Document:

Exhibit 4.1

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE JULY 5, 2021.

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”)
OR ANY APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY,
ONLY (A) TO THE COMPANY, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES
ACT IN ACCORDANCE WITH RULE 144 OR RULE 144A THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS,
OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS
GOVERNING THE OFFER AND SALE OF SECURITIES, AND IN THE CASE OF (B), (C) OR (D) THE SELLER FURNISHES TO THE COMPANY AN OPINION OF
COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING
THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE U.S. SECURITIES ACT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE
GOOD DELIVERY IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

 

THIS WARRANT AND THE SECURITIES DELIVERABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES
ACT") OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS WARRANT MAY NOT BE EXERCISED UNLESS THE WARRANT AND THE
UNDERLYING SECURITIES HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH
STATE, OR AN EXEMPTION OR EXCLUSION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE.

 

WARRANT CERTIFICATE

 

AUGUSTA GOLD CORP.

(a Delaware corporation)

 

Void After

March 4, 2024

 

	
        WARRANT CERTIFICATE NO.

        «Warrant_No»
	 	
        «Warrants» COMMON STOCK
        PURCHASE WARRANTS

         

 

THIS IS TO CERTIFY
THAT for value received «REGISTRATION_NAME» (the “Holder”) has the right to purchase in respect
of each whole warrant (a “Warrant”, and collectively, the “Warrants”) represented by this
Warrant Certificate or by a replacement certificate, at any time up to 5:00 p.m. (Vancouver time) on March 4, 2024 (the
 “Expiry Date”) one fully paid and non-assessable share of common stock, par value $0.0001 (a “Common
Share”, and collectively, the “Common Shares” and which terms shall include any shares or other securities
to be issued in addition thereto or in substitution or replacement therefor as provided herein) of AUGUSTA GOLD CORP. (the
 “Company”), a Delaware corporation, as constituted on the date hereof at a purchase price (the purchase price
in effect from time to time being called the “Exercise Price”) of CAD$2.80 per Common Share, subject to adjustment
as provided herein.

 

The Company agrees
that the Common Shares purchased pursuant to the exercise of the Warrants shall be and be deemed to be issued to the Holder as
of the close of business on the date on which this Warrant Certificate shall have been surrendered along with a properly completed
and executed Subscription Form (as defined below, and including any accompanying documentation as required in the Subscription
Form) and payment made for such Common Shares as aforesaid.

 

     

     

    

 

Nothing contained herein
shall confer any right upon the Holder to subscribe for or purchase any Common Shares at any time after the Expiry Date and from
and after the Expiry Date the Warrants and all rights under this Warrant Certificate shall be void and of no value.

 

		1.	Exercise of Warrants

 

In the event
that the Holder desires to exercise the right to purchase Common Shares conferred hereby, the Holder shall (i) complete in the
manner indicated and execute a subscription form (the “Subscription Form”) in substantially the form attached
as Schedule A to this Warrant Certificate, (ii) surrender this Warrant Certificate to the Company in accordance with Section 12,
and (iii) pay the amount payable on the exercise of such Warrants in respect of the Common Shares subscribed for by wire transfer
or electronic funds transfer, certified cheque, bank draft or money order in lawful money of Canada payable to the Company. Upon
such surrender and payment as aforesaid, the Holder shall be deemed for all purposes to be the holder of record of the number of
Common Shares to be so issued and the Holder shall be entitled to delivery of a certificate or certificates representing such Common
Shares and the Company shall cause such certificate or certificates to be delivered to the Holder at the address specified in the
Subscription Form after such surrender and payment as aforesaid.

 

		2.	No Requirement to Issue Fractional Shares

 

No fractional Common Shares will
be issuable upon any exercise of the Warrants and the Holder will not be entitled to any cash payment or compensation in lieu of
a fractional Common Share. Instead the number of Common Shares issuable upon exercise of the Warrants will be rounded to the nearest
whole number of Common Shares.

 

		3.	No U.S. Registration

 

These Warrants and the Common
Shares issuable upon exercise hereof have not been and will not be registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”) or any applicable securities laws of any state of the United States
and these Warrants may not be exercised, in whole or in part, by or on behalf of a U.S. Person or person within the United States
and the Common Shares may not be delivered to an address in the United States unless the Warrants and the Warrant Shares issuable
upon exercise hereof have been registered under the U.S. Securities Act and any applicable securities laws of any state of the
United States or unless an exemption from such registration requirements is available.

 

Each holder of Warrants must
represent to the Company that either (i) they are not a U.S. Person, are not exercising the Warrants on behalf of a U.S. Person
and otherwise meet the conditions for a “offshore transaction” under Regulation S under the U.S. Securities Act or
(ii) the exercise of the Warrants and delivery of the Common Shares is registered under the U.S. Securities Act or exempt from
such registration requirements and has delivered to the Company and its transfer agent evidence thereof, including an opinion of
counsel of recognized standing, in form and substance reasonably satisfactory to the Company and its transfer agent to such effect.
As used herein, the terms “United States” and “U.S. Person” have the meaning assigned to
them in Regulation S under the U.S. Securities Act.

 

		4.	Exercise in Whole or in Part

 

The Holder may from time to time
subscribe for and purchase any lesser number of Common Shares than the aggregate number of Common Shares which this Warrant Certificate
entitles the Holder to subscribe for. In the event that the Holder subscribes for and purchases any such lesser number of Common
Shares prior to the Expiry Date, the Holder shall be entitled to receive a replacement certificate representing the unexercised
balance of the Warrants.

 

     

     

    

 

		5.	No Rights of Shareholder Until Exercise

 

The holding of the Warrants shall
not constitute the Holder a shareholder of the Company nor entitle the Holder to any right or interest in respect thereof except
as expressly provided in this Warrant Certificate.

 

		6.	Legends on Common Shares

 

Any certificate representing
Common Shares issued upon the exercise of the Warrants before July 5, 2021 shall bear the following legend:

 

"UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE JULY 5, 2021."

 

provided that at any time subsequent
to July 5, 2021 any certificate representing such Common Shares may be exchanged for a certificate bearing no such legend.

 

In addition, all certificates
representing Common Shares issued upon the exercise of the Warrants must bear the following legend:

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES
ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY
OR INDIRECTLY, ONLY (A) TO THE COMPANY, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER
THE U.S. SECURITIES ACT IN ACCORDANCE WITH RULE 144 OR RULE 144A THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE
LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND IN THE CASE OF (B), (C) OR (D) THE SELLER FURNISHES TO THE
COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE U.S. SECURITIES ACT. DELIVERY OF THIS CERTIFICATE
MAY NOT CONSTITUTE GOOD DELIVERY IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”

 

		7.	Transferability

 

The Warrants evidenced hereby
shall not be assignable or transferable by the Holder.

 

		8.	Covenants, Representations and Warranties

 

The Company represents, warrants
and covenants with the Holder that so long as any Warrants remain outstanding and may be exercised:

 

		(a)	The Company will at all times maintain its existence and will carry on and conduct its business
in a prudent manner in accordance with industry standards and good business practice, and will keep or cause to be kept proper
books of account in accordance with applicable law;

 

		(b)	The Company shall at all times reserve and keep available out of its authorized Common Shares solely
for the purpose of issue upon exercise of the Warrants as provided herein, and issue to the Holder such number of Common Shares
as shall then be issuable upon the exercise of the Warrants;

 

     

     

    

 

		(c)	All Common Shares which shall be issuable upon exercise of the Warrants and payment therefor in
accordance with the terms herein shall be duly and validly issued as fully paid and non-assessable, free and clear of all taxes,
liens and charges with respect to the issue thereof; and

 

		(d)	This Warrant Certificate is a valid and enforceable obligation of the Company, enforceable in accordance
with the provisions hereof.

