Document:

REGISTRATION RIGHTS
AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of September 18, 2013, between Searchlight Minerals
Corp., a Nevada corporation (the “Company”) and each of the several purchasers signatory hereto (each such purchaser,
a “Purchaser” and, collectively, the “Purchasers”).

 

This Agreement is made
pursuant to the Secured Convertible Note Purchase Agreement, dated as of the date hereof, between the Company and each Purchaser
(the “Purchase Agreement”).

 

The Company and each
Purchaser hereby agrees as follows:

 

1. Definitions

 

Capitalized terms used
and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase
Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 6(c).

 

“Effectiveness
Date” means, with respect to the initial Registration Statement required to be filed hereunder, the 120th calendar day
following the date hereof and with respect to any additional Registration Statements which may be required pursuant to Section
3(c), the 120th calendar day following the date on which an additional Registration Statement is required to be filed hereunder;
provided, however, that in the event the Company is notified by the Commission that one or more of the above Registration Statements
will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement
shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise
required above.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(b).

 

“Event Date”
shall have the meaning set forth in Section 2(b).

 

“Filing Date”
means, with respect to the initial Registration Statement required hereunder, the meaning set forth in Section 2(a), and,
with respect to any additional Registration Statements which may be required pursuant to Section 3(c), the earliest practical
date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable
Securities.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities that
have not been sold to the public or pursuant to Rule 144 promulgated under the Securities Act.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(b).

 

    	 

    	 

    

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(b).

 

“Initial Registration
Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Initial Shares”
means a number of shares of Common Stock equal to one-third of the number of shares of Common Stock issued and outstanding and
held by non-Affiliates of the Company immediately prior to the filing date of the Initial Registration Statement.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Note Shares”
means the shares of Common Stock issuable or issued upon conversion of the Notes and Additional Notes purchased under the Purchase
Agreement.

 

“Plan of Distribution”
shall have the meaning set forth in Section 2.

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such Prospectus.

 

“Registrable
Securities” means (i) all Note Shares, and (ii) any securities issued or issuable upon any stock split, dividend or other
distribution, recapitalization or similar event with respect to the foregoing; excluding in all cases, however, any Registrable
Securities sold to the public or sold pursuant to Rule 144 promulgated under the Securities Act.

 

“Registration
Statement” means the registration statement required to be filed hereunder and any additional registration statements
contemplated by Section 3(c), including (in each case) the Prospectus, amendments and supplements to such registration statement
or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Selling Stockholder
Questionnaire” shall have the meaning set forth in Section 3(a).

 

    	 

    	 

    

 

“SEC Guidance”
means (i) any publicly-available written or oral guidance, comments, requirements or requests of the Commission staff and (ii)
the Securities Act.

 

2. Demand Registration.

 

(a)If at any time
after the date of this Agreement, the Company receives a request from Holders of the majority-in-interest of the Registrable Securities,
that the Company file a registration statement with respect to the Registrable Securities, then the Company shall as soon
as practicable, and in any event within 60 days after the date such request is given by such Holders (the “Filing Date”),
the Company shall prepare and file with the Commission a Registration Statement covering the resale of all or such portion of the
Registrable Securities as permitted by SEC Guidance (provided that the Company shall use diligent efforts to advocate with the
Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation,
the Manual of Publicly Available Telephone Interpretations D.29) that are not then registered on an effective Registration Statement
for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form S-3 (except
if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration
shall be on another appropriate form in accordance herewith) and shall contain (unless otherwise directed by at least a 75% majority
in interest of the Holders) substantially the “Plan of Distribution” attached hereto as Annex A. Subject
to the terms of this Agreement, the Company shall use its best efforts to cause a Registration Statement to be declared effective
under the Securities Act as promptly as possible after the filing thereof, but in any event prior to the applicable Effectiveness
Date, and shall use its best efforts to keep such Registration Statement continuously effective under the Securities Act until
all Registrable Securities covered by such Registration Statement have been sold, or may be sold without any restriction
pursuant to Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed
and acceptable to the Company’s transfer agent and the affected Holders (the “Effectiveness Period”).
The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. New York City time on a Trading
Day. The Company shall immediately notify the Holders via facsimile or by e-mail delivery of a “.pdf” format data file
of the effectiveness of a Registration Statement on the same Trading Day that the Company telephonically confirms effectiveness
with the Commission, which shall be the date requested for effectiveness of a Registration Statement. The Company shall, by 9:30
a.m. New York City time on the Trading Day after the Effective Date, file a final Prospectus with the Commission as required by
Rule 424. Notwithstanding any other provision of this Agreement, and subject to the payment of liquidated damages in Section
2(b), if any SEC Guidance sets forth a limitation of the number of Registrable Securities permitted to be registered on a particular
Registration Statement (and notwithstanding that the Company used diligent efforts to advocate with the Commission for the registration
of all or a greater number of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities,
the number of Registrable Securities to be registered on such Registration Statement will be reduced by Registrable Securities
represented by Note Shares (applied, in the case that some Note Shares may be registered, to the Holders on a pro rata basis based
on the total number of unregistered Note Shares held by such Holders).

 

    	 

    	 

    

 

(b)If: (i) the
Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial Registration Statement
without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein, the
Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the Commission a request
for acceleration of a Registration Statement in accordance with Rule 461 promulgated under the Securities Act, within five (5)
Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission that such
Registration Statement will not be “reviewed” or not be subject to further review, or (iii) prior to the Effectiveness
Date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments
made by the Commission in respect of such Registration Statement within 60 calendar days after the receipt of comments by or notice
from the Commission that such amendment is required in order for such Registration Statement to be declared effective, or (iv)
as to, in the aggregate among all Holders on a pro-rata basis based on their purchase of the Securities pursuant to the Purchase
Agreement, a Registration Statement registering for resale all of the Initial Shares is not declared effective by the Commission
by the Effectiveness Date of the Initial Registration Statement, or (v) all of the Registrable Securities are not registered for
resale pursuant to one or more effective Registration Statements on or before the Effectiveness Date, or (vi) after the Effectiveness
Date of a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective as to all
Registrable Securities included in such Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus
therein to resell such Registrable Securities, and the Registrable Securities may not be sold pursuant to exemption under Rule
144 of the Securities Act, for more than 30 consecutive calendar days or more than an aggregate of 60 calendar days during any
12-month period (which need not be consecutive calendar days) (any such failure or breach being referred to as an “Event”,
and for purposes of clause (i), (iv) or (v) the date on which such Event occurs, or for purposes of clause (ii) the date on which
such five (5) Trading Day period is exceeded, or for purposes of clause (iii) the date which such 60 calendar day period is exceeded,
or for purposes of clause (vi) the date on which such 30 or 60 calendar day period, as applicable, is exceeded being referred to
as “Event Date”), then, in addition to any other rights the Holders may have hereunder or under applicable law
(including specific performance of the Company’s obligations under this Agreement), on each such Event Date and
on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the
applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty,
equal to 1.0% of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for any unregistered Registrable
Securities then held by such Holder. The parties agree that the maximum aggregate liquidated damages payable to a Holder under
this Agreement shall be 3.0% of the aggregate Subscription Amount paid by such Holder pursuant to the Purchase Agreement. If the
Company fails to pay any partial liquidated damages pursuant to this Section in full within seven calendar days after the date
payable, the Company will pay interest thereon at a rate of 10% per annum (or such lesser maximum amount that is permitted to be
paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts,
plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a
daily pro rata basis for any portion of a month prior to the cure of an Event.

 

3. Registration Procedures.
In connection with the Company’s registration obligations hereunder, the Company shall, as expeditiously as possible (unless
another time period is so specified therein):

 

    	 

    	 

    

 

(a)Not less than
two (2) Trading Days prior to the filing of each Registration Statement and not less than one Trading Day prior to the filing of
any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be
incorporated therein by reference), the Company shall (i) furnish to each Holder, copies of all such documents proposed to be filed,
which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of such
Holder, and (ii) cause its officers and directors, counsel and independent certified public accountants to respond to such inquiries
as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation within
the meaning of the Securities Act. The Company shall not file a Registration Statement or any such Prospectus or any amendments
or supplements thereto to which the Holders of a majority of the Registrable Securities shall reasonably object in good faith,
provided that the Company is notified of such objection in writing no later than two (2) Trading Days after the Holders have been
so furnished copies of a Registration Statement or one (1) Trading Day after the Holders have been so furnished copies of any related
Prospectus or amendments or supplements thereto. Each Holder agrees to furnish to the Company on the date hereof a completed questionnaire
in the form attached to this Agreement as Annex B (a “Selling Stockholder Questionnaire”). For purposes of clarity,
the opportunity of review by the Holders and their representative set forth herein shall be on a one time basis only with respect
to a particular filing, and shall not be construed to commence additional review periods or opportunities which may otherwise interfere
with the Company’s ability to file any documents hereunder in a timely manner in order to avoid incurring liquidated damages
hereunder.

