Document:

DATED
9 AUGUST 2018

 

	 	(1)	BUNKER
    HILL Mining CORPORATION 
	 	 	 
	 	(2)	HUMMINGBIRD
    RESOURCES PLC 

 

AMENDED
AND RESTATED

CONVERTIBLE
LOAN AGREEMENT

 

 

Tel
+44 (0)370 903 1000 Fax +44 (0)370 904 1099 mail@gowlingwlg.com www.gowlingwlg.com

 

    	 

    	 

    

 

CONTENTS

 

	Clause	 	Page
	1	Definitions
    and interpretation	2
	2	The
    Loan	7
	3	Purpose	9
	4	Interest	9
	5	Repayment	9
	6	LENDER’S
    CONVERSION OPTION	9
	7	REORGANISATION	11
	8	Taxes	12
	9	EXCLUSIVITY
    PERIOD	12
	10	Representations
    and Warranties	13
	11	COMPLIANCE	14
	12	Undertakings	14
	13	Events
    of Default	16
	14	INDEMNITIES	18
	15	announcements	19
	16	Costs
    and expenses	19
	17	Benefit
    of this Agreement	19
	18	Assignments
    and transfers	19
	19	Remedies
    and waivers	19
	20	Severability	19
	21	Notices	19
	22	Law
    and Jurisdiction	20
	23	Counterparts
    and delivery	20
	24	third
    party rights	20
	 	SCHEDULE
    1 - SHARE CAPITAL 	23
	 	SCHEDULE
    2 - WARRANTIES 	22

 

    	 

    	 

    

 

THIS
AGREEMENT is made the 2nd day of August 2018

 

BETWEEN:

 

	(1)	BUNKER
    HILL MINING CORPORATION, a company incorporated in Nevada and whose registered office is situated at 1802 N. Carson Street,
    Suite 212, Carson City, Nevada 89701 (the “Company”); and
	 	 
	(2)	HUMMINGBIRD
    RESOURCES PLC a company incorporated and registered in England and Wales whose registered office is at 49-63 Spencer Street,
    Hockley, Birmingham, B18 6DE (the “Lender”).

 

RECITALS

 

	 	(A)	The
    Lender has agreed to provide to the Company an unsecured loan in the aggregate sum of US$2,000,000 (Two Million United States
    Dollars) on and subject to the terms and conditions of this Agreement.
	 	 	 
	 	(B)	The
    sum of US$1,500,000 (One Million Five Hundred Thousand United States Dollars) (the “Initial Loan”) was
    transferred by the Lender to the Company on 13 June 2018.

 

AGREED
TERMS

 

	1	Definitions
    and interpretation
	 	 
	1.1	Definitions

 

In
this Agreement the following expressions have the following meanings, unless the context otherwise requires:

 

	Accounting
    Standards	International
    Financial Reporting Standards;
	 	 
	Accounts	the
    audited consolidated accounts of the Company and the Group for the financial year ended on 31 December 2017 (including the
    notes thereto and auditor’s report thereon);
	 	 
	Act	the
    Companies Act 2006 as amended;
	 	 
	Admission	in
    relation to any Common Shares means the admission of such Common Shares to trading on CSE becoming effective under the CSE
    Trading Rules and “Admitted” shall be construed accordingly;
	 	 
	Advance
    Date	any
    date on which any part of the principal amount of the Loan is transferred by the Lender to the Company;
	 	 
	Agreement
    	this
    agreement;

 

    	2

    	 

    

 

	Applicable
    Laws	means
    all applicable laws, statutes, regulations, directives, by-laws, orders, codes of conduct and mandatory guidelines which have
    legal effect, whether local, national, international or otherwise existing from time to time, in any jurisdiction together
    with any similar instrument having legal effect in the relevant circumstances (including, without limitation, the CSE Trading
    Rules);
	 	 
	Auditors	the
    auditors of the Company from time to time;
	 	 
	Bloomberg	Bloomberg
    LP, a financial information provider;
	 	 
	Business
    Day	a
    day (not being a Saturday or Sunday) on which clearing banks are open for normal business in London;
	 	 
	CSE
    	the
    Canadian Securities Exchange;
	 	 
	CSE
    Trading Rules 	the
    trading rules of the CSE;
	 	 
	Closing
    Price	in
    respect of a particular Trading Day, the closing price for a Common Share on CSE, as reported by Bloomberg;
	 	 
	Common
    Shares	Common
    Shares in the capital of the Company;
	 	 
	Company’s
    Group or Group	the
    Company and its subsidiaries from time to time;
	 	 
	Constitution	the
    documents that form the constitution of the Company current at the date of this Agreement or as amended from time to time;
	 	 
	Conversion
    Amount	has
    the meaning given thereto in clause 6.1;
	 	 
	Conversion
    Date	has
    the meaning given thereto in clause 6.1;
	 	 
	Conversion
    Notice	has
    the meaning given thereto in clause 6.1;
	 	 
	Conversion
    Price	means
    the price at which the Initial Loan shall convert into Common Shares, being Can$0.85;
	 	 
	Conversion
    Shares	has
    the meaning given thereto in clause 6.2;
	 	 
	Delivery	in
    respect of any Conversion Shares, the delivery of such shares to the Lender and “Delivered” shall be construed
    accordingly;
	 	 
	Directors	the
    directors of the Company from time to time;
	 	 
	Encumbrance

         
	any
                                         mortgage, charge, assignment by way of security, claim, hypothecation, pledge, lien,
                                         encumbrance, security interest, title retention, preferential right or trust arrangement
                                         or any other security agreement or arrangement, equity interest or third party interest
                                         whatsoever having the effect of security;

        

 

    	3

    	 

    

 

	EPA	the
    United States Environmental Protection Agency
	 	 
	EPA
    Agreement	the
    settlement agreement between the EPA, the Company and others dated 14 May 2018;
	 	 
	Insolvency
    Event	in
                                         relation to a company means:

        

 

	 	(a)	that
    company suspends or threatens to suspend all or a substantial part of its operations (except in the ordinary course of its
    business), or all or a substantial part of its assets are expropriated by any governmental or other competent authority;
	 	 	 
	 	(b)	a
    meeting is convened or a petition is presented (which petition is not discharged within twenty-one (21) days of presentation)
    , or an order is made or an effective resolution is passed for the winding-up of that company, except for the purposes of
    a reconstruction or amalgamation whilst solvent on terms previously approved in writing by the Investor acting reasonably;
	 	 	 
	 	(c)	an
    order is made or a petition is presented for the appointment of an administrator to that company;
	 	 	 
	 	(d)	distress,
    execution or other legal process is levied against any of the assets of that company;
	 	 	 
	 	(e)	an
    encumbrancer takes possession or a receiver or administrative receiver is appointed of the whole or any part of the assets
    or undertaking of that company; or
	 	 	 
	 	(f)	that
    company: (i) ceases or suspends generally payment of its debts, or announces an intention to do so, or is unable to pay its
    debts, or is deemed unable to pay its debts within the meaning of sections 123(1)(e) or 123(2) of the Insolvency Act 1986;
    (ii) proposes, or its directors make a proposal for, a voluntary arrangement under part I of the Insolvency Act 1986; or (iii)
    enters into any composition or other arrangement for the benefit of its creditors generally or any class of creditors or,
    in respect of a company incorporated outside of England and Wales, an event analogous to the events set out in paragraphs
    (i) to (iii) occurs in respect of such company; 

 

	 	save that the solvent dissolution of any inactive subsidiary of the Company shall not be construed as an Insolvency Event;

 

    	4

    	 

    

 

	Loan	the
    unsecured loan of US$2,000,000 to be made available by the Lender to the Company under this Agreement comprising the Initial
    Loan and the Second Loan;
	 	 
	Material
    Adverse Change	a
    new event or change in circumstances that is material and adverse to the assets, financial condition or prospects of the Company’s
    Group, taken as a whole;
	 	 
	Material
    Licences	has
    the meaning set out in paragraph 10 of Schedule 2;
	 	 
	Maturity
                                         Date

        
	has
                                         the meaning set out in clause 5.1;

	 	 
	New
    Warrants	the
    1,167,143 warrants to be granted to the Company by the Lender pursuant to the New Warrant Deed;
	 	 
	New
    Warrant Deed	the
    deed granting the New Warrants executed immediately prior to this Agreement;
	 	 
	Party	either
    the Lender or the Company, as the context so permits, and “Parties” shall be construed accordingly;
	 	 
	Reorganisation	in
                                         relation to the Company, any bonus issue of shares or other issue of shares by way of
                                         capitalisation of profits or reserves, any consolidation or sub-division or reduction
                                         of capital, any capital dividend or any other reconstruction or adjustment relating to
                                         the equity share capital of the Company and any other amalgamation, arrangement, reconstruction
                                         or compromise or transaction affecting the share capital of the Company;

         

        

	Second
    Conversion Price 	means
    the price at which the Second Loan shall convert into Common Shares, being Can$0.45;

 

    	5

    	 

    

 

	Second
    Loan 	means
    the sum of US$500,000 (Five Hundred Thousand United States Dollars);
	 	 
	subsidiary	has
    the meaning given to such term in the Act;
	 	 
	Taxes	all
    present and future taxes, levies, duties, charges, assessments, deductions or withholdings whatsoever, including any interest
    thereon and any penalties and fines with respect thereto, imposed, levied, collected or withheld pursuant to any law, regulation
    or other authorization having the force of law and “Taxation” shall be construed accordingly;
	 	 
	Trading
    Day	any
    day during which trading of securities takes place on CSE;
	 	 
	VAT

        
	value
    added tax or other similar sales or turnover tax anywhere in the world;
	 	 
	VWAP	for
    any Trading Day, the volume weighted average price of the Common Shares on CSE as reported by Bloomberg under the symbol “BNKR.CN”;
	 	 
	Warrants	the
    2,294,635 warrants granted by the Company to the Lender pursuant to the Warrant Deed;
	 	 
	Warrant
    Deed	the
    deed granting the Warrants executed on 13 June 2018;and 
	 	 
	Warranties	the
    warranties and representations of the Company contained in clause 10 and Schedule 2 and a reference to a “Warranty”
    shall be construed accordingly. 