 

		9.	Adjustments

 

From and after the date hereof,
the Exercise Price and the number of Common Shares deliverable upon the exercise of the Warrants will be subject to adjustment
as follows:

 

		(a)	In case of any reclassification of the Common Shares or change of the Common Shares into other
shares, or in case of the consolidation, arrangement, merger, reorganization or amalgamation of the Company with or into any other
company or entity which results in any reclassification of the Common Shares or a change of the Common Shares into other shares,
or in case of any transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another
person (any such event, a "Reclassification of Common Shares"), at any time on or prior to the Expiry Date, the
Holder shall, after the effective date of such Reclassification of Common Shares and upon exercise of the right to purchase Shares
hereunder, be entitled to receive, and shall accept, in lieu of the number of Common Shares to which the Holder was theretofore
entitled upon such exercise, the kind and amount of shares and other securities or property which the Holder would have been entitled
to receive as a result of such Reclassification of Common Shares if, on the effective date thereof, the Holder had been the registered
holder of the number of Common Shares to which the Holder was theretofore entitled upon such exercise. If necessary, appropriate
adjustments shall be made in the application of the provisions set forth in this section with respect to the rights and interests
thereafter of the Holder in order that the provisions set forth in this section shall thereafter correspondingly be made applicable
as nearly as may be reasonable in relation to any shares or other securities or property thereafter deliverable upon the exercise
of the Warrants evidenced hereby.

 

		(b)	If and whenever at any time on or prior to the Expiry
Date the Company shall:

 

		(i)	subdivide the Common Shares into a greater number of shares;

 

		(ii)	consolidate the Common Shares into a lesser number of shares; or

 

		(iii)	issue Common Shares, Participating Shares or Convertible Securities (both such terms as defined below
in paragraph (g)) to all or substantially all of the holders of Common Shares by way of a stock dividend or other distribution
on the Common Shares payable in Common Shares, Participating Shares or Convertible Securities;

 

(any such event, a "Capital
Reorganization") and any such event results in an adjustment in the Exercise Price pursuant to paragraph (c), the number
of Common Shares purchasable pursuant to the Warrants evidenced hereby shall be adjusted contemporaneously with the adjustment
of the Exercise Price by multiplying the number of Common Shares theretofore purchasable on the exercise thereof by a fraction
the numerator of which shall be the Exercise Price in effect immediately prior to such adjustment and the denominator of which
shall be the Exercise Price resulting from such adjustment.

 

		(c)	If and whenever at any time on or prior to the Expiry Date, the Company shall undertake a Capital
Reorganization, the Exercise Price shall, on the effective date, in the case of a subdivision or consolidation, or on the record
date, in the case of a stock dividend, be adjusted by multiplying the Exercise Price in effect on such effective date or record
date by a fraction: (A) the numerator of which shall be the number of Common Shares and Participating Shares outstanding immediately
before giving effect to such Capital Reorganization; and (B) the denominator of which is the number of Common Shares and Participating
Shares outstanding immediately after giving effect to such Capital Reorganization. The number of Common Shares and Participating
Shares outstanding shall include the deemed conversion into or exchange for Common Shares or Participating Shares of any Convertible
Securities distributed by way of stock dividend or other such distribution. Such adjustment shall be made successively whenever
any event referred to in this paragraph shall occur.

 

     

     

    

 

		(d)	Any issue of Common Shares, Participating Shares or Convertible Securities by way of a stock dividend
or other such distribution shall be deemed to have been made on the record date thereof for the purpose of calculating the number
of outstanding Common Shares under paragraphs (e) and (f).

 

		(e)	If and whenever at any time on or prior to the Expiry Date, the Company shall fix a record date
for the issuance of rights, options or warrants (other than the Warrants evidenced hereby) to all or substantially all the holders
of Common Shares entitling them, for a period expiring not more than 45 days after such record date, to subscribe for or purchase
Common Shares, Participating Shares or Convertible Securities at a price per share (or having a conversion or exchange price per
share) of less than 95% of the Current Value (as defined below) of the Common Shares on such record date (any such event, a "Rights
Offering"), the Exercise Price shall be adjusted immediately after such record date so that it shall equal the price determined
by multiplying the Exercise Price in effect on such record date by a fraction:

 

		(i)	the numerator of which shall be the aggregate of: (A) the number of Common Shares outstanding on
such record date; and (B) a number determined by dividing whichever of the following is applicable by the Current Value (as hereinafter
defined) of the Common Shares on the record date: (1) the amount obtained by multiplying the number of Common Shares or Participating
Shares which the holders of Common Shares are entitled to subscribe for or purchase by the subscription or purchase price; or (2)
the amount obtained by multiplying the maximum number of Common Shares or Participating Shares which the holders of Common Shares
are entitled to receive on the conversion or exchange of the Convertible Securities by the conversion or exchange price per share;
and

 

		(ii)	the denominator of which shall be the aggregate of: (A) the number of Common Shares outstanding
on such record date; and (B) whichever of the following is applicable: (1) the number of Common Shares or Participating Shares
which the holders of Common Shares are entitled to subscribe for or purchase; or (2) the maximum number of Common Shares or Participating
Shares which the holders of Common Shares are entitled to receive on the conversion or exchange of the Convertible Securities.

 

Any Common Shares owned by or held
for the account of the Company shall be deemed not to be outstanding for the purpose of any such computation. Such adjustment shall
be made successively whenever such a record date is fixed.

 

To the extent that such Rights
Offering is not so made or any such rights, options or warrants are not exercised prior to the expiration thereof, the Exercise
Price shall then be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed or if
such expired rights, options or warrants had not been issued.

 

		(f)	If and whenever at any time on or prior to the Expiry
Date, the Company shall fix a record date for the distribution to all or substantially all the holders of Common Shares of:

 

		(i)	shares of any class, whether of the Company or any other company;

 

		(ii)	rights, options or warrants; or

 

		(iii)	evidences of indebtedness;

  

     

     

    

 

and if such distribution does not
constitute a Capital Reorganization or a Rights Offering or does not consist of rights, options or warrants entitling the holders
of Common Shares to subscribe for or purchase Common Shares, Participating Shares or Convertible Securities for a period expiring
not more than 45 days after such record date and at a price per share (or having a conversion or exchange price per share) of at
least 95% of the Current Value of the Common Shares on such record date (any such non-excluded event, a “Special Distribution”),
the Exercise Price shall be adjusted immediately after such record date so that it shall equal the price determined by multiplying
the Exercise Price in effect on such record date by a fraction: (A) the numerator of which shall be the amount by which (1) the
amount obtained by multiplying the number of Common Shares outstanding on such record date by the Current Value of the Common Shares
on such record date, exceeds (2) the aggregate fair market value (as determined by the external auditors of the Company, which
determination shall be conclusive) to the holders of such Common Shares of such Special Distribution; and (B) the denominator of
which shall be the total number of Common Shares outstanding on such record date multiplied by such Current Value.

 

Any Common Shares owned by or held
for the account of the Company shall be deemed not to be outstanding for the purpose of any such computation. Such adjustment shall
be made successively whenever such a record date is fixed.

 

To the extent that such Special
Distribution is not so made or any such rights, options or warrants are not exercised prior to the expiration thereof, the Exercise
Price shall then be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed or if
such expired rights, options or warrants had not been issued.

 

		(g)	For the purpose of this Warrant: (i) “Participating Share” means a share (other
than a Common Share) that carries the right to participate in earnings to an unlimited degree; and (ii) “Convertible Security”
means a security convertible into or exchangeable for a Common Share or a Participating Share or both.

 

		(h)	No adjustment pursuant to this Warrant Certificate shall be made in respect of dividends (payable
in cash, Common Shares or Participating Shares) declared payable on the Common Shares in any fiscal year of the Company to the
extent that the aggregate value of such dividends, when aggregated with the aggregate value of any dividends previously declared
payable on the Common Shares in such fiscal year, do not exceed 50% of the aggregate consolidated net income of the Company, before
extraordinary items, for its immediately preceding fiscal year.