 

(b)(i) Prepare
and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order
to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended
or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended,
to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission
with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably possible to the Holders
true and complete copies of all correspondence from and to the Commission relating to a Registration Statement (provided that the
Company may excise any information contained therein which would constitute material non-public information as to any Holder which
has not executed a confidentiality agreement with the Company); and (iv) comply in all material respects with the provisions of
the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration
Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition
by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

(c)If during the
Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common Stock then
registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, an additional Registration
Statement covering the resale by the Holders of not less than the number of such Registrable Securities.

 

    	 

    	 

    

 

(d)Notify the Holders
of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied by an instruction
to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in the
case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by any such Person) confirm such
notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or
post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether
there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration
Statement; and (C) with respect to a Registration Statement or any post-effective amendment, when the same has become effective;
(ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration
Statement or Prospectus or for additional information; (iii) of the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities
or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction,
or the initiation or threatening of any Proceeding for such purpose; (v) of the occurrence of any event or passage of time that
makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a
Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case
of a Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; and (vi) of the occurrence or existence of any pending corporate development with respect
to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best
interest of the Company to allow continued availability of a Registration Statement or Prospectus, provided that any and all of
such information shall remain confidential to each Holder until such information otherwise becomes public, unless disclosure by
a Holder is required by law; provided, further, that notwithstanding each Holder’s agreement to keep such information confidential,
each such Holder makes no acknowledgement that any such information is material, non-public information.

 

(e)Use its best
efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending the effectiveness
of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)Furnish to each
Holder, without charge, at least one (1) conformed copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent
requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated
by reference) promptly after the filing of such documents with the Commission; provided, that any such item which is available
on the EDGAR system need not be furnished in physical form.

 

    	 

    	 

    

 

(g)Subject to the
terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by
each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and
any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)Prior to any
resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate with
the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification)
of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition
in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that the Company shall not
be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any
material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such
jurisdiction.

 

(i)Cooperate with
such Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered
to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase
Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in
such names as any such Holder may request.

 

(j)Upon the occurrence
of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking into account
the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature disclosure
of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement
to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required
document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. If the Company notifies the Holders in accordance with
clauses (iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus until the requisite changes to such
Prospectus have been made, then the Holders shall suspend use of such Prospectus. The Company will use its best efforts to ensure
that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right
under this Section 3(j) to suspend the availability of a Registration Statement and Prospectus, subject to the payment of
partial liquidated damages otherwise required pursuant to Section 2(b), for a period not to exceed 60 calendar days (which
need not be consecutive days) in any 12 month period.

 

    	 

    	 

    

 

(k)Comply with
all applicable rules and regulations of the Commission.

 

(l)The Company
may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially
owned by such Holder and, if required by the Commission, the natural persons thereof that have or share voting and dispositive
control over the shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration
of the Registrable Securities solely because any Holder fails to furnish such information within three (3) Trading Days of the
Company’s request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled and any Event
that may otherwise occur solely because of such delay shall be suspended as to such Holder only, until such information is delivered
to the Company. In the event a Holder fails to provide such information to the Company, the Company may rely on the beneficial
ownership information in such Holder’s Selling Stockholder Questionnaire.

 

4. Registration Expenses. All
fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the
foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees
and expenses of the Company’s counsel and auditors) (A) with respect to filings made with the Commission, (B) with respect
to filings required to be made with the OTCBB or any Trading Market on which the Common Stock is then quoted or listed for trading,
and (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including,
without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions
of the Registrable Securities), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable
Securities), (iii) fees and disbursements of counsel for the Company, (iv) fees and disbursements of one counsel selected by the
Holders, (v) Act liability insurance, if the Company so desires such insurance, and (vi) fees
and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated
by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the
consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred
in connection with the quotation or listing of the Registrable Securities on any securities exchange as required hereunder. In
no event shall the Company be responsible for any broker or similar commissions of any Holder.

 

    	 

    	 

    

 

5. Indemnification.

 

(a)Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder,
the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal
as a result of a pledge or any failure to perform under a margin call of shares of Common Stock), investment advisors and employees
(and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title
or any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees
(and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title
or any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and
all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement
of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the
performance of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements
or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly
for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution
of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration
Statement, such Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A
hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi),
the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(d). The Company
shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with
the transactions contemplated by this Agreement of which the Company is aware.

 

(b)Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: (x) such Holder’s
failure to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading (i) to the extent, but only to the extent, that such untrue
statement or omission is contained in any information so furnished in writing by such Holder to the Company specifically for inclusion
in such Registration Statement or such Prospectus or (ii) to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly
for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus
or in any amendment or supplement thereto or (ii) in the case of an occurrence of an event of the type specified in Section
3(d)(iii)-(vi), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder
in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section
6(d). In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net
proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

    	 

    	 

    

 

(c)Notice of
Claims. Promptly after receipt by any Indemnified Party (as defined below in Section 5(d)) of a notice of a claim or
the beginning of any action in respect of which indemnity is to be sought against an indemnifying person pursuant to this Section
5, such Indemnified Party shall notify the Indemnifying Party (as defined below in Section 5(d)) in writing of such
claim or of the commencement of such action, but the omission to so notify the Indemnifying Party will not relieve it from any
liability which it may have to any Indemnified Party under this Section 5 (except to the extent that such omission materially
and adversely affects the Indemnifying Party’s ability to defend such action) or from any liability otherwise than under
this Section 5(c).

 

(d)Defense of
Claims. Subject to the provisions hereinafter stated, in case any such action shall be brought against an Indemnified Party,
the Indemnifying Party shall be entitled to participate therein, and, to the extent that it shall elect by written notice delivered
to the Indemnified Party promptly after receiving the aforesaid notice from such Indemnified Party, shall be entitled to assume
the defense thereof, with counsel reasonably satisfactory to such Indemnified Party. After notice from the Indemnifying Party to
such Indemnified Party of its election to assume the defense thereof (unless it has failed to assume the defense thereof and appoint
counsel reasonably satisfactory to the Indemnified Party, in each case within a reasonable time after notice of commencement of
the action), such Indemnifying Party shall not be liable to such Indemnified Party for any legal expenses subsequently incurred
by such Indemnified Party in connection with the defense thereof; provided, however, that if (i) there exists or shall exist a
conflict of interest that would make it inappropriate, in the reasonable opinion of counsel to the Indemnified Party, for the same
counsel to represent both the Indemnified Party and such Indemnifying Party or any affiliate or associate thereof, (ii) the employment
of separate counsel for such Indemnified Party shall have been authorized in writing by one of the Indemnifying Party in connection
with the defense of such action or (iii) the Indemnifying Party does not diligently defend the action after assumption of the defense
in the reasonably opinion of such Indemnified Party, then in each case the Indemnified Party shall be entitled to retain its own
counsel (who shall not be the same as the opining counsel) at the expense of such Indemnifying Party; provided, however, that no
Indemnifying Party shall be responsible for the fees and expenses of more than one separate counsel (together with appropriate
local counsel) for all Indemnified Parties, which, counsel, in the case of the Indemnified Parties described in Section 5(a),
shall be designated by Holders of the majority-in-interest of the then outstanding Registrable Securities, and, in the case of
the Indemnified Parties described in Section 5(b), shall be designated by the Company. In no event shall any Indemnifying
Party be liable in respect of any amounts paid in settlement of any action unless the Indemnifying Party shall have approved the
terms of such settlement; provided that such consent shall not be unreasonably withheld. No Indemnifying Party shall, without the
prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which
any Indemnified Party is or could reasonably have been a party and indemnification could have been sought hereunder by such Indemnified
Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are
the subject matter of such proceeding.

 

    	 

    	 

    

 

(e)Expenses.
Subject to the terms of this Agreement, all reasonable fees and expenses of any Person entitled to indemnity hereunder (an “Indemnified
Party”) shall be paid to the Indemnified Party, as incurred, within ten (10) Trading Days of written notice thereof to
the Person from whom indemnity is sought (the “Indemnifying Party”); provided, that the Indemnified Party shall
promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such
Indemnified Party is judicially determined to be not entitled to indemnification hereunder.

 

(f)Contribution.
If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold
an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such
Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or
alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party
or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include,
subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other reasonable fees or expenses incurred
by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses
if the indemnification provided for in this Section was available to such party in accordance with its terms.

 

The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 5(f) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 5(f), no Holder shall be required to contribute,
in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of
the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

The indemnity and contribution
agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified
Parties.

 

6. Miscellaneous.

 

(a)Remedies.
In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder
or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. The Company and each
Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it
of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance
in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

    	 

    	 

    

 

(b)Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

(c)Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith
discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as it practicable.

