Document:

Exhibit 4.4

 

STAAR SURGICAL COMPANY

ISSUER

AND

[TRUSTEE],

TRUSTEE

 

INDENTURE

 

DATED AS OF [            ],
20    

SUBORDINATED DEBT SECURITIES

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	Page
	ARTICLE 1 DEFINITIONS	1
	Section 1.01	 	Definitions of Terms	1
	 	 
	ARTICLE 2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	4
	Section 2.01	 	Designation and Terms of Securities	4
	Section 2.02	 	Form of Securities and Trustee’s Certificate	5
	Section 2.03	 	Denominations: Provisions for Payment	6
	Section 2.04	 	Execution and Authentications	7
	Section 2.05	 	Registration of Transfer and Exchange	7
	Section 2.06	 	Temporary Securities	8
	Section 2.07	 	Mutilated, Destroyed, Lost or Stolen Securities	8
	Section 2.08	 	Cancellation	9
	Section 2.09	 	Benefits of Indenture	9
	Section 2.10	 	Authenticating Agent	9
	Section 2.11	 	Global Securities	10
	 	 
	ARTICLE 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	10
	Section 3.01	 	Redemption	10
	Section 3.02	 	Notice of Redemption	10
	Section 3.03	 	Payment Upon Redemption	11
	Section 3.04	 	Sinking Fund	11
	Section 3.05	 	Satisfaction of Sinking Fund Payments with Securities	12
	Section 3.06	 	Redemption of Securities for Sinking Fund	12
	 	 
	ARTICLE 4 COVENANTS	12
	Section 4.01	 	Payment of Principal, Premium and Interest	12
	Section 4.02	 	Maintenance of Office or Agency	12
	Section 4.03	 	Paying Agents	13
	Section 4.04	 	Appointment to Fill Vacancy in Office of Trustee	13
	Section 4.05	 	Compliance with Consolidation Provisions	13
	 	 
	ARTICLE 5
    SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	14
	Section 5.01	 	Company to Furnish Trustee Names and Addresses of Securityholders	14
	Section 5.02	 	Preservation of Information; Communications with Securityholders	14
	Section 5.03	 	Reports by the Company	14
	Section 5.04	 	Reports by the Trustee	14
	 	 
	ARTICLE 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	15
	Section 6.01	 	Events of Default	15
	Section 6.02	 	Collection of Indebtedness and Suits for Enforcement by Trustee	16
	Section 6.03	 	Application of Moneys Collected	17
	Section 6.04	 	Limitation on Suits	17
	Section 6.05	 	Rights and Remedies Cumulative; Delay or Omission Not Waiver	18
	Section 6.06	 	Control by Securityholders	18
	Section 6.07	 	Undertaking to Pay Costs	18
	 	 
	ARTICLE 7 CONCERNING THE TRUSTEE	19
	Section 7.01	 	Certain Duties and Responsibilities of Trustee	19
	Section 7.02	 	Certain Rights of Trustee	19
	Section 7.03	 	Trustee Not Responsible for Recitals or Issuance or Securities	21
	Section 7.04	 	May Hold Securities	21
	Section 7.05	 	Moneys Held in Trust	21
	Section 7.06	 	Compensation and Reimbursement	21
	Section 7.07	 	Reliance on Officers’ Certificate	22

 

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	 	Page
	Section 7.08	 	Disqualification; Conflicting Interests	22
	Section 7.09	 	Corporate Trustee Required; Eligibility	22
	Section 7.10	 	Resignation and Removal; Appointment of Successor	22
	Section 7.11	 	Acceptance of Appointment by Successor	23
	Section 7.12	 	Merger, Conversion, Consolidation or Succession to Business	24
	Section 7.13	 	Preferential Collection of Claims Against the Company	24
	Section 7.14	 	Notice of Default	24
	 	 
	ARTICLE 8 CONCERNING THE SECURITYHOLDERS	24
	Section 8.01	 	Evidence of Action by Securityholders	24
	Section 8.02	 	Proof of Execution by Securityholders	25
	Section 8.03	 	Who May Be Deemed Owners	25
	Section 8.04	 	Certain Securities Owned by Company Disregarded	25
	Section 8.05	 	Actions Binding on Future Securityholders	26
	 	 
	ARTICLE 9 SUPPLEMENTAL INDENTURES	26
	Section 9.01	 	Supplemental Indentures Without the Consent of Securityholders	26
	Section 9.02	 	Supplemental Indentures with Consent of Securityholders	27
	Section 9.03	 	Effect of Supplemental Indentures	27
	Section 9.04	 	Securities Affected by Supplemental Indentures	27
	Section 9.05	 	Execution of Supplemental Indentures	27
	 	 
	ARTICLE 10 SUCCESSOR ENTITY	28
	Section 10.01	 	Company May Consolidate, Etc.	28
	Section 10.02	 	Successor Entity Substituted	28
	 	 
	ARTICLE 11 SATISFACTION AND DISCHARGE	28
	Section 11.01	 	Satisfaction and Discharge of Indenture	29
	Section 11.02	 	Discharge of Obligations	29
	Section 11.03	 	Deposited Moneys to Be Held in Trust	29
	Section 11.04	 	Payment of Moneys Held by Paying Agents	29
	Section 11.05	 	Repayment to Company	25
	 	 
	ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	30
	Section 12.01	 	No Recourse	30
	 	 	 	 
	ARTICLE 13 MISCELLANEOUS PROVISIONS	30
	Section 13.01	 	Effect on Successors and Assigns	30
	Section 13.02	 	Actions by Successor	30
	Section 13.03	 	Surrender of Company Powers	30
	Section 13.04	 	Notices	30
	Section 13.05	 	Governing Law	31
	Section 13.06	 	Treatment of Securities as Debt	31
	Section 13.07	 	Certificates and Opinions as to Conditions Precedent	31
	Section 13.08	 	Payments on Business Days	31
	Section 13.09	 	Conflict with Trust Indenture Act	31
	Section 13.10	 	Counterparts	31
	Section 13.11	 	Separability	31
	Section 13.12	 	Compliance Certificates	32
	 	 	 	 
	ARTICLE 14 SUBORDINATION OF SECURITIES	32
	Section 14.01	 	Subordination Terms	32

 

	(1)	This Table of Contents does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

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INDENTURE

 

INDENTURE, dated as of [ ·
], 20    , between STAAR SURGICAL COMPANY, a Delaware corporation (the “Company”), and [TRUSTEE
], as trustee (the “Trustee”):

 

WHEREAS, for its lawful corporate purposes, the Company
has duly authorized the execution and delivery of this Indenture to provide for the issuance of subordinated debt securities (hereinafter
referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one
or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the certificate
of the Trustee;

 

WHEREAS , to provide the terms and conditions upon which
the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture;
and

 

WHEREAS, all things necessary to make this Indenture
a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, in consideration of the premises and
the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable
benefit of the holders of Securities:

 

ARTICLE 1

 

DEFINITIONS

 

Section 1.01 Definitions of Terms.

 

The terms defined in this Section (except as in this Indenture
or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of
this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall
include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act
of 1939, as amended, or that are by reference in such Act defined in the Securities Act, as defined below (except as herein or
any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings
assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at the date of the execution of this instrument.

 

“Authenticating Agent” means an authenticating
agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10.

 

“Bankruptcy Law” means Title 11, U.S.
Code, or any similar federal or state law for the relief of debtors.

 

“Board of Directors” means the Board
of Directors of the Company or any duly authorized committee of such Board.

 

“Board Resolution” means a copy of
a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors
and to be in full force and effect on the date of such certification.

 

“Business Day” means, with respect
to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough of Manhattan,
the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive
order or regulation to close.

 

“Certificate” means a certificate signed by any
Officer. The Certificate need not comply with the provisions of Section 13.07.

 

“Company” means STAAR Surgical Company, a corporation
duly organized and existing under the laws of the State of Delaware, and, subject to the provisions of Article 10, shall also
include its successors and assigns.

 

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“Corporate Trust Office”
means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered,
which office at the date hereof is located at.

 

“Custodian” means any receiver, trustee, assignee,
liquidator or similar official under any Bankruptcy Law.

 

“Depositary” means, with respect to Securities of
any series for which the Company shall determine that such Securities will be issued as a Global Security, The Depository Trust
Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the Exchange, or other
applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01
or 2.11.

 

“Event of Default” means, with respect
to Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein
designated.

 

“Exchange Act” means the United States
Securities and Exchange Act of 1934, as amended.

 

“Global Security” means, with respect
to any series of Securities, a Security executed by the Company and delivered by the Trustee to the Depositary or pursuant to the
Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or
its nominee.

 

“ Governmental Obligations ” means
securities that are (a) direct obligations of the United States of America for the payment of which its full faith and credit
is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States
of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated
maturity of the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect
to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held
by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any
amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest
on the Governmental Obligation evidenced by such depositary receipt.

 

“Herein,” “hereof” and “hereunder,”
and other words of similar import, refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision.

 

“ Indenture ” means this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into in accordance with the terms hereof and shall include the terms of particular series of Securities established as
contemplated by Section 2.01.

 

“Interest Payment Date,” when used
with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or
in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment
of interest with respect to Securities of that series is due and payable.

 

“ Officer ” means, with respect to
the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial officer, a chief
operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any assistant
treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

“Officer’s Certificate” means
a certificate signed by any Officer. Each such certificate shall include the statements provided for in Section 13.07, if
and to the extent required by the provisions thereof.

 

“ Opinion of Counsel ” means an opinion
in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered
to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07,
if and to the extent required by the provisions thereof.

 

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“ Outstanding ,” when used with reference
to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of
that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore
canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously
been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations
in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or
shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided,
however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such
redemption shall have been given as provided in Article 3, or provision satisfactory to the Trustee shall have been made for
giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.07.

 

“Person” means any individual, corporation, partnership,
joint venture, joint-stock company, limited liability company, association, trust, unincorporated organization, any other entity
or organization, including a government or political subdivision or an agency or instrumentality thereof.

 

“Predecessor Security” of any particular
Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security;
and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed
or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

“ Responsible Officer ” when used
with respect to the Trustee means the chairman of its board of directors, the chief executive officer, the president, any vice
president, the secretary, the treasurer, any trust officer, any corporate trust officer or any other officer or assistant officer
of the Trustee customarily performing functions similar to those performed by the Persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular
subject.

 

“Securities” has the meaning stated in the first
recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.

 

“Securities Act” means the United
States Securities Act of 1933, as amended.

 

“Securityholder,” “holder of Securities,”
“registered holder,” or other similar term, means the Person or Persons in whose name or names a particular Security
is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture.

 

“Security Register” and “Security
Registrar” shall have the meanings as set forth in Section 2.05.

 

“ Subsidiary ” means, with respect
to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned, directly
or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any
general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests
shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries
and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner.

 

“ Trustee ” means                                ,
and, subject to the provisions of Article 7, shall also include its successors and assigns, and, if at any time there is more
than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee”
as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

 

“Trust Indenture Act” means the Trust
Indenture Act of 1939, as amended.

 

“Voting Stock,” as applied to stock
of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such
Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than
shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

 

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ARTICLE 2

 

ISSUE, DESCRIPTION, TERMS, EXECUTION,
REGISTRATION AND EXCHANGE OF SECURITIES

 

Section 2.01 Designation and Terms of Securities.

 

(a)  The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up
to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution
or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall
be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or
more indentures supplemental hereto:

 

(1)  the title of the Securities of the series (which
shall distinguish the Securities of that series from all other Securities);

 

(2)  any limit upon the aggregate principal amount
of the Securities of that series that may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series);

 

(3)  the date or dates on which the principal of
the Securities of the series is payable, any original issue discount that may apply to the Securities of that series upon their
issuance, the principal amount due at maturity, and the place(s) of payment;

 

(4)  the rate or rates at which the Securities of
the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

(5)  the date or dates from which such interest
shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest
Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on
any such Interest Payment Dates or the manner of determination of such record dates;

 

(6)  the right, if any, to extend the interest payment
periods and the duration of such extension;

 

(7)  the period or periods within which, the price
or prices at which and the terms and conditions upon which Securities of the series may be redeemed, converted or exchanged, in
whole or in part, at the option of the Company;

 

(8)  the obligation, if any, of the Company to redeem
or purchase Securities of the series pursuant to any sinking fund, mandatory redemption, or analogous provisions (including payments
made in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the period or periods
within which, the price or prices at which, and the terms and conditions upon which, Securities of the series shall be redeemed
or purchased, in whole or in part, pursuant to such obligation;

 

(9)  the form of the Securities of the series including
the form of the Certificate of Authentication for such series;

 

(10)  if other than denominations of one thousand
U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities of the series shall be issuable;

 

(11)  any and all other terms (including terms,
to the extent applicable, relating to any auction or remarketing of the Securities of that series and any security for the obligations
of the Company with respect to such Securities) with respect to such series (which terms shall not be inconsistent with the terms
of this Indenture, as amended by any supplemental indenture) including any terms which may be required by or advisable under United
States laws or regulations or advisable in connection with the marketing of Securities of that series;

 

(12)  whether the Securities of the series shall
be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions, if any, upon which such
Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such
Global Security or Securities;

 

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(13)  whether the Securities will be convertible
into or exchangeable for shares of common stock or other securities of the Company or any other Person and, if so, the terms and
conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable,
or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’
option) conversion or exchange features, and the applicable conversion or exchange period;

 

(14)  if other than the principal amount thereof,
the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.01;

 

(15)  any additional or different Events of Default
or restrictive covenants (which may include, among other restrictions, restrictions on the Company’s ability or the ability
of the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create liens; pay dividends
or make distributions in respect of their capital stock; redeem capital stock; place restrictions on such Subsidiaries placing
restrictions on their ability to pay dividends, make distributions or transfer assets; make investments or other restricted payments;
sell or otherwise dispose of assets; enter into sale-leaseback transactions; engage in transactions with stockholders and affiliates;
issue or sell stock of their Subsidiaries; or effect a consolidation or merger) or financial covenants (which may include, among
other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage,
fixed charge, cash flow-based or asset-based ratios) provided for with respect to the Securities of the series;

 

(16)  if other than dollars, the coin or currency
in which the Securities of the series are denominated (including, but not limited to, foreign currency);

 

(17)  whether interest will be payable in cash or
additional Securities at the Company’s or the Securityholders’ option and the terms and conditions upon which the election
may be made;

 

(18)  the terms and conditions, if any, upon which
the Company shall pay amounts in addition to the stated interest, premium, if any and principal amounts of the Securities of the
series to any Securityholder that is not a “United States person” for federal tax purposes;

 

(19)  any restrictions on transfer, sale or assignment
of the Securities of the series; and

 

(20)  the subordination terms of the Securities
of the series.

 

All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures
supplemental hereto.

 

If any of the terms of the series are established by action
taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary
or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate
of the Company setting forth the terms of the series.

 

Securities of any particular series may be issued at various
times, with different dates on which the principal or any installment of principal is payable, with different rates of interest,
if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable
and with different redemption dates.

 

Section 2.02 Form of Securities and Trustee’s
Certificate.

 

The Securities of any series and the Trustee’s certificate
of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures
supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such
letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved
thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required
to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities
exchange on which Securities of that series may be listed, or to conform to usage.

 

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Section 2.03 Denominations: Provisions for Payment.

 

The Securities shall be issuable as registered Securities and
in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(10).
The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series.
Subject to Section 2.01(a)(16), the principal of and the interest on the Securities of any series, as well as any premium
thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America
that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose.
Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day
year composed of twelve 30-day months.

 

The interest installment on any Security that is payable, and
is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person
in whose name the Security (or one or more Predecessor Securities) is registered at the close of business on the regular record
date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption
and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest
Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03.

 

Any interest on any Security that is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such
holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below:

 

(1)  The Company may make payment of any Defaulted
Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered
at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following
manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security
and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the
Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon, the Trustee shall fix a special record
date for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of
the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall
cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class
postage prepaid, to each Securityholder at his or her address as it appears in the Security Register (as hereinafter defined),
not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the
special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names
such Securities (or their respective Predecessor Securities) are registered on such special record date.

 

(2)  The Company may make payment of any Defaulted
Interest on any Securities in any other lawful manner not inconsistent with the requirements of any securities exchange on which
such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company
to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

Unless otherwise set forth in a Board Resolution or one or more
indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term
“regular record date” as used in this Section with respect to a series of Securities and any Interest Payment
Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment
Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day
of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.01
hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.

 

Subject to the foregoing provisions of this Section, each Security
of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series
shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.

 

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Section 2.04 Execution and Authentications.

 

The Securities shall be signed on behalf of the Company by one
of its Officers. Signatures may be in the form of a manual or facsimile signature.

 

The Company may use the facsimile signature of any Person who
shall have been an Officer, notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed
of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee.

 

A Security shall not be valid until authenticated manually by
an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security
so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture.
At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any
series executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication
and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate
and deliver such Securities.

 

In authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to
Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have
been established in conformity with the provisions of this Indenture.

 

The Trustee shall not be required to authenticate such Securities
if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under
the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee.

 

Section 2.05 Registration of Transfer and Exchange.

 

(a)  Securities of any series may be exchanged upon
presentation thereof at the office or agency of the Company designated for such purpose, for other Securities of such series of
authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other
governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange,
the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security
or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not
contemporaneously outstanding.

 

(b)  The Company shall keep, or cause to be kept,
at its office or agency designated for such purpose, or such other location designated by the Company, a register or registers
(herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe,
the Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable
times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities
as herein provided shall be appointed as authorized by Board Resolution (the “Security Registrar”).

 

Upon surrender for transfer of any Security at the office or
agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or
agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security
presented for a like aggregate principal amount.

 

All Securities presented or surrendered for exchange or registration
of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written
instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered
holder or by such holder’s duly authorized attorney in writing.

 

(c)  Except as provided pursuant to Section 2.01
pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental
to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new
Securities in case of partial redemption of any series, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and
Section 9.04 not involving any transfer.

 

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(d)  The Company shall not be required (i) to
issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before
the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the
close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series
or portions thereof called for redemption, other than the unredeemed portion of any such Securities being redeemed in part. The
provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

The Trustee shall have no obligation or duty to monitor, determine
or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect
to any transfer of any interest in any Security (including any transfers between or among depositary participants or beneficial
owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence
as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same
to determine substantial compliance as to form with the express requirements hereof.

 

Section 2.06 Temporary Securities.