 

		(i)	In any case in which this Warrant Certificate shall require that an adjustment shall become effective
immediately after a record date for an event referred to herein, the Company may defer, until the occurrence of such event, issuing
to the Holder, upon the exercise of the Warrants evidenced hereby after such record date and before the occurrence of such event,
the additional Common Shares or securities or other property issuable upon such exercise by reason of the adjustment required by
such event; provided, however, that the Company shall deliver to the Holder an appropriate instrument evidencing the Holder's right
to receive such additional Common Shares or securities or other property upon the occurrence of the event requiring such adjustment
and the right to receive any distributions made on any such additional Common Shares or securities or other property on and after
such exercise.

 

     

     

    

 

		(j)	The adjustments provided for in this Warrant Certificate are cumulative, shall, in the case of
adjustments to the Exercise Price, be computed to the nearest one-tenth of one cent and shall apply (without duplication) to successive
Reclassifications of Common Shares, Capital Reorganizations, Rights Offerings and Special Distributions; provided that, notwithstanding
any other provision of this section, no adjustment of the Exercise Price shall be required unless such adjustment would require
an increase or decrease of at least 1% of the Exercise Price then in effect (except upon a consolidation of the outstanding Common
Shares); provided, however, that any adjustments which by reason of this paragraph are not required to be made shall be carried
forward and taken into account in any subsequent adjustment.

 

		(k)	No adjustment in the number of Common Shares which may be purchased upon exercise of the Warrants
evidenced hereby or in the Exercise Price shall be made pursuant to this Warrant Certificate if the Holder is entitled to participate
in such event on the same terms mutatis mutandis as if the Holder had exercised the Warrants evidenced hereby for Shares
prior to the effective date or record date of such event.

 

		(l)	In the event of any question arising with respect to the adjustments provided in this Warrant Certificate,
such question shall conclusively be determined by a firm of chartered accountants appointed by the Company and acceptable to the
Holder (who may be the Company's auditors). Such accountants shall have access to all necessary records of the Company and such
determination shall be binding upon the Company and the Holder.

 

		(m)	As a condition precedent to the taking of any action which would require an adjustment in the subscription
rights pursuant to the Warrant, including the Exercise Price and the number of such classes of shares or other securities or property
which are to be received upon the exercise thereof, the Company shall take all corporate action which may, in the opinion of external
counsel, be necessary in order that the Company has reserved and there will remain unissued out of its authorized capital a sufficient
number of Common Shares for issuance upon the exercise of the Warrants evidenced hereby, and that the Company may validly and legally
issue as fully paid and non-assessable all the shares of such classes or other securities or may validly and legally distribute
the property which the Holder is entitled to receive on the full exercise thereof in accordance with the provisions hereof.

 

For the purpose of any computation
under this Warrant Certificate, the “Current Value” of the Common Shares at any date shall be determined as:

 

		(a)	the weighted average closing price of the Common Shares traded through the facilities of the Canadian
Securities Exchange for the 20 consecutive trading days ending no later than five trading days before such date;

 

		(b)	if the Common Shares are not listed on the Canadian Securities Exchange, the weighted average closing
price of the Common Shares traded through the facilities of such other stock exchange or quotation system on which the Common Shares
are listed or through which the Common Shares are quoted for the 20 consecutive trading days ending no later than five trading
days before such date; or

 

		(c)	if the Common Shares are not listed on the Canadian Securities Exchange or any other stock exchange
or quoted through a quotation system, the fair value thereof as determined in good faith by an independent brokerage or accounting
firm selected by the Company and satisfactory to the Holder. The Company shall be solely responsible for paying all fees and expenses
of such independent brokerage or accounting firm.

 

     

     

    

 

		10.	Certificate as to Adjustments

 

In each case of any adjustment
or readjustment in the Common Shares (or other securities or property) issuable on the exercise of the Warrants, the Company at
its expense will promptly compute such adjustment or readjustment in accordance with the terms of the Warrants and will prepare
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based, including (i) the number of Common Shares (or other securities or property) outstanding or deemed to be outstanding,
and (ii) the Exercise Price and the number of Common Shares to be received upon exercise of the Warrants, in effect immediately
prior to such adjustment or readjustment and after such adjustment or readjustment, as provided in this Warrant Certificate. The
Company will forthwith mail a copy of each such certificate to the Holder.

 

		11.	Miscellaneous

 

		(a)	If this Warrant Certificate or any replacement hereof is lost, mutilated, destroyed or stolen,
upon receipt of evidence satisfactory to the Company, acting reasonably, the Company may, on such reasonable terms as to cost and
indemnity or otherwise as it may impose respectively, issue a replacement Warrant certificate similar as to denomination, tenor
and date as the Warrant Certificate so lost, mutilated, destroyed or stolen.

 

		(b)	Notwithstanding anything in this Warrant Certificate, the Warrants may be exercised and are exercisable,
only to the extent permitted by applicable law.

 

		(c)	The Company shall pay any and all issue and other taxes imposed by governmental authorities of
jurisdictions to which the Company is subject that may be payable in respect of any issue or delivery of Common Shares on an exercise
of the Warrants.

 

		(d)	The Company will not, by amendment of its articles of incorporation or through any reorganization,
recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder, but will at all
times in good faith assist in the carrying out of all of the provisions of this Warrant Certificate and in the taking of all action
as may be necessary or appropriate in order to protect the rights of the Holder against impairment.

 

		(e)	Unless otherwise indicated, all dollar amounts referred to herein are in lawful money of Canada.

 

     

     

    

 

		12.	Notice

 

Any notice, designation, direction
or other communication required or permitted to be given under this Warrant Certificate will be in writing and will be given by
prepaid first-class mail, or other means of electronic communication or by hand-delivery. Any notice or other communication, if
mailed by prepaid first-class mail at any time other than during a general discontinuance of postal service due to strike, lockout
or otherwise, will be deemed to have been received on the fourth business day after its post-marked date, or if sent by other means
of electronic communication, will be deemed to have been received on the business day following the sending (provided that the
sender has evidence of a successful transmission), or if delivered by hand will be deemed to have been received at the time it
is delivered to the applicable address noted below either to the individual designated below or to an individual at that address
having apparent authority to accept deliveries on behalf of the addressee. Notice of change of address will also be governed by
this Section 12. In the event of a general discontinuance of postal service due to strike, lockout or otherwise, notices and other
communications will be delivered by hand or sent by other means of electronic communication and will be deemed to have been received
in accordance with this Section 12. Notices and other communications will be addressed as follows:

 

		(a)	if to the Company:

 

Augusta Gold Corp.

Suite 555 – 999 Canada Place

Vancouver, BC V6C 3E1

 

Attention: Purni Parikh

 

Email: pparikh@augustacorp.com

		(b)	if to the Holder:

 

«REGISTRATION_NAME»

«REGISTRATION_ADDRESS»

Attention:
l

 

Email: «EMAIL»

 

		13.	Severability

 

In the event that any provision
of this Warrant Certificate is invalid or unenforceable under any applicable statute or rule of law, then such provision will be
deemed inoperative to the extent that it may conflict therewith and will be deemed modified to conform with such statute or rule
of law. Any such provision which may prove invalid or unenforceable under any law will not affect the validity or enforceability
of any other provision of this Warrant Certificate.

 

		14.	Enurement

 

Subject to the terms hereof,
the Warrants shall enure to the benefit of, and shall be binding upon the Holder and the Company and their respective successors
and permitted assigns.

 

		15.	Governing Law

 

This Warrant Certificate and
the Warrants represented hereby shall be exclusively governed by the laws in force in the State of Delaware without regard to conflict
of laws principles.

  

     

     

    

 

		16.	Time of the Essence

 

Time shall be of the essence
in this Warrant Certificate.