 

(d)Piggy-Back
Registrations. If at any time during the Effectiveness Period there is not an effective Registration Statement covering all
of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement
relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities,
other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity
securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection
with the Company’s stock option or other employee benefit plans, then the Company shall send to each Holder a written notice
of such determination and, if within 15 calendar days after the date of such notice, any such Holder shall so request in writing,
the Company shall include in such registration statement all or any part of such Registrable Securities such Holder requests to
be registered; provided, however, that the Company shall not be required to register any Registrable Securities pursuant to this
Section 6(d) that are eligible for resale pursuant to Rule 144 promulgated under the Securities Act or that are the subject
of a then effective Registration Statement.

 

(e)Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed
by the Company and the Holders of a majority of the then outstanding Registrable Securities (including, for this purpose any Registrable
Securities issuable upon exercise or conversion of any Security). If a Registration Statement does not register all of the Registrable
Securities pursuant to a waiver or amendment done in compliance with the previous sentence, then the number of Registrable Securities
to be registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have the right to designate
which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding the foregoing, a waiver
or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of some Holders
and that does not directly or indirectly affect the rights of other Holders may be given by Holders of all of the Registrable Securities
to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified,
or supplemented except in accordance with the provisions of the first sentence of this Section 6(e).

 

    	 

    	 

    

 

(f)Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Purchase Agreement.

 

(g)Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of each Holder; provided, however, the rights under this Agreement shall not be assignable
if the Registrable Securities are transferred pursuant to an effective registration statement under the Securities Act, Rule 144
under the Securities Act. The Company may not assign (except by merger) its rights or obligations hereunder without the prior written
consent of all of the Holders of the then-outstanding Registrable Securities. Except as set forth herein, each Holder may assign
their respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement.

 

(h)No Inconsistent
Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any
of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would
have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.
Except as set forth on Schedule 6(h), neither the Company nor any of its subsidiaries has previously entered into any agreement
granting any registration rights with respect to any of its securities to any Person that have not been satisfied in full.

 

(i)Execution
and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

(j)Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined
in accordance with the provisions of the Purchase Agreement.

 

(k)Delays or
Omissions; Cumulative Remedies. It is agreed that no delay or omission to exercise any right, power or remedy accruing to Holder,
upon breach, default or noncompliance of the Company under this Agreement shall impair any such right, power or remedy, nor shall
it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach,
default or noncompliance thereafter occurring. The remedies provided herein are cumulative and not exclusive of any other remedies
provided by law.

 

    	 

    	 

    

 

(l)Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(m)Headings.
The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit
or affect any of the provisions hereof.

 

(n)Independent
Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations
of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no
action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert with respect
to such obligations or the transactions contemplated by this Agreement. Each Holder shall be entitled to protect and enforce its
rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder
to be joined as an additional party in any proceeding for such purpose.

 

(o)Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments hereto.

 

(p)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 not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

********************

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	SEARCHLIGHT MINERALS CORP.
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:  Martin B. Oring
	 	 	Title:    President and CEO

 

 

 

[SIGNATURE PAGE OF HOLDERS FOLLOWS]

 

    	 

    	 

    

 

[SIGNATURE PAGE OF HOLDERS]

 

 

	Name of Holder:	 

 

	Signature of Authorized Signatory of Holder:  	 

 

	Name of Authorized Signatory:  	 

 

	Title of Authorized Signatory:  	 

 

 

 

 

[SIGNATURE PAGES CONTINUE]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16

 

INVESTOR SIGNATURE PAGE TO REGISTRATION
RIGHTS AGREEMENT 

    	 

    	 

    

 

Annex A

 

 

 

Plan of Distribution

 

Each Selling Stockholder
(the “Selling Stockholders”) of the shares of common stock and any of their pledgees, assignees and successors-in-interest
may, from time to time, sell any or all of their shares of common stock on the OTC Bulletin Board or any other stock exchange,
market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed or negotiated
prices. A Selling Stockholder may use any one or more of the following methods when selling shares:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the
block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a
part;

 

		·	broker-dealers may agree with the Selling Stockholders to sell a specified number of such shares at a stipulated price per
share;

 

		·	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted pursuant to applicable law.

 

The Selling Stockholders
may also sell shares of common stock under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”),
if available, rather than under this prospectus.

 

Broker-dealers engaged
by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction
not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction
a markup or markdown in compliance with FINRA IM-2440.

 

    	17

    	 

    

 

In connection with
the sale of shares of common stock or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of shares of common stock in the course of hedging the
positions they assume. The Selling Stockholders may also sell shares of the common stock short and deliver these securities to
close out their short positions, or loan or pledge the shares of common stock to broker-dealers that in turn may sell these securities.
The Selling Stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or
the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution
of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such transaction).

 

The Selling Stockholders
and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters” within
the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the common stock. In no event shall any broker-dealer receive
fees, commissions and markups which, in the aggregate, would exceed eight percent (8%).

 

The Company is required
to pay certain fees and expenses incurred by the Company incident to the registration of the shares. The Company has agreed to
indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities
Act.

 

Because Selling Stockholders
may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject to the prospectus
delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus
which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus.
There is no underwriter or coordinating broker acting in connection with the proposed sale of the resale shares by the Selling
Stockholders.

 

We agreed to keep this
prospectus effective until the earlier of (i) the date on which the shares may be resold by the Selling Stockholders without registration
and without regard to any volume limitations by reason of Rule 144 under the Securities Act or any other rule of similar effect
or (ii) all of the shares have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of
similar effect. The resale shares will be sold only through registered or licensed brokers or dealers if required under applicable
state securities laws. In addition, in certain states, the resale shares may not be sold unless they have been registered or qualified
for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied
with.

 

    	18

    	 

    

 

Under applicable rules
and regulations under the Exchange Act, any person engaged in the distribution of the resale shares may not simultaneously engage
in market making activities with respect to the shares of common stock for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions
of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and
sales of shares of common stock by the Selling Stockholders or any other person. We will make copies of this prospectus available
to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior
to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

    	19

    	 

    

 

Annex B

 

SEARCHLIGHT MINERALS CORP.

 

Selling Securityholder Notice and Questionnaire

 

The undersigned beneficial
owner of common stock (the “Registrable Securities”) of Searchlight Minerals Corp., a Nevada corporation (the
“Company”), understands that the Company has filed or intends to file with the Securities and Exchange Commission
(the “Commission”) a registration statement (the “Registration Statement”) for the registration
and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable
Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”)
to which this document is annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the
address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration
Rights Agreement.

 

Certain legal consequences
arise from being named as a selling securityholder in the Registration Statement and the related prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling securityholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial
owner (the “Selling Securityholder”) of Registrable Securities hereby elects to include the Registrable Securities
owned by it in the Registration Statement.

 

    	20

    	 

    

 

The undersigned hereby provides the following information to
the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

	1.	Name.	 
	 	 	 
	 	(a)	Full Legal Name of Selling Securityholder
	 	 	 
	 	 	 
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	 
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person(s) (which means all natural person(s) who directly or indirectly alone or with others has or shares power to vote or dispose of the securities covered by the questionnaire):
	 	 	 
	 	 	 

  

 

 

	Voting Power:	 
	 	 
	 	 
	Dispositive Power:	 

 

 

	2.	Address for Notices to Selling Securityholder:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Telephone:	 	 
	 	Fax:	 	 
	 	Contact Person:	 	 
	 	e-mail Address	 	 

 

    	 

    	 

    

 

		3.	Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes  ̈No  ̈

 

		(b)	If “yes” to Section 3(a), did you receive your Registrable Securities as compensation for investment banking
services to the Company.

 

Yes  ̈No  ̈

 

		Note:	If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes  ̈No  ̈

 

		(d)	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course
of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings,
directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes  ̈No  ̈

 

		Note:	If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		4.	Beneficial Ownership of Securities of the Company Owned by the Selling Securityholder.

 

Except as set forth below in this Item 4, the undersigned
is not the beneficial or registered owner of any securities of the Company other than the securities issuable pursuant to the Purchase
Agreement.

 

	(a)	Type and Amount of other securities beneficially owned by the Selling Securityholder:
	 	 
	 	 
	 	 

 

    	22

    	 

    

 

	5.	Relationships with the Company:
	 	 
		Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.
	 	 
		State any exceptions here:
	 	 
	 	 
	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Dated:  	 	 	Beneficial Owner:  	  	 
	 	 	 	 	 	 

 

	 	 	 	By:	 	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 

 

 

PLEASE FAX OR E-MAIL A COPY OF THE COMPLETED
AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

Searchlight Minerals Corp.