Pending the preparation of definitive Securities of any series,
the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or typewritten)
of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu
of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all
as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated
by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities
of such series. Without unnecessary delay, the Company will execute and will furnish definitive Securities of such series and thereupon
any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the
office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall
deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series,
unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further
notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under
this Indenture as definitive Securities of such series authenticated and delivered hereunder.

 

Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any temporary or definitive Security shall become mutilated
or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s
request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number
not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for
the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company
and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction,
loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction,
loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted
Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any
substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

In case any Security that has matured or is about to mature
shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize
the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment
shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case
of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of
such Security and of the ownership thereof.

 

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Every replacement Security issued pursuant to the provisions
of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed,
lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities
shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights
or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or
payment of negotiable instruments or other securities without their surrender.

 

Section 2.08 Cancellation.

 

All Securities surrendered for the purpose of payment, redemption,
exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered to the Trustee for
cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except
as expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender,
the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may
dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company.
If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction
of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

Section 2.09 Benefits of Indenture.

 

Nothing in this Indenture or in the Securities, express or implied,
shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities (and, with respect
to the provisions of Article 14, the holders of any indebtedness of the Company to which the Securities of any series are
subordinated) any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition
or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and
of the holders of the Securities (and, with respect to the provisions of Article 14, the holders of any indebtedness of the
Company to which the Securities of any series are subordinated).

 

Section 2.10 Authenticating Agent.

 

So long as any of the Securities of any series remain Outstanding
there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall have the right to appoint.
The Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon
exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture
to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such
series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and
surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized
or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such
business and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent
shall cease to be eligible in accordance with these provisions, it shall resign immediately.

 

Any Authenticating Agent may at any time resign by giving written
notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate
the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company.
Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor
Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder,
shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating
Agent pursuant hereto.

 

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Section 2.11 Global Securities.

 

(a)  If the Company shall establish pursuant to
Section 2.01 that the Securities of a particular series are to be issued as a Global Security, then the Company shall execute
and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent,
and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series,
(ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect:
“Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in
part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b)  Notwithstanding the provisions of Section 2.05,
the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only
to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the
Company or to a nominee of such successor Depositary.

 

(c)  If at any time the Depositary for a series
of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any time
the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute
or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing
and the Company has received a request from the Depositary or from the Trustee, this Section 2.11 shall no longer be applicable
to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee will authenticate
and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security.
In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global
Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event
the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing
such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security
of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive
registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities
in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered
in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants
or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons
in whose names such Securities are so registered.

 

ARTICLE 3

 

REDEMPTION OF SECURITIES AND SINKING
FUND PROVISIONS

 

Section 3.01 Redemption.

 

The Company may redeem the Securities of any series issued hereunder
on and after the dates and in accordance with the terms established for such series pursuant to Section 2.01 hereof.

 

Section 3.02 Notice of Redemption.

 

(a)  In case the Company shall desire to exercise
such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with any right the Company
reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice
of such redemption to holders of the Securities of such series to be redeemed by mailing, first class postage prepaid, a notice
of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series to
such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in the
Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been
duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder
of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the
validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption
of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere
in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such
restriction.

 

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Each such notice of redemption shall specify the date fixed
for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of
the redemption price of such Securities to be redeemed will be made at the office or agency of the Company, upon presentation and
surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in the notice, that
from and after that date interest will cease to accrue and that the redemption is for a sinking fund, if such is the case. If less
than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in
part shall specify the particular Securities to be so redeemed.

 

In case any Security is to be redeemed in part only, the notice
that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state that on and
after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal
to the unredeemed portion thereof will be issued.

 

(b)  If less than all the Securities of a series
are to be redeemed, the Company shall give the Trustee at least 45 days’ notice (unless a shorter notice shall be satisfactory
to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to
be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its
discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any
integral multiple thereof) of the principal amount of such Securities of a denomination larger than one thousand U.S. dollars ($1,000),
the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be
redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf
by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption
and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own
name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee
or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such
paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom,
sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this
Section.

 

Section 3.03 Payment upon Redemption.

 

(a)  If the giving of notice of redemption shall
have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such
notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together
with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities shall cease to
accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and
accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on or after
the date fixed for redemption at the place of payment specified in the notice, the Securities shall be paid and redeemed at the
applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the
date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered
holder at the close of business on the applicable record date pursuant to Section 2.03).

 

(b)  Upon presentation of any Security of such series
that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where
the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series
of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented.

 

Section 3.04 Sinking Fund.

 

The provisions of Sections 3.04, 3.05 and 3.06 shall be
applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.01
for Securities of such series.

 

The minimum amount of any sinking fund payment provided for
by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment
in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment
may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of Securities
of any series as provided for by the terms of Securities of such series.

 

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Section 3.05 Satisfaction of Sinking Fund Payments with
Securities.

 

The Company (i) may deliver Outstanding Securities of a
series and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company
pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the
terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities
of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided
that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the
Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount
of such sinking fund payment shall be reduced accordingly.

 

Section 3.06 Redemption of Securities for Sinking Fund.

 

Not less than 45 days prior to each sinking fund payment
date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the
Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant
to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that
series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver
to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and
cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in
Section 3.03.

 

ARTICLE 4

 

COVENANTS

 

Section 4.01 Payment of Principal, Premium and Interest.

 

The Company will duly and punctually pay or cause to be paid
the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided
herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided
herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder
entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account
if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment
date. Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities
by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security
Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions
in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date.

 

Section 4.02 Maintenance of Office or Agency.

 

So long as any series of the Securities remain Outstanding,
the Company agrees to maintain an office or agency, with respect to each such series and at such other location or locations as
may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment,
(ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and
(iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given
or served, such designation to continue with respect to such office or agency until the Company shall, by written notice signed
by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency
for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate
Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices
and demands. The Company initially appoints the Corporate Trust Office of the Trustee located as its paying agent with respect
to the Securities.

 

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Section 4.03 Paying Agents.

 

(a)  If the Company shall appoint one or more paying
agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute
and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:

 

(1)  that it will hold all sums held by it as such
agent for the payment of the principal of (and premium, if any) or interest on the Securities of that series (whether such sums
have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled
thereto;

 

(2)  that it will give the Trustee notice of any
failure by the Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium, if any)
or interest on the Securities of that series when the same shall be due and payable;

 

(3)  that it will, at any time during the continuance
of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay
to the Trustee all sums so held in trust by such paying agent; and

 

(4)  that it will perform all other duties of paying
agent as set forth in this Indenture.

 

(b)  If the Company
shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the principal
of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest
so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided
and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such
action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date
of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient
to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify
the Trustee of this action or failure so to act.

 

(c)  Notwithstanding anything in this Section to
the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.05,
and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for
any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying
agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company
or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent
shall be released from all further liability with respect to such money.

 

Section 4.04 Appointment to Fill Vacancy in Office of
Trustee.

 

The Company, whenever necessary to avoid or fill a vacancy in
the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be
a Trustee hereunder.

 

Section 4.05 Compliance with Consolidation Provisions.

 

The Company will not, while any of the Securities remain Outstanding,
consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or sell
or convey all or substantially all of its property to any other Person unless the provisions of Article 10 hereof are complied
with.

 

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ARTICLE 5

 

SECURITYHOLDERS’ LISTS AND REPORTS
BY THE COMPANY AND THE TRUSTEE

 

Section 5.01 Company to Furnish Trustee Names and Addresses
of Securityholders.

 

The Company will furnish or cause to be furnished to the Trustee
(a) within 15 days after each regular record date (as defined in Section 2.03) a list, in such form as the Trustee
may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date,
provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ
in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee
may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such
list need be furnished for any series for which the Trustee shall be the Security Registrar.

 

Section 5.02 Preservation of Information; Communications
with Securityholders.

 

(a)  The Trustee shall preserve,
in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained
in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities
received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b)  The Trustee may destroy
any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c)  Securityholders may communicate
as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under
this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the
Trust Indenture Act.

 

Section 5.03 Reports by the Company.

 

The Company covenants and agrees to provide
a copy to the Trustee, after the Company files the same with the Securities and Exchange Commission, copies of the annual reports
and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Securities and Exchange
Commission may from time to time by rules and regulations prescribe) that the Company files with the Securities and Exchange
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided , however , the Company
shall not be required to deliver to the Trustee any materials for which the Company has sought and received confidential treatment
by the Securities and Exchange Commission; and provided further, that so long as such filings by the Company are available on the
Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or Interactive Data
Electronic Applications (IDEA), or any successor system, such filings shall be deemed to have been filed with the Trustee for purposes
hereof without any further action required by the Company; provided that an electronic link to such filing, together with an electronic
notice of such filing have been sent to the Trustee. For the avoidance of doubt, a failure by the Company to file annual reports,
information and other reports with the Securities and Exchange Commission within the time period prescribed thereof by the Securities
and Exchange Commission shall not be deemed a breach of this Section 5.03.

 

Section 5.04 Reports by the Trustee.

 

(a)  If required by Section 313(a) of
the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall transmit by mail, first class postage
prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of such
May 1, which complies with Section 313(a) of the Trust Indenture Act.

 

(b)  The Trustee shall comply
with Section 313(b) and 313(c) of the Trust Indenture Act.

 

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(c)  A copy of each such report
shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each securities exchange
upon which any Securities are listed (if so listed) and also with the Securities and Exchange Commission. The Company agrees to
notify the Trustee when any Securities become listed on any securities exchange.

 

ARTICLE 6

 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
ON EVENT OF DEFAULT

 

Section 6.01 Events of Default.

 

(a)  Whenever used herein with
respect to Securities of a particular series, “Event of Default” means any one or more of the following events that
has occurred and is continuing:

 

(1)  the Company defaults
in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due
and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest
payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default
in the payment of interest for this purpose;

 

(2)  the Company defaults
in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become
due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or
analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities
in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or
premium, if any;

 

(3)  the Company fails to
observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture or otherwise
established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series)
for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating
that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered
or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that
series at the time Outstanding;

 

(4)  the Company pursuant
to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order
for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(5)  a court of competent
jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints
a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and
the order or decree remains unstayed and in effect for 90 days.

 

(b)  In each and every such case
(other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of all the Securities
of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal
amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if
given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the
Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately
due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued
and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration
or other act on the part of the Trustee or the holders of the Securities.

 

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(c)  At any time after the principal
of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so declared due and
payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter
provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the
Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities
of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due
otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that
series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any
and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium,
if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have
been remedied or waived as provided in Section 6.06.

 

No such rescission and annulment shall extend
to or shall affect any subsequent default or impair any right consequent thereon.

 

(d)  In case the Trustee shall
have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have
been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely
to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee shall
be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and
the Trustee shall continue as though no such proceedings had been taken.

 

Section 6.02 Collection of Indebtedness and Suits for
Enforcement by Trustee.

 

(a)  The Company covenants that
(i) in case it shall default in the payment of any installment of interest on any of the Securities of a series, or in any
payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become
due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it shall default in the
payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and
payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise then, upon demand
of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole
amount that then shall have been become due and payable on all such Securities for principal (and premium, if any) or interest,
or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of
such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum expressed in the
Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, and the amount payable to the Trustee under Section 7.06.

 

(b)  If the Company shall fail
to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled
and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and
may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against
the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the
manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever
situated.

 

(c)  In case of any receivership,
insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the
Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein
that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim
and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of
Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution
of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect
and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction
of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization
is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event
that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount
due it under Section 7.06.

 

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(d)  All rights of action and
of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series, may
be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding
relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06,
be for the ratable benefit of the holders of the Securities of such series.

 

In case of an Event of Default hereunder,
the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity
or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or
in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee
by this Indenture or by law.

 

Nothing contained herein shall be deemed
to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize
the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 

Section 6.03 Application of Moneys Collected.

 

Any moneys collected by the Trustee pursuant
to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or
dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest,
upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender
thereof if fully paid:

 

FIRST: To the payment of reasonable costs
and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

 

SECOND: To the payment of all indebtedness
of the Company to which such series of Securities is subordinated to the extent required by Section 7.06 and Article 14;

 

THIRD: To the payment of the amounts then
due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due
and payable on such Securities for principal (and premium, if any) and interest, respectively; and

 

FOURTH: To the payment of the remainder,
if any, to the Company or any other Person lawfully entitled thereto.

 

Section 6.04 Limitation on Suits.

 

No holder of any Security of any series shall
have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity
or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of
the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided;
(ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall
have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such
holder or holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request
and offer of indemnity, shall have failed to institute any such action, suit or proceeding; and (v) during such 90 day
period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent
with the request.

 

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Notwithstanding anything contained herein
to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal
of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in
such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment
on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and
by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security
of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series
shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or
prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference
to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal,
ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of
this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in
equity.

 

Section 6.05 Rights and Remedies Cumulative; Delay or
Omission Not Waiver.

 

(a)  Except as otherwise provided
in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the
holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b)  No delay or omission of
the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring
and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article or
by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by
the Trustee or by the Securityholders.

 

Section 6.06 Control by Securityholders.

 

The holders
of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with
Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred on the Trustee with respect to
such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture.
Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject
to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly
prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04, may on behalf
of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained
herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment
of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become
due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to
pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with
Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture
and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

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Section 6.07 Undertaking to Pay Costs.

 

All parties to this Indenture agree, and
each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against
any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder,
or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or
to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest
on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant to this
Indenture.

 

ARTICLE 7

 

CONCERNING THE TRUSTEE

 

Section 7.01 Certain Duties and Responsibilities of
Trustee.

 

(a)  The Trustee, prior to the
occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default with
respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such
series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read
into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that
has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or
use under the circumstances in the conduct of his own affairs.

 

(b)  No provision of this Indenture
shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its
own willful misconduct, except that:

 

(i)  prior to the occurrence
of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default
with respect to that series that may have occurred:

 

(A)  the duties and obligations
of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture,
and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and
obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and

 

(B)  in the absence of bad
faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee
and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture;

 

(ii)  the Trustee shall not be
liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it
shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(iii)  the Trustee shall not
be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders
of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon
the Trustee under this Indenture with respect to the Securities of that series; and

 

(iv)  None of the provisions
contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability
in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing
that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity
against such risk is not reasonably assured to it.

 

Section 7.02 Certain Rights of Trustee.

 

Except as otherwise provided in Section 7.01:

 

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(a)  The Trustee may rely and
shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been
signed or presented by the proper party or parties;

 

(b)  Any request, direction,
order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in
the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed
herein);

 

(c)  The Trustee may consult
with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;

 

(d)  The Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any
of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained
herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series
of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the rights
and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs;

 

(e)  The Trustee shall not be
liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion
or rights or powers conferred upon it by this Indenture;

 

(f)  The Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so
to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected
thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the
Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every
such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand;

 

(g)  The Trustee may execute
any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and
the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care
by it hereunder;

 

(h)  In no event shall the Trustee
be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war
or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions
of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under
the circumstances;

 

(i)  In no event shall the Trustee
be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action; and

 

(j)  The Trustee agrees to accept
and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar
unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such
transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely
manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the
party providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such
instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions
agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse
by third parties.

 

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In addition, the Trustee shall not be deemed
to have knowledge of any Event of Default except (1) any Event of Default occurring pursuant to Sections 6.01(a)(1) and
6.01(a)(2) or (2) any Event of Default of which the Trustee shall have received written notification in the manner set
forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.

 

Section 7.03 Trustee Not Responsible for Recitals or
Issuance or Securities.

 

(a)  The recitals contained herein
and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness
of the same.

 

(b)  The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities.

 

(c)  The Trustee shall not be
accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for the
use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant
to Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee.

 

Section 7.04 May Hold Securities.

 

The Trustee or any paying agent or Security
Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would
have if it were not Trustee, paying agent or Security Registrar.

 

Section 7.05 Moneys Held in Trust.

 

Subject to the provisions of Section 11.05,
all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which
they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under
no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.

 

Section 7.06 Compensation and Reimbursement.

 

(a)  The Company covenants and
agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by
any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may from time
to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and
performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by
the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses
and disbursements of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance
as may arise from its negligence or bad faith and except as the Company and Trustee may from time to time agree in writing. The
Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless
against, any loss, liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of
or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending
itself against any claim of liability in the premises.

 

(b)  The obligations of the Company
under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable expenses, disbursements
and advances shall constitute indebtedness of the Company to which the Securities are subordinated. Such additional indebtedness
shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the benefit of the holders of particular Securities.

 

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Section 7.07 Reliance on Officer’s Certificate.

 

Except as otherwise provided in Section 7.01,
whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary or desirable
that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless
other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part
of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee
and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee
for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.08 Disqualification; Conflicting Interests.

 

If the Trustee has or shall acquire any “conflicting
interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in
all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

Section 7.09 Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee with
respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws
of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person
permitted to act as trustee by the Securities and Exchange Commission, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination
by federal, state, territorial, or District of Columbia authority.

 

If such corporation or other Person publishes
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to
be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor
may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In
case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 7.10.

 

Section 7.10 Resignation and Removal; Appointment of
Successor.

 

(a)  The Trustee or any successor
hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written notice thereof
to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series,
as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of
the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor
trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing
of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a
successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder
of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such
court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and
prescribe, appoint a successor trustee.

 

(b)  In case at any time any
one of the following shall occur:

 

(i)  the Trustee shall fail
to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder who has
been a bona fide holder of a Security or Securities for at least six months; or

 

(ii)  the Trustee shall cease
to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by
the Company or by any such Securityholder; or

 

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(iii)  the Trustee shall become
incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver
of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; then, in any such case, the
Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one
copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six
months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper
and prescribe, remove the Trustee and appoint a successor trustee.

 

(c)  The holders of a majority
in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect
to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent
of the Company.

 

(d)  Any resignation or removal
of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any of the provisions
of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.

 

(e)  Any successor trustee appointed
pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and
at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

Section 7.11 Acceptance of Appointment by Successor.

 

(a)  In case of the appointment
hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall execute, acknowledge
and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company
or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring
to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver
to such successor trustee all property and money held by such retiring Trustee hereunder.

 

(b)  In case of the appointment
hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor
trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure to act on the
part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal
of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the
Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for
the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture,
and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer
and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
trustee relates.

 

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(c)  Upon request of any such
successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to
such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the
case may be.

 

(d)  No successor trustee shall
accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this
Article.

 

(e)  Upon acceptance of appointment
by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder
by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If
the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be transmitted at the expense of the Company.