 

		17.	Further Assurances

 

The Company and the Holder shall
from time to time execute and deliver all such further documents and instruments and do all acts and things as reasonably required
to effectively carry out or better evidence or perfect the full intent and meaning of this Warrant Certificate.

 

IN WITNESS WHEREOF the Company has
caused this Warrant Certificate to be signed by the signature of its duly authorized officer effective the 4th day of March, 2021.

 

 

 

	 	AUGUSTA GOLD CORP. 
	 	 	 
	 	 	 
	 	Per: 	 
	 	 	Name: Purni Parikh
	 	 	Title: Senior VP, Corporate Affairs and Corporate Secretary

 

 

     

     

    

 

Schedule A

 

SUBSCRIPTION FORM

 

		TO:	AUGUSTA GOLD CORP.

Suite 555 – 999
Canada Place

Vancouver, BC V6C 3E1

 

The undersigned holder
of the Warrants represented by the enclosed certificate hereby subscribes for ___________ Common Shares of AUGUSTA GOLD CORP.
(or such number of Common Shares or other securities to which such subscription entitles it in lieu thereof or in addition thereto
under the provisions of the Warrants) at an exercise price of CAD$2.80 per Common Share and hereby tenders payment therefor on
the terms specified in the Warrant Certificate. Capitalized terms in this Subscription Form not defined herein have the meaning
given such terms in the Warrant Certificate.

 

The undersigned hereby
acknowledges that the undersigned is aware that the Common Shares received on exercise may be subject to restrictions on resale
under applicable securities legislation.

 

The undersigned represents, warrants and
certifies as follows (one (only) of the following must be checked)

 

		 ̈	a.The
undersigned hereby certifies that the undersigned (i) acquired this Warrant directly from the Company as a non-U.S. Subscriber
(as defined in the Subscription Agreement) in accordance with applicable securities laws as part of the Company’s offering
of Units, (ii) as part of the acquisition of this Warrant in the Company’s offering of Units, the undersigned executed and
delivered the Confirmation of Non-U.S. Subscriber attached to the subscription agreement for the Units (the “Subscription
Agreement”) as Exhibit B (the “Confirmation of Non-U.S. Subscriber”), (iii) at the time the undersigned
acquired this Warrant, the undersigned was not a "U.S. Person" (as defined in Regulation S under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act")) or person in the "United
States" (as defined in Regulation S under the U.S. Securities Act), (iv) at the time of exercise of this Warrant, the
undersigned is not a U.S. Person or person in the United States, and (v) the undersigned is not exercising this Warrant by or
on behalf of any U.S. Person or person in the United States, (vi) the undersigned was not in the United States at the time this
subscription was executed and delivered, and (vii) the exercise of this Warrant otherwise complies with the requirements for an
 “offshore transaction” under Regulation S under the U.S. Securities Act and the undersigned hereby represents to the
Company that the representations, warranties, acknowledgments and agreements made by the undersigned in the Subscription Agreement,
including the Confirmation of Non-U.S. Subscriber, remain true and accurate as of the date of exercise of this Warrant in connection
with such exercise as if set forth herein.

 

		 ̈	b.The
undersigned (i) acquired this Warrant directly from the Company as a U.S. Subscriber (as defined in the Subscription Agreement)
in accordance with applicable securities laws as part of the Company’s offering of Units, (ii) as part of the acquisition
of this Warrant in the Company’s offering of Units, the undersigned executed and delivered the United States Accredited
Investor Certificate attached to the Subscription Agreement as Exhibit A (the “Accredited Investor Certificate”),
(ii) is exercising the Warrants solely for its own account and not on behalf of any other Person, (iii) was and is an "accredited
investor" (as such term is defined under Rule 501(a) of Regulation D of the U.S. Securities Act), both at the time the undersigned
acquired this Warrant and at the time of exercise of this Warrant and (iv) hereby represents to the Company that the representations,
warranties, acknowledgments and agreements made by the undersigned in the Subscription Agreement, including the Accredited Investor
Certificate, remain true and accurate as of the date of exercise of this Warrant in connection with such exercise as if set forth
herein.

 

		 ̈	c.The
undersigned has delivered to the Company an opinion of counsel of recognized standing or such other evidence in form and substance
reasonably satisfactory to the Company and its transfer agent to the effect that the exercise of the Warrants and issuance and
delivery of the Common Shares delivered upon exercise hereof are exempt from the registration requirements of the U.S. Securities
Act and any applicable securities laws of any state of the United States.

 

     

     

    

 

The undersigned understands that the certificates
representing the Common Shares will bear a legend restricting transfer without registration under the U.S. Securities Act and applicable
securities laws of any state of the United States unless an exemption from registration is available (as described in the Warrant
Certificate).

 

The undersigned hereby directs that such Common
Shares be registered as follows:

 

	Name	Address	Number of Common Shares
	
         

         

         

         

         

         
	 	 

 

(Please print full name in which share
certificates are to be issued.)

 

The undersigned hereby
directs that such Common Shares be delivered as follows:

 

	Name	Address
	
         

         

         

         

         

         
	 

 

 

DATED this ___ day of _____________, 20__.

 

 

 

 

	 	[NAME]
	 	 	 
	 	 	 
	 	By:	 
	 	 	Authorized Signing OfficerEX-10.1

 Exhibit 10.1 

Service-Based Cash Award Agreement (US Employees) 

2021 Grant 
 SERVICE-BASED
CASH AWARD AGREEMENT 
 THIS SERVICE-BASED CASH AWARD AGREEMENT (the “Agreement”), effective January 4,
2021 (the “Agreement Date”), is made by and between PEABODY ENERGY CORPORATION, a Delaware corporation (the “Company”), and the undersigned employee of the Company or a Subsidiary who accepts this Agreement in the
Plan’s online administration site using the Company’s online acceptance procedures (the “Grantee”). The grant date for this Cash Award is January 4, 2021 (the “Grant Date”). 

WHEREAS, the Committee has determined that, subject to the provisions of this Agreement, it would be to the advantage and best interest
of the Company and its stockholders to grant the opportunity to earn the service-based cash award provided for herein to the Grantee as an incentive for his or her efforts during his or her service with the Company or its Subsidiaries, and has
advised the Company thereof and instructed the undersigned officer to enter into this Agreement to evidence this Cash Award opportunity; 

WHEREAS, the Company deems it essential to the protection of its confidential information and competitive standing in its market to
have its officers and executives have reasonable restrictive covenants in place; 
 WHEREAS, Grantee agrees and acknowledges that the
Company has a legitimate interest to protect its confidential information and competitive standing; and 
 WHEREAS, the Company deems
it essential to the optimal functioning of its business to have its officers and executives provide advance notice to the Company of their termination of employment. 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of
which is hereby acknowledged, the parties hereby agree as follows: 
 ARTICLE I. 

DEFINITIONS 
 Whenever the
following terms are used in this Agreement, they shall have the meanings specified below. Capitalized terms not otherwise defined in this Agreement shall have the meanings specified in the Plan. 

Section 1.1-    “Board” means the Board of Directors of the Company. 