2360 W. Horizon Ridge Parkway

Suite 100

Henderson, Nevada 89052

Attention: Carl Ager

Fax: (702) 939-5249

cager@searchlightminerals.com

 

 

    	23PLEDGE AND SECURITY AGREEMENT

 

THIS PLEDGE AND SECURITY
AGREEMENT (as amended, modified or otherwise supplemented from time to time, the “Security Agreement”), is entered
into as of September 18, 2013, by and among Searchlight Minerals Corp., a Nevada corporation (“Searchlight”),
Clarkdale Minerals, LLC, a Nevada limited liability company (“Clarkdale Minerals”) and Clarkdale Metals Corp., a Nevada
corporation (“Clarkdale Metals”, and together with Searchlight and Clarkdale Minerals, the “Companies,”
or individually, each a “Company”), in favor of Collateral Agent (as defined in Section 10 hereof) on behalf
of the Secured Parties listed on the signature pages hereof and any subsequent holder(s) of the Notes (as defined below) assigned
in accordance with terms of the Notes.

 

RECITALS

 

WHEREAS, pursuant to
that certain Secured Convertible Promissory Note Purchase Agreement between Searchlight and the Secured Parties, dated as of the
date hereof (the “Note Purchase Agreement”), Searchlight will issue to each Secured Party one or more secured
convertible promissory notes (each, a “Note,” and collectively, the “Notes”) in the aggregate
principal amount of up to $5,750,000;

 

WHEREAS, pursuant to
the Note Purchase Agreement, the Companies have each agreed to enter into this Security Agreement and to grant to Collateral Agent,
for the benefit of itself and the Secured Parties, a first priority lien and security interest in all of the Companies’ Collateral
as described below; and

 

WHEREAS, capitalized
terms, unless otherwise defined herein, shall have the meanings assigned to them in the Note Purchase Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the above recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each Company agrees with Collateral Agent and the Secured Parties as follows:

 

1.Definitions.
All terms used herein which are defined in Article 1 or Article 9 of the UCC (as defined below) shall have the meanings given therein
unless otherwise defined in this Security Agreement. All references to the plural herein shall also mean the singular and to the
singular shall also mean the plural. All references to the Secured Parties and the Companies pursuant to the definitions set forth
in the recitals hereto, or to any other Person herein, shall include their respective heirs, executors, administrators, personal
representatives, successors and permitted assigns. In addition to those capitalized terms defined elsewhere in this Security Agreement,
the following terms shall have the following meanings:

 

1.1“Accounts”
shall have such meaning as such term is defined in Article 9 of the UCC.

  

    	 

    	 

    

 

1.2“Chattel
Paper” (including Electronic Chattel Paper and Tangible Chattel Paper), each of which terms shall have such meaning as such
term is defined in Article 9 of the UCC.

 

1.3“Clarkdale
Minerals Guaranty” shall mean that certain Subsidiary Guaranty of Payment dated September 18, 2013 by Clarkdale Minerals
in favor of the Secured Parties.

 

1.4“Clarkdale
Metals Guaranty” shall mean that certain Subsidiary Guaranty of Payment dated September 18, 2013 by Clarkdale Metals in favor
of the Secured Parties.

 

1.5“Commercial
Tort Claims” shall have such meaning as such term is defined in Article 9 of the UCC.

 

1.6“Contracts”
shall mean all contracts and other agreements any Company and any other Person, as the same may from time to time be amended, supplemented
or otherwise modified, including, without limitation, (a) all rights of any Company to receive moneys due and to become due to
it thereunder or in connection therewith, (b) all rights of any Company to damages arising out of, or for, breach or default in
respect thereof and (c) all rights of any Company to perform and to exercise all remedies thereunder.

 

1.7“Copyrights”
shall mean all of the following: (a) all copyrights, works protectable by copyright, copyright registrations, and copyright applications
of any Company, if any; (b) all renewals, extensions, and modifications thereof; (c) all income, royalties, damages, profits, and
payments relating to or payable under any of the foregoing; (d) the right to sue for past, present, or future infringements of
any of the foregoing; (e) all other rights and benefits relating to any of the foregoing throughout the world; and (f) all goodwill
associated with and symbolized by any of the foregoing; in each case, whether now owned or hereafter acquired by any Company.

 

1.8“Copyright
License” shall mean any agreement, written or oral, providing for a grant to any Company of any right in any Copyright.

 

1.9“Documents”
shall have such meaning as such term is defined in Article 9 of the UCC.

 

1.10“Defeasance
Collateral” shall mean cash pledged to the Collateral Agent as collateral pursuant to Section 13 (including, without limitation,
all amounts on deposit in the Defeasance Collateral Account (as defined in Section 13.4)).

 

1.11“Defeasance
Collateral Requirement” shall mean with respect to the defeasance of the security interest in the Collateral (other than
Defeasance Collateral) provided for pursuant to Section 13 (“Defeasance”), Defeasance Collateral in an amount
sufficient to provide payment of all (A) principal indebtedness outstanding as of the date of Defeasance under the Notes as it
becomes due through the date set forth in clause (i) of the definition of “Maturity Date” as defined in the Notes (and,
notwithstanding any term to the contrary in the Transaction Documents, calculated by assuming all the indebtedness outstanding
as of the date of the Defeasance is due in full on such date) and (B) scheduled interest on the Notes as it becomes due through
such date.

 

    	2

    	 

    

 

1.12Reserved.

 

1.13“Deposit
Accounts” shall have such meaning as such term is defined in Article 9 of the UCC.

 

1.14“Equipment”
shall have such meaning as such term is defined in Article 9 of the UCC.

 

1.15“General
Intangibles” shall have such meaning as such term is defined in Article 9 of the UCC.

 

1.16“Governmental
Authority” shall mean any nation or government, any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

 

1.17“Instruments”
shall have such meaning as such term is defined in Article 9 of the UCC.

 

1.18“Inventory”
shall have such meaning as such term is defined in Article 9 of the UCC.

 

1.19“Investment
Property” (including Financial Assets, Securities Entitlements, Securities Accounts, Commodity Accounts, and Commodity Contracts),
each of which terms shall have such meaning, as such term is defined in Article 9 of the UCC, and shall include the Shares;

 

1.20“Letter-of-Credit
Rights” shall have such meaning as such term is defined in Article 9 of the UCC.

 

1.21“Miscellaneous
Collateral” shall mean, to the extent not otherwise included in the Collateral, all other personal property of any Company
of any kind or character, whether tangible or intangible and all interest of every kind and description, including any such property
held or possessed by any Company in or on any real property or improvements to real property, including, without limitation, all
fee ownership and/or leasehold interests (to the extent not prohibited by or requiring consent under any Company's leases) in real
property or improvements thereto.

 

1.22“Patents”
shall mean all of the following: (a) all registered and unregistered patents, patent applications, and patentable inventions of
any Company, if any, and all of the inventions and improvements described and claimed therein; (b) all continuations, divisions,
renewals, extensions, modifications, substitutions, continuations-in-part, or reissues of any of the foregoing; (c) all income,
royalties, profits, damages, awards, and payments relating to or payable under any of the foregoing; (d) the right to sue for past,
present, and future infringements of any of the foregoing; (e) all other rights and benefits relating to any of the foregoing throughout
the world; (f) all goodwill associated with any of the foregoing; in each case, whether now owned or hereafter acquired by any
Company.

 

    	3

    	 

    

 

1.23“Patent
License” shall mean all agreements, whether written or oral, providing for the grant to any Company of any right to manufacture,
use or sell any invention covered by a Patent.

 

1.24“Payment
Intangibles” shall have such meaning as such term is defined in Article 9 of the UCC.

 

1.25“Person”
shall mean an individual, partnership, corporation, limited liability company, limited liability partnership, business trust, joint
stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

 

1.26“Proceeds”
shall have such meaning as such term is defined in Article 9 of the UCC.

 

1.27“Records”
shall mean all of any Company's present and future books of account of every kind or nature, purchase and sale agreements, customer
lists, marketing information, price lists, operating records, vendor and supplier price lists, sales literature, computer programs,
print outs, computer data, Software, invoices, ledger cards, bills of lading and other shipping evidence, statements, correspondence,
memoranda, credit files and other data relating to the Collateral or any Company account, together with the tapes, disks, diskettes
and other data and software storage media and devices, file cabinets or containers in or on which the foregoing are stored (including
any rights of any Company with respect to the foregoing maintained with or by any other Person).

 

1.28“Shares”
shall mean the shares listed on Schedule I hereto, now owned beneficially and of record by any Company, and all cash, dividends,
other securities, instruments, rights (including voting rights, subject to the terms and conditions of this Security Agreement)
and other property at any time and from time to time received or receivable in respect thereof or in exchange for all or any part
thereof, and all proceeds of all of the foregoing.

 

1.29“Software”
shall have such meaning, as such term is defined in Article 9 of the UCC.

 

1.30“Supporting
Obligations” shall have such meaning as such term is defined in Article 9 of the UCC.