 

	1.2	Interpretation

 

	 	(a)	In
    this Agreement:

 

	 	(i)	the
    clause headings are included for convenience only and do not affect the construction of this Agreement;
	 	 	 
	 	(ii)	words
    denoting the singular include the plural and vice versa;
	 	 	 
	 	(iii)	words
    denoting one gender include each gender and all genders; and
	 	 	 
	 	(iv)	the
    words “includes”, “including” and “included” will be construed without limitation.

 

    	6

    	 

    

 

	 	(b)	In
    this Agreement, unless the context otherwise requires, references to:

 

	 	(i)	a
    person shall be construed as including references to an individual, firm, company, corporation or unincorporated body of persons;
	 	 	 
	 	(ii)	documents,
    instruments and agreements are references to such documents, instruments and agreements as modified, amended, varied, supplemented
    or novated from time to time;
	 	 	 
	 	(iii)	the
    terms the “Lender” and the “Company” or a party to this Agreement include, where the context so admits,
    references to successors, transferees and assigns of any such person;
	 	 	 
	 	(iv)	recitals,
    clauses, schedules and appendices are references to recitals to this Agreement, clauses of this Agreement and schedules and
    appendices to this Agreement and references to this Agreement include its schedules and appendices;
	 	 	 
	 	(v)	paragraphs
    are references to paragraphs of the schedule in which the references appear;
	 	 	 
	 	(vi)	statutory
    provisions (where the context so admits and unless otherwise expressly provided) are construed as references to those provisions
    as respectively amended, consolidated, extended or re-enacted from time to time, and to any orders, regulations, instruments
    or other subordinate legislation made under the relevant statute;
	 	 	 
	 	(vii)	references
    to any English legal term for any action, remedy, method or judicial proceeding, legal document, legal status, court, official,
    or any legal concept or thing shall, in respect of any jurisdiction other than England, be deemed to include that which most
    nearly approximates in that jurisdiction to the English legal term; and
	 	 	 
	 	(viii)	a
    time of day is a reference to London time.

 

	2	The
    Loan
	 	 
	2.1	Subject
    to the terms of this Agreement, and in reliance upon the Warranties and undertakings of the Company contained herein, the
    Lender agrees to make available to the Company the Loan.

 

    	7

    	 

    

 

	2.2	The
    Lender will only be obliged to advance the Loan to the Company if it has received the documents and evidence listed in clause
    2.3 below in a form and substance reasonably satisfactory to the Lender.
	 	 
	2.3	The
    Lender shall not be required to advance the Loan to the Company unless the following conditions have been satisfied:

 

	 	(a)	the
    Warranties being true and accurate, by reference to the facts and circumstances then existing; 
	 	 	 
	 	(b)	the
    execution by the Company of the Warrant Deed and the delivery by the Company to the Lender of the executed Warrant Deed and
    accompanying Warrant certificates;and
	 	 	 
	 	(c)	 the
    completion of an investment from Gemstone 102 Ltd. (“Gemstone”) on the following terms:

 

	 	(i)	Financing
    Amount: US$ 548,947 which is Can$ 721,834 at US$/Can$ 0.76049;
	 	 	 
	 	(ii)	Units:
    1,604,076 units where each unit consists of 1 Common Share and 1 warrant;
	 	 	 
	 	(iii)	Terms
    of Common Share: issue price of Can$ 0.45/share;
	 	 	 
	 	(iv)	Terms
    of Warrant: exercise price of C$0.60 and a term of 3 years; and
	 	 	 
	 	(v)	Ownership
    of Gemstone post transaction: 16.19% of Common Shares, and 19.9% on a partially diluted basis (assumes Gemstone’s
    proposal to simultaneously cancel all of its 2 million Can$2.00 warrants from the Company’s December 2017 financing).

 

	2.4	The
    Lender shall be entitled to deduct up to £10,000 from Loan by way of contribution by the Company to the payment of the
    Lender’s legal fees for the preparation and negotiation of this Agreement and the New Warrant Deed.

 

    	8

    	 

    

 

	3	Purpose

 

The
Company shall apply the Loan to pay US$1,000,000 due to the EPA in June 2018, approximately US$500,000 due to the EPA in September
2018 and for general working capital purposes.

 

	4	Interest
	 	 
	4.1	The
    Company shall pay interest on the outstanding Loan at the rate of 10% per annum, such interest to accrue from the Advance
    Date up to the date of repayment or conversion in full of the Loan.
	 	 
	4.2	Interest
    on the outstanding amount of a Loan shall be calculated on a daily basis and based on a year of three hundred and sixty five
    (365) days.
	 	 
	4.3	The
    Company shall pay accrued and unpaid interest on the Conversion Date as provided in clause 6.1 or the Maturity Date to the
    extent the Lender does not exercise its conversion rights hereunder. 
	 	 
	4.4	If
    the Company fails to pay any sum on the due date for payment under this Agreement or fails to allot and issue any Common Shares
    to the Lender in accordance with the terms hereunder, interest will accrue on a daily basis (payable on demand) on the outstanding
    principal amount of the Loan from the date of default until actual payment or conversion (both before and after judgement)
    at the rate of 20% per annum.
	 	 
	5	Repayment
	 	 
	5.1	The
    Loan, including accrued interest thereon, shall be repayable by the Company to a bank account notified in advance to the Lender
    on the date that is one (1) year from the Advance Date (the “Maturity Date”). 
	 	 
	5.2	The
    Company shall not be entitled to prepay the Loan in part or in whole. 
	 	 
	6	LENDER’S
    CONVERSION OPTION
	 	 
	6.1	Subject
    to this clause 6, the Lender shall have the option on any date specified by the Lender in its discretion prior to the Maturity
    Date (“Conversion Date”) by providing written notice to the Company (“Conversion Notice”),
    to require a conversion of all or part of the Loan and any accrued interest thereon into Common Shares, and the Company shall
    effect a conversion of such amount as is specified by the Lender in the Conversion Notice (the “Conversion Amount”)
    into Common Shares. 

 

    	9

    	 

    

 

	6.2	The
    number of Common Shares to be issued in satisfaction of the Conversion Amount (the “Conversion Shares”)
    shall be equal to that number resulting when the Conversion Amount is divided by the Conversion Price or the Second Conversion
    Price (as the case may be).
	 	 
	6.3	The
    Company acknowledges that the Lender may sell some or all of the Conversion Shares allotted and issued to it at such times
    and in such numbers as the Lender may decide.
	 	 
	6.4	Notwithstanding
    the other provisions set out in this clause 6, and in the event the issuance to the Lender of any Conversion Shares then required
    to be issued hereunder would breach the Company’s constitution, or any laws or regulations, including the CSE Trading
    Rules or the rules of any other stock exchange on which the Common Shares are then listed, the Company may elect to make a
    cash payment to the Lender in lieu of and in full satisfaction of the obligation to issue such number of Conversion Shares
    as would otherwise give rise to such breach, with the balance being issued in accordance with the Conversion Notice. The Company
    undertakes to the Lender that before making any such election it shall use its best endeavours to obtain the consents and
    approvals necessary to issue the relevant Conversion Shares (including obtaining any shareholder authorities and the publication
    of any prospectus or offer document). If such consents and approvals cannot be obtained within two months of date of the Conversion
    Notice, the Company may elect to make the cash payment promptly which shall be equal to the number of Conversion Shares which
    may not be issued, multiplied by the higher of the Conversion Price or the Second Conversion Price (as the case may be) and
    the Closing Price on the date that the Lender serves the Conversion Notice.
	 	 
	6.5	Notwithstanding
    the other provisions set out in this clause 6, if at any time during the term of this Agreement, in the event the issuance
    to the Lender of any Conversion Shares then required to be issued hereunder would, together with the number of Common Shares
    which could arise on exercise of all the Lender’s outstanding rights to Common Shares under the Warrant Deed and New
    Warrant Deed, result in the Lender holding more than 9.999% of the Company’s issued Common Shares, the Company shall,
    instead of issuing any such Conversion Shares, be required to make a cash payment promptly to the Lender which shall be equal
    to the number of Conversion Shares which may not be issued, multiplied by the Conversion Price. The provisions of this clause
    shall cease to apply in circumstances where the Lender acquires any interest in Common Shares other than under the terms of
    this Agreement, the Warrant Deed or the New Warrant Deed, which, together with any Conversion Shares already issued and the
    number of Common Shares which could arise on exercise of all the Lender’s outstanding rights to Common Shares under
    the Warrant Deed or the New Warrant Deed, result in the Lender holding more than 9.999% of the Company’s issued Common
    Shares.
	 	 