Section 1.2-    “Cash Award” shall mean the service-based cash award opportunity provided by the
Company to the Grantee as evidenced by this Agreement. 
 Section 1.3-    “Cause” shall mean (a)
“Cause” as defined in the Grantee’s employment agreement with the Company, if any; or (b) if the Grantee does not have an employment agreement with the Company or such agreement does not define “Cause,” then:
(i) any willful fraud, dishonesty or misconduct of the Grantee that can reasonably be expected to have a detrimental effect on (A) the reputation or business of the Company or any of its subsidiaries or affiliates or

 
(B) the Grantee’s reputation or performance of his or her duties to the Company or any of its subsidiaries or affiliates; (ii) willful refusal or failure of the Grantee to comply with
the Company’s Code of Business Conduct and Ethics, the Company’s Anti-Corruption and Bribery policy or any other material corporate policy of the Company; (iii) the Grantee’s willful or repeated failure to meet documented
performance objectives or to perform his or her duties or to follow reasonable and lawful directives of his or her manager (other than due to death or Disability); (iv) the Grantee’s conviction of, or plea of nolo contendere to (A) any
felony, or (B) any other criminal charge that may reasonably be expected to have a material detrimental effect on the reputation or business of the Company or any of its subsidiaries or affiliates; or (v) the Grantee’s willful failure
to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, whether or not related to the Grantee’s employment with the Company, after being instructed to cooperate by the Chairman of
the Board and/or Company’s Chief Executive Officer or by the Board, or the willful destruction of or willful failure to preserve documents or other material known to be relevant to any such investigation; provided, that with respect to
clause (ii) or (iii) above, the Grantee shall have 15 business days following written notice of the conduct which is the basis for the potential termination for “Cause” within which to cure such conduct, to the extent it can be cured,
to prevent termination for “Cause” by the Company, and if the Grantee cures the conduct that is the basis for the potential termination for “Cause” within such period, the Company’s notice of termination shall be deemed
withdrawn. 
 Section 1.4-    “Change in Control” shall mean the occurrence of any one or more of
the following: (a) any corporation, person or other entity (other than the Company, a majority-owned subsidiary of the Company or any of its Subsidiaries, or an employee benefit plan (or related trust) sponsored or maintained by the Company or
any of its Subsidiaries), including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, becomes the beneficial owner of stock representing more than fifty percent (50%) of the combined voting
power of the Company’s then outstanding securities; (b) there is consummated (i) a merger, consolidation, plan of arrangement, reorganization or similar transaction or series of transactions in which the Company is involved, other
than such a transaction or series of transactions which would result in the shareholders of the Company immediately prior thereto continuing to own (either by remaining outstanding or by being converted into voting securities of the surviving
entity) more than fifty percent (50%) of the combined voting power of the securities of the Company or such surviving entity (or the parent, if any) outstanding immediately after such transaction(s) in substantially the same proportions as their
ownership immediately prior to such transaction(s); (ii) a sale or other disposition of all or substantially all of the Company’s assets; or (iii) approval by the Company’s shareholders of a plan of liquidation of the Company; or
(c) within any period of 24 consecutive months, persons who were members of the Board immediately prior to such 24-month period, together with persons who were first elected as directors (other than as a
result of any settlement of a proxy or consent solicitation contest or any action taken to avoid such a contest) during such 24-month period by or upon the recommendation of persons who were members of the
Board immediately prior to such 24-month period and who constituted a majority of the Board at the time of such election, cease to constitute a majority of the Board; provided, however, that to
the extent this Cash Award is subject to liability under Code Section 409A and does not qualify for an exemption from Code Section 409A coverage, a Change in Control shall include any event or series of events described in the foregoing
provisions of this Section 1.4, but only to the extent such event or series of events also constitutes a “change of control event” (as described in Treasury Regulation
Section 1.409A-3(i)(5)(i)) with respect to the Company. 

 Section 1.5-    “Code” shall mean the Internal
Revenue Code of 1986 (and any successor thereto), as amended from time to time. References to a particular section of the Code include references to regulations and rulings thereunder and to successor provisions. 

Section 1.6-    “Committee” shall mean the Compensation Committee of the Board. 

Section 1.7-    “Disability” shall mean a mental or physical illness that entitles the Grantee to
receive benefits under the long-term disability plan of the Company or any Subsidiary, or if the Grantee is not covered by such a plan or the Grantee is not an employee of the Company or any Subsidiary, a mental or physical illness that renders a
Grantee totally and permanently incapable of performing the Grantee’s duties for the Company or a Subsidiary. Notwithstanding the foregoing: (a) a Disability shall not qualify if it is the result of (i) a willfully self-inflicted
injury or willfully self-induced sickness; or (ii) an injury or disease contracted, suffered, or incurred while participating in a felony criminal offense; and (b) with respect to this Cash Award if it is subject to liability under Code
Section 409A and does not qualify for an exemption from Code Section 409A coverage, Disability shall mean a Grantee’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

Section 1.8-    “Good Reason” shall mean (a) “Good Reason” as defined in the
Grantee’s employment agreement with the Company, if any; or (b) if the Grantee does not have an employment agreement with the Company or such agreement does not define Good Reason, then: (i) a reduction, other than a reduction that
generally affects all similarly-situated executives and does not exceed 10% in one year or 20% in the aggregate over three consecutive years, by the Company in the Grantee’s base salary from that in effect immediately prior to the reduction;
(ii) a material reduction, other than a reduction that generally affects all similarly-situated executives, by the Company in the Grantee’s target or maximum annual cash incentive award opportunity or target or maximum annual equity-based
compensation award opportunity from those in effect immediately prior to any such reduction; (iii) relocation, other than through mutual agreement in writing between the Company and the Grantee or a secondment or temporary relocation for a
reasonably finite period of time, of the Grantee’s primary office by more than 50 miles from the location of the Grantee’s primary office as of the Agreement Date; or (iv) any material diminution or material adverse change in the
Grantee’s duties or responsibilities as they exist as of the Agreement Date (other than any diminution or change during a period of mental or physical incapacity); provided, that (x) if the Grantee terminates Grantee’s employment for
“Good Reason,” the Grantee shall provide written notice to the Company at least 30 days in advance of the date of termination, such notice shall describe the conduct the Grantee believes to constitute “Good Reason” and the
Company shall have the opportunity to cure the “Good Reason” within 30 days after receiving such notice, (y) if the Company cures the conduct that is the basis for the potential termination for “Good Reason” within such 30-day period, the Grantee’s notice of termination shall be deemed withdrawn and (z) if the Grantee does not give notice to the Company as described in this Section 1.8 within 90 days after an event
giving rise to “Good Reason,” the Grantee’s right to claim “Good Reason” termination on the basis of such event shall be deemed waived. 

Section 1.9-    “Person” shall mean any individual, sole proprietorship, corporation, partnership,
joint venture, limited liability company, association, joint-stock company, trust, unincorporated organization, institution, public benefit corporation, entity or government instrumentality, division, agency, body or department. 

 Section 1.10-    “Plan” shall mean the Peabody
Energy Corporation 2017 Incentive Plan, as in effect on the Agreement Date. 

Section 1.11-    “Retirement” shall mean a Termination of Service on or after age sixty
(60) with at least ten (10) years of service with the Company. 

Section 1.12-    “Section 409A” shall mean Section 409A of the Code and the
applicable regulations or other guidance issued thereunder. 
 Section 1.13-    “Subsidiary” shall
mean any Person that directly, or through one (1) or more intermediaries, is controlled by the Company and that would be treated as a single employer with the Company under Sections 414(b) and 414(c) of the Code if the language “at least
50 percent” is used instead of “at least 80 percent” each place it appears in Code Sections 1563(a)(1), (2) and (3) and Treasury Regulation Section 1.414(c)-2. 

Section 1.14-    “Termination of Service” occurs (a) on the first day on which an individual is
for any reason no longer providing services to the Company or a Subsidiary in the capacity of an employee, director or consultant or (b) with respect to an individual who is an employee or consultant to a Subsidiary, the first day on which such
entity ceases to be a Subsidiary of the Company and such individual is no longer providing services to the Company or another Subsidiary; provided, that the Committee shall have the discretion to determine when a Grantee, who terminates services as
an employee, but continues to provide services in the capacity of a consultant immediately following such termination, has incurred a Termination of Service. Notwithstanding the foregoing, in the case of this Cash Award if it is subject to liability
under Code Section 409A and does not qualify for an exemption from Code Section 409A coverage, a Termination of Service shall only occur at the time of the Grantee’s “separation from service” with the Company within the
meaning of Code Section 409A or as otherwise set forth in this Agreement or a deferral election form. 
 ARTICLE II. 