 

1.31“Trademarks”
shall mean all of the following: (a) all of any Company’s owned trademarks, trade names, mask words, corporate names, business
names, fictitious business names, trade styles, service marks, logos, other business identifiers, prints and labels on which any
of the foregoing have appeared or appear, all registrations and recordings thereof, and all applications in connection therewith
including registrations, recordings, and applications in the United States Patent and Trademark Office or in any similar office
or agency of the United States, any state thereof or any other country or any political subdivision thereof; (b) all reissues,
extensions and renewals thereof; (c) all income, royalties, damages, and payments now or hereafter relating to or payable under
any of the foregoing including damages or payments for past or future infringements of any of the foregoing; (d) the right to sue
for past, present and future infringements of any of the foregoing; (e) all rights corresponding to any of the foregoing throughout
the world; and (f) all goodwill associated with and symbolized by any of the foregoing; in each case, whether now owned or hereafter
acquired by any Company.

  

    	4

    	 

    

 

1.32“Trademark
License” shall mean all agreements, whether written or oral, providing for the grant to any Company of any right to use any
Trademark.

 

1.33“UCC”
means the Uniform Commercial Code as in effect in the State of New York; provided, however, that if by mandatory
provisions of law, the perfection or effect of perfection or non-perfection of the security interest in any Collateral to which
this Financing Statement relates is governed by the Uniform Commercial Code as in effect on or after the date hereof in any other
jurisdiction, UCC means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof
relating to such perfection or the effect of perfection or non-perfection.

 

2.Pledge of
Collateral and Delivery of Pledged Collateral.

 

2.1Each Company hereby
pledges and assigns to Collateral Agent and grants to Collateral Agent, in each case for the benefit of itself and the Secured
Parties, a continuing lien and security interest in all of the Collateral described in Section 3 below, whether now owned or hereafter
acquired, whether or not now or at any time hereafter in the possession, custody or control of the Collateral Agent or its agents,
whether or not held for safekeeping, in a safe deposit box, or otherwise, to secure prompt payment and full performance of the
obligations described in Section 4 below (all such obligations, collectively the “Obligations”). The pledge
of the Collateral pursuant to this Security Agreement creates a valid and perfected first priority security interest in the Collateral
securing the Obligations.

 

2.2Each Company
shall, at its expense, execute, file, record and deliver to Collateral Agent (in such manner and form as the Collateral Agent
shall reasonably require) any financing statements and any other documents, necessary or appropriate to preserve, perfect, validate
or protect the security interest granted to Collateral Agent hereunder against the claims of third parties, and shall cooperate
with the Collateral Agent to cause the same to be duly filed in all places necessary to perfect the security interest of Collateral
Agent in the Collateral. This shall include (a) all financing statements, (b) all carbon, photographic or other reproductions
of financing statements or this Security Agreement (which shall be sufficient as a financing statement hereunder), (c) all endorsements
to title to any vehicles or other Collateral as may be required in order to perfect the security interest therein, and (d) all
specific assignments or other papers that may be necessary, or that the Collateral Agent may reasonably request, in order to create,
preserve, perfect or validate any security interest or to enable the Collateral Agent to exercise and enforce its rights hereunder
with respect to any of the Collateral. In the event that any recording or re-filing thereof (or filing of any statements of continuation
or assignment of any financing statement) is required to protect and preserve such security interest, each Company, at its own
cost and expense, shall cause the same to be re-recorded and/or re-filed at the time and in the manner requested by the Collateral
Agent. Each Company hereby authorizes the Collateral Agent to file or re-file any financing statements, continuation statements,
and/or amended statements with respect to the security interest granted pursuant to this Security Agreement which at any time
may be required or appropriate, although the same may have been executed only by Collateral Agent, and to execute such financing
statement on behalf of each Company. In addition, in the event and to the extent that any of Collateral consists of or is represented
by stock certificates, instruments or other evidences of ownership such as would require physical possession of same in order
to perfect the security interest therein or have “control” (within the meaning of the UCC) thereof, each Company will
promptly, at its expense, deliver same to the Collateral Agent, with any necessary endorsements thereon or powers annexed thereto.
Collateral Agent has the right, at any time, after the occurrence and during the continuance of an Event of Default (as defined
herein) in its sole discretion, to transfer to or to register in the name of Collateral Agent or any of its nominees any or all
of the Collateral.

 

    	5

    	 

    

 

3.Collateral.
The collateral consists of the following (collectively, the “Collateral”):

 

3.1all Accounts;

 

3.2all Chattel Paper
(including Electronic Chattel Paper and Tangible Chattel Paper);

 

3.3all Contracts;

 

3.4all Deposit Accounts;

 

3.5all General Intangibles
and Commercial Tort Claims;

 

3.6all Instruments;

 

3.7all Goods and
all Inventory;

 

3.8all Investment
Property (including Financial Assets, Securities Entitlements, Securities Accounts, Commodity Accounts, and Commodity Contracts),
including the Shares and all Defeasance Collateral;

 

3.9all Equipment;

 

3.10all Letter-of-Credit
Rights;

 

3.11all Miscellaneous
Collateral;

 

3.12all Records;

 

3.13all Documents;

 

3.14all Copyrights
and Copyright Licenses;

 

3.15all Patents and
Patent Licenses;

  

    	6

    	 

    

 

3.16all Payment Intangibles;

 

3.17all Software
in whatever form;

 

3.18all Supporting
Obligations;

 

3.19all Trademarks
and Trademark Licenses; and

 

3.20to the extent
not otherwise included, all Proceeds and products of any and all of the foregoing.

 

4.Obligations.
The Obligations secured under this Security Agreement are (i) the obligations of each Company under this Security Agreement;
(ii) the obligations of each Company under the Notes; (iii) the obligations of Clarkdale Minerals and Clarkdale Metals arising
under the Clarkdale Minerals Guaranty and the Clarkdale Metals Guaranty respectively; and (iii) the obligations of each Company
under the Note Purchase Agreement and the other Transaction Documents, including in each case all extensions, amendments, modifications
and renewals of any of the foregoing.

 

5.Covenants
of the Companies. Until the Obligations are indefeasibly paid in full, each Company agrees to:

 

5.1Promptly pay any
and all taxes, assessments and governmental charges upon the Collateral prior to the date that penalties may attach thereto or
same become a lien on any of the Collateral, except to the extent that such taxes, assessments and charges shall be contested by
each Company in good faith and through appropriate proceedings;

 

5.2Not sell, exchange,
assign, encumber, or otherwise dispose of or transfer any Collateral, or any right or interest therein, except as permitted by
Section 11;

 

5.3Appear in and
defend, at each Company’s own expense, any action or proceeding which may affect each Company’s title to or Collateral
Agent’s or the Secured Parties’ interest in the Collateral;

 

5.4Procure or execute
and deliver, from time to time, in form and substance satisfactory to Collateral Agent in its discretion reasonably exercised,
any stock powers, bond powers, endorsements, assignments, financing statements, estoppel certificates, control agreements (including
with respect to Deposit Accounts and Investment Property) or other writings reasonably deemed necessary or appropriate by Collateral
Agent to perfect, maintain or protect Collateral Agent’s and the Secured Parties’ security interest in the Collateral
and the priority thereof, and take such other action and deliver such other documents, instruments and agreements pertaining to
the Collateral as Collateral Agent may request to effectuate the intent of this Security Agreement; and

 

5.5Provide Collateral
Agent with such other information pertaining to the Collateral as Collateral Agent may reasonably request from time to time in
order to preserve and protect the security interest provided for herein and to enforce the provisions of this Security Agreement.

 

    	EXECUTION VERSION	7	 

    	 

    

 

6.Representations
and Warranties of the Companies. Each Company hereby represents and warrants as follows:

 

6.1Each Company is
not in default under any indenture, mortgage, deed of trust, agreement or other instrument to which it is a party or by which it
may be bound. Neither the execution nor the delivery of this Security Agreement, nor the consummation of the transactions herein
contemplated, nor compliance with the provisions hereof, will violate any law or regulation, or any order or decree of any court
or Governmental Authority, or will conflict with, or result in the breach of, or constitute a default under, any indenture, mortgage,
deed of trust, agreement or other instrument to which each Company is a party or by which each Company may be bound, or result
in the creation or imposition of any lien, claim or encumbrance upon any property of such Company.

 

6.2Each Company has
the power to execute, deliver and perform the provisions of this Security Agreement and all instruments and documents delivered
or to be delivered pursuant hereto, and has taken or caused to be taken all necessary or appropriate actions to authorize the execution,
delivery and performance of this Security Agreement and all such instruments and documents.

 

6.3Each Company is
the legal and equitable owner of its respective Collateral, subject to the interest therein granted to the Secured Parties. The
ownership by each Company of its respective Collateral is free and clear of all security interests, liens, claims and encumbrances
of every kind and nature, except for security deposits, statutory liens securing obligations that are not yet due or delinquent,
bankers’ liens and other immaterial encumbrances not securing indebtedness for borrowed money. Each Company has taken all
actions necessary under the UCC to perfect its interest in any accounts purchased by it or in which it otherwise has an interest,
as against its assignors or creditors or its assigns.

 

6.4No material default
exists, and no event which with notice or the passage of time or both, would constitute a default under the Collateral by any party
thereto, and there are no material offsets, claims or defenses against the obligations evidenced by the Collateral.