	6.6	The
    restrictions on share issuance in clause 6.5 shall also cease to apply in circumstances where the Lender acquires any interest
    in Common Shares:

 

	 	(a)	in
    acceptance of any general offer made for the share capital of the Company made in accordance with any applicable takeover
    rules and regulations where such offer relates to the entire issued share capital of the Company (other than any Common Shares
    held by the offeror or persons acting in concert with the offeror in relation to such offer); or

 

    	10

    	 

    

 

	 	(b)	in
    acceptance of a partial offer or tender offer for part of the share capital of the Company where the offeror may come to hold
    30% or more of the voting rights of the Company as a result of the offer; or
	 	 	 
	 	(c)	in
    acceptance of any general offer made for the share capital of the Company made in accordance with any applicable scheme of
    arrangement, plan of arrangement, or pursuant to any merger or amalgamation; or
	 	 	 
	 	(d)	pursuant
    to the execution of an irrevocable commitment, deed or undertaking to accept an offer referred to in Clauses 6.6 (a), 6.6
    (b), or 6.6(c) above or a sale to an offeror which is named in a public announcement of a firm intention to make an offer
    referred to in Clauses 6.6 (a), 6.6 (b), or 6.6(c) above; or
	 	 	 
	 	(e)	pursuant
    to an offer by the Company to purchase its own Common Shares which is made on identical terms to all holders of shares in
    the capital of the Company and otherwise complies with all legal and regulatory requirements.

 

	6.7	Following
    conversion, and a) for so long as the Lender holds 5% or more of the Company’s issued Common Shares, it shall have the
    right but not the obligation to appoint and remove an observer to attend at all board meetings and all board committee meetings
    of the Company who shall be entitled to receive all documents delivered to board members and board committee members and shall
    have the right to be heard at all such meetings and b) for so long as the Lender holds 10% or more of the Company’s
    issued Common Shares, it shall have the right to appoint and remove a Director to the board of the Company.
	 	 
	7	REORGANISATION
	 	 
	7.1	If
    any Reorganisation takes place after the date of this Agreement, such adjustments shall be made to the Conversion Price or
    the Second Conversion Price (as the case may be) and number of Conversion Shares as the Auditors shall certify in writing
    to the Company and the Lender to be necessary in order that, after such adjustment:

 

	 	(a)	the
    total number of Conversion Shares which may be issued pursuant to the Conversion Notice, is such that Conversion Shares when
    issued:

 

	 	(i)	will
    carry as nearly as possible (and in any event not less than) the same proportion of the votes as the Conversion Shares would
    have carried prior to such adjustment; and
	 	 	 
	 	(ii)	will
    carry the entitlement to participate in the same proportion in the profits and assets of the Company as would the total number
    of Conversion Shares converted pursuant to the Conversion Notice immediately prior to the event giving rise to such adjustment;
    

 

	7.2	The
    Company shall procure that no such event as is referred to in clause 7.1 shall occur prior to the end of the Maturity Period
    unless the Auditors shall either (i) prior to or (ii) contemporaneously with, the relevant resolution of the members of the
    Company or the Directors giving effect to or sanctioning such event, certify the appropriate adjustments. The Company shall
    send notice of such adjustments to the Lender as soon as practicable (and in any event no later than seven days) following
    such resolution as aforesaid.

 

    	11

    	 

    

 

	7.3	In
    calculating any entitlement to Conversion under this clause 7 fractions shall be rounded down to the nearest whole Common
    Share.

 

	8	Taxes
	 	 
	8.1	All
    payments due to be made by the Company to the Lender under this Agreement, whether of principal, interest or otherwise, shall
    be made without deduction or withholding for, or on account of, any Taxes, except to the extent the Company is required by
    law to deduct or withhold any Taxes on any amounts payable hereunder. If at any time the Company is required to make any deduction
    or withholding in respect of Taxes from any payment due hereunder, then the Company shall pay any such additional amount to
    the Lender as is necessary to ensure that, after the making of such deduction or withholding, the Lender receives on the due
    date for such payment (and retains, free from any liability in respect of such deduction or withholding) a net sum equal to
    the sum which it would have received had no such deduction or withholding been required to be made. The Company shall use
    its reasonable endeavours to obtain from the applicable authority as soon as possible after making such payment (to the extent
    they are issued by such authority) an official receipt or other appropriate evidence issued by such authority evidencing that
    the payment has been duly remitted to the appropriate authority and shall furnish the Lender within ten (10) days of receipt
    of the same such official receipt or evidence.
	 	 
	8.2	Without
    prejudice to the provisions of clause 8.1, if the Lender is required to make any payment on account of Tax (and such Tax is
    directly incurred as a result of the Lender having entered into, performed its obligations under and received the benefits
    of this Agreement, and not being a Tax imposed on all or part of the Investor’s net income or as the result of any of
    the Lender’s business operations anywhere in the world) on any sum received or receivable under this Agreement by the
    Lender from the Company (including, without limitation, any sum received or receivable under this clause 8.2) the Company
    shall, upon demand of the Lender, indemnify the Lender against that payment or liability, together with any interest, penalties
    and reasonable expenses payable or incurred in connection therewith.
	 	 
	9	EXCLUSIVITY
    PERIOD
	 	 
	9.1	The
    following definitions apply to this clause 9:

 

	 	Exclusivity
    Period: the period commencing on 13 June 2018 and ending on 13 December 2018.
	 	 
	 	Proposed
    Transaction: the Lender entering into any joint venture agreement, farm-in agreement, strategic partnership or similar
    agreement or arrangement with the Company or any member the Company’s Group; the acquisition by the Lender of all or
    some of the business and assets of the Company or the Company’s Group; or the acquisition by the Lender of all or some
    of the issued share capital of the Company or any member of the Company’s Group.

 

    	12

    	 

    

 

	 	Restricted
    Activity: each and any of the following:

 

a)
entering into any joint venture agreement, farm-in agreement, strategic partnership or similar agreement or arrangement with the
Company or any member of the Company’s Group;

 

b)
the disposal (whether by way of sale, offer, transfer or otherwise) of all or any part of, or any interest in, the issued share
capital of the Company or any member of the Company’s Group;

 

c)
the disposal (whether by way of sale, offer,
transfer or otherwise) of all, or any part of, the business or assets of the Company or any member of the Company’s Group
(other than in the ordinary course of trading).

 

	 	Third
    Party: any person other than the Company or a member of the Company’s Group (or any of their respective officers,
    employees, agents or advisers).
	 	 
	9.2	The
    Company agrees that it will within two weeks following the execution of this Agreement provide the Lender with a list of Third
    Parties with whom it has conducted discussions and negotiations in the previous month concerning a Restricted Activity.
	 	 
	9.3	The
    Company agrees that for the duration of the Exclusivity Period, it will not discuss and negotiate the Proposed Transaction
    with Third Parties whose principal area of operation is mining exploration, development or production.
	 	 
	9.4	The
    Company will immediately notify the Lender in writing if, during the Exclusivity Period, the Company or any member of its
    Group receive an offer (whether written or oral), indication of interest, proposal or enquiry from a Third Party concerning
    a Restricted Activity or any direct investment in the Company.
	 	 
	10	Representations
    and Warranties
	 	 
	10.1	The
    Company represents and warrants to the Lender in the terms of the Warranties on the date hereof, and the Company shall be
    deemed to represent that the Warranties are true and correct in all material respects upon any Advance Date with reference
    to the facts and circumstances then existing. The Company acknowledges and accepts that the Lender is entering into this Agreement
    on the basis of and in reliance upon, inter alia the Warranties.
	 	 
	10.2	Where
    any warranty is expressed to be qualified by reference to the awareness and/or knowledge and/or information and/or belief
    of the Company it will be deemed to mean that it has been made after all due and careful inquiry.
	 	 
	10.3	The
    Company hereby undertakes immediately to notify the Lender in writing if it comes to its knowledge that any of the Warranties
    was, when given, untrue, inaccurate or misleading in any material respect or ceases to be true and accurate or becomes misleading
    (or would be untrue, inaccurate or misleading in any material respect if repeated at the time of the Advance Date with reference
    to the facts and circumstances then existing).
	 	 
	10.4	The
    Lender warrants to the Company as follows and the Lender is deemed to repeat such warranties upon the Advance Date and acknowledges
    and accepts that the Company is entering into this Agreement on the basis of and in reliance upon (inter alia) such warranties:

 

    	13

    	 

    

 

	 	(a)	the
    Lender is public company incorporated in the England and Wales with limited liability that is validly existing and in good
    standing under the laws of England and Wales;
	 	 	 
	 	(b)	the
    Lender has the corporate power and capacity to enter into, and to perform its obligations under this Agreement. This Agreement
    has been duly authorised, executed and delivered by the Lender and is a valid and binding obligation of the Lender enforceable
    against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
    reorganisation, moratorium, liquidation, receivership or similar laws relating to, or affecting generally the enforcement
    of, creditors’ rights and remedies or by other equitable principles of general application.

 

	11	COMPLIANCE
	 	 
	 	The
    Company covenants with the Lender that it will at all times in all material respects uphold, comply and act in accordance
    with the CSE Trading Rules and all Applicable Laws.
	 	 