GRANT OF CASH AWARD 

Section 2.1-    Grant of Cash Award. The Company has granted to the Grantee on the Grant Date this Cash Award
with respect to the cash amount set forth on the signature page hereto. The grant of the Cash Award has been made in consideration of the services to be rendered by the Grantee to the Company and its Subsidiaries or affiliates and the Grantee’s
obligations under the Restrictive Covenant Agreement (as referenced in Article V). 
 Section 2.2-    No
Obligation of Employment. Nothing in this Agreement shall confer upon the Grantee any right to continue in the employ of the Company, or any Subsidiary or affiliate, or interfere with or restrict in any way the rights of the Company and its
Subsidiaries or affiliates, which are hereby expressly reserved, to terminate the employment of the Grantee at any time for any reason whatsoever, with or without Cause. 

 Section 2.3-    Change in Control. In order to maintain
Grantee’s rights with respect to the Cash Award evidenced hereby, upon the occurrence of a Change in Control, the Committee may take any actions with respect to the Cash Award or make any modifications to the Cash Award as it deems appropriate
to reflect such Change in Control; provided that no such action or modification results in a violation of Section 409A. 
 ARTICLE
III. 
 VESTING OF CASH AWARD 

Section 3.1-    Vesting. 

(a)    Retirement-Eligible Grantee. If the Grantee is eligible for Retirement as of the Grant Date,
the Cash Award shall vest in substantially equal installments on each of the quarterly anniversaries of the Grant Date during the period beginning on the Grant Date and ending on the second anniversary of the Grant Date. 

(b)    Non-Retirement-Eligible Grantee. If the Grantee is
not eligible for Retirement as of the Grant Date, then, except as provided in Section 3.1(c) hereof, the Cash Award shall vest in two substantially equal installments on the first two annual anniversaries of the Grant Date during the period
beginning on the Grant Date and ending on the second anniversary of the Grant Date. 
 (c)    Special
Rule. In the event the Grantee becomes eligible for Retirement after the Grant Date, the provisions of Section 3.1(a) above shall apply on and after the date the Grantee becomes eligible for Retirement. However, on the first quarterly
anniversary of the Grant Date following the date on which the Grantee becomes eligible for Retirement, a portion of the Cash Award shall immediately vest. Such vesting portion shall equal the result of the following formula: X multiplied by
(Y/4), where “X” is equal to one-half of the aggregate value of the Cash Award (as set forth on the signature page hereto), and “Y” is equal to the number of full calendar quarters that
have elapsed between the most recent annual anniversary of the Grant Date and the then current quarterly anniversary of the Grant Date. 

Section 3.2-    Acceleration Events. Notwithstanding Section 3.1 hereof, the Cash Award shall become
fully vested and non-forfeitable upon (a) a Termination of Service within two years following a Change in Control, provided such Termination of Employment is by the Company without Cause or by the Grantee
for Good Reason; or (b) the Grantee’s death or Disability (each, an “Acceleration Event”) (provided, that no payment of the Cash Award shall be accelerated to the extent such payment would cause the Cash Award to be
subject to the adverse consequences described in Code Section 409A). 
 Section 3.3-    Effect of
Termination of Service. Except as provided in Section 3.2, no portion of the Cash Award shall become vested and non-forfeitable following Termination of Service, and any such non-vested and forfeitable portion of the Cash Award shall be immediately and automatically forfeited upon Termination of Service. 

 ARTICLE IV. 

SETTLEMENT OF CASH AWARD 

Section 4.1-    Calculation of Settlement Amount. Subject to any withholding obligations described in
Section 6.3, as soon as administratively feasible following the first to occur of (a) each of the first two anniversaries of the Grant Date or (b) the date an Acceleration Event occurs (each such date, a “Computation
Date”), and in no event later than 60 days following the applicable Computation Date, the Company shall, subject to Article V, pay to the Grantee the amount of cash equal to such vested portion of the Cash Award to the extent it has not yet
been paid. Notwithstanding the foregoing or anything else in this Agreement to the contrary, if any payment hereunder is triggered by a Termination of Service of the Grantee (other than due to the Grantee’s death) and the Grantee is a
“specified employee” (as such term is defined in Section 409A and using the identification methodology selected by the Company from time to time), the applicable portion of the Cash Award shall, subject to Article V and any
withholding obligations described in Section 6.3, be paid to the Grantee, without interest, on the first day of the seventh month after such Termination of Service. 

Section 4.2-    Forfeiture of Unvested Portion of Cash Award. To the extent that the Grantee does not vest in
a portion of the Cash Award, all interest in such portion of the Cash Award shall be forfeited upon the Grantee’s Termination of Service. The Grantee has no right or interest in any portion of the Cash Award that is forfeited. 

ARTICLE V. 
 CONDITION TO
GRANT OF CASH AWARD; OTHER PROVISIONS 
 Section 5.1-    Restrictive Covenant Agreement. The Grantee
shall not be entitled to receive the Cash Award unless the Grantee shall have executed and delivered the Restrictive Covenant Agreement, substantially in the form attached hereto as Exhibit A, and such shall be in full force and effect.
Nothing in this Agreement or Restrictive Covenant Agreement prevents the Grantee from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or
participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity the Grantee is not prohibited from providing information voluntarily to the Securities and Exchange
Commission pursuant to Section 21F of the Exchange Act. 
 Section 5.2-    Notice Period. The Grantee
may terminate the Grantee’s employment with the Company or a Subsidiary at any time for any reason by delivery of notice to the Company at least 90 days in advance of the date of termination (the “Notice Period”);
provided, however, that no communication, statement or announcement shall be considered to constitute such notice of termination of Grantee’s employment unless it complies with Section 6.5 hereof and specifically recites that
it is a notice of termination of employment for purposes of this Agreement; and provided, further, that the Company may waive any or all of the Notice Period, in which case Grantee’s employment with the Company will terminate on
the date determined by the Company. 
 Section 5.3-    Breach of Restrictive Covenant Agreement or
Section 5.2. If Grantee materially breaches any provision of the Restrictive Covenant Agreement or Section 5.2 hereof, the Company may, among other available remedies, determine that Grantee (a) will forfeit any
unpaid portion of the Cash Award and (b) will repay to the Company any portion of the Cash Award previously paid to Grantee. 

 ARTICLE VI. 

MISCELLANEOUS 

Section 6.1-    Administration. The Committee has the power to interpret the Cash Award and this Agreement.
All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Grantee, the Company and all other interested persons. No member of the Committee shall be personally liable for any action,
determination or interpretation made in good faith with respect to the Cash Award. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under this Agreement. 

Section 6.2-    Cash Award Not Transferable. Neither the Cash Award nor any interest or right therein or part
thereof shall be liable for the debts, contracts or engagements of the Grantee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether
such disposition is voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no
effect; provided, however, that this Section 6.2 shall not prevent transfers by will or by the applicable laws of descent and distribution. 

Section 6.3-    Withholding. Unless the Grantee makes alternative arrangements satisfactory to the Company to
personally remit required withholding amounts, then, as of the date that all or a portion of the Cash Award becomes paid pursuant to Section 4.1 hereof, the Company shall withhold a portion of the Cash Award so paid as required by law to be
withheld by the Company in connection with such payment for applicable federal, state, local and foreign taxes of any kind. To the extent taxes are to be withheld upon vesting for purposes of federal FICA, FUTA or Medicare taxes, such withholding
shall be taken from other income owed by the Company to the Grantee and the Grantee hereby agrees to such withholding. For all purposes, the amount withheld by the Company pursuant to this Section 6.3 shall be deemed to have first been paid to
the Grantee. 
 Section 6.4-    Section 409A. 