 

6.5The security interest
in the Collateral constitutes a valid and, upon delivery and filing of documents necessary to perfect the Collateral Agent’s
security interest in the Collateral, perfected security interest in the Collateral securing the payment and performance of the
Obligations, in each case prior to all other liens and rights of others (except for permitted liens as described in Section 6.3
above).

 

6.6That no financing
statement covering the Collateral is on file in any public office, other than financing statements filed pursuant to this Security
Agreement.

 

All representations and warranties of each Company contained
herein shall survive the closing of this Security Agreement until termination of this Security Agreement under Section 12.

 

    	8

    	 

    

 

7.Authorized
Action by Collateral Agent.

 

7.1Each Company hereby
irrevocably appoints Collateral Agent as its attorney-in-fact to do (but Collateral Agent shall not be obligated to and shall not
incur any liability to any Company or any third party for failure so to do), upon an Event of Default and while such Event of Default
is continuing, any act which any Company is obligated by this Security Agreement to do, and to exercise such rights and powers
as each Company might exercise with respect to the Collateral, including, without limitation, the right to:

 

7.1.1collect
by legal proceedings or otherwise and endorse, receive and receipt for all payments, proceeds and other sums and property now or
hereafter payable on or in respect of proceeds and other sums and property now or hereafter payable on or in respect of the Collateral,
including dividends, profits and interest payments;

 

7.1.2receive,
take, endorse, assign and deliver any and all checks, drafts, documents and other negotiable and non-negotiable instruments and
chattel paper taken or received by the Collateral Agent in connection therewith;

 

7.1.3settle,
compromise, discharge, extend, compound, prosecute or defend any action or proceeding with respect thereto; and

 

7.1.4sell,
transfer, assign or otherwise deal in or with same, or the proceeds or avails thereof, or any goods securing the Accounts, as fully
and effectually as if the Collateral Agent were the absolute owner thereof;

 

7.1.5extend
the time of payment of any or all thereof and to make any allowance and other adjustments with reference thereto;

 

7.1.6discharge
any taxes, liens, security interests or other encumbrances at any time placed thereon;

 

7.1.7enter
into any extension, reorganization, deposit, merger or consolidation agreement or other agreement pertaining to the Collateral,
and in connection therewith may deposit or surrender control of the Collateral thereunder, accept other property in exchange therefor,
and do and perform such acts and things as it may deem proper, and any money or property secured in exchange therefor shall be
applied to the Obligations or held by Collateral Agent pursuant to the provisions of the Transaction Documents;

 

7.1.8protect
and preserve the Collateral;

 

7.1.9transfer
the Collateral to its own or its nominee’s name; and

 

7.1.10take
any and all such other actions as shall be authorized in the Transaction Documents.

 

7.2All the foregoing
powers authorized herein, being coupled with an interest, are irrevocable so long as any Obligations are outstanding.

 

    	9

    	 

    

 

8.Voting, Dividends,
Etc.

 

8.1Notwithstanding
any other provision hereof, so long as no Event of Default (as defined herein) shall have occurred and be continuing:

 

8.1.1subject
to Section 9.2 below, each Company shall be entitled to exercise all voting powers pertaining to all shares of stock and other
securities constituting Collateral for all purposes not inconsistent with the terms of the Transaction Documents; and

 

8.1.2in
order to permit each Company to exercise such voting powers and to receive such dividends, Collateral Agent shall, if necessary,
upon the written request of such Company, from time to time, execute and deliver to such Company appropriate proxies.

 

8.2If any Event of
Default (as defined herein) shall have occurred and while the same is continuing, then Collateral Agent, or its nominee or nominees,
shall, if Collateral Agent so elects by written notice to the Companies, have the sole and exclusive right to exercise all voting
powers pertaining to the shares of stock constituting Collateral, and shall exercise such powers in such manner as Collateral Agent
may elect, and each Company hereby grants Collateral Agent an irrevocable proxy, coupled with an interest to vote such shares of
stock; provided, however, that such proxy shall terminate upon termination of Collateral Agent’s and the Secured Parties’
security interest in the Collateral.

 

8.3Regardless of
whether an Event of Default has occurred or not, all dividends and all interest payments payable in respect of the Collateral,
and all shares of stock or property representing shares of stock or liquidating dividends or a distribution or return of capital
upon or in respect of the shares of stock constituting Collateral or resulting from a split-up, revision or reclassification of
such Collateral or received in exchange therefor, as a result of a merger, consolidation or otherwise, shall be paid or transferred
directly to Collateral Agent immediately upon receipt thereof by each Company, and shall be retained by Collateral Agent as Collateral
hereunder (or applied to the Obligations, consistent with the terms of the Transaction Documents).

 

9.Default and
Remedies.

 

9.1Event of Default.
The occurrence of any Event of Default under and as defined in the Notes shall constitute an Event of Default of this Security
Agreement (herein “Event of Default”).

 

9.2Remedies upon
Default. Upon the occurrence of any Event of Default (giving effect to applicable cure periods) and while such Event of Default
is continuing, Collateral Agent may, at its option, without notice to or demand on any Company, declare all Obligations immediately
due and payable, and Collateral Agent shall have all the default rights and remedies of a secured party hereunder and under applicable
law. Such rights shall include, without limitation the following:

 

    	10

    	 

    

 

9.2.1Without
limiting Collateral Agent’s obligations under Article 9 of the UCC, the right to have the Collateral, or any part thereof,
transferred to Collateral Agent’s own name or to the name of its nominee and/or to cause a certificate or certificates representing
the Collateral consisting of Shares or other Investment Property to be issued in the name of, and to be delivered to and held by
or for the account of, Collateral Agent, whereupon Collateral Agent shall have all of the rights, privileges, powers and remedies
appurtenant to and arising from the ownership of the Collateral; and

 

9.2.2The
right to sell, transfer, assign or deliver the Collateral or any portion thereof, at public or private sale, as Collateral Agent
may elect, either for cash or on credit, without assumption of any credit risk thereof and without demand or advertisement (unless
otherwise required by law). In the event of any sale hereunder, Collateral Agent shall apply the proceeds in the order set forth
below in Section 9.3 hereof. Collateral Agent may have resort to the Collateral or any portion thereof with no requirement on the
part of Collateral Agent to proceed first against any other Person or property. The Collateral Agent shall give the Companies not
less than twenty (20) days prior written notice of the time and place of any sale or other intended disposition of any of the Collateral,
except any Collateral which is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized
market. The Collateral Agent and each Company hereby agree that such notice constitutes “reasonable notification” within
the meaning of Article 9 of the UCC.

 

9.3Application
of Sale Proceeds. Proceeds from the sale of the Collateral or any part thereof and all sums received or collected by Collateral
Agent from or on account of any Collateral shall be applied by Collateral Agent in the following order:

 

9.3.1First,
to the payment of the costs and expenses incurred by Collateral Agent in connection with the collection, sale, transfer, preservation
or delivery of the Collateral;

 

9.3.2Second,
to the reasonable attorneys’ fees and expenses incurred by the Collateral Agent with respect to the enforcement of its rights
under this Security Agreement;

 

9.3.3Third,
to the payment to the Secured Parties, pari passu, of the amount then owing and unpaid for principal, interest, and other
sums and charges under the Notes (to be applied first to accrued interest and second to outstanding principal);

 

9.3.4Fourth,
to the payment to the Secured Parties, pari passu, of the other amounts then owing and unpaid under the other Transaction
Documents; and

 

9.3.5Fifth,
to the payment of the surplus, if any, to each Company as applicable, its successors and assigns, or to whomsoever may be lawfully
entitled to receive the same.

 

10.Collateral
Agent.

 

    	11

    	 

    

 

10.1Appointment.
The Secured Parties hereby appoint Bank of Utah, as collateral agent for the Secured Parties under this Security Agreement (in
such capacity, the “Collateral Agent”) to serve from the date hereof until the termination of this Security
Agreement. The Collateral Agent accepts, for the benefit of the Secured Parties, the duties hereby created and applicable to it
and agrees to perform such duties but only upon the terms of this Security Agreement.

 

10.2Powers and
Duties of Collateral Agent, Indemnity by Secured Parties.

 

10.2.1Collateral
Agent shall not be under any duty or obligation whatsoever to collect any dividends, interest, profits or other payments due or
accruing in respect of the Collateral or to take any action to preserve rights in connection with any Collateral, including, without
limitation, making or giving any presentment, demands for performance, notices of non-performance, protests, notices of protest
or notices of dishonor in connection with any Collateral.

 

10.2.2Upon
the occurrence and during the continuation of an Event of Default, Collateral Agent shall have the right but not the obligation
to bring suit or institute proceedings in the name of each Company or Collateral Agent to enforce any rights in the Collateral,
in which event each Company shall at the request of Collateral Agent do any and all lawful acts and execute any and all documents
reasonably required by Collateral Agent in aid of such enforcement.