 

Section 7.12 Merger, Conversion, Consolidation or Succession
to Business.

 

Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Trustee, including
the administration of the trust created by this Indenture, shall be the successor of the Trustee hereunder, provided that such
corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09,
without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office,
any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the
Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 7.13 Preferential Collection of Claims Against
the Company.

 

The Trustee shall comply with Section 311(a) of
the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act.
A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent
included therein.

 

Section 7.14 Notice of Default.

 

If any Event of Default occurs and is continuing
and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder in
the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within
45 days after it occurs and 30 days after it is known to a Responsible Officer of the Trustee or written notice of it
is received by the Trustee, unless such Event of Default has been cured; provided, however , that, except in the case of
a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders.

 

ARTICLE 8

 

CONCERNING THE SECURITYHOLDERS

 

Section 8.01 Evidence of Action by Securityholders.

 

Whenever in this Indenture it is provided
that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may
take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any
other action), the fact that at the time of taking any such action the holders of such majority or specified percentage of that
series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders
of Securities of that series in person or by agent or proxy appointed in writing.

 

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If the Company shall solicit from the Securityholders
of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option,
as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall
have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver
or other action may be given before or after the record date, but only the Securityholders of record at the close of business on
the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite
proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed
as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record
date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six
months after the record date.

 

Section 8.02 Proof of Execution by Securityholders.

 

Subject to the provisions of Section 7.01,
proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and
proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a)  The fact and date of the
execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b)  The ownership of Securities
shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.

 

The Trustee may require such additional proof
of any matter referred to in this Section as it shall deem necessary.

 

Section 8.03 Who May Be Deemed Owners.

 

Prior to the due presentment for registration
of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person
in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or
not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the
Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to
Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying
agent nor any Security Registrar shall be affected by any notice to the contrary.

 

Section 8.04 Certain Securities Owned by Company Disregarded.

In determining whether the holders of the
requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver under
this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series
or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other obligor
on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination,
except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or
waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so
owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall
establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee
is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company
or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel
shall be full protection to the Trustee.

 

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Section 8.05 Actions Binding on Future Securityholders.

 

At any time prior to (but not after) the
evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority or percentage
in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action,
any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have
consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02,
revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall
be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued
in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard
thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount
of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively binding
upon the Company, the Trustee and the holders of all the Securities of that series.

 

ARTICLE 9

 

SUPPLEMENTAL INDENTURES

 

Section 9.01 Supplemental Indentures Without the Consent
of Securityholders.

 

In addition to any supplemental indenture
otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without
the consent of the Securityholders, for one or more of the following purposes:

 

(a)  to cure any ambiguity, defect,
or inconsistency herein or in the Securities of any series;

 

(b)  to comply with Article 10;

 

(c)  to provide for uncertificated
Securities in addition to or in place of certificated Securities;

 

(d)  to add to the covenants,
restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any series of Securities
(and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities,
stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such
series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;

 

(e)  to add to, delete from,
or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication,
and delivery of Securities, as herein set forth;

 

(f)  to make any change that
does not adversely affect the rights of any Securityholder in any material respect;

 

(g)  to provide for the issuance
of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to establish
the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or
to add to the rights of the holders of any series of Securities;

 

(h)  to evidence and provide
for the acceptance of appointment hereunder by a successor trustee; or

 

(i)  to comply with any requirements
of the Securities and Exchange Commission or any successor in connection with the qualification of this Indenture under the Trust
Indenture Act.

 

The Trustee is hereby authorized to join
with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture authorized by
the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of
the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

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Section 9.02 Supplemental Indentures with Consent of
Securityholders.

 

With the consent (evidenced as provided in
Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected
by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the
Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to
the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered
by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no
such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend
the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time
of payment of interest thereon, or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage
of Securities, the holders of which are required to consent to any such supplemental indenture.

 

It shall not be necessary for the consent
of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

Section 9.03 Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture
pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to such series, be
and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby
shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions
of this Indenture for any and all purposes.

 

Section 9.04 Securities Affected by Supplemental Indentures.

 

Securities of any series affected by a supplemental
indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or
of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities
exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification
of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and
delivered in exchange for the Securities of that series then Outstanding.

 

Section 9.05 Execution of Supplemental Indentures.

 

Upon the request of the Company, accompanied
by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of
evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in
the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to
enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01, shall receive an Officer’s
Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is
authorized or permitted by the terms of this Article and that all conditions precedent to the execution of the supplemental
indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided
in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.01
hereof.

 

Promptly after the execution by the Company
and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall transmit by mail, first
class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders
of all series affected thereby as their names and addresses appear upon the Security Register. Any failure of the Trustee to mail
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

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ARTICLE 10

 

SUCCESSOR ENTITY

 

Section 10.01 Company May Consolidate, Etc.

 

Nothing contained in this Indenture shall
prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or
successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall
prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an
entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor
or successors) authorized to acquire and operate the same; provided, however, (a) the Company hereby covenants and agrees
that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance,
transfer or other disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities
of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance
of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant
to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall
conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed
and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by
the entity which shall have acquired such property and (b) in the event that the Securities of any series then Outstanding
are convertible into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such
supplemental indenture, make provision so that the Securityholders of Securities of that series shall thereafter be entitled to
receive upon conversion or exchange of such Securities the number of securities or property to which a holder of the number of
shares of common stock or other securities of the Company deliverable upon conversion or exchange of those Securities would have
been entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance, transfer
or other disposition.

 

Section 10.02 Successor Entity Substituted.

 

(a)  In case of any such consolidation,
merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01
on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted for the Company with
the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all
obligations and covenants under this Indenture and the Securities.

 

(b)  In case of any such consolidation,
merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may be made
in the Securities thereafter to be issued as may be appropriate.

 

(c)  Nothing contained in this
Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where
the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part
of the property of any other Person (whether or not affiliated with the Company).

 

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ARTICLE 11

 

SATISFACTION AND DISCHARGE

 

Section 11.01 Satisfaction and Discharge of Indenture.

 

If at any time: (a) the Company shall
have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered to the Trustee
for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or
paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations have theretofore been
deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust,
as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee
for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be
called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and
the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental
Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of
that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due
or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon
cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03
and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05,
that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company
shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series.

 

Section 11.02 Discharge of Obligations.

 

If at any time all such Securities of a particular
series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01
shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental
Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the
Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity
or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable
hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case
may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease
to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof
that shall survive until such Securities shall mature and be paid.

 

Thereafter, Sections 7.06 and 11.05
shall survive.

 

Section 11.03 Deposited Moneys to Be Held in Trust.

 

All moneys or Governmental Obligations deposited
with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either
directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series
of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

 

Section 11.04 Payment of Moneys Held by Paying Agents.

 

In connection with the satisfaction and discharge
of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall,
upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability
with respect to such moneys or Governmental Obligations.

 

Section 11.05 Repayment to Company.

 

Any moneys or Governmental Obligations deposited
with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or
interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for
at least two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively
become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall
be repaid to the Company on May 31 of each year or upon the Company’s request or (if then held by the Company) shall
be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with
respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall
thereafter, as a general creditor, look only to the Company for the payment thereof.

 

    	29

    	 

    

 

ARTICLE 12

 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
OFFICERS AND DIRECTORS

 

Section 12.01 No Recourse.

 

No recourse under or upon any obligation,
covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall
be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor
or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal
liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such,
of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities
or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity
or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer
or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants
or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released
as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.

 

ARTICLE 13

 

MISCELLANEOUS PROVISIONS

 

Section 13.01 Effect on Successors and Assigns.

 

All the covenants, stipulations, promises
and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether so expressed
or not.

 

Section 13.02 Actions by Successor.

 

Any act or proceeding by any provision of
this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be
done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at
the time be the lawful successor of the Company.

 

Section 13.03 Surrender of Company Powers.

 

The Company by instrument in writing executed
by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and
thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

Section 13.04 Notices.

 

 Except as otherwise expressly provided
herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served
by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given
or served by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the
Company with the Trustee), as follows: 1911 Walker Avenue, Monrovia, CA 91016, Attention: Corporate Secretary. Any notice, election,
request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee
shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust
Office of the Trustee. 

 

    	30

    	 

    

 

Section 13.05 Governing Law.

 

 This Indenture and each Security shall
be deemed to be a contract made under the internal laws of the State of California, and for all purposes shall be construed in
accordance with the laws of that State, except to the extent that the Trust Indenture Act is applicable. 

 

Section 13.06 Treatment of Securities as Debt.

 

It is intended that the Securities will be
treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted
to further this intention.

 

Section 13.07 Certificates and Opinions as to Conditions
Precedent.

 

(a)  Upon any application or
demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish
to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than
the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied with and, if
requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with,
except that in the case of any such application or demand as to which the furnishing of such documents is specifically required
by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need
be furnished.

 

(b)  Each certificate or opinion
provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture
shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination
or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition
or covenant has been complied with.

 

Section 13.08 Payments on Business Days.

 

Except as provided pursuant to Section 2.01
pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental
to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of
any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue
for the period after such nominal date.

 

Section 13.09 Conflict with Trust Indenture Act.

 

If and to the extent that any provision of
this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture
Act, such imposed duties shall control.

 

Section 13.10 Counterparts.

 

This Indenture may be executed in any number
of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

 

Section 13.11 Separability.

 

In case any one or more of the provisions
contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such
Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision
had never been contained herein or therein.

 

    	31

    	 

    

 

Section 13.12 Compliance Certificates.

 

The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an officer’s
certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year. Such certificate
shall contain a certification from the principal executive officer, principal financial officer or principal accounting officer
of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this
Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 13.12,
such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture.
If the officer of the Company signing such certificate has knowledge of such Event of Default, the certificate shall describe any
such Event of Default and its status.

 

ARTICLE 14

 

SUBORDINATION OF SECURITIES

 

Section 14.01 Subordination Terms.

 

The payment by the Company of the principal
of, premium, if any, and interest on any series of securities issued hereunder shall be subordinated to the extent set forth in
an indenture supplemental hereto relating to such Securities.

 

IN WITNESS WHEREOF, the parties hereto
have caused this Indenture to be duly executed all as of the day and year first above written.

 

	 	STAAR SURGICAL COMPANY
	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 
	 	[TRUSTEE], as Trustee
	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	32

    	 

    

 

CROSS-REFERENCE TABLE (1)

 

	SECTION OF TRUST INDENTURE ACT OF 1939, AS AMENDED	 	
        SECTION OF 

        INDENTURE

	310(a)	 	7.09
	310(b)	 	7.08
	 	 	7.10
	311(a)	 	7.13
	311(b)	 	7.13
	312(a)	 	5.01
	 	 	5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)
	 	 	5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03
	 	 	13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)
	 	 	7.01(b)
	315(b)	 	7.14
	315(c)	 	7.01(a)
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06
	 	 	8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

 

	(1)	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

    	33Agreement

 

Execution Version

  

	Second
Amendment and

Restatement Agreement -

Facility Agreement

                                                                             
	 
	 	 
	Ur-Energy USA Inc.	 
	 	 
	Ur-Energy Inc.	 
	 	 
	Pathfinder Mines Corporation	 
	 	 
	RMB Australia Holdings Limited	 
	 	 
	RMB Resources, a division of FirstRand Bank Limited (London Branch)	 
	 	 

 

	QV.1 Building 250 St Georges Terrace Perth WA 6000 Australia	T +61 8 9211 7777 F +61 8 9211 7878
	GPO Box U1942 Perth WA 6845 Australia 	herbertsmithfreehills.com DX 104 Perth

 

    	 

    	 

    

 

 

	Contents

 

	Table of contents	 
	 	 	 	 
	1	 	Definitions and interpretation	4
	 	 	1.1	 	Definitions	4
	 	 	1.2	 	Interpretation	4
	 	 	1.3	 	Interpretation of inclusive expressions	4
	 	 	1.4	 	Incorporated definitions	4
	 	 	1.5	 	Agreement components	4
	 	 	 	 	 	 
	2	 	Amendment	5
	 	 	2.1	 	Amendment to Facility Agreement	5
	 	 	2.2	 	Amendments not to affect validity, rights, obligations	5
	 	 	2.3	 	Confirmation	5
	 	 	2.4	 	Guarantor acknowledgments	6
	 	 	 	 	 	 
	3	 	Conditions	6
	 	 	3.1	 	Conditions precedent	6
	 	 	3.2	 	Notice to Borrower	6
	 	 	 	 	 	 
	4	 	Representations and Warranties	6
	 	 	 	 	 	 
	5	 	General	7
	 	 	5.1	 	Notices	7
	 	 	5.2	 	Governing law and jurisdiction	7
	 	 	5.3	 	Further action	7
	 	 	5.4	 	Costs and expenses	7
	 	 	5.5	 	Stamp duty	7
	 	 	5.6	 	Counterparts	7
	 	 	5.7	 	Attorneys	7
	 	 	 	 	 	 
	 	 	Schedule 1	 
	 	 	 	 	 	 
	 	 	Amended and Restated Facility Agreement	8
	 	 	 	 
	 	 	Herbert Smith Freehills owns the copyright in this document and using it without permission is strictly prohibited.	 

 

    	Second Amendment and Restatement Agreement - Facility Agreement     Contents 1

    	 

    

 

 

Second
Amendment and Restatement Agreement - Facility Agreement

 

Date ►
February , 2014

 

Between the parties

 

	 	 
	Borrower	
        Ur-Energy USA Inc.

         

        a corporation incorporated
        under the laws of Colorado

         

        of 10758 West Centennial Road, Suite 200, Littleton,
        Colorado, 80127

         

        (Borrower)

	 	 
	 	 
	Parent	
        Ur-Energy Inc.

         

        a company continued under
        the Canada Business Corporations Act having company number 437428-2

         

        of 10758 West Centennial Road,
        Suite 200, Littleton, Colorado, 80127

         

        (Parent)

	 	 
	 	 
	Pathfinder	
        Pathfinder Mines Corporation

         

        a corporation incorporated under the laws of Delaware, United
        States of America of 10758 West Centennial Road, Suite 200, Littleton, Colorado, 80127

         

        (Pathfinder)

	 	 
	 	 
	Financier	
        RMB Australia Holdings Limited

         

        a company existing under the laws of Australia having registration
        number ACN 003 201 214

        of Level 13, 60 Castlereagh Street, Sydney, New South Wales
        2000, Australia

         

        (Financier)

	 	 
	 	 
	Agent	
        RMB Resources, a division of FirstRand Bank Limited (London
        Branch)

         

        registered in England & Wales (Branch Registration No. BR10027)
        of 20 Gracechurch Street, London EC3V 0BG

         

        (Agent)

	 	 

 

    	Second Amendment and Restatement Agreement - Facility Agreement     Page 2

    	 

    

 

 

Contents

 

	Background	The parties to the Facility Agreement wish to amend it in the manner set out in, and subject to the terms of, this agreement.
	 	 
	 	 
	The parties agree:	as set out in the operative part of this agreement, in consideration of, among other things, the mutual promises contained in this agreement.

  

    	Second Amendment and Restatement Agreement - Facility Agreement     Contents 3

    	 

    

 

 

		1	Definitions
                                         and interpretation

 

		1.1	Definitions

 

The meanings of the terms used in this document
are set out below.

 

	Term	Meaning
	 	 
	 	 
	Amended Facility Agreement	the Facility Agreement as amended and restated in accordance with clause 2.
	 	 
	 	 
	Effective Date	the date on which the Agent has notified the Borrower in accordance with clause 3.2.
	 	 
	 	 
	Facility Agreement	the facility agreement dated 24 June 2013 entered into between certain of the parties to this agreement, as amended and restated by the agreement entitled ‘Amendment and Restatement Agreement – Facility Agreement’ dated 27 August 2013 between certain of the parties to this agreement and further amended by the agreement entitled ‘Amendment Agreement – Facility Agreement’ dated 19

                                               December 2013 between certain of the parties to this agreement.

                                                

 

		1.2	Interpretation

 

		(a)	This agreement is supplemental to the Facility Agreement.

 

		(b)	The principles of interpretation contained in clause 1.2 of the Facility Agreement apply, with any necessary changes, to this
agreement.

 

		1.3	Interpretation of inclusive expressions

 

Specifying anything in this agreement after the
words ‘includes’ or ‘for example’ or similar expressions does not limit what else is included unless there
is express wording to the contrary.

 

		1.4	Incorporated definitions

 

A word or phrase, other than one defined in clause 1.1,
defined in the Amended Facility Agreement has the same meaning when used in this agreement.

 

		1.5	Agreement components

 

This agreement includes any schedule.

 

    	Second Amendment and Restatement Agreement - Facility Agreement     Page 4

    	 

    

 

		Schedule 1    Amended and Restated Facility Agreement

 

		2	Amendment

 

		2.1	Amendment to Facility Agreement

 

On and with effect from the Effective Date, the
Facility Agreement is amended and restated as set out in Schedule 1.

 

		2.2	Amendments not to affect validity, rights, obligations

 

		(a)	The amendments to the Facility Agreement in clause 2.1 do not affect the validity or enforceability of the Facility Agreement,
Amended Facility Agreement or any other Transaction Document.

 

		(b)	Except as expressly set out in this agreement, nothing in this agreement:

 

		(1)	prejudices or adversely affects any right, power, authority, discretion or remedy; or

 

		(2)	discharges, releases or otherwise affects any liability or obligation

 

arising under the Facility Agreement,
Amended Facility Agreement or any other Transaction Document before the Effective Date.

 

		2.3	Confirmation

 

		(a)	On and with effect from the Effective Date, each party is bound by the Amended Facility Agreement.

 

		(b)	Each party acknowledges and agrees that:

 

		(1)	this agreement is a ‘Transaction Document’ as defined in, and for all purposes under, the Amended Facility Agreement.