	12	Undertakings
	 	 
	12.1	The
    Company irrevocably undertakes with the Lender that, from the date of this Agreement and for so long as any amount is outstanding
    under any Loan, it shall:

 

	 	(a)	obtain,
    maintain and comply in all material respects with the terms of all material authorisations, approvals, licences, exemptions,
    notarisations and consents required to enable it lawfully to enter into and perform its obligations under this Agreement and
    the Warrant Deed (including, without limitation, to issue Common Shares in full satisfaction of the exercise of all Warrants)
    or to ensure the legality, validity, enforceability or admissibility in evidence of this Agreement in England and Wales;
	 	 	 
	 	(b)	promptly
    inform the Lender of the occurrence of any Event of Default and, upon receipt of a written request to that effect from the
    Lender, confirm to the Lender that, save as previously notified to the Lender or as notified in that confirmation, no such
    Event of Default has occurred;
	 	 	 
	 	(c)	use
    all reasonable efforts to maintain the Admission of the Common Shares to trading on CSE;
	 	 	 
	 	(d)	comply
    with, and file in a timely manner all material reports and other documents required of it under all Applicable Laws, including
    the CSE Trading Rules, and will not take any action or file any document to terminate or suspend the admission of its Common
    Shares to trading on CSE;
	 	 	 
	 	(e)	take
    all steps reasonably necessary to preserve and continue the material licences, permits and other authorities required by the
    Company’s Group to carry on its business (as such business and as such material licences, permits and other authorities
    may be constituted from time to time);

 

    	14

    	 

    

 

 

	 	(f)	immediately
    notify the Lender upon its becoming aware of the issuance by the CSE of any notice relating to a potential or actual suspension
    or de-listing of the Common Shares from trading on CSE;
	 	 	 
	 	(g)	only
    use the proceeds of any Loan for activities in the ordinary course of its business; and
	 	 	 
	 	(h)	not
    enter into Restricted Activity or financing arrangements, either for equity or debt, (other than with the Lender) without
    offering the Lender the right of first refusal to enter into such other financing arrangements on materially the same bona
    fide terms as offered by a third party. For the avoidance of doubt such financing arrangements shall include royalty financing
    and offtake financing.
	 	 	 
	 	(i)	Not
    issue any of the 10,000,000 preferred shares that form part of the Company’s authorised share capital but have not yet
    been issued; 
	 	 	 
	 	(j)	procure
    that the Company nor any member of the Company’s Group shall, without the prior written approval of Lender:

 

	 	(i)	issue
    any loan capital or enter into any commitment with any person with respect to the issue of any loan capital;
	 	 	 
	 	(ii)	make
    any borrowing from its bankers other than in the ordinary and usual course of business;
	 	 	 
	 	(iii)	create
    or grant any Encumbrance over the whole or any part of the business, undertaking or assets of the Company or over any shares
    in the Company or any member of the Company’s Group, or agree to do so;
	 	 	 
	 	(iv)	make
    any loan (otherwise than by way of deposit with a bank or other institution the normal business of which includes the acceptance
    of deposits or in the ordinary course of business) or grant any credit (other than in the normal course of trading) or giving
    any guarantee (other than in the normal course of trading) or indemnity; or
	 	 	 
	 	(v)	issue
    or grant any options or warrants under which the holder may subscribe for Common Shares (other than in accordance with an
    employee incentive share scheme) which have an exercise price which is less than half the amount of the Conversion Price;
    

 

	 	(k)	supply
    the Lender with the financial and other information necessary to keep the Lender informed about how effectively the Company
    is performing and in particular shall supply the Lender with quarterly management accounts of the Company within 28 days after
    the end of the month to which they relate, which shall include a profit and loss account, a balance sheet and a cashflow statement
    and such other information as the Lender may reasonably require;

 

	12.2	The
    Company undertakes to the Lender to make all necessary price protection applications and notifications to the CSE and any
    other relevant authorities to ensure that in any circumstances where the Company carries out an equity fundraising involving
    the Lender, the price on issue of any Common Shares can be the same price as the Conversion Price.

 

    	15

    	 

    

 

	12.3	The
    Company undertakes to the Lender that, where any Common Shares are due to be allotted and issued to the Lender pursuant to
    this Agreement, whether on a Conversion Date, Maturity Date, or otherwise, it shall as soon as reasonably practicable following
    the Common Shares becoming due:

 

	 	(a)	allot
    and issue the relevant number of Common Shares to the Lender;
	 	 	 
	 	(b)	make
    application and issue appropriate instructions for Admission and Delivery of the relevant number of Common Shares, such Admission
    and Delivery to occur as soon as practicable (and, in any event, within five (5) Trading Days); and
	 	 	 
	 	(c)	use
    all reasonable endeavours, including instructing its transfer agent to effect Delivery hereunder on an expedited basis and
    giving all other necessary directions and instructions, to procure Admission and Delivery of the relevant number of Common
    Shares in accordance with this clause.

 

	12.4	The
    Company acknowledges that the Lender will incur significant costs, fees and expenses in reliance on the undertakings clauses
    9.3 and 12.1(h). Accordingly, if the Company or any member of its Group breaches any of those undertakings, the Company will
    (without prejudice to any other rights or remedies that the Lender may have) pay to the Lender an amount equal to all costs,
    fees, disbursements and expenses (including in each case any applicable VAT) which have been or will be incurred by the Lender
    in connection with its investigation, evaluation and negotiation of the Proposed Transaction (including any costs, fees or
    expenses incurred before this Agreement was signed) (“Break Fee”). 
	 	 
	12.5	Without
    prejudice to any other rights or remedies that the Lender may have, the Company acknowledges and agrees that damages alone
    would not be an adequate remedy for any breach of the undertakings in this Agreement and the Lender will be entitled to the
    remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of such undertakings.

 

	13	Events
    of Default

 

	13.1	Each
    of the following events is an Event of Default:

 

	 	(a)	the
    Company fails duly to perform or comply in any material respect with any material obligation expressed to be assumed by it
    in this Agreement or the Warrant Deed;
	 	 	 
	 	(b)	all
    or any substantive part of the Common Shares is delisted from or ceases to trade on CSE (not to include temporary suspensions
    of trading up to a maximum five (5) consecutive Trading Days);

 

    	16

    	 

    

 

	 	(c)	the
    Company is in material breach of any of the material undertakings, representations or Warranties set out in this Agreement
    or the Warrant Deed;
	 	 	 
	 	(d)	any
    Insolvency Event occurs;
	 	 	 
	 	(e)	the
    Company repudiates this Agreement or the Warrant Deed or makes any public statement evidencing an intention to repudiate this
    Agreement or the Warrant Deed;
	 	 	 
	 	(f)	at
    any time any material act, condition or thing required to be done, fulfilled or performed by the Company in order:

 

	 	(i)	to
    enable the Company lawfully to enter into, exercise its rights under or perform the material obligations expressed to be assumed
    by it in this Agreement or the Warrant Deed;
	 	 	 
	 	(ii)	to
    ensure the performance of the material obligations expressed to be assumed by the Company in this Agreement, or the Warrant
    Deed; or
	 	 	 
	 	(iii)	to
    make this Agreement or the Warrant Deed admissible in evidence in England and Wales,

 

is
not done, fulfilled or performed within any time available to ensure compliance with the same;

 

	 	(g)	at
    any time it is or becomes unlawful for the Company to perform or comply with any or all of its material obligations under
    this Agreement or the Warrant Deed or any of the material obligations of the Company under this Agreement or the Warrant Deed
    are not, or cease to be, legal, valid and binding (unless due to any action of the Lender or a change in status of the Lender);
    or
	 	 	 
	 	(h)	the
    occurrence of a Material Adverse Change.

 

	13.2	On
    and at any time after the occurrence of an Event of Default, which is continuing, the Lender, in its absolute discretion may,
    by written notice to the Company, declare all outstanding amounts under the Loan and any interest thereon to be immediately
    due and payable, together with any other sums then owed by the Company to the Lender and, upon that declaration, such sums
    shall become immediately due and payable, without further demand or notice of any kind, all of which are hereby expressly
    waived by the Company.

 

    	17

    	 

    

 

	13.3	For
    the avoidance of doubt, the conversion of any outstanding amount of the Loan shall only be deemed completed upon the Company
    having complied with its obligations pursuant to clause 12.2.
	 	 
	13.4	Notwithstanding
    anything else in this Agreement and other than in relation to clause 13.1(b), no failure by any member of the Company’s
    Group to do, fulfil or perform any act, condition or thing shall constitute the occurrence of an Event of Default unless such
    failure, if capable of remedy, has not been remedied within five (5) calendar days of the earlier of notice of that failure
    by the Lender to the Company or the date the Company becomes aware of such failure (the “Cure Period”),
    provided, however, that nothing shall derogate from the rights of the Lender in respect of any other Event of Default which
    may arise from an earlier Event of Default which has been remedied during the Cure Period.
	 	 
	13.5	Notwithstanding
    anything else in this Agreement, neither the Company nor the Lender shall be deemed in default nor shall an occurrence of
    an Event of Default be constituted with regard to any act, condition or thing required to be done, fulfilled or performed
    hereunder if such failure is due to acts of war or terrorism, outbreak of disease of other comparable event which is beyond
    the reasonable control of such person and which disrupts the operation of the financial system in the United Kingdom, Canada,
    the United States of America or elsewhere. 
	 	 
	14	INDEMNITIES
	 	 
	14.1	The
    Company shall promptly indemnify the Lender against any direct loss or reasonable expense which the Lender shall sustain or
    incur as a consequence of:

 

	 	(a)	any
    default in repayment of the Loan or any part thereof or payment of interest accrued thereon or any other amount payable under
    this Agreement on the due date; 
	 	 	 
	 	(b)	the
    occurrence of any Event of Default; and
	 	 	 
	 	(c)	any
    repayment of the Loan or part thereof being made after the relevant due date for repayment or for prepayment, as the case
    may be;

 

including,
in any such case, but not limited to, any loss or expense sustained or incurred in maintaining or funding, the Loan or any part
thereof or in liquidating or re-employing deposits from third parties acquired to effect or maintain the Loan or part thereof.

 

    	18

    	 

    

 

	15	announcements
	 	 
	15.1	The
    Company hereby undertakes to the Lender that it will not make any public announcement or statement or communication regarding
    this Agreement without the prior written consent of the Lender.

 

	16	Costs
    and expenses

 

The
Company shall pay all of its and the Lender’s costs and expenses in relation to the negotiation, preparation and execution
and carrying into effect of this Agreement.

 

	17	Benefit
    of this Agreement

 

This
Agreement shall be binding upon and enure to the benefit of each party to this Agreement and its lawful successors and assigns.