(a)    To the extent applicable, this Agreement is intended to comply with Section 409A so that the
income inclusion provisions of Section 409A(a)(1) of the Code do not apply to Grantee, and this Agreement shall be construed, interpreted and administered in a manner that is consistent with this intent and the requirements for avoiding
additional taxes or penalties under Section 409A. Notwithstanding the foregoing, in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Grantee on account
of Section 409A. 
 (b)    Except as permitted under Section 409A, any deferred compensation
(within the meaning of Section 409A) payable to a Grantee or for the Grantee’s benefit under this Agreement and grants hereunder may not be reduced by, or offset against, any 

 
amount owing by the Grantee to the Company or any of its Subsidiaries. Each installment of the Cash Award that becomes payable hereunder is a “separate payment” for purposes of
Section 409A. 
 (c)    In the event that the Company determines that any amounts payable hereunder
may be taxable to the Grantee under Section 409A prior to the payment and/or delivery to the Grantee of such amount, the Committee may adopt such amendments to the Agreement, and appropriate policies and procedures, including amendments and
policies with retroactive effect, that the Committee determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Cash Award and this Agreement. 

(d)    Notwithstanding any provision of this Agreement to the contrary, in light of the uncertainty with
respect to the proper application of Section 409A, the Company reserves the right to make amendments to this Agreement and the terms of the Cash Award as the Company deems necessary or desirable to avoid the imposition of taxes or penalties
under Section 409A. In any case, neither the Company nor any of its affiliates will have any obligation to indemnify or otherwise hold the Grantee harmless from any or all of such taxes or penalties. 

Section 6.5-    Notices. Any notice to be given under the terms of this Agreement to the Company shall be
provided to the Chief Human Resources Officer, with a copy to the Grantee’s supervisor, and any notice to be given to the Grantee shall be addressed to him or her at the address set forth in the records of the Company. By a notice given
pursuant to this Section 6.5, either party may hereafter designate a different address for notices to be given to him, her or it. Any notice which is required to be given to the Grantee shall, if the Grantee is then deceased, be given to the
Grantee’s personal representative if such representative has previously informed the Company of his, her or its status and address by written notice under this Section 6.5. Any notice shall be deemed duly given when enclosed in a properly
sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. Notwithstanding the foregoing, any notice required or permitted
hereunder from the Company to the Grantee may be made by electronic means, including by electronic mail to the Company-maintained electronic mailbox of the Grantee, and the Grantee hereby consents to receive such notice by electronic delivery. To
the extent permitted in an electronically delivered notice described in the previous sentence, the Grantee shall be permitted to respond to such notice or communication by way of a responsive electronic communication, including by electronic mail.

 Section 6.6-    Titles. Titles are provided herein for convenience only and are not to serve as a basis
for interpretation or construction of this Agreement. 

Section 6.7-    Non-Applicability of the Plan. The Cash Award is not
granted pursuant to the Plan. 
 Section 6.8-    Pronouns. The masculine pronoun shall include the feminine
and neuter, and the singular the plural, where the context so indicates. 

 Section 6.9-    Amendment. The Committee may amend this
Agreement at any time, provided that no such amendment shall materially impair the rights of the Grantee unless reflected in a writing executed by the parties hereto that specifically states that it is amending this Agreement. 

Section 6.10-    Severability. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, and each provision of this Agreement shall be severable and enforceable to the extent permitted by law. 

Section 6.11-    Dispute Resolution. Any dispute or controversy arising under or in connection with this
Agreement shall be resolved by arbitration in St. Louis, Missouri. Arbitrators shall be selected, and arbitration shall be conducted, in accordance with the rules of the American Arbitration Association. The Company shall pay or reimburse any legal
fees in connection with such arbitration in the event that the Grantee prevails on a material element of his or her claim or defense. Legal fees eligible for reimbursement in one year under this Section 6.11 shall not affect the legal fees
eligible for reimbursements during a subsequent calendar year, payments or reimbursements under this Section 6.11 may not be exchanged or substituted for another form of compensation to the Grantee, and any such reimbursement or payment will be
paid within 60 days after the Grantee prevails, but in no event later than the last day of the Grantee’s taxable year following the taxable year in which he incurred the expense giving rise to such reimbursement or payment. This
Section 6.11 shall remain in effect throughout the Grantee’s employment with the Company and for a period of five years following the Grantee’s Termination of Service. 

Section 6.12-    Governing Law. The laws of the State of Delaware shall govern the interpretation, validity
and performance of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

Section 6.13-    Successors. All obligations of the Company under this Agreement with respect to the Cash
Award shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the
Company. 
 Section 6.14-    Cash Award Not Taken Into Account for Other Benefits. The Cash Award shall be a
special incentive payment to the Grantee and shall not be taken into account in computing the amount of salary or compensation of the Grantee for purposes of determining any pension, retirement, death or other benefit under (a) any pension,
retirement, profit-sharing, bonus, insurance or other employee benefit plan of the Company or its Subsidiaries, except as such plan shall otherwise expressly provide, or (b) any agreement between the Company or its Subsidiaries and the Grantee,
except as such agreement shall otherwise expressly provide. 
 Section 6.15-    Counterparts. This Agreement
may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signatures to this Agreement transmitted by facsimile, electronic mail, or by any other
electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. 

 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties
hereto. 
  

	
	PEABODY ENERGY CORPORATION
	
	 /s/ Paul V. Richard

	Paul V. Richard
	Senior Vice President,
	Chief Human Resources Officer

 Note: Grantee is deemed to have 

executed this Agreement upon clicking 

“Accept” in the Plan’s online 

administration site. 

 EXHIBIT A 

RESTRICTIVE COVENANT AGREEMENT 

THIS RESTRICTIVE COVENANT AGREEMENT (the “RCA”) dated January 4, 2021, is by and between PEABODY ENERGY CORPORATION, a
Delaware corporation (the “Company”), and (“Grantee”). 
 WHEREAS, Grantee is a recipient of a 2021
incentive award under the Company’s Peabody Energy Corporation 2017 Incentive Plan, as amended from time to time (the “Plan,” and such award, the “Incentive Award”) and/or a 2021 service-based cash award
opportunity from the Company (the “Cash Award”) (the Incentive Award and/or Cash Award referred to herein as the “Award”); 

WHEREAS, Grantee acknowledges and agrees that he or she has access to and/or knowledge of certain trade secrets and other Confidential
Information regarding the Company; 
 WHEREAS, the Company has spent and will continue to expend substantial amounts of time, money,
and effort to develop its Confidential Information and Grantee acknowledges benefitting from these efforts; 
 WHEREAS, the Company
deems it essential to the protection of its Confidential Information and competitive standing in its market to have recipients of Awards subject to reasonable restrictive covenants; 

WHEREAS, Grantee agrees and acknowledges that the Company has a legitimate interest to protect its confidential information and
competitive standing; and 
 NOW THEREFORE, in consideration for the provisions stated below, and intending to be legally bonded
thereby, the parties agree as follows. 
 1.    Grantee has been informed and is aware that the execution of this RCA is
a necessary term and condition of Grantee’s receipt of the Award. 
 2.    The term “Confidential
Information” as used in this RCA shall be broadly interpreted to include, without limitation, materials and information (whether in written, electronic or other form and whether or not identified as confidential at the time of disclosure)
concerning technical matters, business matters, business plans, operations, opportunities, plans, processes, procedures, standards, strategies, policies, programs, software, schematics, models, systems, results, studies, analyses, compilations,
forecasts, data, figures, projections, estimates, components, records, methods, criteria, designs, quality control, research, samples, work-in-progress, prototypes,
data, materials, clients and prospective clients, customer lists, contracts, projects, suppliers, referral sources, sales, marketing, bidding, purchasing, personnel, financial condition, assets, inventory, accounts payable, accounts receivable, tax
matters, books of account, financing, collections, intellectual property, trade secrets and all other know-how and information of the Company or any subsidiary of the Company which has not been published or
disclosed to the general public. 