 

		(2)	the Borrower Security Agreement, the Pathfinder Security Agreement, the Pathfinder Pledge Agreement and the Pathfinder Mortgages,
all of which have been granted to and in favour of the Financier as security for the obligations arising under, among other things,
the Facility Agreement, remain in full force and effect and constitute legal, valid and binding obligations on the Borrower and
Pathfinder, enforceable against them in accordance with their terms;

 

		(3)	the security interests, mortgages, charges, liens, assignments, transfers and pledges granted by the Borrower and Pathfinder
to and in favour of the Financier pursuant to the Borrower Security Agreement, the Pathfinder Security Agreement, the Pathfinder
Pledge Agreement and the Pathfinder Mortgages secure and continue to secure payment and performance when due of all debts, liabilities
and obligations, direct or indirect, absolute or contingent, mature or unmatured of the Borrower and Pathfinder to the Financier
now or after the date of this agreement existing from time to time pursuant, including in connection with the Amended Facility
Agreement, and any other document given for the benefit of the Financier to which the Borrower, the Parent or Pathfinder is a party;
and

 

		(4)	the debts, liabilities and obligations referred to in clauses 2.3(b)(2) and (4) constitute:

 

		(A)	‘Obligations’ as that term is defined in the Borrower Security Agreement, the Pathfinder Security Agreement and
the Pathfinder Pledge Agreement; and

 

    	Second Amendment and Restatement Agreement - Facility Agreement     Page 5

    	 

    

 

		Schedule 1    Amended and Restated Facility Agreement

 

		(B)	‘Liabilities’ as that term is defined in each of the Pathfinder Mortgages.

 

		2.4	Guarantor acknowledgments

 

Each Guarantor confirms that its obligations under
its Guarantee in the Facility Agreement continue to apply despite the amendments contemplated or effected by this agreement.

 

		3	Conditions

 

		3.1	Conditions precedent

 

The operation of clause 2.1 is subject to and conditional
on the Agent receiving each of the following in form and substance satisfactory to the Agent:

 

		(a)	officer’s certificates: an officer’s certificate given in respect of each Transaction Party;

 

		(b)	constitution: certified copy of the memorandum and articles of association, articles of incorporation, amalgamation,
articles of organization, by-laws, constitution, operating agreement, or other constituent documents of each Transaction Party,
or evidence that those documents have not varied from the time they were last delivered;

 

		(c)	corporate authorization: a certified copy of a resolution of the board of directors for each Transaction Party, approving
the transactions contemplated by this agreement, authorizing execution by each Transaction Party of this agreement, and authorizing
a person or persons (being Authorized Officers) to sign notices, certificates or other documents in connection with this agreement
on behalf of the Transaction Party;

 

		(d)	execution of documents: an original of this agreement duly executed by all parties other than the Finance Parties and,
where applicable:

 

		(1)	with evidence satisfactory to the Agent that all Taxes applicable to the agreement have been or will be duly paid; and

 

		(2)	in recordable form together with all executed documents necessary to record them;

 

		(e)	other matters: any other certificates, authorisations, documents, matters or things which the Agent reasonably requires.

 

		3.2	Notice to Borrower

 

The Agent must give notice to the Borrower as soon
as practicable after the conditions precedent in clause 3.1 have been satisfied.

 

		4	Representations and Warranties

 

Each Transaction Party affirms and repeats each
of the representations and warranties given by it in clause 8 of the Amended Facility Agreement as if it were made at the date
of execution of this agreement with respect to the facts and circumstances then subsisting.

 

    	Second Amendment and Restatement Agreement - Facility Agreement     Page 6

    	 

    

 

		Schedule 1    Amended and Restated Facility Agreement

 

		5	General

 

		5.1	Notices

 

A notice given under this agreement must be given
in accordance with the Facility Agreement.

 

		5.2	Governing law and jurisdiction

 

		(a)	This agreement is governed by the laws of the State of Colorado and the laws of the United States of America which are applicable
in the State of Colorado.

 

		(b)	Each party irrevocably submits to the non-exclusive jurisdiction of the courts of the State or Federal courts of the State
of Colorado.

 

		5.3	Further action

 

Each party must do all things and execute all further
documents necessary to give full effect to this agreement.

 

		5.4	Costs and expenses

 

The Borrower must pay all reasonable costs and expenses
of the Finance Parties in relation to the negotiation, preparation, execution, delivery, stamping and completion of this agreement.

 

		5.5	Stamp duty

 

The Borrower must pay any stamp duty or similar
Tax which is payable in connection with the execution or performance of this agreement.

 

		5.6	Counterparts

 

		(a)	This agreement may be executed in any number of counterparts.

 

		(b)	All counterparts, taken together, constitute one instrument.

 

		(c)	A party may execute this agreement by signing any counterpart.

 

		5.7	Attorneys

 

Each of the attorneys executing this agreement states
that the attorney has no notice of the revocation of the power of attorney appointing that attorney.

 

    	Second Amendment and Restatement Agreement - Facility Agreement     Page 7

    	 

    

 

  

Schedule 1

 

Amended and Restated Facility
Agreement

 

    	Second Amendment and Restatement Agreement - Facility Agreement     Page 8

    	 

    

 

 

Agreement

 

   Execution Version

 

	Second Amended and	 
	Restated Facility

 Agreement	

 

Ur-Energy USA Inc.

 

Ur-Energy Inc.

 

Pathfinder Mines Corporation

 

RMB Australia Holdings Limited

 

RMB Resources, a division of FirstRand Bank Limited

 (London
Branch)

 

	QV.1 Building 250 St Georges Terrace Perth WA
    6000 Australia	 	Telephone +61 8 9211 7777 Facsimile +61 8 9211
    7878
	GPO Box U1942 Perth WA 6845 Australia	 	www.herbertsmithfreehills.com DX 104 Perth

 

    	 

    	 

    

 

 

Contents

Table
of contents

 

	 	The agreement	1
	 	 	 	 
	 	Operative part	3
	 	 	 
	1	Definitions and interpretations	3
	 	1.1	Definitions	3
	 	1.2	Interpretations	28
	 	1.3	Inclusive expressions	29
	 	1.4	Business Day	29
	 	1.5	Accounting Standards	29
	 	 	 	 
	2	Conditions precedent and conditions subsequent	30
	 	2.1	Conditions precedent to the first Tranche 2 Facility Funding Portion	30
	 	2.2	Conditions precedent to all Funding Portions	30
	 	2.3	Benefit of conditions precedent	30
	 	 	 	 
	3	Commitment, purpose and availability of Facility	31
	 	3.1	Provision of Commitment	31
	 	3.2	Purpose	31
	 	3.3	Cancellation of Commitment during Availability Period	31
	 	3.4	Cancellation at end of Availability Period	31
	 	3.5	Voluntary prepayment – Tranche 1 Facility	31
	 	3.6	Mandatory prepayment – Tranche 1 Facility	32
	 	3.7	Cancellations and prepayments in inverse order – Tranche 1 Facility	32
	 	 	 	 
	4	Funding and rate setting procedures	32
	 	4.1	Delivery of Funding Notice	32
	 	4.2	Requirements for a Funding Notice	32
	 	4.3	Irrevocability of Funding Notice	33
	 	4.4	Amount of Funding Portions	33
	 	4.5	Frequency of Funding Portions	33
	 	4.6	Interest Periods	33
	 	4.7	Determination of Funding Rate	33
	 	 	 	 
	5	Facility	34
	 	5.1	Provision of Funding Portions	34
	 	5.2	Repayment – Tranche 1 Facility	34
	 	5.3	Repayment – Tranche 2 Facility	34
	 	5.4	Repayment of other Secured Moneys	34
	 	5.5	Interest	34
	 	5.6	Calculation of per annum interest rate	35
	 	5.7	Market Disruption Event	35
	 	 	 	 
	6	Payments	36
	 	6.1	Manner of payment	36
	 	6.2	Payments on a Business Day	36
	 	6.3	Payments in gross	36
	 	6.4	Additional payments	36
	 	6.5	Taxation deduction procedures	36
	 	6.6	Tax Credit	37

 

    	Facility Agreement        page 1

    	 

    

 

 

 

Contents

 

	 	6.7	Tax affairs	37
	 	6.8	Amounts payable on demand	37
	 	6.9	Appropriation of payments	37
	 	6.10	Currency exchanges	38
	 	6.11	Status of Finance Parties	38
	 	 	 	 
	7	Warrants	38
	 	7.1	Warrants	38
	 	7.2	Issue of Warrants	38
	 	7.3	Exercise of Warrants	38
	 	7.4	Ranking of Shares and Warrants	39
	 	7.5	Registration under Securities Laws	39
	 	7.6	Approvals for issue of Shares	40
	 	 	 	 
	8	Representations and warranties	40
	 	8.1	General representations and warranties	40
	 	8.2	Projects representations and warranties	44
	 	8.3	Survival and repetition of representations and warranties	46
	 	8.4	Reliance by Finance Parties	47
	 	 	 	 
	9	Undertakings	47
	 	9.1	Conduct of Projects	47
	 	9.2	Projects Covenants	47
	 	9.3	Environmental issues	48
	 	9.4	Mineral Rights	48
	 	9.5	Corporate and Project Budget	49
	 	9.6	Provision of information and reports	49
	 	9.7	Proper accounts	51
	 	9.8	Notices to the Agent	51
	 	9.9	Corporate existence	52
	 	9.10	Compliance	52
	 	9.11	Maintenance of capital	52
	 	9.12	Compliance with laws and Authorizations	52
	 	9.13	Establishment of Defined Benefit Plan	53
	 	9.14	Payment of debts, outgoings and Taxes	53
	 	9.15	Project Documents	53
	 	9.16	Amendments to constitution	54
	 	9.17	Negative pledge and disposal of assets	54
	 	9.18	No change to business	55
	 	9.19	Financial accommodation and Financial Indebtedness	55
	 	9.20	Arm’s length transactions	55
	 	9.21	Restrictions on Distributions and fees	56
	 	9.22	Undertakings regarding Secured Property	56
	 	9.23	Insurance	57
	 	9.24	Term of undertakings	59
	 	9.25	Release of Security	59
	 	 	 	 
	10	Funding Account	59
	 	10.1	Establishment of Funding Account	59
	 	10.2	Flow of funds from Funding Account	60
	 	 	 	 
	11	Events of Default and Review Events	60
	 	11.1	Events of Default	60

 

    	Facility Agreement        page 2

    	 

    

 

 

 

Contents

 

	 	11.2	Effect of Event of Default	63
	 	11.3	Transaction Parties to continue to perform	64
	 	11.4	Enforcement	64
	 	11.5	Review Event	64
	 	 	 	 
	12	Increased costs and illegality	65
	 	12.1	Increased costs	65
	 	12.2	Illegality	65
	 	12.3	Reduction of Commitment	66
	 	12.4	Patriot Act	66
	 	 	 	 
	13	Guaranty and indemnity	66
	 	13.1	Guaranty	66
	 	13.2	Payment	66
	 	13.3	Securities for other money	66
	 	13.4	Amount of Secured Moneys	66
	 	13.5	Proof by Financier	67
	 	13.6	Avoidance of payments	67
	 	13.7	Indemnity for avoidance of Secured Moneys	67
	 	13.8	No obligation to marshal	68
	 	13.9	Non-exercise of Guarantor’s rights	68
	 	13.10	Principal and independent obligation	68
	 	13.11	Suspense account	69
	 	13.12	Unconditional nature of obligations	69
	 	13.13	No competition	71
	 	13.14	Continuing guaranty	72
	 	13.15	Variation	72
	 	13.16	Judgments	72
	 	13.17	Accession of Guarantors	72
	 	 	 	 
	14	Indemnities and Break Costs	73
	 	14.1	General indemnity	73
	 	14.2	Break Costs	73
	 	14.3	Continuing indemnities and evidence of Loss	74
	 	 	 	 
	15	Fees, Tax, costs and expenses	74
	 	15.1	Arrangement fee	74
	 	15.2	Commitment fee	74
	 	15.3	Tax	74
	 	15.4	Costs and expenses	75
	 	 	 	 
	16	Interest on overdue amounts	75
	 	16.1	Payment of interest	75
	 	16.2	Accrual of interest	75
	 	16.3	Rate of interest	75
	 	 	 	 
	17	Assignment	76
	 	17.1	Assignment by Transaction Party	76
	 	17.2	Borrower obligation in registered form	76
	 	17.3	Assignment by Finance Party	76
	 	17.4	Assist	76
	 	17.5	Lending Office	77
	 	17.6	No increase in costs	77

 

    	Facility Agreement        page 3

    	 

    

 

 

 

Contents

 

	18	Saving provisions	77
	 	18.1	No merger of security	77
	 	18.2	Exclusion of moratorium	77
	 	18.3	Conflict	77
	 	18.4	Consents	77
	 	18.5	Principal obligations	78
	 	18.6	Non-avoidance	78
	 	18.7	Set-off authorized	78
	 	18.8	Agent’s certificates and approvals	78
	 	18.9	No reliance or other obligations and risk assumption	79
	 	18.10	Power of attorney	79
	 	 	 	 
	19	General	79
	 	19.1	Confidential information	79
	 	19.2	Transaction Party to bear cost	80
	 	19.3	Notices	80
	 	19.4	Governing law and jurisdiction	80
	 	19.5	Prohibition and enforceability	81
	 	19.6	Waivers	81
	 	19.7	Variation	81
	 	19.8	Cumulative rights	81
	 	19.9	Attorneys	82
	 	19.10	Counterparts	82
	 	 	 	 
	 	Schedules	 
	 	Notice Details	84
	 	Funding Notice	86
	 	Tranche 1 Facility Repayment Schedule	87
	 	Promissory Note	88
	 	Borrower Group Structure Diagram	90
	 	Guarantee Assumption Agreement	91
	 	Permitted Interests	94
	 	Permitted Royalties	101
	 	UCC Financing Statements	111
	 	 	 	 
	 	Signing page	113

 

    	Facility Agreement        page 4

    	 

    

 

 

The agreement

 

Facility Agreement  

 

 

Date ►

  

	Between the parties	 
	 	 
	 	 
	Borrower	
        Ur-Energy USA Inc.

         

        a corporation incorporated
        under the laws of Colorado

         

        of 10758 West Centennial Road, Suite 200, Littleton,
        Colorado, 80127

         

        (Borrower) 

	 	 
	 	 
	Parent	
        Ur-Energy Inc.

         

        a company continued under
        the Canada Business Corporations Act having company number 437428-2

         

        of 10758 West Centennial Road,
        Suite 200, Littleton, Colorado, 80127

         

        (Parent) 

	 	 
	 	 
	Pathfinder	
        Pathfinder Mines Corporation

         

        a corporation incorporated under the laws of Delaware of 10758
        West Centennial Road, Suite 200, Littleton, Colorado, 80127

         

        (Pathfinder) 

	 	 
	 	 
	Financier	
        RMB Australia Holdings Limited

         

        a company existing under the laws of Australia having registration
        number ACN 003 201 214

         

        of Level 13, 60 Castlereagh Street, Sydney, New South Wales
        2000, Australia

         

        (Financier) 

	 	 
	 	 
	Agent	
        RMB Resources, a division of FirstRand Bank Limited (London
        Branch) 

         

        registered in England & Wales (Branch Registration No. BR10027)
        of 20 Gracechurch Street, London EC3V 0BG

         

        (Agent) 

	 	 

 

    	Facility Agreement        page 1

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	 
	Background	the Financier has
      agreed to provide the Facilities to the Borrower on the terms of this
      agreement.
	 	 
	 	 
	The parties agree	as set out in the operative part of this
      agreement, in consideration of, among other things, the mutual promises
      contained in this agreement.
	 	 

 

    	Facility Agreement        page 2

    	 

    

 

 

Operative part

 

		1	Definitions
                                         and interpretations

 

		1.1	Definitions

 

The meanings of the terms used in this document
are set out below.

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Accounting Standards	generally accepted accounting principles in the United States of America.
	 	 	 
	 	 	 
	 	Affiliate	
        with respect to a Person:

         

        1    any partner, officer,
        manager, director or managing agent of that Person or that Person’s Affiliates;

         

        2    any spouse, parent, children
        or grandchildren (by birth or adoption) of that Person; and

         

        3    any other Person (other
        than a Subsidiary):

         

        ·    that
        directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, that
        Person;

         

        ·    that
        directly or indirectly beneficially owns or holds 10% or more of any class of voting stock or partnership or other voting interest
        of that Person or any Subsidiary of that Person; or

         

        ·    10%
        or more of the voting stock or partnership or other voting interest of which is directly or indirectly beneficially owned or held
        by that Person or a Subsidiary of that Person.

	 	 	 
	 	 	 
	 	AREVA	AREVA Inc. (previously AREVA NC Inc.), a corporation incorporated under the laws of Delaware.
	 	 	 
	 	 	 
	 	Attorney	an attorney appointed under a Transaction Document.
	 	 	 
	 	 	 
	 	Authorization	
        1    any
        consent, registration, filing, agreement, notice of non-objection, notarisation, certificate, licence, approval, permit, authority
        or exemption; and

         

        2    in
        relation to anything which a Government Agency may prohibit or restrict within a specific period, the expiry of that period without
        intervention or action or notice of intended intervention or action.

	 	 	 
	 	 	 
	 	Authorized Officers	1    in relation to the Borrower, a director, an executive officer or a company secretary; and
	 	 	 

  

    	Facility Agreement        page 3

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	 	
        2   in
        relation to the Financier, a director, an associate director, a company secretary, an officer whose title contains the word ‘president’,
        ‘director’, ‘manager’ or ‘executive’, or a person performing the functions of any of them,

         

        or in either case, a person appointed by a
        party to act as an Authorized Officer for the purposes of this agreement and the Transaction Documents.

	 	 	 
	 	 	 
	 	Availability Period	
        1   in
        respect of the Tranche 1 Facility, the period commencing on Tranche 1 Facility Financial Close and ending on 31 May 2014; and

         

        2   in
        respect of the Tranche 2 Facility, the period commencing on the later of 1 June 2014 and the Tranche 2 Facility Financial Close
        and ending on 1 January 2016.

	 	 	 
	 	 	 
	 	Bankruptcy Code	Title 11 of the United States Code as amended from time to time.
	 	 	 
	 	 	 
	 	Borrower Group	the Parent and each of its Subsidiaries and Borrower Group Member means any one of them.
	 	 	 
	 	 	 
	 	Borrower Security Agreement	the agreement entitled ‘Security Agreement’ dated 24 June 2013 granted by the Borrower in favour of the Finance Parties.
	 	 	 
	 	 	 
	 	Break Costs 	
        for any repayment or prepayment, the amount (if any) by which:

         

        1   the
        interest on the amount repaid or prepaid which the Financier should have received under this agreement (had the repayment or prepayment
        not occurred),

         

        exceeds:

         

        2   the
        return which that Financier would be able to obtain by placing the amount repaid or prepaid to it on deposit with a Reference Bank,

         

        in each case for the period from the date of repayment or prepayment
        until the last day of the then current Interest Period applicable to the repaid or prepaid amount.