 

	18	Assignments
    and transfers

 

Neither
the Company nor the Lender may assign or transfer its rights, benefits and obligations under this Agreement without prior written
approval of the other Party, which may be withheld in such Party’s discretion, save that the Lender may assign to a member
of its Group.

 

	19	Remedies
    and waivers
	 	 
	19.1	No
    failure, delay or other relaxation or indulgence on the part of the Lender or the Company to exercise any power, right or
    remedy shall operate as a waiver thereof nor shall any single or partial exercise or waiver of any power, right or remedy
    preclude its further exercise or the exercise of any other power, right or remedy.
	 	 
	19.2	All
    rights of the Lender and the Company contained in this Agreement are in addition to all rights vested or to be vested pursuant
    to common law or statute.

 

	20	Severability

 

Each
of the provisions of this Agreement is severable and distinct from the others and if at any time one or more of such provisions
is or becomes invalid, illegal or unenforceable the validity, legality and enforceability of the remaining provisions hereof shall
not in any way be affected or impaired thereby.

 

	21	Notices
	 	 
	21.1	Any
    notice to be given by any Party hereunder shall be in writing and shall be deemed to have been duly given if delivered by
    hand or by email (to such email address as may from time to time be notified by the relevant party) or given by letter sent
    by first-class registered mail to the party to receive such notice provided that any party may change its address or facsimile
    number for notice by giving to the other party written notice of such change.

 

    	19

    	 

    

 

	21.2	Any
    notice given under this Clause shall be effective:

 

	 	(a)	if
    delivered personally, when delivered;
	 	 	 
	 	(b)	if
    sent by email (to the Company FAO Helga Fairhurst to hf@bunkerhillmining.com) and to the Lender (FAO Tom Hill to tom@hummingbirdresources.co.uk),
    either (i) on receipt of a read receipt email from the correct address; (ii) 24 hours from delivery if sent to the correct
    email address and no notice of delivery failure is received; or (iii) on receipt of confirmation of receipt from the recipient;
    or
	 	 	 
	 	(c)	if
    sent by first-class registered post within the United Kingdom, two Business Days after posting or if sent from or to any place
    outside the United Kingdom by prepaid priority airmail seven Business Days after posting.

 

	22	Law
    and Jurisdiction

 

This
Agreement is governed by and shall be construed in accordance with the laws of England and Wales and the parties submit to the
non-exclusive jurisdiction of the English courts to settle any disputes which may arise out of or in connection with this Agreement.

 

	23	Counterparts
    and delivery

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and which together shall
constitute one and the same agreement.

 

	24	third
    party rights

 

A
person who is not a party to this Agreement has no right under the Contract (Rights of Third Parties) Act 1999 to enforce or enjoy
the benefits of this Agreement.

 

    	20

    	 

    

 

IN
WITNESS whereof the parties to this Agreement have caused this Agreement to be duly executed on the date written at the beginning
of this Agreement.

 

	Signed
    for and on behalf of	 
	 	 
	BUNKER
    HILL MINING CORPORATION	/s/
    Jennifer Boyle
	

        by
        its duly authorised representative
	Director
	 	Jennifer
                                         Boyle

        Print
        name

 

	Signed
    for and on behalf of	 
	 	 
	HUMMINGBIRD
                                         RESOURCES PLC by its

        
	/s/
    Thomas Hill
	duly
    authorised representative	Director

        Thomas
        Hill

        Print
        name

        

 

    	21

    	 

    

 

SCHEDULE
1

 

SHARE
CAPITAL

 

	Issued
    share capital (Common Shares):	33,013,715
	Issued
    share capital (Preferred Shares)	Nil
	Other
    rights over shares or securities in the Company	6,634,955
                                         (Warrants)

        2,871
        ,000 (Options)

 

    	22

    	 

    

 

SCHEDULE
2

 

WARRANTIES

 

	1	Due
    Diligence Queries 
	 	 
	1.1	All
    statements of fact contained in the Company’s written responses to the due diligence queries provided by the Lender
    to the Company dated 12 June 2018 were when given true and accurate in all material respects and were not misleading in any
    material respect and all expressions of belief, opinion, intention and expectation contained in such answers were fair and
    honestly held at the time made and had been made after reasonable enquiry.
	 	 
	1.2	The
    title opinions dated 12 November 2017 and 13 December 2017 relating to certain of the Material Licences provided by the Company
    to the Lender remain true and accurate in all material respects and not misleading in any material respect.
	 	 
	2	Capacity
    and Compliance with Law and Regulation and issue of Common Shares
	 	 
	2.1	The
    details set out in Schedule 1 relating to the Company’s share capital are true and accurate.
	 	 
	2.2	The
    trading of the Common Shares on CSE has not ceased or been suspended, the Company has not received any notice threatening
    the continued trading of the Common Shares on CSE and the Company is not aware of any event which might reasonably be expected
    to cause such cessation or suspension.
	 	 
	2.3	This
    Agreement constitutes a legally binding and enforceable obligation of the Company. The Company has all necessary corporate
    power under its Constitution to enter into this Agreement and there are no consents, authorisations, approvals or licences
    required by the Company (including, without limitation, any sanction or consent of the shareholders of the Company or any
    class of them) for the Company to enter into and comply with its obligations under this Agreement.
	 	 
	2.4	The
    execution and delivery of this Agreement and the performance of its terms by the Company do not conflict with the Company’s
    Constitution, any Applicable Laws or any material agreements, obligations or commitments binding upon it.
	 	 
	2.5	Any
    Common Shares to be issued under this Agreement will be allotted and issued as fully paid and free from all Encumbrances whatsoever
    (other than those created or arising from the actions of the Investor) and will rank pari passu in all respects with the existing
    issued Common Shares including the right to receive dividends or other distributions declared, made or paid after the date
    of issuance (unless the market price of such Common Shares at the date of issuance is quoted “ex dividend”).

 

    	23

    	 

    

 

	2.6	Each
    member of the Company’s Group has complied in all material respects with all Applicable Laws and has obtained and is
    in material compliance with the terms and conditions of all material licences, permits, leases, concessions, permissions,
    authorisations and consents necessary for the carrying on of its business for the time being, all of which are in full force
    and effect, and the Company is not aware of any material breach of them and there are no circumstances which may prejudice
    the continuation of them or which indicate that any of them may be revoked or terminated or not renewed, in whole or in part,
    in the ordinary course of events.
	 	 
	2.7	The
    Company has made all announcements required to be made by it to the market under the CSA Trading Rules, including all announcements
    of information that is material for investors to make an informed decision on their investment in the Company, and all statements
    of fact in such announcements made by the Company (including, without limitation, all resource, reserve and/or drilling updates
    and all announcements of resources, reserves and/or drilling results) were when made true, accurate and not misleading in
    all material respects. Each expression of opinion or intention or expectation in each such announcement was made on reasonable
    grounds after reasonable enquiry and was truly and honestly held by the Company at the time it was made and was fairly based.
    There was no other fact known that was omitted from disclosure in any such announcement which, by such omission, made any
    such statement or expression in any such announcement misleading (by itself or in its context) in any material respect. 
	 	 
	2.8	No
    event has occurred and is subsisting or, to the knowledge of the Company, is about to occur which constitutes or would constitute
    a material default by any member of the Company’s Group, or result in the acceleration by reason of default of any material
    obligation of any member of the Company’s Group, under any agreement, undertaking, instrument or arrangement to which
    any member of the Company’s Group is a party or by which any of them or any of their respective interests, properties,
    revenues and assets are bound which would in any such case have a material adverse effect on the business, assets, prospects
    or condition of any member of the Company’s Group.
	 	 
	2.9	Save
    as disclosed by the Company in the Accounts, or on the Company’s website or via SEDAR, there are in force no options
    or other agreements which require or may require, or confer any right to require, the issue of any shares or other securities
    of any member of the Company’s Group now or at any time after the date of this Agreement. None of the owners or holders
    of any of the share capital of the Company has any rights, in his capacity as such, in relation to the Company’s Group
    other than as set out in the Constitution.

 

    	24

    	 

    

 

	3	The
    Accounts
	 	 
	3.1	The
    Accounts have been prepared in accordance with the Accounting Standards and all Applicable Laws, give a true and fair view
    of the assets and liabilities and state of affairs of the Company’s Group as at the end of each of the financial periods
    to which they relate and of the cash flow and profit and loss for each such period and either make proper provision for or,
    where appropriate, include a note in accordance with good accounting practice in respect of all material liabilities and capital
    commitments of the Company’s Group, whether actual, deferred, contingent or disputed.
	 	 
	3.2	Since
    the date of the last set of Accounts, the Company’s Group has carried on its business in the ordinary and usual course
    and there has been no Material Adverse Change.
	 	 
	3.3	The
    total current liabilities of the Company (not including its obligations to make payments under the EPA Agreement and under
    the Bunker Hill Mining Lease with Option to Purchase dated 1 November 2017) are less than US$500,000.
	 	 
	4	Contracts
	 	 
	4.1	No
    member of the Company’s Group is a party to any contract or obligation that is onerous or unusual or not on an arm’s
    length basis, which has not been fairly disclosed via a regulatory information service or in the financial statements of the
    Company and which is of material importance to the business of the Company’s Group.
	 	 
	4.2	To
    the Company’s knowledge, there are no grounds for the invalidity or rescission, avoidance or repudiation of any agreement
    or transaction to which any member of the Company’s Group is a party and no member of the Company’s Group has
    received any notice of any intention to terminate any such agreement or to repudiate or disclaim any such transaction, and
    which in each case is of material importance to the business of the Company’s Group.

