalia de produccion del cuatro por ciento (4%) del precio real de venta de
todos los minerales, mineral en bruto o productos de valor que aparezcan en las facturas de compraventa, después de deducir todos los cargos de tratamiento castigos y cualquier otros gastos y deducciones del precio neto de venta del producto
que aparezcan en las liquidaciones de fundicion o cualquier otro documento aceptable por cada venta por separado de las substancias mencionadas. 
 La regalia de produccion pagadera al CONCESIONARIO conforme a lo aqui establecido, será pagadera después de deducir y amortizar todos los pagos de Anticipo Minimo de Regalias
establecidos en la Clausula Tercera Anterior. 
 LA COMPANIA deberá efectuar el pago de Regalias de
Produccion al CONCESIONARIO MEDIANTE transferencia por giro a una cuenta y contra el recibo de la factura o facturas correspondientes ( con el IVA agregado y desglosado ). mensualmente dentro de los treinta (30) dias siguientes a la fecha de
terminacion de cada mes en el que LA COMPANIA reciba pagos finales por venta de smelting services. A production royalty of five percent (5%) over smelting net proceeds for all the substances obtained and sold from THE LOTS. 

b) In case of gold/silver bearing material, ingots or any other substances obtained and sold from THE LOTS by THE COMPANY:
a production royalty of four percent (4%) on the real sale price of all the minerals, crude metals or valuable products included in the buying and selling invoices, after deducting all the processing charges, punishments or any other expenses and
deductions on the net sale price of the products included in the smelting accounts or any other acceptable document for each separate sale and also after deducting the real freight cost of sending such substances to the smelting company or any other
acceptable document for each separate sale of the aforementioned substances. 
 The production royalty payable to
the CONCESSIONAIRE according to what has been established herein, will be payable after deducting and repaying the Royalty Minimum Advance payment mentioned in the previous Third Clause. 

THE COMPANY must pay the CONCESSIONAIRE his production royalty through bank transfers to an account upon receiving the
respective invoice or invoices (including VAT), every month within 30 days following the end of each month in which THE COMPANY receives final payments for the sale of minerals, crude metals or 

 

 
  
 servicios
de fundición. Una regalia de producción del cinco por ciento (5%) de las liquidaciones netas de fundición de todas las sustancias obtenidas y vendidas de LOS LOTES. b) En caso de venta de doré, bullion u otras
substancias obtenidas y vendidas de LOS LOTES por LA COMPAÑIA: una regalia de producción del cuatro por ciento (4%) del preci real de venta de todos los minerales, mineral en bruto o productos de valor que aparezcan en las
facturas de compraventa, después de deducir todos los cargos de tratamiento, castigos y cualquier otros gastos y deducciones del precio neto de venta del producto que aparezcan en las liquidaciones de fundición o cualquier otro
documento aceptable por cada venta por separado y después de deducir también el costo real de los fletes de dichas substancias a Ia fundición o cualquier otro documento aceptable por cada venta por separado de las substancias
mencionadas. La regalia de producción pagadera al CONCESIONARIO conforme a lo aqui establecido, será pagadera después de deducir y amortizar todos los pagos de Anticipo Minimo de Regalias establecidos en Ia Cláusula
Tercera Anterior. 
 smelting services. A production royalty of five percent (5%) over smelting net proceeds
for all the substances obtained and sold from THE LOTS. 
 b) In case of gold/silver bearing material, ingots or
any other substances obtained and sold from THE LOTS by THE COMPANY: a production royalty of four percent (4%) on the real sale price of all the minerals, crude metals or valuable products included in the buying and selling invoices, after
deducting all the processing charges, punishments or any other expenses and deductions on the net sale price of the products included in the smelting accounts or any other acceptable document for each separate sale and also after deducting the real
freight cost of sending such substances to the smelting company or any other acceptable document for each separate sale of the aforementioned substances. The production royalty payable to the CONCESSIONAIRE according to what has been established
herein, will be payable after deducting and repaying the Royalty Minimum Advance payment mentioned in the previous Third Clause. 
 LA COMPAÑIA deberá efectuar el pago de THE COMPANY must pay the Regalias de Producción al CONCESIONARIO CONCESSIONAIRE his production MEDIANTE transferencia por giro a
una cuenta royalty through bank transfers to an y contra el recibo de la factura o facturas account upon receiving the respective correspondientes ( con el IVA agregado y invoice or invoices (including VAT), desglosado ), mensualmente dentro de los
every month within 30 days following treinta (30) dias siguientes a la fecha de the end of each month in which THE terminación de cada mes en el que LA COMPANY receives final payments for COMPAÑIA reciba pagos finales por venta de
the sale of minerals, crude metals or 
 4 

 

 
  
 minerales,
mineral en bruto u otros productos de valor. 
 Adendum. Para la exclusiva circunstancia respecto de concentrados
producidos y vendidos de la Mina a Cielo Abierto denominada El Aguila (únicamente de esta mina), LA COMPAÑÍA pagará al CONCESIONARIO a cuenta del pago total de las regalias de los lotes o embarques enviados a
fundición el tres por ciento (3%) de los anticipos pagados por la fundición a LA COMPAÑÍA en un término no mayor a diez (10) dias, contados a partir de dicho pago o pagos, cantidad que será
desconetada una vez liquidado el lote o embarque correspondientes, efectuándose los ajustes y descuento pactados. Este pago por anticipado será únicamente un anticipo y el acuerdo final sobre los lotes subsistirá. En caso
de que al final del acuerdo, LA COMPAÑÍA adeude al CONCESIONARIO pagos adicionales, entonces dichos pagos adicionales se harán de acuerdo a lo estipulado en el CONTRATO. En caso de que el acuerdo final muestre que el pago por
anticipado excedió la cantidad debidamente adeudada al CONCESIONARIO y por tanto el CONCESIONARIO deba a LA COMPAÑÍA el sobrepago, LA COMPAÑÍA podrá deducir la cantidad correspondiente de futuros pagos
anticipados por concepto de regallas. 
 SEGUNDA. Salvo las modificaiones contenidas en éste convenio,
todas las demás cláusulas del CONTRATO y los terminos establecidos en las mismas, mantendran pleno vigor y fuerza entre las partes. 
 Addendum For the specific circumstance where concentrates are produced and sold from the El Aguila Open Pit Mine only, THE COMPANY will pay the CONCESSIONAIRE three percent (3%) as
advance payment on the total royalties of the advance payments received by THE COMPANY from the lots or shipments sent to the smelting company. This payment must be made within ten (10) days after such payment or payments have been received,
amount that must be deducted once the lot or shipment has been paid in full, applying any adjustments or discounts previously agreed upon. This advance payment is only an advance and the final settlement on the lots shall prevail. If upon final
settlement THE COMPANY owes the CONCESSIONAIRE additional payments then those additional payments shall be made according to the AGREEMENT. If the final settlement shows the advance payment exceeded the correct amount owed the CONCESSIONAIRE and
therefore the CONCESSIONAIRE owes THE COMPANY the overpayment, THE COMPANY may take that amount against any future advance payments. SECOND.- With the exception of the modifications included herein all the other clauses of the AGREEMENT and terms
established therein, will continue in force among the parties. 
 5 

 

 
  
 Habiendo
leldo este convenio y enteradas de Both parties, agreeing with the judicial sus efectos legales, las partes lo ratifican y consequences of this agreement, firman en Mexico, D.F., el 22 execute and enter into the same in de Nov. de 2010.
        ,          on 22 Nov, 2010 DON DAVID GOLD, S.A. DE C.V. Ing. José Pérez Reynoso William W. Reid 

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