	 	 	 
	 	 	 
	 	Business Day	
        1   for
        the purposes of clause 19.3, a day on which banks are open for business in the city where the notice or other communication
        is received excluding a Saturday, Sunday or public holiday; and

         

        2   for
        all other purposes, a day on which banks are open for business in Sydney, Australia, Denver, Colorado and London, England excluding
        a Saturday, Sunday or public holiday.

	 	 	 

 

    	Facility Agreement        page 4

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Change in Law	
        any present or future law, regulation, treaty, order or official
        directive or request (which, if not having the force of law, would be complied with by a responsible financial institution) which:

         

        1   commences,
        is introduced, or changes, after the date of this agreement; and

         

        2   does
        not relate to a change in the effective rate at which Tax is imposed on the overall net income of a Finance Party or a change in
        franchise Taxes, any branch profit Taxes or similar Taxes imposed by any jurisdiction on a Finance Party.

	 	 	 
	 	 	 
	 	Collateral Security	any present or future Encumbrance, Surety Obligation or other document or agreement created or entered into by a Transaction Party or any other person as security for, or to credit enhance, the payment of any of the Secured Moneys, including any further security granted under clause 9.22(a)(2).
	 	 	 
	 	 	 
	 	Commitment	
        1   the
        Tranche 1 Facility Commitment; or

         

        2   the
        Tranche 2 Facility Commitment.

	 	 	 
	 	 	 
	 	Contamination	
        in respect of a property, the presence of Pollutants:

         

        1   in,
        on or under the property; or

         

        2   in
        the ambient air and emanating from the property.

	 	 	 
	 	 	 
	 	Contested Tax	a Tax payable by a Transaction Party or Lost Creek where the Transaction Party or Lost Creek is contesting its liability to pay that Tax, and has reasonable grounds to do so.
	 	 	 
	 	 	 
	 	Control	
        of a Person, includes the possession directly or indirectly
        of the power, whether or not having statutory, legal or equitable force, and whether or not based on statutory, legal or equitable
        rights, directly or indirectly, to do any of the following:

         

        1   to
        control 50% or more of the total votes which might be cast at a general meeting of that Person;

         

        2   to
        elect or appoint a majority of the board of directors or other governing body of that Person; or

         

        3   to
        direct or cause the direction of the management and policies of that company whether by means of trusts, agreements, arrangements,
        understandings, the ownership of any interest in shares or stock of that company or otherwise.

	 	 	 
	 	 	 
	 	Converdyn Agreement	the agreement constituted by the agreement entitled ‘Uranium Supplier’s Agreement’ dated 5 June 2013 between the Borrower and ConverDyn, with contract number ‘13-526’ and the assignment agreement dated 21 August 2013 between the Borrower and Lost Creek.
	 	 	 

 

    	Facility Agreement        page 5

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Corporate and Project Budget	
        the document comprising:

         

        1   the
        consolidated cashflow budget for the Borrower Group covering the period to 31 December 2015; and

         

        2   the
        cashflow budget for the Projects over a period of 18 months,

         

        which was initially provided to the Lender in June 2013 and
        then provided in an updated form under clauses 9.5 and 9.6(f).

	 	 	 
	 	 	 
	 	Debtor Relief Laws	the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, insolvency, rearrangement, moratorium, reorganisation, or similar debtor relief laws affecting the rights of creditors generally from time to time in effect and applicable to any Transaction Party or Lost Creek having regard to its place of formation.
	 	 	 
	 	 	 
	 	Default	
        1   an
        Event of Default; or

         

        2   a
        Potential Event of Default.

	 	 	 
	 	 	 
	 	Defined Benefit Plan	
        1  
        any         employee pension plan covered by the Employee Retirement Income Security Act of 1974 (PL 93-406, 2
        September 1974), as amended;         or

         

        2   any
        Canadian pension plan which contains a ‘defined benefit provision’ as defined in subsection 147.1(1) of the Income
        Tax Act (Canada).

	 	 	 
	 	 	 
	 	Deposit Account Control Agreement	the deposit account control agreement to be made between the Borrower, the Finance Parties and a bank or financial institution
    in accordance with clause 1.1 in relation to the Funding Account.
	 	 	 
	 	 	 
	 	Dispose	in relation to any asset, property or right, means to sell, transfer, assign, surrender, convey, lease, licence, discount, lend, farm-out or otherwise dispose of any interest in the asset, property or right.
	 	 	 
	 	 	 
	 	Distribution	any dividend, distribution or other amount declared or paid by a Transaction Party or Lost Creek on any Marketable Securities issued by it.
	 	 	 
	 	 	 
	 	Documents	the Transaction Documents and the Project Documents.
	 	 	 

 

    	Facility Agreement        page 6

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Dollars and $	the lawful currency of the United States of America.
	 	 	 
	 	 	 
	 	Encumbrance	
        as applied to the property of any Person:

         

        1    any
        mortgage, deed to secure debt, deed of trust, lien, pledge, charge, capital lease, conditional sale or other title retention agreement,
        or other security interest, security title or encumbrance of any kind in respect of any property of that Person or upon the income
        and profits from that property, whether that interest is based on the common law, statute or contract;

         

        2   any
        arrangement, express or implied, under which any property of that Person is transferred, sequestered or otherwise identified for
        the purpose of subjecting the same to the payment of Financial Indebtedness or performance of any other obligation in priority
        to the payment of the general, unsecured creditors of that Person; and

         

        3   the
        filing of, or any agreement to give, any financing statement under the Uniform Commercial Code of any state or its equivalent in
        any jurisdiction.

	 	 	 
	 	 	 
	 	Environmental Approvals	all consents, approvals, licences or other Authorizations of any kind required by Environmental Law.
	 	 	 
	 	 	 
	 	Environmental Bonding	
        the environmental bonding instruments or cash
        bonds that have been posted with the appropriate Government Agency:

         

        1   in
        relation to the Lost Creek Project in the amount of $9,857,000; and

         

        2   in
        relation to the Pathfinder Uranium Projects in the amount of $12,198,563,

         

        as they may be increased or supplemented by
        new bond amounts from time to time, in each case as may be required by any Government Agency.

	 	 	 
	 	 	 
	 	Environmental Law	any law of the United States of America or the State of Wyoming that relates to the protection of the environment or health and safety or manages Pollutants, including laws concerning land use or the rehabilitation of any land, development, Contamination, conservation of natural or cultural resources and resource allocation (including any law of the United States of America or the State of Wyoming relating to the exploration for, and development or exploitation of, any natural resource).
	 	 	 
	 	 	 
	 	Environmental Liability	
        any actual or potential Loss incurred or which may be incurred
        in connection with:

         

        1   the
        investigation or remediation;

	 	 	 

 

    	Facility Agreement        page 7

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	 	
        2   a
        claim by any third party;

         

        3   any
        action, order, declaration or notice by a Government Agency under an Environmental Law; or

         

        4   any
        agreement between a Transaction Party or Lost Creek and any:

         

        ·   owner
        or occupier of land; or

         

        ·   Government
        Agency,

         

        of or in respect of Contamination of a Project or a Project
        Area.

	 	 	 
	 	 	 
	 	Event of Default	any event specified in clause 11.1.
	 	 	 
	 	 	 
	 	Excluded Tax	
        a Tax measured or imposed by any jurisdiction on the net income
        of a Finance Party, franchise Taxes, or any branch profit Taxes or similar Taxes imposed by any jurisdiction on a Finance Party,
        but not a Tax:

         

        1   calculated
        on or by reference to the gross amount of any payment (without allowance for any deduction) derived by a Finance Party under a
        Transaction Document or any other document referred to in a Transaction Document; or

         

        2   imposed
        as a result of a Finance Party being considered a resident of or organized or doing business in that jurisdiction solely as a result
        of it being a party to a Transaction Document or any transaction contemplated by a Transaction Document.

	 	 	 
	 	 	 
	 	Exercise Price	Cdn$1.20 per Warrant Share.
	 	 	 
	 	 	 
	 	Expiry Date	the date which is 5 years after a Warrant is issued to the Financier or the Financier’s nominee under this agreement.
	 	 	 
	 	 	 
	 	Facility	Tranche 1 Facility or Tranche 2 Facility, as applicable and Facilities means both of them.
	 	 	 
	 	 	 
	 	Final Repayment Date	31 March 2016.
	 	 	 
	 	 	 
	 	Finance Party	each of the Agent and the Financier and Finance Parties means both of them.
	 	 	 
	 	 	 
	 	Financial Indebtedness	any debt or other monetary liability in respect of moneys borrowed or raised or any financial accommodation including under or in respect of any:
	 	 	 

 

    	Facility Agreement        page 8

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	 	
        1   bill,
        bond, debenture, note or similar instrument;

         

        2   acceptance,
        endorsement or discounting arrangement;

         

        3   Surety
        Obligation;

         

        4   finance
        or capital Lease;

         

        5   agreement
        for the deferral of a purchase price or other payment in relation to the acquisition of any asset or service;

         

        6   obligation
        to deliver goods or provide services paid for in advance by any financier;

         

        7   agreement
        for the payment of capital or premium on the redemption of any preference shares; or

         

        8   Hedging
        Agreements,

         

        and irrespective of whether the debt or liability:

         

        9   is
        present or future;

         

        10  is
        actual, prospective, contingent or otherwise;

         

        11  is
        at any time ascertained or unascertained;

         

        12  is
        owed or incurred alone or severally or jointly or both with any other person; or

         

        13  comprises
        any combination of the above.

	 	 	 
	 	 	 
	 	Financial Report	
        in relation to an entity, the following financial statements
        and information in relation to the entity (or the equivalent financial statements or information in the jurisdiction of the entity),
        prepared in accordance with the Accounting Standards, for its financial quarter, financial half-year (if any) or financial year:

         

        1   a
        statement of financial performance;

         

        2   a
        statement of financial position; and

         

        3   a
        statement of cashflows.

	 	 	 
	 	 	 
	 	Force Majeure Event	
        1   an
        act of God;

         

        2   an
        act of terrorism or any other unlawful act against public order or authority;

         

        3   a
        restraint by a Government Agency; and

         

        4   any
        other event which a reasonable person could not foresee or reasonably make provision for or insure against,

         

        which wholly or partially prevents, hinders, obstructs, delays
        or interferes with the development or operation of a Project.

	 	 	 
	 	 	 
	 	Funding Account	the account established under clause 10.1(a).
	 	 	 

 

    	Facility Agreement        page 9

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Funding Date	the date on which a Funding Portion is provided, or is to be provided, to the Borrower under this agreement.
	 	 	 
	 	 	 
	 	Funding Notice	a notice given under clause 4.1.
	 	 	 
	 	 	 
	 	Funding Portion	
        as applicable, each:

         

        1   Tranche
        1 Facility Funding Portion; or

         

        2   Tranche
        2 Facility Funding Portion.

	 	 	 
	 	 	 
	 	Funding Rate	
        in respect of an Interest Period, the aggregate of:

         

        1   LIBOR
        for that Interest Period; and

         

        2   the
        Margin.

	 	 	 
	 	 	 
	 	Gas Hills Property	the property located in the Gas Hills mining district in the State of Wyoming being the mine site commonly referred to as the Lucky Mc Mine, in the area within the DEQ issued mine permit No. 356C.
	 	 	 
	 	 	 
	 	Good Industry Practice	in respect of a Project, the degree of care and skill, diligence, prudence (financial and operational), foresight and operating practice which would reasonably and ordinarily be expected from a skilled operator engaged in the same type of undertaking as the Project under the same or similar circumstances.
	 	 	 
	 	 	 
	 	Government Agency	any government or any governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity.
	 	 	 
	 	 	 
	 	Group Structure Diagram	the group structure diagram in Schedule 5, as amended or updated by the delivery of a new diagram to the Agent under clause 9.6(j).
	 	 	 
	 	 	 
	 	Guarantee Assumption Agreement	an agreement in or substantially in the form of Schedule 6 or another form acceptable to the Agent.
	 	 	 
	 	 	 
	 	Guarantors	
        1   the
        Parent;

         

        2   Pathfinder;
        and

         

        3   any
        Person that has entered into a Guarantee Assumption Agreement and has provided to the Financier all other documentation required
        under clause 13.17.

	 	 	 

 

    	Facility Agreement        page 10

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Hedging Agreement	an interest rate transaction, foreign exchange transaction, equity or equity index option, bond option, commodity swap, commodity option, commodity forward sale, cap transaction, currency swap transaction, cross-currency swap rate transaction or any other hedge or derivative agreement, including any master agreement and any transaction or confirmation under it.
	 	 	 
	 	 	 
	 	Initial Transaction Costs	
        1  the
        fee described in clause 15.1;

         

        2  all
        Taxes and registration fees payable on or with respect to the Transaction Documents;

         

        3  the
        reasonable legal fees in relation to the preparation, negotiation and completion of the Transaction Documents and all related matters;
        and

         

        4  all
        other reasonable fees, costs and expenses (including travel costs, fees payable to any independent technical expert and other disbursements)
        of the Finance Parties.

	 	 	 
	 	 	 
	 	Interest Payment Date	the last day of each Interest Period.
	 	 	 
	 	 	 
	 	Interest Period	a period selected or determined under clause 4.6.
	 	 	 
	 	 	 
	 	Key Mineral Rights	
        in respect of each Project:

         

        1  the
        mineral rights described in Attachment 1 and Attachment 2 (as applicable);

         

        2  any
        other mining claim or right owned by Lost Creek or Pathfinder which the Agent reasonably designates by notice to the Borrower to
        be a ‘Key Mineral Right’;

         

        3  any
        present or future renewal, extension, modification, substitution, amalgamation or variation of any of the land and interests in
        land described in paragraphs 1 and 2; and

         

        4  any
        present or future application for or interest in any of the above, which confers or which, when granted, will confer the same or
        similar rights.

	 	 	 
	 	 	 
	 	Lease	a lease, charter, hire purchase, hiring agreement or any other agreement under which any property is or may be used or operated by a person other than the owner.
	 	 	 
	 	 	 
	 	Lending Office	in respect of a Finance Party, the office of that Finance Party set out opposite its name in Schedule 1 or any other office notified by a Finance Party under this agreement.
	 	 	 

 

    	Facility Agreement        page 11

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	LIBOR	
        in relation to an Interest Period for a Funding Portion, means
        the rate per cent per annum determined by the Agent to be:

         

        1  the
        average of the rates quoted on the LIBOR01 Page as being the rate per annum at which US Dollar deposits are offered for a period
        equivalent to the Interest Period at about 11.00 am (London time) on the Value Date, eliminating the highest and lowest rates and
        rounding up the resultant figure to 4 decimal places;

         

        2  where
        2 or fewer rates are quoted for the relevant period on the LIBOR01 Page at the relevant time, the average of the rates notified
        to the Agent by each Reference Bank to be the rate per annum at which US Dollar deposits are offered to that Reference Bank for
        a period equivalent to the Interest Period at about 11.00 am (London time) on the Value Date, rounding up the resultant figure
        to 4 decimal places; or

         

        3  if
        LIBOR cannot be determined in accordance with paragraphs 1 or 2 of this definition, then the rate calculated in accordance with
        clause 5.7.

	 	 	 
	 	 	 
	 	LIBOR Business Day	a day on which banks are open for business in London and New York excluding a Saturday, Sunday or public holiday.
	 	 	 
	 	 	 
	 	LIBOR01 Page	the page entitled ‘LIBOR01’ on the Reuters Monitor Money Rates Service or any other page which may replace the LIBOR01 page for the purpose of displaying offered rates for US Dollar deposits.
	 	 	 
	 	 	 
	 	Loss	any claim, action, damage, loss, liability, cost, charge, expense, outgoing or payment.
	 	 	 
	 	 	 
	 	Lost Creek	Lost Creek ISR, LLC, a limited liability company formed under the laws of the State of Wyoming, United States of America, being a wholly owned subsidiary of the Borrower.
	 	 	 
	 	 	 
	 	Lost Creek Mortgage	
        1   the
        agreement entitled ‘Mortgage, Assignment of Revenues, Security, Agreement, Fixture Filing and Financing Statement’
        dated 24 June 2013 granted by Lost Creek in favour of the Finance Parties in relation to, among other things, the Mineral Rights
        for the Lost Creek Project; and

         

        2   the
        agreement entitled ‘Mortgage, Assignment of Revenues, Security, Agreement, Fixture Filing and Financing Statement’
        dated on or about the date of the Amendment and Restatement Agreement granted by Lost Creek in favour of the Finance Parties in
        relation to, among other things, the Mineral Rights for the Lost Creek Project.

	 	 	 

 

    	Facility Agreement        page 12

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Lost Creek Pledge Agreement	the pledge over all of the outstanding and future membership interests of Lost Creek granted by the Borrower in favour of the Agent and the Financier dated 24 June 2013.
	 	 	 
	 	 	 
	 	Lost Creek Project	the Lost Creek uranium project located within the Project Area in the State of Wyoming, United States of America, comprising the exploration, development, construction and operation of the mine in the Project Area and its associated infrastructure.
	 	 	 
	 	 	 
	 	Margin	8.5% per annum.
	 	 	 
	 	 	 
	 	Marketable Securities	
        1   debentures,
        stocks, shares or bonds of any government, of any local Government Agency, or of any body corporate, association or society, and
        includes any right or option in respect of shares in any body corporate;

         

        2   any
        unit (whatever called) in a trust estate which represents a legal or beneficial interest in any of the income or assets of a trust
        estate and includes, but is not limited to, any option to acquire any unit as described in this paragraph 2;

         

        3   any
        option or right in respect of an unissued share;

         

        4   any
        convertible note; and

         

        5   any
        instrument or security which is a combination of any of the above.

	 	 	 
	 	 	 
	 	Market Disruption Event	any event specified in clause 5.7.
	 	 	 
	 	 	 
	 	Material Adverse Effect	
        a material adverse effect on:

         

        1   any
        Transaction Party’s ability to perform any of its obligations under any Transaction Document;

         

        2   the
        rights of the Finance Parties under, or the enforceability of, a Transaction Document;

         

        3   the
        value of the Secured Property; or

         

        4   the
        assets, business or operations of any Transaction Party(including a Project of any Transaction Party and the Project Assets relating
        to that Project).

	 	 	 
	 	 	 
	 	Material Agreement	
        1   each
        of the State Documents;

         

        2   the
        Pathfinder SPA;

         

        3   the
        Offtake Agreements;

         

        4   any
        agreement or contract described in clause 9.15(f);

         

        5   the
        Converdyn Agreement; and

	 	 	 

 

    	Facility Agreement        page 13

    	 

    

 

		1     Definitions
      and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	 	
        6   any
        other agreement:

         

        ·    to
        which a Transaction Party or Lost Creek is a party; and

        ·   that
        is, in the reasonable opinion of the Agent, material to the development of a Project and which the Agent notifies the Borrower
        is to be a Material Agreement.