 a.    While employed by the Company and at all times
thereafter, Grantee will keep Confidential Information, including trade secrets, confidential and shall not, directly or indirectly, use for himself or herself or use for, or disclose to, any party other than the Company, or any subsidiary of the
Company (other than in the ordinary course of Grantee’s duties for the benefit of the Company or any subsidiary of the Company), any Confidential Information. 

b.    At the termination of Grantee’s employment or at any other reasonable time the Company or any of
its subsidiaries may request, Grantee shall promptly deliver to the Company all memoranda, notes, records, plats, sketches, plans or other documents (including, without limitation, any “soft” copies or computerized or electronic versions
thereof) containing Confidential Information, including trade secrets or any other information concerning Company’s business, including all copies, then in Grantee’s possession or under Grantee’s control whether prepared by Grantee or
others. 
 c.    Notwithstanding the foregoing paragraphs, Company employees, contractors, and
consultants may disclose trade secrets in confidence, either directly or indirectly, to a Federal, State or local government official or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or in a
complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal. Additionally, Company employees, contractors, and consultants who file retaliation suits for reporting a suspected violation of law may disclose
related trade secrets to their attorney and use them in related court proceedings, as long as the individual files documents containing the trade secret under seal and does not otherwise disclose the trade secret except pursuant to Court Order. 

3.    In consideration of the Company’s obligations under the Restricted Stock Unit Agreement and/or the
Service-Based Cash Award Agreement (the “Agreement”), Grantee agrees that while employed by the Company and for a period of (12) months thereafter, without the prior written consent of the Board of Directors of the Company (the
“Board”), he or she shall not, directly or indirectly, as principal, manager, agent, consultant, officer, director, stockholder, partner, investor, lender or employee or in any other capacity, carry on, be engaged in or have any
financial interest in, any entity which is in competition with the business of the Company or its subsidiaries. 

4.    In consideration of the Company’s obligations under the Agreement, Grantee agrees that while employed by the
Company and for a period of (12) months thereafter, without the prior written consent of the Board, he or she shall not, on his or her own behalf or on behalf of any person, firm or company, directly or indirectly, (a) solicit or offer
employment to or hire any person who is or has been employed by the Company or its subsidiaries at any time during the twelve (12) months immediately preceding such solicitation or (b) solicit or entice away or in any manner attempt to
persuade any client, vendor, partner, customer or prospective customer of the Company to discontinue or diminish his, her or its relationship or prospective relationship with the Company or to otherwise provide his, her or its business to any
corporation, partnership or other business entity which engages in any line of business in which the Company is engaged (other than the Company). 

 5.    For purposes of this RCA, an entity shall be deemed to be in
competition with the Company if it enters into or engages in any business or activity that substantially and directly competes with the business of the Company. For purposes of this paragraph 5, the business of the Company is defined to be:
development of new thermal and metallurgical mines, active metallurgical and thermal coal mining, preparation and sale; the marketing, brokering and trading of metallurgical and thermal coal; and the optimization of our metallurgical and thermal
coal reserves; in each case by the Company and its direct and indirect subsidiaries or affiliated or related companies. Notwithstanding this paragraph 5 or paragraph 8, nothing herein shall be construed so as to preclude Grantee from investing in
any publicly or privately held company, provided that no such investment in the equity securities of an entity with publicly traded equity securities may exceed one percent (1%) of the equity of such entity, and no such investment in any other
entity may exceed five percent (5%) of the equity of such entity, without the prior written approval of the Board. 

6.    Grantee agrees that he or she will not at any time make, directly or indirectly, any negative, derogatory,
disparaging or defamatory comment, whether written, oral or in electronic format, to any reporter, author, producer or similar person or entity or to any general public media in any form (including, without limitation, books, articles or writings of
any other kind, as well as film, videotape, audio tape, computer/Internet format or any other medium) that concerns directly or indirectly the Company its business or operations, or any of its current or former agents, employees, officers,
directors, customers or clients. Grantee understands that nothing in this section or this RCA limits Grantee’s ability to communicate with any government agencies or otherwise participate or cooperate with an investigation conducted by the
Equal Employment Opportunity Commission, the Securities and Exchange Commission, or other similar agency, including providing documents or other information, without notice to the Company. 

7.    Upon the termination of Grantee’s employment for any reason, Grantee or his or her estate shall surrender to
the Company all correspondence, letters, files, contracts, mailing lists, customer lists, advertising materials, ledgers, supplies, equipment, checks, and all other materials and records of any kind that are the property of the Company or any of its
subsidiaries or affiliates, that may be in Grantee’s possession or under his control, including, without limitation, any “soft” copies or computerized or electronic versions thereof. 

8.    Grantee agrees that the covenant not to compete, the covenants not to solicit and the covenant not to make
disparaging comments are reasonable under the circumstances and will not interfere with his or her ability to earn a living or otherwise to meet his or her financial obligations. Grantee and the Company agree that if in the opinion of any court of
competent jurisdiction such restraint is not reasonable in any respect, such court shall have the right, power and authority to excise or modify such provision or provisions of this covenant which appear unreasonable and to enforce the remainder of
the covenant as so amended. Grantee agrees that any breach of the covenants contained in this RCA would irreparably injure the Company. Accordingly, Grantee agrees that, in the event that Grantee violates this RCA, the Company may, in addition to
pursuing any other remedies it may have in law or in equity, cease making any payments otherwise required under the agreements evidencing the Award, cancel and recoup any portion of the Award already paid to the extent required by law, regulation or
listing requirement, or permitted by any Company policy adopted pursuant thereto. The Company may also seek an injunction against Grantee from any court having jurisdiction over the matter restraining any further violation of this RCA by Grantee.

 9.    No waiver or modification of all or any part of this RCA will be
effective unless set forth in a written document signed by both the Company and Grantee expressly indicating their intention to waive or modify the specified provisions of this RCA. If the Company chooses not to enforce its rights in the event
Grantee or any other recipient of an Award breaches some or all of the terms of this RCA, the Company’s rights with respect to any such breach shall not be considered a waiver of a future breach by Grantee of this RCA, regardless of whether the
breach is of a similar nature or not. 
 10.    This RCA accurately sets forth and entirely sets forth the
understandings reached between Grantee and the Company with respect to the matters treated herein. If there are any prior written or oral understandings or agreements pertaining to the subject matter addressed in this RCA, they are specifically
superseded by this RCA and have no effect, except, should Grantee be subject to non-compete and non-solicitation obligations (“Restrictive Covenants”) pursuant
to an employment agreement or other agreement between Grantee and Company or one of its subsidiaries or affiliates, Grantee shall continue to be bound by the terms of those Restrictive Covenants and they shall run concurrently with those set forth
in this RCA. This RCA is binding on Grantee and the Company, and our respective successors, assigns and representatives. 

11.    Because of Company’s and Grantee’s substantial contacts with the State of Missouri, the fact that
Company’s headquarters is located in Missouri, the parties’ interests in ensuring that disputes regarding the interpretation, validity, and enforceability of this RCA are resolved on a uniform basis, and Company’s making and execution
of this Agreement in Missouri, the parties agree that the RCA shall be interpreted and governed by the laws of the State of Missouri, without regard for any conflict of law principles. The parties agree that the exclusive venue and jurisdiction for
any litigation concerning or arising out of or based on this RCA shall be the federal and state courts located in Missouri. The parties expressly consent to the personal jurisdiction and venue of said courts. The provisions of this paragraph shall
not restrict the ability of Company or Grantee to enforce in any court any judgment obtained in Missouri federal or state court. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, this RCA has been executed and delivered by the parties hereto.

  

	
	PEABODY ENERGY CORPORATION
	
	 /s/ Paul V. Richard

	Paul V. Richard
	 Senior Vice President
 Chief Human Resources
Officer

 Note: Grantee is deemed to have 

executed this Agreement upon 
 clicking
“Accept” in the Plan’s 
 online administration site.

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