 

10.2.3The
Secured Parties hereby irrevocably authorize the Collateral Agent to take such action and to exercise such powers hereunder as
provided herein or as requested in writing by the Holders of Notes representing a majority-in-interest of the aggregate outstanding
principal amount of the Notes (the “Majority-In-Interest”) in accordance with the terms hereof, together with
such powers as are reasonably incidental thereto. The Collateral Agent will act or refrain from acting at the direction of the
Majority-in-Interest. The Collateral Agent shall not have any duty or obligation to take or refrain from taking any action under,
or in connection with, this Security Agreement, except as expressly provided by the terms of this Security Agreement or as expressly
provided in written instructions received pursuant to the terms of this Section 10.2.3; and no implied duties or obligations shall
be read into this Security Agreement against the Security Trustee. Collateral Agent may execute any of its duties hereunder by
or through agents or employees and shall be entitled to request and act in reliance upon the advice of counsel concerning all matters
pertaining to its duties hereunder and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance
therewith.

 

10.3Neither the Collateral
Agent nor any of its managers, members, or employees shall be liable or responsible to the Secured Parties or to any Company for
any action taken or omitted to be taken by Collateral Agent or any other such Person hereunder or under any related agreement,
instrument or document, except in the case of gross negligence or willful misconduct on the part of the Collateral Agent, nor shall
the Collateral Agent or any of its managers, members, or employees be liable or responsible for (i) the validity, effectiveness,
sufficiency, enforceability or enforcement of the Notes, this Security Agreement or any instrument or document delivered hereunder
or relating hereto; (ii) the title of any Company to any of the Collateral or the freedom of any of the Collateral from any prior
or other liens or security interests; (iii) the determination, verification or enforcement of any Company’s compliance with
any of the terms and conditions of this Security Agreement; (iv) the failure by any Company to deliver any instrument or document
required to be delivered pursuant to the terms hereof; or (v) the receipt, disbursement, waiver, extension or other handling of
payments or proceeds made or received with respect to the collateral, the servicing of the Collateral or the enforcement or the
collection of any amounts owing with respect to the Collateral.

 

    	12

    	 

    

 

10.4In the case of
this Security Agreement and the transactions contemplated hereby and any related document relating to any of the Collateral, the
Secured Parties agree to pay to the Collateral Agent, on demand, all fees and all expenses incurred in connection with the operation
and enforcement of this Security Agreement, the Notes or any related agreement to the extent that such fees or expenses have not
been paid by any Company as applicable. In the case of this Security Agreement and each instrument and document relating to any
of the Collateral, each Company, and, in the event such Company fails to do so, the Secured Parties (on a several and not joint
and several basis) hereby agree to hold the Collateral Agent harmless, and to indemnify the Collateral Agent from and against any
and all loss, damage, expense or liability which may be incurred by the Collateral Agent under this Security Agreement and the
transactions contemplated hereby and any related agreement or other instrument or document, as the case may be, unless such liability
shall be caused by the willful misconduct or gross negligence of the Collateral Agent.

 

11.Continued
Security Interest. Each Company shall not sell, transfer, license or otherwise dispose of the Collateral, or any part thereof
or any interest therein, except as otherwise provided in the Note Purchase Agreement or the Notes and except for sales of inventory
and for sales or other dispositions of other assets, so long as such sales or other dispositions are in the ordinary course of
business and for fair value and the aggregate value of the assets (other than inventory) that are so sold or disposed of since
the date hereof is not in excess of $50,000. If the Collateral, or any part thereof, is sold or otherwise disposed of in violation
of these provisions, the security interest of the Collateral Agent shall continue in such Collateral or any part thereof (and in
the Proceeds thereof) notwithstanding such sale or other disposition, and each Company will deliver any Proceeds thereof to the
Collateral Agent to be, at the option of the Collateral Agent, held as Collateral hereunder, and/or be applied to the Obligations.

 

12.Termination
of Security Interests. Upon the: (a) indefeasible payment in full of all Obligations (other than indemnity obligations as to
which no claim has theretofore been asserted), or (b) Defeasance of all principal and accrued and unpaid interest under the Notes
as provided for in Section 13 below, the security interest in the Collateral (other than Defeasance Collateral) shall terminate
and all rights in the Collateral (other than Defeasance Collateral) shall revert to each Company as applicable. Upon any such termination
of the security interests or release of Collateral, the Collateral Agent will, at each Company’s expense, execute and deliver
to such Company such termination statements and other documents as such Company shall reasonably request to evidence and give effect
to the termination of the security interests in or the release of such Collateral, as the case may be.

 

13.Defeasance.

 

    	13

    	 

    

 

13.1At any time while
the Notes are outstanding, provided that all of the conditions set forth in Section 13.2 are complied with, the Collateral Agent
and Secured Parties hereby agree that each Company shall have the right to obtain a release of the security interest on the Collateral
(other than Defeasance Collateral) upon at least 30 days prior written notice upon satisfaction of the following conditions (the
“Defeasance”):

 

13.1.1If
requested by the Majority-in-Interest, the execution and delivery of defeasance notes (each, a “Defeasance Note”),
in form and substance reasonably acceptable to Majority-In-Interest, dated as of the date of the Defeasance, payable to the respective
Secured Parties, in an aggregate amount equal to the Defeasance Collateral Requirement, with an interest rate of 4% per annum.
Such interest shall be calculated from the date of Defeasance to the Maturity Date (as defined in the Notes), and shall be payable
in cash semi-annually; 

 

13.1.2If
requested by the Majority-in-Interest, the execution and delivery of a security agreement (or amendment of this Security Agreement)
(the “Defeasance Security Agreement”), in form and substance reasonably acceptable to the Majority-In-Interest,
dated as of the date of the Defeasance, in favor of the Collateral Agent, pursuant to which the Collateral Agent is granted a perfected
first priority security interest in the Defeasance Collateral or the existing security interest of the Collateral Agent is ratified
and confirmed; and

 

13.1.3The
execution and delivery of appropriate and reasonable ancillary agreements and/or instruments, including a deposit account control
agreement, each in form and substance reasonably acceptable to the Majority-In-Interest, as may be reasonably requested by the
Collateral Agent or any Secured Party to perfect the security interest of the Collateral Agent in the Defeasance Collateral.

 

13.2With respect
to a Defeasance pursuant to Section 13.1 hereof, Searchlight shall deposit the Defeasance Collateral in accordance with Section
13.4 below to the Defeasance Collateral Account. In no event shall the deliverance of Defeasance Collateral cause the Companies
to be released from its obligations to make payments of principal and interest on the Notes. Defeasance shall be permitted at such
time as all of the following events shall have occurred:

 

13.2.1the
Defeasance Collateral Account shall have been established pursuant to Section 13.4 hereof;

 

13.2.2Searchlight
shall have delivered or caused to have been delivered to Collateral Agent the Defeasance Collateral for deposit into the Defeasance
Collateral Account such that it will satisfy the Defeasance Collateral Requirement at the time of delivery and all such Defeasance
Collateral, whereupon Searchlight shall be deemed to have represented and warranted to the Collateral Agent and the Secured Parties
that it owns the Defeasance Collateral being delivered to Collateral Agent free and clear of any and all liens, security interests
or other encumbrances (other than this Security Agreement or the Defeasance Security Agreement, as applicable), and that Searchlight
has full power and authority to pledge such Defeasance Collateral to Collateral Agent;

 

    	14

    	 

    

 

13.2.3Searchlight
shall have granted or caused to have been granted to Collateral Agent a valid perfected first priority security interest in the
Defeasance Collateral and all proceeds thereof or shall have confirmed the grant of the security interest therein pursuant to this
Security Agreement;

 

13.3On or before
the date on which Searchlight delivers the Defeasance Collateral to Collateral Agent, Searchlight shall open at the Collateral
Agent or any bank reasonably acceptable to Collateral Agent (or other bank subject to the next sentence hereof) at the time and
acting as custodian for Collateral Agent, a defeasance collateral account (the “Defeasance Collateral Account”),
in which Searchlight shall grant to Collateral Agent or reconfirm the grant to Collateral Agent of a security interest and shall
grant or cause the applicable depository to grant control (within the meaning of the UCC) thereof to the Collateral Agent. The
Defeasance Collateral Account shall contain (i) all Defeasance Collateral delivered by Searchlight pursuant to Section 13.2.2 hereof
and (ii) all income or other gains from any investment of moneys or other property deposited in the Defeasance Collateral Account
(which shall only be made at the direction of the Collateral Agent). All such amounts, including all income from the investment
or reinvestment thereof, shall be held by Collateral Agent, subject to withdrawal by Collateral Agent for the purposes set forth
in Section 13.4. Searchlight shall be the owner of the Defeasance Collateral Account and shall report all income accrued on Defeasance
Collateral for federal, state and local income tax purposes in its income tax return.