	 	 	 
	 	 	 
	 	Mineral Rights	
        in respect of a Project:

         

        1   all
        of the mineral rights (including the Key Mineral Rights) described in Attachment 1 and Attachment 2 (as applicable);

         

        2   all
        entitlements of Lost Creek and Pathfinder under the provisions of any relevant Mining Law to conduct exploration or mining activities
        in any part of the Project Area relating to that Project;

         

        3   any
        present or future interest from time to time held by or on behalf of Pathfinder or Lost Creek in any present or future right, lease,
        licence, patented or unpatented mining claim or millsite, permit, plan of operations or other authority which confers or may confer
        a right to prospect or explore for or mine any metals or minerals on the land the subject of the mining claims or State Leases
        with respect to that Project;

         

        4   any
        present or future renewal, extension, modification, substitution, amalgamation or variation of any of the mineral rights described
        above (whether extending over the same or a greater or lesser area); and

         

        5   any
        present or future application for or an interest in any of the above which confers or which, when operated, will confer the same
        or similar rights.

	 	 	 
	 	 	 
	 	Mining Law	any law, including the relevant laws of United States of America, the State of Wyoming or otherwise, whether or not deriving from statute, concerning the acquisition by any allowed means of interests in public lands or private lands for the purpose of conducting mining exploration, mine development, mining operations, reclamation and related operations on that land, together with the rights necessary to conduct those activities, including but not limited to laws relating to public land use, development, conservation of natural or cultural resources and resource allocation and includes any laws concerning permits, licences and Authorizations required to be received before conducting any of those activities and includes any and all rules, regulations or ordinances promulgated under or in respect of those laws.
	 	 	 
	 	 	 
	 	NYSE Business Day	a day on which trading takes place on the NYSE MKT.
	 	 	 
	 	 	 
	 	NYSE MKT	NYSE MKT LLC.
	 	 	 

  

    	Facility Agreement        page 14

    	 

    

 

		1     Definitions and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	NYSE MKT Approvals	
        each approval of the NYSE MKT that is required in connection
        with the transactions contemplated in the Transaction Documents, including:

         

        1   the
        provision of the Facility;

         

        2   the
        issuance of the Warrants; and

         

        3   the
        issuance and listing of Shares on the exercise of the Warrants.

	 	 	 
	 	 	 
	 	Officer	
        1   in
        relation to a Transaction Party which is a corporation, a director, secretary, chief executive officer, chief financial officer,
        treasurer, president or vice president or a person notified to be an authorized officer, of the Transaction Party;

         

        2   in
        relation to a Transaction Party which is a limited liability company, the manager of that Transaction Party or a person notified
        to be an authorized officer of that Transaction Party; and

         

        3   in
        relation to a Finance Party, a director, secretary or any person whose title includes the word ‘Director’, ‘Managing
        Director’, ‘Manager’ or ‘Vice President’, and any other person appointed by the Finance Party to
        act as its authorized officer for the purposes of this agreement.

	 	 	 
	 	 	 
	 	Offtake Agreements	the offtake agreements set out in Attachment 3.
	 	 	 
	 	 	 
	 	Overdue Margin	2% per annum. 
	 	 	 
	 	 	 
	 	Overdue Rate	
        the aggregate of:

         

        1   the
        Overdue Margin;

         

        2   the
        Margin; and

         

        3   LIBOR
        on the relevant date on which the Overdue Rate is calculated under clause 16, as determined by the Agent in accordance with
        the definition of LIBOR in this clause 1.1 except that in making the determination all references in that definition to:

         

        ·   ‘Interest
        Period’ are references to a period of 30 days;

         

        ·   ‘Value
        Date’ are to the relevant date on which the Overdue Rate is calculated under clause 16; and

         

        ·   ‘Funding
        Portion’ are to the relevant overdue amount.

	 	 	 
	 	 	 
	 	Pathfinder	Pathfinder Mines Corporation, a company incorporated under the laws of Delaware, United States of America, being a wholly-owned subsidiary of the Borrower.
	 	 	 

 

    	Facility Agreement        page 15

    	 

    

  

		1     Definitions and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	Pathfinder Acquisition	completion of the acquisition of Pathfinder under the Pathfinder SPA.
	 	 	 
	 	 	 
	 	Pathfinder Acquisition Date	the date on which the Pathfinder Acquisition occurred.
	 	 	 
	 	 	 
	 	Pathfinder Mortgages	
        1   the
        agreement entitled ‘Mortgage, Assignment of Revenues, Security, Agreement, Fixture Filing and Financing Statement’
        dated 20 December 2013 granted by Pathfinder in favour of the Finance Parties in relation to, among other things, the Mineral Rights
        for the Pathfinder Uranium Projects located at the Gas Hills Property; and

         

        2   the
        agreement entitled ‘Mortgage, Assignment of Revenues, Security, Agreement, Fixture Filing and Financing Statement’
        dated 20 December 2013 granted by Pathfinder in favour of the Finance Parties in relation to, among other things, the Mineral Rights
        for the Pathfinder Uranium Projects located at the Shirley Basin Property.

	 	 	 
	 	 	 
	 	Pathfinder Pledge Agreement	the pledge over all of the outstanding and future shares in the capital stock of Pathfinder granted by the Borrower in
favour of the Agent under clause 1.1(a) dated 20 December 2013.
	 	 	 
	 	 	 
	 	Pathfinder Security Agreement	the agreement entitled ‘Security agreement’ dated 20 December 2013 granted by Pathfinder in favour of the Finance Parties.
	 	 	 
	 	 	 
	 	Pathfinder SPA	the sale and purchase agreement dated 16 December 2013 between AREVA and the Borrower, under which AREVA sold and the Borrower purchased all of the issued shares in the capital stock of Pathfinder.
	 	 	 
	 	 	 
	 	Pathfinder Uranium Projects	the uranium projects located at the Gas Hills Property and the Shirley Basin Property. 
	 	 	 
	 	 	 
	 	Patriot Act	the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, signed into law on October 26, 2001, as amended from time to time.
	 	 	 
	 	 	 
	 	Payment Currency	the currency in which any payment is actually made.
	 	 	 

 

    	Facility Agreement        page 16

    	 

    

 

		1     Definitions and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	Permitted Disposal	
        1   sale
        of Product pursuant to the Offtake Agreements or otherwise on normal commercial terms;

         

        2   any
        Disposal on normal commercial terms of obsolete assets or, in the case of Project Assets, assets that are surplus or otherwise
        no longer required for the purpose of a Project;

         

        3   any
        Disposal on normal commercial terms of assets (excluding Project Assets) if the proceeds of the Disposal are used at or about the
        same time to acquire replacement assets of comparable or superior value, type and quality which are to be used for a similar purpose;

         

        4   any
        payment of cash as consideration for the acquisition of any assets or services on normal commercial terms;

         

        5   any
        Disposal which is required to be made under any applicable law or an order or directive made by any Government Agency;

         

        6   any
        Disposals which constitute Permitted Encumbrances or in connection with Permitted Financial Indebtedness;

         

        7   a
        Disposal arising under a Permitted Royalty;

         

        8   any
        Disposal of assets (other than Project Assets) not included in paragraphs 1 to 7 (inclusive) where the market value (in aggregate)
        does not exceed $5,000,000; and

         

        9   any
        other Disposal made with the prior written consent of the Agent.

	 	 	 
	 	 	 
	 	Permitted Encumbrance	
        1   any
        Security;

         

        2   [not
        used];

         

        3   any
        other Encumbrance in favour of the Financier;

         

        4   any
        Encumbrance which is approved in writing by the Financier;

         

        5   any
        Encumbrance created under the Converdyn Agreement, or other agreements entered into in respect of conversion and storage services
        at the Converdyn facility at Metropolis, Illinois, the Cameco facility at Port Hope and Comurhex facility in France, in the ordinary
        course of business;

         

        6   the
        interests described in the UCC financing statements listed in Schedule 9;

         

        7   any
        Encumbrance arising under a State Document;

         

        8   any
        operating lease of personal property entered into in the ordinary course of business and having a term (including renewals) of
        greater than one year that are deemed to be Encumbrances under applicable law;

         

        9   any
        cash or cash equivalent on deposit with any person as collateral for obligations in connection with Environmental Bonding;

         

        10 any
        Encumbrance for purchase money mortgages and other security interests on equipment acquired, leased or held by any Transaction
        Party or Lost Creek (including equipment held by any such Person as lessee under leveraged leases) in the ordinary course of business
        to secure the purchase price of or rental payments with respect to the equipment or to secure indebtedness incurred solely for
        the purpose of financing the acquisition (including acquisition as lessee under leveraged leases), construction or improvement
        of any of the equipment, as long as that the property secured by that Encumbrance is limited to the relevant equipment;

	 	 	 

 

    	Facility Agreement        page 17

    	 

    

 

		1     Definitions and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	
        11 (i)
        Encumbrances of a collecting bank arising in the ordinary course of business under Section 4-210 of the Uniform Commercial code
        in effect in the relevant jurisdiction; and

         

        (ii) Encumbrances of any depositary
        bank in connection with rights of set-off and recoupment with respect to any deposit account of any Transaction Party or Lost Creek
        as permitted under clause 9.17; and

         

        12 any
        Encumbrance arising by operation of law in the ordinary course of business in good faith including (a) workman's, contractor’s,
        subcontractor’s, mechanic’s, materialman’s, supplier’s, solicitor's or other similar statutory liens, (b)
        liens in favour of any Government Agency, (c) liens for taxes, assessments and governmental charges or levies not yet due and payable,
        (d) the terms and conditions of mineral leases under which any Transaction Party or Lost Creek is a lessee, and liens affecting
        the interests of any third party lessor as the property owner under the relevant lease, (e) the terms and conditions of the State
        Leases, and liens affecting the interests of the State of Wyoming as the property owner under the relevant lease, and (f) liens
        of pledges or deposits under workers’ compensation laws or similar legislation, unemployment insurance or other types of
        social security or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, governmental
        contracts, performance and return of money bonds and similar obligations, but in each case only for so long as:

         

        ·   there
        is no default in payment of any money or performance of any obligation secured by the relevant Encumbrance; and

         

        ·   there
        are adequate holdbacks being maintained as required by applicable law,

         

        but not including any Encumbrance arising due to the failure
        to observe any statute or contract.

	 	 	 
	 	 	 
	 	Permitted Financial Accommodation	
        any financial accommodation or any Surety Obligation provided
        by a Transaction Party or Lost Creek in respect of financial accommodation:

         

        1   under
        the Transaction Documents;

         

        2   [not
        used];

         

        3   to
        another Transaction Party or Lost Creek, to the extent provided in the Corporate and Project Budget;

         

        4   under
        the Environmental Bonding arrangements; or

         

        5   with
        the Agent’s prior written consent.

	 	 	 

 

    	Facility Agreement        page 18

    	 

    

 

		1     Definitions and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Permitted Financial Indebtedness	
        1   any
        liability of a Transaction Party or Lost Creek under any agreement entered into in the ordinary course of business for the acquisition
        of any asset or service where payment for the asset or service is deferred for a period of not more than 90 days;

         

        2   any
        Financial Indebtedness incurred by one Transaction Party or Lost Creek to another Transaction Party or Lost Creek;

         

        3   any
        Financial Indebtedness incurred or permitted to be incurred under the State Documents;

         

        4   any
        Financial Indebtedness incurred or permitted to be incurred under any Transaction Document;

         

        5   [not
        used];

         

        6   any
        Financial Indebtedness entered into by a Transaction Party or Lost Creek, the aggregate outstanding principal amount of
        which does not at any time exceed $500,000;

         

        7   any
        Financial Indebtedness (including any surety) incurred under or in respect of any reclamation bond; and

         

        8   any
        other Financial Indebtedness approved by the Agent.

	 	 	 
	 	 	 
	 	Permitted Interest	
        1   any
        zoning or similar law or right reserved to or vested in any Government Agency to control or regulate the use of any real property;

         

        2   registered restrictions,
        covenants, land use contracts, building schemes, declarations of covenants, conditions and restrictions, servicing agreements in
        favour of any Government Agency, easements, rights-of-way, servitudes or other similar rights in or with respect to real property
        (including open space and conservation easements, restrictions or similar agreements and rights of way and servitudes for railways,
        water, sewer, drainage, gas and oil pipelines, electricity, light, power, telephone, telegraph, internet or cable television services
        and utilities) granted to or reserved by other Persons or properties, which, in the aggregate, do not materially impair the use
        of the subject property or asset for its intended purposes or the operation of the business of that Person, but each of the above
        will only be taken to be a Permitted Interest for so long as its terms have been complied with;

         

        3   any right reserved to
        or vested in any Government Agency, by the terms of any permit, licence, certificate, order, grant, classification (including any
        zoning laws and ordinances and similar legal requirements), registration or other consent, approval or authorisation acquired by
        a Person from any Government Agency, to terminate any permit, licence, certificate, order, grant, classification, registration
        or other consent, approval or authorisation or to require annual or other payments as a condition to the continuance of that right
        and which, in the aggregate, do not materially impair the use of or the operation of the business or property; and

         

        4   the interests listed in
        Schedule 7.

	 	 	 

 

    	Facility Agreement        page 19

    	 

    

 

		1     Definitions and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Permitted Royalty	the royalties listed in Schedule 8. 
	 	 	 
	 	 	 
	 	Person	an individual, corporation, company, partnership, association, trust or unincorporated organization, or a government or any agency, division, department, or political subdivision a government.
	 	 	 
	 	 	 
	 	Pollutant	a pollutant, contaminant, dangerous, toxic or hazardous substance, petroleum or petroleum product, chemical, solid, special liquid, industrial or other waste.
	 	 	 
	 	 	 
	 	Potential Event of Default	any thing which could reasonably be expected to become an Event of Default on the giving of notice (whether or not notice is actually given), the expiry of time, the satisfaction or non-satisfaction of any condition, or any combination of the above.
	 	 	 
	 	 	 
	 	Power	any right, power, authority, discretion or remedy conferred on a Finance Party, a Receiver or an Attorney by any Transaction Document or any applicable law.
	 	 	 
	 	 	 
	 	Principal Outstanding	the aggregate of the Tranche 1 Facility Principal Outstanding and the Tranche 2 Facility Principal Outstanding.
	 	 	 
	 	 	 
	 	Product	the present and future right, title and interest of a Transaction Party or Lost Creek in and to all uranium and other locatable metals and minerals mined, extracted or derived from the Project Area and the Projects.
	 	 	 
	 	 	 
	 	Projects	
        each of:

         

        1   the
        Lost Creek Project; and

         

        2   the
        Pathfinder Uranium Projects,

         

        and Projects means all of them.

	 	 	 
	 	 	 
	 	Project Area	
        each of:

         

        1   the
        area the subject of the Key Mineral Rights for the Lost Creek Project; and

         

        2   the
        area the subject of the Key Mineral Rights for the Pathfinder Uranium Projects,

         

        and Project Areas means all of them.

	 	 	 

 

    	Facility Agreement        page 20

    	 

    

 

		1     Definitions and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	Project Assets	
        in respect of a Project, all the right, title and interest both
        present and future of any Transaction Party or Lost Creek which is attributable to the Project and includes all the right, title
        and interest both present and future of a Transaction Party or Lost Creek in, to, under or derived from:

         

        1   the
        Key Mineral Rights for the Project;

         

        2   the
        Product;

         

        3   any
        title to or interest in land in the Project Area now or at a later time held by a Transaction Party or Lost Creek;

         

        4   every
        contract for the use by any third party of any of the assets and property included in the Project or the Project Area;

         

        5   Authorizations
        in relation to the Project or the Project Area;

         

        6   the
        relevant Project Documents for the Project and any other contract, agreement, permit, lease, licence, consent, easement, right
        of way and other rights or interests in land, which relate to the operation or maintenance of the Project or the Project Area or
        to the exploration, mining, production, transportation, storage, treatment, processing or marketing of the Product;

         

        7   all
        exploration and mining information, documents, maps, reports, records, studies and other written data, including all data stored
        on magnetic tapes, disks or diskettes or any other computer storage media, relating to geological, geochemical and geophysical
        work, feasibility studies and other operations conducted with respect to the Project Area;

         

        8   all
        buildings, improvements, structures, systems, fixtures, plant, machinery, equipment, tools and other personal property at any time
        used or intended for use in connection with or incidental to the development of the Project and the exploration, mining, storage,
        transporting, and processing of Product and all associated facilities and infrastructure (including any treatment or processing
        plant); and

         

        9   every
        contract for the use by any third party of any of the assets described in paragraphs 1 to 8 inclusive.

	 	 	 
	 	 	 
	 	Project Documents	
        1   the
        State Leases;

         

        2   all
        instruments and indicia of title to the Key Mineral Rights and Mineral Rights and all other documentation and agreements under
        which a Transaction Party or Lost Creek derives the right to conduct mining or exploration in the Project Areas;

         

        3   any
        other contractual interests in real property that comprise a portion of the Key Mineral Rights;

         

        4   each
        Material Agreement;

         

        5   all
        agreements evidencing the Environmental Bonding arrangements;

         

        6   any
        other document executed from time to time by any person in respect of the documents described in paragraphs 1 to 5 inclusive or
        which is collateral, supplementary or related to those documents; and

	 	 	 

 

    	Facility Agreement        page 21

    	 

    

 

		1     Definitions and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	 	7   any other document that the Agent and the Borrower agree in writing to be a Project Document.
	 	 	 
	 	 	 
	 	Promissory Note	the instrument in the form set out in Schedule 4.
	 	 	 
	 	 	 
	 	Quarter	the period of 3 months preceding a Quarterly Date.
	 	 	 
	 	 	 
	 	Quarterly Date	each of 31 March, 30 June, 30 September and 31 December each year.
	 	 	 
	 	 	 
	 	Receiver	a receiver or receiver and manager appointed under a Security Document, or a person acting in an equivalent role.
	 	 	 
	 	 	 
	 	Reference Banks	
        1   Barclays
        Bank plc;

         

        2   JPMorgan
        Chase Bank; and

         

        3   Royal
        Bank of Scotland plc,

         

        and any other bank or financial institution
        nominated by the Agent.

	 	 	 
	 	 	 
	 	Registration Statement	has the meaning given in clause 7.5.
	 	 	 
	 	 	 
	 	Relevant Currency	the currency in which a payment is required to be made under the Transaction Documents and, if not expressly stated to be another currency, is Dollars.
	 	 	 