 

    	25

    	 

    

 

	5	Litigation
	 	 
	 	Save
    as disclosed in the Accounts or via a regulatory information service no member of the Company’s Group is engaged in
    any material litigation, arbitration, prosecution or other legal proceedings or subject to official investigation or enquiry,
    and, to the knowledge the Company no material litigation, arbitration, prosecution or other proceedings, investigation or
    enquiry is pending or threatened against any member of the Company’s Group and no circumstances that are likely to give
    rise to any such litigation, arbitration, prosecution or other proceedings, investigations or enquiry exist, which in any
    of the foregoing cases, either individually or collectively would reasonably be expected to constitute a Material Adverse
    Change.
	 	 
	6	Insolvency,
    winding-up, etc.
	 	 
	 	No
    Insolvency Event has occurred in relation to any Group Company.
	 	 
	7	Indebtedness
	 	 
	 	No
    outstanding material indebtedness of any member of the Company’s Group has become repayable before its stated maturity,
    nor has any security in respect of such indebtedness become enforceable by reason of default by any member of the Company’s
    Group and, to the knowledge of the Company, no event has occurred which, or circumstances arisen such that, with the lapse
    of time and/or the fulfilment of any condition and/or the giving of notice and/or the making of a determination and/or other
    formality, may result in any such indebtedness becoming so repayable or any such security becoming enforceable, and no person
    to whom any indebtedness of any member of the Company’s Group which is repayable on demand is owed has demanded or threatened
    to demand repayment of, or to take any steps to enforce any security for, the same.
	 	 
	8	Intellectual
    Property
	 	 
	 	No
    Group Company is materially dependent on any patent rights, know-how, trademarks, service marks, trade names, designs, design
    rights, copyrights or other similar rights which it does not own or have the right to use.
	 	 
	9	Assets
	 	 
	 	Each
    member of the Company’s Group has good and marketable title to all of its fixed assets (including real estate properties)
    which are material to its business, to the extent that the concept of good and marketable title can reasonably be applied
    to certain of such assets, having regard to their specific nature, and no Encumbrances exist over any Group Company’s
    assets, save for any assets held on lease, hire purchase or any similar financing arrangements.

 

    	26

    	 

    

 

	10	Material
    Licences and Environmental Matters 
	 	 
	10.1	The
    Company’s Group has all material leases, tenancies, licences, concessions, permits, authorisations, consents or similar
    agreements or permissions (including options thereover) required by the Company’s Group to carry on its business as
    such business (including the Bunker Hill Mining Lease with Option to Purchase dated 1 November 2017 and the EPA Agreement)
    and as such leases, tenancies, licences, concessions, permits, authorisations, consents or similar agreements or permissions
    (including options thereover) may be constituted are for the time being comprised (the “Material Licences”).
    
	 	 
	10.2	Except
    where it would not result in a Material Adverse Change, without prejudice to the generality of paragraph 10.1 above:

 

	 	(a)	the
    Material Licences are valid and subsisting, the title to each Material Licence and all interest therein is vested in a member
    of the Company’s Group and all prior transfers or assignments of the Material Licences and all interests therein were
    valid and enforceable in accordance with their terms and duly registered with, and (if required under the terms thereof or
    otherwise by Applicable Laws) approved by, the appropriate authorities, or application for any such approval (if required
    under the terms thereof or otherwise by Applicable Laws) has been duly made and no member of the Company’s Group is
    aware of any reason such application may be denied;
	 	 	 
	 	(b)	all
    of the relevant original documents of title in relation to the Material Licences are in the possession or under the control
    of or accessible by the relevant member of the Company’s Group and are validly executed by such member of the Company’s
    Group or predecessors in title to such member of the Company’s Group and the relevant granting authority, are enforceable
    in accordance with their terms and are duly registered with the appropriate authorities;
	 	 	 
	 	(c)	the
    relevant member of the Company’s Group has all necessary rights pursuant to the Material Licences to carry out all the
    exploration, development or, where relevant, production operations currently carried on by or on behalf of the Company’s
    Group in the area the subject of the Material Licences;
	 	 	 
	 	(d)	the
    Company’s Group has, or has the benefit of, all necessary rights, easements, interests, covenants (restrictive or positive),
    conditions, restrictions, exceptions, reservation conditions and other encumbrances necessary in order to enable it to exercise
    its rights arising from the Material Licences in the manner in which they are currently, exercised;

 

    	27

    	 

    

 

	 	(e)	the
    Company’s Group has observed all material covenants, restrictions, notices or other obligations in respect of the Material
    Licences; and
	 	 	 
	 	(f)	all
    operations carried out by the Company’s Group on the area the subject of the Material Licences have been materially
    in accordance with the terms of the Material Licences and all applicable legislation and regulations and any orders, consents
    or permissions made or given thereunder.

 

	10.3	Each
    member of the Company’s Group is and always has been in compliance in all material respects with all applicable Environmental
    Laws and has obtained and complied in all material respects with the terms and conditions of, all material environmental permits
    and licences and other authorisations required in relation to the operations of its business, and, to the knowledge of the
    Company, there are in relation to each member of the Company’s Group, no past or present events, conditions, circumstances,
    activities, practices or incidents which materially interfere with or prevent compliance with or which give rise to any material
    liability under Environmental Laws or otherwise form the basis of any claim, action, suit, proceedings, hearing or investigations
    relating to the environment or any breach of Environmental Laws, which would result in a Material Adverse Change, nor has
    any member of the Company’s Group been notified of any such liability or breach. 
	 	 
	10.4	For
    the purposes of paragraph 10.3, “Environmental Laws” shall mean all laws, regulations, directives, statutes,
    subordinate legislation, common law and other national and local laws, all judgments, orders, instructions or awards of any
    court or competent authority and all codes of practice and guidance notes to the extent enforceable and legally binding on
    the Company which have as a purpose or effect the protection of the Environment but excluding for the avoidance of doubt any
    of the above which regulate land use under the town and planning regime.
	 	 
	10.5	For
    the purposes of paragraph 10.3 “Environment” shall mean any and all living organisms (including man) and
    the ecosystems of which they form part and the media of air, water and land.

 

    	28Private
    & Confidential	Execution
    Version

 

DATED
9 AUGUST 2018

 

 

 

	BUNKER
    HILL MINING CORPORATION	(1)
	 	 
	and	 
	 	 
	HUMMINGBIRD
    RESOURCES PLC 	(2)

 

 

 

DEED
OF WARRANT GRANT

 

relating
to warrants in registered form to 

subscribe
for Common Shares of US$0.001 

each
in 

BUNKER
HILL MINING CORPORATION

 

 

 

 

 

Tel
+44 (0)370 903 1000 Fax +44 (0)370 904 1099 mail@gowlingwlg.com www.gowlingwlg.com

 

    	 

    	 

    

 

CONTENTS

 

	Clause	 	Heading	 	Page
	 	 	 	 	 
	1	 	definitions
    and Interpretation	 	1
	 	 	 	 	 
	2	 	Grant
    of the Warrants	 	3
	 	 	 	 	 
	3 	 	Exercise
    of Warrants	 	4
	 	 	 	 	 
	4	 	Anti-Dilution
    Provisions	 	5
	 	 	 	 	 
	5	 	Supplementary
    Protection	 	6
	 	 	 	 	 
	6  	 	Assignment
    of Warrants and Warrant Register	 	8
	 	 	 	 	 
	7	 	Modification
    of Rights	 	8
	 	 	 	 	 
	8	 	Information
    and Representation Rights of Warrant Holder	 	8
	 	 	 	 	 
	9  	 	REPLACEMENT
    CERTIFICATES	 	8
	 	 	 	 	 
	10	 	Notice	 	9
	 	 	 	 	 
	11 	 	ENTIRE
    AGREEMENT	 	9
	 	 	 	 	 
	12	 	Governing
    Law	 	9
	 	 	 	 	 
	SCHEDULE
    ONE - FORM OF WARRANT CERTIFICATE	 	11
	 	 	 
	SCHEDULE
    TWO - NOTICE OF EXERCISE	 	12

 

    	 

    	 

    

 

THIS
DEED OF WARRANT GRANT is executed on the 2nd day of August 2018

 

BETWEEN:

 

	1	BUNKER
    HILL MINING CORPORATION a company incorporated under the laws of the state of Nevada USA
    whose registered office is at 1802 N. Carson Street, Suite 212, Carson City, Nevada 89701 (the “Company”);
    and
	 	 
	2	HUMMINGBIRD
    RESOURCES PLC, a company incorporated and registered in England and Wales whose registered
    office is at 49-63 Spencer Street, Hockley, Birmingham, B18 6DE (the “Warrant Holder”).