 

13.4Collateral Agent
shall withdraw, draw on or collect and apply the amounts that are on deposit in the Defeasance Collateral Account to pay when due
the principal and all installments of interest and principal on the Notes or, if applicable, the Defeasance Notes. Funds and other
property in the Defeasance Collateral Account shall not be commingled with any other monies or property of Searchlight or any affiliate
or subsidiary of Searchlight. Collateral Agent shall not in any way be held liable by reason of any insufficiency in the Defeasance
Collateral Account except to the extent caused by the gross negligence or willful misconduct of Collateral Agent.

 

13.5 Searchlight
and Collateral Agent shall enter into any appropriate amendments to the Transaction Documents necessitated by a Defeasance of the
Notes and reasonably requested or consented to by the Collateral Agent or the Majority-in-Interest, such amendments to be in form
and substance reasonably acceptable to both Searchlight and Collateral Agent.

 

14.Cumulative
Rights. The rights, powers and remedies of Collateral Agent and the Secured Parties under this Security Agreement shall be
in addition to all rights, powers and remedies given to Collateral Agent and the Secured Parties under any statute or rule of law
or any other agreement (including the other Transaction Documents), all of which rights, powers and remedies shall be cumulative
and may be exercised successively or concurrently.

 

15.Waiver.
Any forbearance, failure or delay by Collateral Agent in exercising any right, power or remedy shall not preclude the further exercise
thereof, and every right, power or remedy of Collateral Agent or the Secured Parties shall continue in full force and effect until
such right, power or remedy is specifically waived in a writing executed by Collateral Agent. Each Company waives any right to
require Collateral Agent to proceed against any Person or to exhaust any Collateral or to pursue any remedy in Collateral Agent’s
power prior to pursuing such Company in respect of the Obligations.

 

    	15

    	 

    

 

16.Binding Upon
Successors and Assigns; Joint and Several Liability. All rights of Collateral Agent and the Secured Parties under this Security
Agreement shall inure to the benefit of their successors and assigns, and all obligations of each Company shall bind the representatives,
executors, administrators, heirs, successors and assigns of such Company. No Company may assign this Security Agreement. The Secured
Parties may assign this Security Agreement, and if assigned, the assignee shall be entitled, upon notifying the Companies, to the
payment and performance of all of the agreements of the Companies hereunder and to all of the rights and remedies of Secured Parties
hereunder. It is agreed that the liability of each Company hereunder is joint, several and independent of each other Company hereunder
and of any other guarantees or other obligations at any time in effect with respect to the Obligations or any part thereof and
that each Company’s liability hereunder may be enforced regardless of the existence, validity, enforcement or non-enforcement
of any such other guarantees or other obligations.

 

17.Continuing
Security Interest; Assignments. This Security Agreement shall create a continuing security interest in the Collateral and shall
(i) remain in full force and effect until termination as provided herein, (ii) be binding upon each Company, the Collateral Agent,
the Secured Parties and their respective successors and assigns, and (iii) inure, together with the rights, powers and remedies
of each Company, the Collateral Agent and the Secured Parties hereunder, to the benefit of each Company, the Collateral Agent,
the Secured Parties and their respective successors, transferees and permitted assigns, as the case may be.

 

18.Entire Agreement;
Severability; Amendment. This Security Agreement and each of the other Transaction Documents, taken together, constitute and
contain the entire agreement of the Companies, Secured Parties and Collateral Agent and supersede any and all prior agreements,
negotiations, correspondence, understandings and communications among the parties, whether written or oral, respecting the subject
matter hereof. If any of the provisions of this Security Agreement shall be held invalid or unenforceable, this Security Agreement
shall be construed as if not containing those provisions and the rights and obligations of the parties hereto shall be construed
and enforced accordingly. This Security Agreement may not be modified, altered or amended except by
a written agreement signed by the parties hereto.

 

19.Return; Acquittance.
Collateral Agent may at any time deliver any Collateral to each Company as applicable and the receipt thereof by such Company shall
be a complete and full acquittance in respect of the Collateral so delivered, and Collateral Agent shall thereafter be discharged
from any liability or responsibility therefor.

 

20.Headings.
The captions or titles of the sections of this Security Agreement are for convenience of reference only and shall not define or
limit the provisions hereof.

 

21.Choice of
Law. This Security Agreement shall (irrespective of where it is executed, delivered and/or performed) be construed in accordance
with and governed by the laws of the State of New York and, where applicable and except as otherwise defined herein or by reference
to the Note Purchase Agreement, terms used herein shall have the meanings given them in the UCC. Without limitation of Collateral
Agent’s rights to commence an action against any Company in any court having jurisdiction, each Company irrevocably and unconditionally
submits to the jurisdiction of the federal or state courts of the State of New York, as Collateral Agent may deem appropriate,
in connection with any legal action or proceeding arising out of or relating to this Security Agreement, and each Company waives
any objection relating to the basis for personal or in rem jurisdiction or to venue which it may now or hereafter have in any such
suit, action or proceeding. Each Company agrees that service of process in any such proceeding may be made by mail addressed to
it in accordance with the notice provisions of Sections 8.12(b) (personal delivery) or (f) (certified or registered mail) of the
Note Purchase Agreement. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to this Security Agreement or the transactions contemplated
hereby.

 

    	16

    	 

    

 

22.Attorneys’
Fees. If any attorney is engaged by Collateral Agent to enforce or defend any provision of this Security Agreement, or as a
consequence of the occurrence of any Event of Default under this Security Agreement, with or without the filing of any legal action
or proceeding, and including, without limitation, any fees and expenses incurred in any bankruptcy proceeding of any Company, then
such Company shall immediately pay to Collateral Agent, upon demand, the amount of all attorneys’ fees and expenses and all
costs incurred by Collateral Agent in connection therewith, together with interest thereon from the date of such demand until paid
at the rate of interest applicable to the principal balance of Notes as specified therein.

 

23.Specific
Performance. Each of the parties acknowledge and agree that other parties would be irreparably damaged if any of the provisions
of this Security Agreement are not performed in accordance with their specific terms and that any breach of this Security Agreement
could not be adequately compensated in all cases by monetary damages alone. Accordingly, in addition to any other right or remedy
to which the parties may be entitled, at law or in equity, it shall be entitled to enforce any provision of this Security Agreement
by a decree of specific performance and to temporary, preliminary and permanent injunctive relief, without posting any bond or
other undertaking.

 

24.Notice.
Any written notice, consent or other communication provided for in this Security Agreement shall be given and deemed received as
provided in the Note Purchase Agreement.

 

25.Counterparts.
This Security Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together
shall be deemed to constitute one instrument.

 

26.Construction.
Each of this Security Agreement and the other Transaction Documents is the result of negotiations among, and has been reviewed
by, each Company, Secured Parties, Collateral Agent and their respective counsel. Accordingly, this Security Agreement and the
other Transaction Documents shall be deemed to be the product of all parties hereto, and no ambiguity shall be construed in favor
of or against each Company, Secured Parties or Collateral Agent.

 

27.Controlling
Instrument. In the event any provision of this Security Agreement conflicts with any provision of the Notes, the Notes shall
be controlling.

 

    	17

    	 

    

 

[THIS SPACE LEFT INTENTIONALLY BLANK;
SIGNATURE PAGES FOLLOW]

 

    	18

    	 

    

 

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

 

	COLLATERAL AGENT:	COMPANIES:
	 	 
	BANK OF UTAH	SEARCHLIGHT MINERALS CORP.
	 	a Nevada corporation
	 	 
	By:_____________________	By:_____________________
	Name:	Name: Martin Oring
	Its:	Its: Chief Executive Officer
	 	 
	 	CLARKDALE MINERALS, LLC
	 	a Nevada limited liability company
	 	 
	 	By:_____________________
	 	Name: 
	 	Its: 
	 	 
	 	CLARKDALE METALS CORP.
	 	a Nevada corporation
	 	 
	 	By:                                                    
	 	Name: 
	 	Its:

 

[SIGNATURE PAGE OF SECURED PARTIES FOLLOWS]

 

    	 

    	 

    

 

[SIGNATURE PAGE OF SECURED PARTIES]

 

Name of Secured Party:  __________________________________________

 

Signature of Authorized Signatory of Secured Party:
____________________

 

Name of Authorized Signatory: _____________________________________

 

Title of Authorized Signatory: ______________________________________

 

[SIGNATURE PAGES CONTINUE]

 

    	INVESTOR SIGNATURE PAGE TO PLEDGE AND SECURITY AGREEMENT	 	 

    	 

    

 

SCHEDULE I

 

PLEDGED STOCK

 

	Company	Issuer	No. of

Shares Pledged	Certificate 

Number(s)
	 	 	 	 
	Searchlight 	Clarkdale Metals Corp.	75,000	2
	Minerals Corp.	 	 	 
	 	 	 	 
	Searchlight	Clarkdale Minerals, LLC	100% Membership	N/A
	Minerals Corp.	 	Interest

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