	 	 	 
	 	Repayment Date	
        1   in
        relation to the Tranche 1 Facility, each Tranche 1 Facility Repayment Date; and

         

        2   in
        relation to the Tranche 2 Facility, each Tranche 2 Facility Repayment Date.

	 	 	 
	 	 	 
	 	Review Event	any event specified in clause 11.5(a).
	 	 	 
	 	 	 
	 	Same Day Funds	immediately available and freely transferable funds.
	 	 	 
	 	 	 
	 	Secured Moneys	
        all debts and monetary liabilities of each Transaction Party
        to the Finance Parties under or in relation to any Transaction Document and in any capacity, irrespective of whether the debts
        or liabilities:

         

        1   are
        present or future;

	 	 	 

 

    	Facility Agreement        page 22

    	 

    

 

		1     Definitions and interpretations 

  

	 	Term	Meaning
	 	 	 
	 	 	
        2   are
        actual, prospective, contingent or otherwise;

         

        3   are
        at any time ascertained or unascertained;

         

        4   are
        owed or incurred by or on account of any Transaction Party alone, or severally or jointly with any other person;

         

        5   are
        owed to or incurred for the account of any Finance Party alone, or severally or jointly with any other person;

         

        6   are
        owed to any other person as agent (whether disclosed or not) for or on behalf of any Finance Party;

         

        7   are
        owed or incurred as principal, interest, fees, charges, Taxes, damages (whether for breach of contract or tort or incurred on any
        other ground), losses, costs or expenses, or on any other account;

         

        8   are
        owed to or incurred for the account of any Finance Party directly or as a result of:

         

        ·   the
        assignment or transfer to any Finance Party of any debt or liability of any Transaction Party (whether by way of assignment, transfer
        or otherwise); or

         

        ·   any
        other dealing with any such debt or liability;

         

        9   are
        owed to or incurred for the account of a Finance Party before the date of this agreement or before the date of any assignment of
        this agreement to any Finance Party by any other person or otherwise; or

         

        10 comprise
        any combination of the above.

	 	 	 
	 	 	 
	 	Secured Property	the property subject to a Security.
	 	 	 
	 	 	 
	 	Securities Act	the Securities Act of 1933, as amended.
	 	 	 
	 	 	 
	 	Securities Laws	in respect of a Transaction Party or Lost Creek, all securities, companies and corporations laws, together with all regulations, rules and policy statements under those laws, which are applicable to that Transaction Party or Lost Creek, including the applicable laws of the United States of America and Canada or a State, Province or Territory of either of them.
	 	 	 
	 	 	 
	 	Security	any security created or expressed to be created in favour of a Finance Party by a Security Document.
	 	 	 
	 	 	 
	 	Security Document	
        1   the
        Borrower Security Agreement;

         

        2   the
        Pathfinder Security Agreement;

         

        3   the
        Pathfinder Pledge Agreement;

         

        4   the
        Pathfinder Mortgages;

	 	 	 

 

    	Facility Agreement        page 23

    	 

    

 

		1     Definitions and interpretations 

  

	 	Term	Meaning
	 	 	 
	 	 	 
	 	 	
        5   the
        guarantee and indemnity given by a Guarantor under clause 13.17;

         

        6   the
        Deposit Account Control Agreement;

         

        7   any
        Encumbrance granted by a Guarantor under clause 13.17; and

         

        8   each
        Collateral Security.

	 	 	 
	 	 	 
	 	Security Provider	a person who has granted a Security.
	 	 	 
	 	 	 
	 	Shares	fully paid shares of the common stock in the capital of the Parent.
	 	 	 
	 	 	 
	 	Shirley Basin Property	the property located in the Shirley Basin mining district in the State of Wyoming being the mine site commonly referred to as the Shirley Basin Mine, in the area within the DEQ issued mine permit No. 345C.
	 	 	 
	 	 	 
	 	State Documents	
        1   the
        State Financing Agreement;

         

        2   the
        agreement entitled ‘Mortgage, Assignment of Revenues, Security, Agreement, Fixture Filing and Financing Statement’
        granted by Lost Creek in favour of Sweetwater County, Wyoming in relation to the Mineral Rights for the Lost Creek Project;

         

        3   the
        guarantee agreements, each entitled ‘Guarantee’, granted by the Borrower and the Parent in favour of Sweetwater County,
        Wyoming;

         

        4   the
        indenture of trust made between Sweetwater County, Wyoming and the trustee identified in that indenture of trust;

         

        5   the
        pledge over all of the outstanding and future membership interests of Lost Creek granted by the Borrower in favour of Sweetwater
        County, Wyoming; and

         

        6   other
        related security documents entered into between Lost Creek, Sweetwater County, Wyoming and the trustee identified in those security
        documents.

	 	 	 
	 	 	 
	 	State Financing Agreement	the agreement entitled ‘Financing Agreement’ made between Sweetwater County, Wyoming and Lost Creek.
	 	 	 
	 	 	 
	 	State Leases	
        1   State
        of Wyoming Uranium Lease No. 0-40814;

         

        2   State
        of Wyoming Uranium Lease No. 0-41041;

         

        3   State
        of Wyoming Uranium Lease No. 0-41765; and

         

        4   State
        of Wyoming Uranium Lease No. 0-42115.

	 	 	 

 

    	Facility Agreement        page 24

    	 

    

 

		1     Definitions and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Subsidiary	a Person over which another Person has Control.
	 	 	 
	 	 	 
	 	Surety Obligation	
        any guaranty, suretyship, letter of credit, letter of comfort
        or any other obligation:

         

        1   to
        provide funds (whether by the advance or payment of money, the purchase of or subscription for shares or other securities, the
        purchase of assets or services, or otherwise) for the payment or discharge of;

         

        2   to
        indemnify any person against the consequences of default in the payment of; or

         

        3   to
        be responsible for,

         

        any debt or monetary liability of another person or the assumption
        of any responsibility or obligation in respect of the insolvency or the financial condition of any other person.

	 	 	 
	 	 	 
	 	Tax	
        1   any
        tax, levy, charge, impost, duty, fee, deduction, compulsory loan or withholding including goods and services tax; or

         

        2   any
        income, stamp or transaction duty, tax or charge,

         

        which is assessed, levied, imposed or collected by any Government
        Agency and includes any interest, fine, penalty, charge, fee or other amount imposed on or in respect of any of the above.

	 	 	 
	 	 	 
	 	Title Document	any original, duplicate or counterpart certificate or document of title.
	 	 	 
	 	 	 
	 	Tranche 1 Facility	the facility made available by the Financier to the Borrower under clause 3.1 up to the amount of the Tranche 1 Facility Commitment.
	 	 	 
	 	 	 
	 	Tranche 1 Facility Commitment	the maximum aggregate amount agreed to be provided by the Financier under the Tranche 1 Facility, being $6,500,000 (of which, $5,000,000 was advanced to the Borrower on or about 19 December 2013), as reduced or cancelled in accordance with this agreement.
	 	 	 
	 	 	 
	 	Tranche 1 Facility Financial Close	24 June 2013.
	 	 	 
	 	 	 
	 	Tranche 1 Facility Funding Date	the date on which a Tranche 1 Facility Funding Portion is provided, or is to be provided, to the Borrower under this agreement.
	 	 	 
	 	 	 
	 	Tranche 1 Facility Funding Portion	each portion of the Tranche 1 Facility Commitment provided under this agreement.
	 	 	 

 

    	Facility Agreement        page 25

    	 

    

 

		1     Definitions and interpretations 

  

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Tranche 1 Facility Principal Outstanding	at any time, the aggregate principal amount of all outstanding Tranche 1 Facility Funding Portions at that time.
	 	 	 
	 	 	 
	 	Tranche 1 Facility Repayment Amount	each of the amounts set out in column 2 of the Tranche 1 Facility Repayment Schedule.
	 	 	 
	 	 	 
	 	Tranche 1 Facility Repayment Date	each of the dates set out in column 1 of the Tranche 1 Facility Repayment Schedule.
	 	 	 
	 	 	 
	 	Tranche 1 Facility Repayment Schedule	the repayment schedule set out in Schedule 3.
	 	 	 
	 	 	 
	 	Tranche 1 Facility Undrawn Commitment	at any time, the Tranche 1 Facility Commitment at that time less the Tranche 1 Facility Principal Outstanding at that time.
	 	 	 
	 	 	 
	 	Tranche 2 Facility	the facility made available by the Financier to the Borrower under clause 3.1 up to the amount of the Tranche 2 Facility Commitment.
	 	 	 
	 	 	 
	 	Tranche 2 Facility Commitment	the maximum aggregate amount agreed to be provided by the Financier under the Tranche 2 Facility, being $3,500,000, as reduced or cancelled in accordance with this agreement.
	 	 	 
	 	 	 
	 	Tranche 2 Facility Financial Close	the date on which all of the conditions precedent in clauses 2.1 and 2.2 are satisfied or waived by the Agent.
	 	 	 
	 	 	 
	 	Tranche 2 Facility Funding Portion	each portion of the Tranche 2 Facility Commitment provided under this agreement.
	 	 	 
	 	 	 
	 	Tranche 2 Facility Principal Outstanding	at any time, the aggregate principal amount of all outstanding Tranche 2 Facility Funding Portions at that time.
	 	 	 
	 	 	 
	 	Tranche 2 Facility Repayment Date	in respect of a Tranche 2 Facility Funding Portion, the Quarterly Date occurring after the provision of that Tranche 2 Facility Funding Portion.
	 	 	 
	 	 	 
	 	Tranche 2 Facility Undrawn Commitment	at any time, the Tranche 2 Facility Commitment at that time less the Tranche 2 Facility Principal Outstanding at that time.
	 	 	 

 

    	Facility Agreement        page 26

    	 

    

 

		1     Definitions and interpretations 

  

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Transaction Document	
        1   this
        agreement;

         

        2   each
        Security Document;

         

        3   any
        Guarantee Assumption Agreement;

         

        4   the
        Promissory Note;

         

        5   the
        Warrant Certificate;

         

        6   any
        document or agreement entered into or given under any of the above;

         

        7   any
        other document that the Agent and the Borrower agree in writing to be a Transaction Document; and

         

        8   all
        amendments, modifications, extensions, replacements and substitutions to any of the above.

	 	 	 
	 	 	 
	 	Transaction Party	
        1   the
        Borrower;

         

        2   each
        Guarantor;

         

        3   each
        Security Provider; and

         

        4   any
        other person that the Borrower and the Agent agree is a Transaction Party.

	 	 	 
	 	 	 
	 	TSX	the Toronto Stock Exchange.
	 	 	 
	 	 	 
	 	TSX Business Day	a day on which trading takes place on the TSX.
	 	 	 
	 	 	 
	 	Undrawn Commitment 	
        at any time,

         

        1   the
        Tranche 1 Facility Undrawn Commitment; or

         

        2   the
        Tranche 2 Facility Undrawn Commitment.

	 	 	 
	 	 	 
	 	Value Date	the date 2 LIBOR Business Days before the first day of an Interest Period.
	 	 	 
	 	 	 
	 	Warrant	a warrant to purchase Shares which was issued to the Warrant Holder under clause 7.1 and which is exercisable at the Exercise Price.
	 	 	 
	 	 	 
	 	Warrant Certificate	
        a certificate in the form of Attachment 4.

	 	 	 

 

    	Facility Agreement        page 27

    	 

    

 

		1     Definitions and interpretations 

 

	 	Term	Meaning
	 	 	 
	 	 	 
	 	Warrant Holder	the Financier or the Financier’s nominee.
	 	 	 
	 	 	 
	 	Warrant Share	each Share received by the Financier or the Financier’s nominee on the exercise of a Warrant.
	 	 	 
	 	 	 
	 	WOC Proceeding	the administrative challenge brought by the Wyoming Outdoor Council requesting that the Wyoming State Office of the Bureau of Land Management review and stay its decision with respect to its Record of Decision.
	 	 	 
	 	 	 
	 	Work Fee	a non-refundable, non-rebateable fee of $50,000 paid in cash by the Borrower to the Agent upon acceptance of the Agent’s mandate to arrange the Facility.
	 	 	 

  

		1.2	Interpretations

 

In this agreement headings and bold type are for
convenience only and do not affect the interpretation of this agreement and, unless the context requires otherwise:

 

		(a)	words indicating the singular include the plural and vice versa;

 

		(b)	words indicating a gender include any gender;

 

		(c)	other parts of speech and grammatical forms of a word or phrase defined in this agreement have a corresponding meaning;

 

		(d)	an expression suggesting or referring to a natural person or an entity includes any company, partnership, joint venture, association,
corporation or other body corporate and any Government Agency;

 

		(e)	a reference to any thing (including any right) includes a part of that thing but nothing in this clause 1.2(e) implies
that performance of part of an obligation constitutes performance of the obligation;

 

		(f)	a reference to a clause, party, annexure, exhibit, attachment or schedule is a reference to a clause of, and a party,
annexure, exhibit, attachment and schedule to, this agreement and a reference to this agreement includes any annexure, exhibit,
attachment and schedule;

 

		(g)	a reference to a statute, regulation, proclamation, ordinance or by-law includes all statutes, regulations, proclamations,
ordinances or by-laws amending, consolidating or replacing it, whether passed by the same or another Government Agency with legal
power to do so, and a reference to a statute includes all regulations, proclamations, ordinances and by-laws issued under that
statute;

 

		(h)	a reference to a document includes all amendments or supplements to, or replacements or novations of, that document;

 

    	Facility Agreement        page 28

    	 

    

  

		2     Conditions precedent and conditions subsequent

 

		(i)	a reference to liquidation includes official management, appointment of an administrator, compromise, arrangement, merger,
amalgamation, reconstruction, winding up, dissolution, deregistration, assignment for the benefit of creditors, scheme, composition
or arrangement with creditors, insolvency, bankruptcy, or a similar procedure or, where applicable, changes in the constitution
of any partnership or person, or death;

 

		(j)	a reference to a party to any document includes that party’s successors and permitted assigns;

 

		(k)	a reference to an agreement other than this agreement includes an undertaking, deed, agreement or legally enforceable arrangement
or understanding whether or not in writing;

 

		(l)	a reference to an asset includes all property of any nature, including a business, and all rights, revenues and benefits;

 

		(m)	a reference to a document includes any agreement in writing, or any certificate, notice, deed, instrument or other document
of any kind;

 

		(n)	no provision of this agreement may be construed adversely to a party solely on the ground that the party was responsible for
the preparation of this agreement or that provision;

 

		(o)	a reference to a body, other than a party to this agreement (including an institute, association or authority), whether statutory
or not:

 

		(1)	which ceases to exist; or

 

		(2)	whose powers or functions are transferred to another body,

 

is a reference to the body which replaces it or which
substantially succeeds to its powers or functions;

 

		(p)	a Default is ‘continuing’ if it has not been waived in writing by, or remedied to the reasonable satisfaction of,
the Agent; and

 

		(q)	references to time are to Denver, Colorado time, unless otherwise stated.

 

		1.3	Inclusive expressions

 

Specifying anything in this agreement after the
words ‘include’ or ‘for example’ or similar expressions does not limit what else is included unless there
is express wording to the contrary.

 

		1.4	Business Day

 

Except where clause 6.2 applies or as otherwise
provided under this agreement, where the day on or by which any thing is to be done is not a Business Day, that thing must be done
on or by the succeeding Business Day.

 

		1.5	Accounting Standards

 

Any accounting practice or concept relevant to this
agreement is to be construed or determined in accordance with the Accounting Standards.

 

    	Facility Agreement        page 29

    	 

    

  

		2     Conditions precedent and conditions subsequent

 

		2	Conditions precedent and conditions
                                         subsequent

 

		2.1	Conditions precedent to the first Tranche 2 Facility Funding Portion

 

The Financier is not obliged to provide the first
Tranche 2 Facility Funding Portion or the Tranche 2 Facility Commitment until the Agent has received all of the following
in form and of substance satisfactory to the Agent:

 

		(a)	N.I. 43-101 compliant resource: evidence that the Parent has made a submission to the TSX reporting a N.I. 43-101
                                                                  compliant resource on the Pathfinder Uranium Projects containing at least an aggregate of 5,000,000 lbs of
                                                                  U3O8 at                                                                   an
                                                                  average grade exceeding 500 parts per million
                                                                  U3O8; and

 

		(b)	certificate regarding Material Adverse Effect: a certificate of the Borrower and each Guarantor stating that
since the end of the accounting period for the most recently prepared Financial Reports, no event has occurred (and is continuing)
which has, or could reasonably be expected to have, a Material Adverse Effect.

 

		2.2	Conditions precedent to all Funding Portions

 

The Financier is not obliged to provide any Funding
Portion under any Facility until the following conditions are fulfilled to the satisfaction of the Agent:

 

		(a)	Funding Notice: a Funding Notice has been provided by the Borrower to the Agent that complies with clause 4.2;

 

		(b)	Funding Date: the Funding Date for the provision of a Funding Portion, is a Business Day within the Availability Period,
and for the Tranche 2 Facility a Quarterly Date;

 

		(c)	Commitment: in respect of the provision of a Funding Portion, the relevant Commitment will not be exceeded by providing
the Funding Portion;

 

		(d)	amount of Funding Portion: in the case of a drawing for the purposes described in 1.1(a), the Funding Portion is
                                                                  for                                                                   an amount that, when aggregated with all other readily
                                                                  available funds of the Borrower, does not exceed the amount which is
                                                                  equal to the amount forecast by the Corporate and Project Budget to be expended by the Borrower and Lost Creek during the
                                                                  period of 30 days following the proposed Funding Date;

 

		(e)	no Default: no Default has occurred which is continuing and no Default will result from the Funding Portion being provided;

 

		(f)	no Material Adverse Effect: no event has occurred which has had, or is likely to have, a Material Adverse Effect and
no event has occurred which will prevent the Transaction Parties from developing or operating the Projects in accordance with the
Corporate and Project Budget; and

 

		(g)	representations and warranties: the representations and warranties set out in clauses 8.1 and 8.2 are true and correct
at the Funding Date

 

		2.3	Benefit of conditions precedent

 

A condition in this clause 2 is for the benefit
only of the Finance Parties and only the Agent acting on the instructions of the Financier may waive it.

 

    	Facility Agreement        page 30

    	 

    

  

		3     Commitment, purpose and availability of Facility

 

		3	Commitment, purpose and availability
                                         of Facility

 

		3.1	Provision of Commitment

 

The Financier must make the Tranche 1 Facility Commitment
and the Tranche 2 Facility Commitment available to the Borrower on the terms of this agreement.