 

Agreed
terms

 

	1	definitions
    and Interpretation

 

	1.1	The
    definitions and rules of interpretation set out in this clause apply to this Deed of.

 

	 	Act	 	the
    Companies Act 2006 as amended;
	 	 	 	 
	 	Amendment
    and Restatement Agreement	 	the
    agreement made between the Company and the Warrant Holder dated on or about the date of this Deed;
	 	 	 	 
	 	Auditors	 	the
    auditors of the Company from time to time;
	 	 	 	 
	 	Business
    Day	 	a
    day (not being a Saturday or Sunday) on which clearing banks are open for normal business in London;
	 	 	 	 
	 	Common
    Shares	 	the
    common shares in the capital of the Company;
	 	 	 	 
	 	Constitution	 	the
    documents that form the constitution of the Company current at the date of this Deed or as amended from time to time;
	 	 	 	 
	 	CSE
    	 	the
    Canadian Securities Exchange;
	 	 	 	 
	 	Directors	 	the
    directors of the Company from time to time;
	 	 	 	 
	 	Equity
    Shares	 	has
    the definition as set out in Section 744 of the Act;

 

    	1

    	 

    

 

	 	Notice
    of Exercise	 	the
    duly completed notice set out as Schedule 1;
	 	 	 	 
	 	Second
    Loan	 	means
    the sum of US$500,000 (Five Hundred Thousand United States Dollars) agreed to be advanced by the Warrant Holder to the Company
    in accordance with the Amendment and Restatement Agreement;
	 	 	 	 
	 	Share
    Register	 	the
    register of members of the Company;
	 	 	 	 
	 	Subscription
    Consideration	 	in
    respect of any Warrant Shares to be issued pursuant to a Notice of Exercise the number of Warrant Shares the subject of such
    Notice of Exercise multiplied by the Subscription Price;
	 	 	 	 
	 	Subscription
    Period	 	the
    period commencing on the date of this Deed and ending onthe date which is 24 months from the date that the Warrant Holder
    advances the Second Loan to the Company in accordance with the Amendment and Restatement Agreement ;
	 	 	 	 
	 	Subscription
    Price	 	Can$0.45
    or as otherwise adjusted in accordance with the provisions of Clause 5;
	 	 	 	 
	 	Subscription
    Rights	 	the
    rights for the time being conferred by the Warrants to subscribe, in the case of each Warrant, for one Common Share which
    are constituted by virtue of the provisions of clause 3.1 of this Deed;
	 	 	 	 
	 	Trading
    Day	 	any
    day during which trading of securities takes place on CSE;
	 	 	 	 
	 	VWAP
    	 	for
    any Trading Day, the volume weighted average price of the Common Shares on CSE as reported by Bloomberg under the symbol “BNKR.CN”;
	 	 	 	 
	 	Warrant
    and Warrants	 	a
    warrant to subscribe for one Common Share at any time during the Subscription Period, at the Subscription Price granted pursuant
    to clause 3.1 of this Deed and Warrants shall have a commensurate meaning;

 

    	2

    	 

    

 

	 	Warrant
    Holder	 	in
    relation to a Warrant, the person in whose name such Warrant is registered in the register referred to in clause 7.2;
	 	 	 	 
	 	Warrant
    Shares	 	Common
    Shares to be issued pursuant to any exercise of the Warrants.

 

	1.2	Headings
    are inserted for convenience only and shall be ignored in the interpretation of this Deed.
	 	 
	1.3	In
    this Deed, unless the context otherwise requires:

 

	 	(a)	references
    to clauses, paragraphs and schedules are to be construed as references to the clauses and paragraphs of, and schedules to,
    this Deed and references to this Deed include its schedules;
	 	 	 
	 	(b)	reference
    to (or to any specified provision of) this Deed or any other document or instrument shall be construed as a reference to this
    Deed, that provision or that document or instrument as in force for the time being and as amended in accordance with the terms
    thereof;
	 	 	 
	 	(c)	references
    to a person shall be construed as including references to an individual, firm, company, corporation or unincorporated body
    of persons;
	 	 	 
	 	(d)	references
    to the singular shall include the plural and vice versa; 
	 	 	 
	 	(e)	references
    to any English legal term for any action, remedy, method or judicial proceeding, legal document, legal status, court, official,
    or any legal concept or thing shall, in respect of any jurisdiction other than England, be deemed to include that which most
    nearly approximates in that jurisdiction to the English legal term; and
	 	 	 
	 	(f)	references
    to statutory provisions shall be construed as references to those provisions as replaced, amended or re-enacted from time
    to time.

 

	2	Grant
    of the Warrants

 

The
Company hereby grants to the Warrant Holder 1,167,143 Warrants conditional upon the completion of an investment from Gemstone
102 Ltd. (“Gemstone”) on the following terms:

 

	 	(i)	Financing
    Amount: US$ 548,947 which is Can$ 721,834 at US$/Can$ 0.76049;

 

    	3

    	 

    

 

	 	(ii)	Units:
    1,604,076 units where each unit consists of 1 Common Share and 1 warrant;
	 	 	 
	 	(iii)	Terms
    of Common Share: issue price of Can$ 0.45/share;
	 	 	 
	 	(iv)	Terms
    of Warrant: exercise price of C$0.60 and a term of 3 years; and
	 	 	 
	 	(v)	Ownership
    of Gemstone post transaction: 16.19% of Common Shares, and 19.9% on a partially diluted basis (assumes Gemstone’s
    proposal to simultaneously cancel all of its 2 million Can$2.00 warrants from the Company’s December 2017 financing).

 

	3	Exercise
    of Warrants

 

	3.1	The
    Warrants shall be exercisable in whole or in part at any time during the Subscription Period. To the extent that the Warrants
    have not been exercised at the expiry of the Subscription Period, they shall lapse. The Warrants shall be exercised by the
    delivery of the Notice of Exercise (in substantially the same form as included in Schedule 1 of this Deed signed by the Warrant
    Holder specifying the number of Common Shares in respect of which the Warrants are to be exercised) and the requisite remittance
    (rounded up to the nearest whole cent) for the aggregate Subscription Price of the Warrant Shares to the registered office
    of the Company by personal delivery, first class prepaid post or facsimile transmission:

 

	 	(a)	personal
    delivery shall be deemed to have occurred on the next working day in the place where left;
	 	 	 
	 	(b)	delivery
    by post as aforesaid shall be deemed to have occurred two working days following the date of posting; and
	 	 	 
	 	(c)	delivery
    by facsimile shall be deemed to have occurred on production of the transmission report evidencing that all the pages of the
    Notice of Exercise have been sent;

 

PROVIDED
ALWAYS that the requisite remittance for the Subscription Consideration, by telegraphic transfer to the Company’s bank account
as notified to the Warrant Holder or by bankers draft made payable to the Company and cleared through the Company’s bank
account.

 

	3.2	The
    date of the allotment and issue of any Warrant Shares subject to the Notice of Exercise delivered in accordance with clause
    4.1 shall be not more than five Business Days after receipt by the Company of the Subscription Consideration. 

 

    	4

    	 

    

 

	3.3	Not
    later than ten Business Days after the valid Notice of Exercise (duly completed and accompanied by the requisite remittance
    for the Subscription Consideration) is lodged at the registered office of the Company in accordance with clause 4.1, share
    certificates shall be issued (free of charge) and despatched (at the risk of the person entitled thereto) showing the date
    of allotment and issue of such Warrant Shares as being in accordance with this clause 4.
	 	 
	3.4	Each
    Warrant will be cancelled once the Subscription Rights attaching thereto have been exercised and Warrant Shares allotted and
    issued pursuant to such exercise. 
	 	 
	3.5	Warrant
    Shares allotted pursuant to the exercise of Subscription Rights will rank for all dividends and distributions declared on
    any date on or after the date on which the relevant Warrant Shares are issued and shall have the rights and privileges prescribed
    in the Constitution in relation to Common Shares.
	 	 
	3.6	The
    Company shall make application for the Warrant Shares so issued on the exercise of Warrants to be admitted to listing and
    trading on CSE as soon as reasonably practicable after the date of issue and for listing of the Warrant Shares, and on all
    other stock exchanges (if any) on which its other issued ordinary share capital is then listed with effect from the earliest
    possible date after the date of issue.
	 	 
	3.7	Notwithstanding
    anything in this Deed, in the event that the Subscription Period expires at any time when the Company is unable by law or
    regulation to issue the Warrant Shares, then the Subscription Period shall be deemed to be extended to a date falling three
    calendar months after the first Business Day that the Company is next able to issue such Warrant Shares.
	 	 
	3.8	The
    Warrant Holder shall not be entitled to exercise any of the Warrant Rights at such times when to do so would not be permitted
    by the applicable rules of any stock exchange on which the Common Shares in issue are admitted to trading.

 

	4	Anti-Dilution
    Provisions

 

	4.1	Subject
    always to clause 6 after any of the following on a date prior to the end of the Subscription Period, namely:

 

	 	(a)	any
    allotment or issue of fully paid Common Shares by way of capitalisation of profits or reserves (including share premium account
    and any capital redemption reserve fund) to holders of Equity Shares on the Share Register; 
	 	 	 
	 	(b)	a
    reduction of capital of whatever nature or any other reduction in the number of Common Shares in issue from time to time;

 

    	5

    	 

    

 

	 	(c)	an
    issue of Common Shares by way of dividend or distribution;
	 	 	 
	 	(d)	a
    consolidation, amalgamation or merger of the Company with or into another entity; or 
	 	 	 
	 	(e)	any
    sub-division or consolidation of Equity Shares; 

 

the
number and/or nominal value of Warrant Shares to be, or capable of being, subscribed for on any subsequent exercise of the Subscription
Rights and/or the final Subscription Price will be adjusted in such manner as the Auditors shall certify in writing to the Company
and the Warrant Holder(s) to be necessary in order that, after such adjustment:

 

	 	(f)	the
    total number of Warrant Shares which may be subscribed pursuant to the Subscription Rights, is such that Warrant Shares when
    issued:

 

	 	(i)	will
    carry as nearly as possible (and in any event not less than) the same proportion of the votes as the Warrant Shares carried
    prior to such adjustment; and
	 	 	 
	 	(ii)	will
    carry the entitlement to participate in the same proportion in the profits and assets of the Company as would the total number
    of Warrant Shares which could have been subscribed for pursuant to the Subscription Rights immediately prior to the event
    giving rise to such adjustment; and

 

	 	(g)	the
    Subscription Consideration payable in order to subscribe for all the Warrant Shares which may be subscribed pursuant to Subscription
    Rights will be as nearly as possible (and in any event no more than) the same as it was prior to such adjustment.

 

	4.2	The
    Company shall procure that no such event as is referred to in clause 4.1 shall occur prior to the end of the Subscription
    Period unless the Auditors shall either (i) prior to or (ii) contemporaneously with, the relevant resolution of the members
    of the Company or the Directors giving effect to or sanctioning such event, certify the appropriate adjustments. The Company
    shall send notice of such adjustments to the Warrant Holder(s) as soon as practicable (and in any event no later than seven
    days) following such resolution as aforesaid.
	 	 
	4.3	In
    calculating any entitlement to additional Subscription Rights under this clause 4 fractions shall be rounded down to the nearest
    whole Common Share.

 

    	6

    	 

    

 

	5	Supplementary
    Protection
	 	 
	5.1	Prior
    to the end of the Subscription Period the Company shall not without providing written notice of not less than fifteen Business
    Days to the Warrant Holder modify the rights attached to any of its shares whether issued or unissued in any way which has
    or will have a material adverse effect on the rights of the Warrant Holder or the holder of Warrant Shares or the respective
    abilities of such persons to enjoy such rights (but so that such restriction shall not be construed as a restriction or prohibition
    on sub-division or consolidation of Common Shares subject always to the provisions of clause 5).

 

	5.2	At
    all times prior to the end of the Subscription Period, the Company shall keep available for issue sufficient authorised but
    unissued share capital to satisfy in full and in accordance with the terms thereof all Subscription Rights remaining exercisable.
	 	 
	5.3	If
    at any time an offer is made to all holders of Common Shares (or all holders of Common Shares other than the offeror and/or
    any company controlled by the offeror and/or persons acting in concert with the offeror) to acquire the whole or any part
    of the issued share capital of the Company and the Company becomes aware that as a result of such offer the right to cast
    a majority of the votes which may ordinarily be cast on a poll at a general meeting of the Company has or will become vested
    in the offeror and/or such persons or companies as aforesaid, the Company shall give notice to the Warrant Holder of such
    vesting within fourteen days of its becoming so aware. If such offer becomes unconditional in all respects and the Warrant
    Holder has not exercised some or all of his Warrants, all unexercised Warrants shall immediately lapse.
	 	 
	5.4	Publication
    of a scheme of arrangement with the Company’s shareholders providing for the acquisition by any person of the whole
    or any part of the issued share capital of the Company shall be deemed to be the making of an offer for the purposes of this
    clause 5.4.
	 	 
	5.5	If
    the Company commences liquidation, whether voluntary or compulsory (except for the purpose of reconstruction or amalgamation
    on terms sanctioned by the Warrant Holder), it shall forthwith give notice thereof to the Warrant Holders; thereupon each
    Warrant Holder will (if upon such winding-up there shall be a surplus available for distribution amongst the holders of the
    Common Shares (including for this purpose the Common Shares which would arise on the exercise of all the outstanding Subscription
    Rights) which, taking into account the amounts payable on the exercise of the Subscription Rights, exceeds in respect of each
    Common Share a sum equal to the Subscription Price) be treated as if immediately before the date of such order or resolution
    his Subscription Rights had been exercisable and had been exercised in full and shall accordingly be entitled to receive out
    of the assets available on liquidation pari passu with the holders of the Common Shares such a sum as he would have received
    had he been the holder of the Common Shares to which he would have become entitled by virtue of such subscription after deducting
    a sum per share equal to the Subscription Price; subject to the foregoing, all Subscription Rights shall lapse on liquidation
    of the Company.

 

    	7

    	 

    

 

	6	Assignment
    of Warrants and Warrant Register
	 	 
	6.1	The
    Warrants may be assigned by a Warrant Holder to any member of its group in whole or in part.
	 	 
	6.2	The
    Company shall, or shall procure that its registrar shall, maintain a register of the holders of Warrants.
	 	 
	7	Modification
    of Rights
	 	 
	7.1	No
    modification, variation or amendment to this Deed shall be effective unless such modification, variation or amendment is in
    writing and has been signed by or on behalf of the parties.
	 	 
	7.2	All
    or any of the rights for the time being attaching to the Warrants (including the Subscription Rights) may from time to time
    (whether or not the Company is being wound up) be altered or abrogated with the prior written consent of the Warrant Holder.
	 	 
	8	Information
    and Representation Rights of Warrant Holder
	 	 
	8.1	The
    Company shall send or procure to be sent to each Warrant Holder a copy of its annual report together with all documents required
    by law to be annexed thereto and copies of every statement, notice or circular issued to the members of the Company concurrently
    with the issue of the same to its members.
	 	 
	8.2	A
    Warrant Holder shall have the right to attend and speak (but not, by virtue or in respect solely of holdings of Warrants,
    to vote) at all meetings of members of the Company at which any business is to be moved which has any effect (actually or
    reasonably foreseeable) on the value of the Warrants or the rights attaching thereto or the enjoyment thereof.
	 	 
	9	REPLACEMENT
    CERTIFICATES
	 	 
	 	If
    a Certificate is mutilated, defaced, lost, stolen or destroyed it will be replaced by the Company for the time being at the
    expense of the Company and on such terms as to evidence and indemnity as the Company may reasonably require. Mutilated or
    defaced Certificates must be surrendered before replacements will be issued.

 

    	8

    	 

    

 

	10	Notice
	 	 
	10.1	Any
    notice to be given by any party hereunder shall be in writing and shall be deemed to have been duly given if delivered by
    hand or by email (to such email address as may from time to time be notified by the relevant party) or given by letter sent
    by first-class registered mail to the party to receive such notice provided that any party may change its address or facsimile
    number for notice by giving to the other party written notice of such change.
	 	 
	10.2	Any
    notice given under this Clause shall be effective:

 

	 	(a)	if
    delivered personally, when delivered;
	 	 	 
	 	(b)	if
    sent by email to the Company (FAO Helga Fairhurst to hf@bunkerhillmining.com) and to the Warrant Holder (FAO Tom Hill to tom@hummingbirdresources.co.uk),
    either (i) on receipt of a read receipt email from the correct address; (ii) 24 hours from delivery if sent to the correct
    email address and no notice of delivery failure is received; or (iii) on receipt of confirmation of receipt from the recipient;
    or
	 	 	 
	 	(c)	if
    sent by first-class registered post within the United Kingdom, two Business Days after posting or if sent from or to any place
    outside the United Kingdom by prepaid priority airmail seven Business Days after posting.

 

	11	ENTIRE
    AGREEMENT
	 	 
	 	This
    Deed sets out the entire agreement and understanding between the parties hereto in respect of the Warrants and it is expressly
    declared that no variations hereof shall be effective unless made in writing and signed by or on behalf of each of the parties.
	 	 
	12	Governing
    Law
	 	 
	 	The
    provisions of this Deed shall be subject to and governed by English Law. The Warrant Holder and the Company hereby submit
    to the exclusive jurisdiction of the Courts of England in relation to any matters arising out of this Deed.

 

IN
WITNESS WHEREOF this Deed has been duly executed on behalf of the Company as a Deed and is intended to be and is hereby delivered
on the day and year first above written.

 

    	9

    	 

    

 

	EXECUTED
    AS A DEED by 	)	 
	 	 	 
	BUNKER
    HILL MINING CORPORATION	)	 
	 	 	 
	acting
    by:	)	 
	 	 	Director
	 	 	 
	 	 	Director/Secretary
	 	 	 
	EXECUTED
    AS A DEED by 	)	 
	 	 	 
	HUMMINGBIRD
    RESOURCES PLC 	)	 
	 	 	 
	acting
    by: 	)	 
	 	 	Director
	 	 	 
	 	 	Director/Secretary

 

    	10

    	 

    

 

SCHEDULE
1

 

Form
of Warrant Certificate

 

Warrant
Certificate Representing Subscription Rights for [●] Common Shares each at Can$0.45 per Common Share in Bunker Hill Mining Corporation.

 

	Warrant
    Certificate No.	 	Transfer
                                         No.

        
	 	Date
    of Registration
	 	 	 	 	 

 

This
is to certify that ____________________ is the registered owner of [●] Warrants to subscribe for [●]Common Shares at Can$0.45
per Common Share in Bunker Hill Mining Corporation.

 

    	11

    	 

    

 

SCHEDULE
2

 

Notice
of Exercise

 

	To:
    	The
    Directors
	 	 
	 	Bunker
    Hill Mining Corporation

 

We
the registered holders of the attached Warrant Certificate(s) hereby exercise the Subscription Rights over [●] of the Common Shares
the subject of the attached Warrant Certificate(s), and attach hereto a bankers draft for £[●]/ confirm that a telegraphic
transfer for US$[●] has been made to the Company’s bank account (delete as appropriate), being the Subscription Consideration
payable in respect thereof.

 

	Signed:
    		 
	 	 	 
	Full
    Name:		 
	 	 	 
	Address:		 

 

We
hereby authorise and direct the Company to allot the Common Shares to be issued hereto to the following proposed allottees:

 

	No.
    of Shares	 	Name
    of Proposed Allottee	 	Address
    of Proposed Allottee
	 	 	 	 	 
	1.	 	 	 	 
	 	 	 	 	 
	2.	 	 	 	 
	 	 	 	 	 
	3.	 	 	 	 
	 	 	 	 	 
	4.	 	 	 	 
	 	 	 	 	 
	5.	 	 	 	 

 

We
hereby authorise and request you to despatch a certificate for such Common Shares to be sent by post at our risk at the first
address shown above or to our agent as mentioned below:

 

We
agree to accept such Common Shares subject to the Constitution of the Company.

 

	Signed:	 	 
	 	 	 
	Full
    Name:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Lodged
    by:	(agent
    to whom certificate(s) should be sent).	 
	 	 	 
	Name
    of Agent	 	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 

 

    	12

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