 

		3.2	Purpose

 

The Borrower must use the proceeds of each Funding
Portion under any Facility only for:

 

		(a)	reimbursing the Borrower for the cost of the Pathfinder Acquisition incurred up until that date;

 

		(b)	the development of the Pathfinder Uranium Projects;

 

		(c)	agreed general corporate purposes in accordance with the Corporate and Project Budget; and

 

		(d)	any other purpose that the Agent approves in writing.

 

		3.3	Cancellation of Commitment during Availability Period

 

		(a)	The Borrower may cancel the whole or any part of an Undrawn Commitment by giving the Agent at least 10 days’ prior written
notice.

 

		(b)	A notice must specify the Facility to which the cancellation relates and the amount of the cancellation.

 

		(c)	A partial cancellation of any Undrawn Commitment may only be made in an integral multiple of $500,000.

 

		(d)	The Commitment of a Facility is cancelled to the extent of the portion of the Undrawn Commitment of the relevant Facility cancelled
under this clause 3.3.

 

		(e)	A notice given under clause 3.3(a) is irrevocable.

 

		3.4	Cancellation at end of Availability Period

 

Each Commitment is automatically cancelled to the
extent of any Undrawn Commitment on the last day of the applicable Availability Period.

 

		3.5	Voluntary prepayment – Tranche 1 Facility

 

		(a)	The Borrower may prepay any of the Tranche 1 Facility Principal Outstanding by giving the Agent at least 10 days’
prior written notice specifying the prepayment date and the amount to be prepaid.

 

		(b)	Prepayment of part of the Tranche 1 Facility Principal Outstanding may only be made in an integral multiple of $500,000.

 

		(c)	The Borrower must prepay the Tranche 1 Facility Principal Outstanding specified in the prepayment notice on the prepayment
date specified in the notice together with:

 

		(1)	all unpaid interest accrued to the prepayment date in respect of the prepaid amount; and

 

		(2)	the amount of any Break Costs in accordance with clause 14.2.

 

    	Facility Agreement        page 31

    	 

    

  

		4     Funding and rate setting procedures

 

		(d)	The Tranche 1 Facility Commitment is reduced by any amount of the Tranche 1 Facility Principal Outstanding prepaid under
this clause 3.5 and accordingly, a prepaid amount may not be redrawn.

 

		(e)	A notice given under clause 3.5(a) is irrevocable.

 

		3.6	Mandatory prepayment – Tranche 1 Facility

 

		(a)	If Pathfinder sells any of its assets (other than a Permitted Disposal), it must transfer the proceeds of that sale to the
Borrower and the Borrower must, subject to clause 3.6(c), immediately apply any proceeds received from Pathfinder under clause
3.6(a) as a mandatory prepayment of the Tranche 1 Facility Principal Outstanding together with the amount of any Break Costs in
accordance with clause 14.2.

 

		(b)	The Borrower must, subject to clause 3.6(c), immediately apply any proceeds received from the exercise of the Warrants as a
mandatory prepayment of the Tranche 1 Facility Principal Outstanding together with the amount of any Break Costs in accordance
with clause 14.2.

 

		(c)	If prepayment under clauses 3.6(a) or 3.6(b) would result in the Borrower incurring Break Costs, the Borrower is permitted
to delay the relevant prepayment until the next Interest Payment Date. Pending prepayment, the relevant proceeds must be retained
in the Funding Account and must not be used for any other purpose or taken into account for the purpose of any calculation made
under this agreement.

 

		(d)	The Tranche 1 Facility Commitment is reduced by any amount of Principal Outstanding prepaid under this clause 3.6, and
a prepaid amount may not be redrawn.

 

		3.7	Cancellations and prepayments in inverse order – Tranche 1 Facility

 

		(a)	If there is a cancellation of the Tranche 1 Facility Undrawn Commitment under clause 3.3 or 3.4, the Tranche 1 Facility Repayment
Amounts up to the amount of the cancellation are to be cancelled in inverse order of maturity.

 

		(b)	A prepayment under clause 3.5 or 3.6 is to be applied to reduce the Tranche 1 Facility Repayment Amounts in inverse order of
maturity.

 

		4	Funding and rate setting procedures

 

		4.1	Delivery of Funding Notice

 

		(a)	If the Borrower requires the provision of a Funding Portion it must deliver to the Agent a Funding Notice.

 

		(b)	The Agent must notify the Financier of the contents of each Funding Notice as soon as reasonably practicable and in any event
within 1 Business Day after the Agent receives the Funding Notice.

 

		4.2	Requirements for a Funding Notice

 

A Funding Notice to be effective must be:

 

		(a)	in writing in the form of, and specifying the matters required in, Schedule 2; and

 

    	Facility Agreement        page 32

    	 

    

  

		5     Facility

 

		(b)	received by the Agent before 11.00 am Sydney time on a Business Day at least 5 Business Days before the proposed Funding Date
(or any shorter period that the Agent agrees in writing).

 

		4.3	Irrevocability of Funding Notice

 

The Borrower is irrevocably committed to draw Funding
Portions from the Financier in accordance with each Funding Notice given to the Agent.

 

		4.4	Amount of Funding Portions

 

The Borrower must ensure that
the amount of each Funding Portion is in accordance with the amounts set out in the Corporate and Project Budget unless otherwise
agreed upon between the Borrower and the Agent.

 

		4.5	Frequency of Funding Portions

 

The Borrower may not deliver Funding Notices to
the Agent more frequently than once a month (in accordance with the Corporate and Project Budget) unless otherwise agreed upon
between the Borrower and the Agent.

 

		4.6	Interest Periods

 

		(a)	Each Interest Period must be of 90 days or any other period that the Agent agrees upon with the Borrower.

 

		(b)	If an Interest Period ends on a day which is not a Business Day, it is regarded as ending on the next Business Day in the same
calendar month or, if none, the preceding Business Day.

 

		(c)	An Interest Period for a Funding Portion commences either on the first Funding Date for that Funding Portion or on the last
day of the immediately preceding Interest Period for that Funding Portion.

 

		(d)	Each Interest Period which commences prior to a Quarterly Date and would otherwise end after that Quarterly Date, ends on that
Quarterly Date.

 

		(e)	No Interest Period in respect of a Funding Portion may end after the Final Repayment Date.

 

		4.7	Determination of Funding Rate

 

		(a)	The Agent must notify the Financier and the Borrower of the Funding Rate for an Interest Period as soon as reasonably practicable,
and in any event within 2 Business Days, after it has made its determination of LIBOR.

 

		(b)	In the absence of manifest error, each determination of LIBOR by the Agent is conclusive evidence of that rate against the
Borrower.

 

    	Facility Agreement        page 33

    	 

    

  

		5     Facility

 

		5	Facility

 

		5.1	Provision of Funding Portions

 

If the Borrower gives a Funding Notice, the Financier
must pay into the Funding Account the specified Funding Portion in Same Day Funds in Dollars on the specified Funding Date and
in accordance with that Funding Notice.

 

		5.2	Repayment – Tranche 1 Facility

 

		(a)	The Borrower must repay the Tranche 1 Facility Principal Outstanding by paying on each Tranche 1 Facility Repayment Date the
lesser of:

 

		(1)	the Tranche 1 Facility Repayment Amount payable on that date as set out in the Tranche 1 Facility Repayment Schedule; and

 

		(2)	the Tranche 1 Facility Principal Outstanding.

 

		(b)	The Tranche 1 Facility Commitment and the Tranche 1 Facility Principal Outstanding under the Tranche 1 Facility is reduced
on each Tranche 1 Facility Repayment Date by the amount paid in accordance with clause 5.2(a).

 

		5.3	Repayment – Tranche 2 Facility

 

		(a)	The Borrower must repay each Tranche 2 Facility Funding Portion on the earlier of:

 

		(1)	the Final Repayment Date;

 

		(2)	the relevant Tranche 2 Facility Repayment Date, subject to clause 5.3(b); and

 

		(3)	otherwise as required under this agreement.

 

		(b)	If on a Tranche 2 Facility Repayment Date, a Tranche 2 Facility Funding Portion is to be repaid (the Maturing Tranche 2
Facility Funding Portion) and a Tranche 2 Facility Funding Portion is due to be provided (the New Tranche 2 Facility
Funding Portion), then only an amount equal to:

 

		(1)	the amount of the Maturing Tranche 2 Facility Funding Portion; minus

 

		(2)	the amount of the New Tranche 2 Facility Funding Portion,

 

needs to be repaid by the Borrower
(if that amount is positive).

 

		(c)	The Tranche 2 Facility Commitment will not be permanently reduced by any amount repaid under this clause 5.3 and any amount
repaid under this clause 5.3 may be redrawn.

 

		5.4	Repayment of other Secured Moneys

 

All unpaid Secured Moneys must
in any event be paid on or before the Final Repayment Date or on any other date on which the Principal Outstanding is or is required
to be repaid in full.

 

		5.5	Interest

 

		(a)	The Borrower must pay interest on the Principal Outstanding for each Interest Period at the Funding Rate for the Interest Period.

 

    	Facility Agreement        page 34

    	 

    

 

		6     Payments

 

		(b)	The Borrower must pay accrued interest in arrears on each Interest Payment Date.

 

		5.6	Calculation of per annum interest rate

 

		(a)	Interest is calculated on daily balances on the basis of a 360 day year and for the actual number of days elapsed from
and including the first day of each Interest Period to, but excluding, the last day of the Interest Period or, if earlier, the
date of prepayment or repayment of the relevant Funding Portion under this agreement.

 

		(b)	Despite anything contained in any Transaction Document, all of the Transaction Documents are limited so that in no event will
the total liability for payments in the nature of interest, additional interest and other charges exceed the applicable limits
imposed by any applicable usury laws. If any payments in the nature of interest, additional interest and other charges made under
any Transaction Document are held to be in excess of the limits imposed by any applicable usury laws, it is agreed that any amount
held to be in excess will be considered payment of principal under this agreement, and the indebtedness evidenced under this agreement
will be reduced by the amount so that the total liability for payments in the nature of interest, additional interest and other
charges will not exceed the applicable limits imposed by that applicable usury law, in compliance with the wishes of the Borrower,
each Guarantor, the Financier and the Agent. This provision will never be superseded or waived, and will control every other provision
of the Transaction Documents and all agreements between the Transaction Parties and the Finance Parties, and their successors and
assigns.

 

		5.7	Market Disruption Event

 

		(a)	If a Market Disruption Event occurs in relation to a Funding Portion for any Interest Period, then the interest payable by
the Borrower for the Interest Period will be the rate per annum which is the sum of:

 

		(1)	the Margin; and

 

		(2)	the rate notified to the Borrower by the Agent as soon as practicable and in any event before interest is due to be paid in
respect of that Interest Period, to be that which expresses as a percentage rate per annum the actual cost to the Financier of
funding that Funding Portion from whatever source it may reasonably select.

 

		(b)	In this agreement, Market Disruption Event means:

 

		(1)	at or about noon in London on the first day of the relevant Interest Period, the LIBOR01 Page is not available or 2 or fewer
rates are quoted for the relevant period on the LIBOR01 Page at the relevant time, and none or only one of the Reference Banks
supplies a rate to the Agent to determine LIBOR for the relevant currency and period; or

 

		(2)	before close of business in London on the Value Date for the relevant Interest Period, the Agent receives notification from
the Financier that the cost to it of obtaining matching deposits on the Value Date would be in excess of LIBOR.

 

		(c)	No Transaction Party may disclose to any person any information in relation to this clause 5.7 or any rates notified by
a Finance Party under this clause 5.7 without the prior written consent of the Financier, except if a Transaction Party is
required by law or stock exchange rule to do so.

 

    	Facility Agreement        page 35

    	 

    

 

		6     Payments

 

		6	Payments

 

		6.1	Manner of payment

 

All payments by a Transaction Party under the Transaction
Documents must be made:

 

		(a)	in Same Day Funds;

 

		(b)	in Dollars; and

 

		(c)	no later than 1.00 pm at the local time of the place where the account specified by the Agent is located, on the due date,

 

to the Agent’s account as specified by the
Agent to the Borrower or in any other manner the Agent directs by written notice to the Borrower from time to time.

 

		6.2	Payments on a Business Day

 

If a payment is due on a day which is not a Business
Day, the due date for that payment is the next Business Day in the same calendar month or, if none, the preceding Business Day,
and interest must be adjusted accordingly.

 

		6.3	Payments in gross

 

All payments which a Transaction Party is required
to make under any Transaction Document must be without:

 

		(a)	any set-off, counterclaim or condition; or

 

		(b)	any deduction or withholding for any Tax or any other reason unless the Transaction Party is required to make a deduction or
withholding by applicable law.

 

		6.4	Additional payments

 

If:

 

		(a)	any Transaction Party is required to make a deduction or withholding in respect of Tax (other than Excluded Tax) from any payment
to be made to a Finance Party under any Transaction Document; or

 

		(b)	a Finance Party is required to pay any Tax (other than Excluded Tax) in respect of any payment it receives from a Transaction
Party or the Agent under any Transaction Document,

 

the Transaction Party:

 

		(c)	indemnifies each Finance Party against that Tax; and

 

		(d)	must pay to each Finance Party an additional amount which the Agent determines to be necessary to ensure that each Finance
Party receives when due a net amount (after payment of any Tax in respect of each additional amount) that is equal to the full
amount it would have received if a deduction or withholding or payment of Tax had not been made.

 

		6.5	Taxation deduction procedures

 

If clause 6.4(a) applies:

 

    	Facility Agreement        page 36

    	 

    

 

		6     Payments

 

		(a)	the Transaction Party must pay the amount deducted or withheld to the appropriate Government Agency as required by law; and

 

		(b)	the Transaction Party must:

 

		(1)	use reasonable endeavours to obtain a payment receipt from the Government Agency (and any other documentation ordinarily provided
by the Government Agency in connection with the payment); and

 

		(2)	within 2 Business Days after receipt of the documents referred to in clause 6.5(b)(1), deliver copies of them to
the Agent.

 

		6.6	Tax Credit

 

If a Transaction Party makes an additional payment
under clause 6.4 for the benefit of a Finance Party, and the Finance Party determines that:

 

		(a)	a credit against, relief or remission for, or repayment of any Tax (Tax Credit) is attributable to that additional payment;
and

 

		(b)	the Finance Party has obtained, utilised and retained that Tax Credit (which the Finance Party will use reasonable endeavours
to do),

 

then the Finance Party must pay an amount to the
Transaction Party which the Finance Party reasonably determines will leave it (after that payment) in the same after Tax position
as it would have been in had the additional payment not been made by the Transaction Party.

 

		6.7	Tax affairs

 

Nothing in clause 6.6:

 

		(a)	interferes with the right of any Finance Party to arrange its tax affairs in any manner it thinks fit;

 

		(b)	obliges any Finance Party to investigate the availability of, or claim, any Tax Credit; or

 

		(c)	obliges any Finance Party to disclose any information relating to its tax affairs or any tax computations.

 

		6.8	Amounts payable on demand

 

If any amount payable by a Transaction Party under
any Transaction Document is not expressed to be payable on a specified date, that amount is payable by the Transaction Party within
3 Business Days following written demand by the Agent.

 

		6.9	Appropriation of payments

 

		(a)	Except where clause 6.9(b) applies, following the occurrence of any Event of Default, all payments made by a Transaction
Party under a Transaction Document may be appropriated as between principal, interest and other amounts as the Agent determines
or, if no Event of Default has occurred, in the following order:

 

		(1)	first, towards reimbursement of all fees, costs, expenses, charges, damages and indemnity payments due and payable by the Transaction
Parties under the Transaction Documents;

 

		(2)	second, towards payment of interest due and payable under the Transaction Documents; and

 

    	Facility Agreement        page 37

    	 

    

 

		7     Warrants

 

		(3)	third, towards repayment or prepayment of the Principal Outstanding.

 

		(b)	Any money recovered by a Finance Party as a result of the exercise of a Power under a Security Document must be appropriated
in the manner provided in that Security Document.

 

		(c)	Any appropriation under clauses 6.9(a) or 6.9(b) overrides any appropriation made by a Transaction Party.

 

		6.10	Currency exchanges

 

If the Agent receives an amount under a Transaction
Document in a currency which is not in the Relevant Currency, the Agent:

 

		(a)	may convert the amount received into the Relevant Currency in accordance with its normal procedures; and

 

		(b)	is only regarded as having received the amount that it has converted into the Relevant Currency.

 

		6.11	Status of Finance Parties

 

The Agent will, when requested by the Borrower,
provide the Borrower with executed originals of IRS Form W-8BEN relating to the Finance Parties no later than 5 Business Days prior
to the first Interest Payment Date, provided that the Agent has been given sufficient notice by the Borrower in order to comply
with the Borrower’s request.

 

		7	Warrants

 

		7.1	Warrants

 

Each party acknowledges and agrees that on or before
Tranche 1 Facility Financial Close, the Parent has:

 

		(a)	issued 4,294,167 Warrants to the Warrant Holder; and

 

		(b)	provided to the Warrant Holder a Warrant Certificate or Warrant Certificates in respect of the Warrants in the name of the
applicable Warrant Holder.

 

		7.2	Issue of Warrants

 

		(a)	All Warrants issued under clause 7.1 are at no additional cost to the Warrant Holder or any Finance Party; and

 

		(b)	all Warrants are transferable by the Warrant Holder (and by its successive transferees) in accordance with the terms of the
Warrant Certificate.

 

		7.3	Exercise of Warrants

 

		(a)	The Warrant Holder may exercise any Warrants in accordance with the terms of the Warrant Certificate and subject to any applicable
laws or requirements of the TSX and the NYSE MKT, at any time before the applicable Expiry Date.

 

		(b)	The proceeds payable by the Warrant Holder to exercise a Warrant will be applied as a mandatory prepayment of the Principal
Outstanding under clause 3.6(b).

 

    	Facility Agreement        page 38

    	 

    

 

		7     Warrants

 

		7.4	Ranking of Shares and Warrants

 

		(a)	Each Share received by the Warrant Holder on the exercise of a Warrant issued to the Warrant Holder under this clause 7, ranks
in all respects pari passu with the other then existing issued Shares, but will not in the case of the exercise of a Warrant carry
any rights to any dividends or other distributions declared or paid or made on the Shares before the date that Warrant is exercised.

 

		(b)	Each Warrant issued to the Warrant Holder under this clause 7 ranks in all respects pari passu with the other then existing
issued warrants to purchase Shares.

 

		7.5	Registration under Securities Laws

 

		(a)	If the Parent:

 

		(1)	is no longer a ‘foreign issuer’ as defined in Rule 902 under the Securities Act; and

 

		(2)	prepares and files with the U.S. Securities and Exchange Commission a Registration Statement on Form S-3 or other equivalent
form (Registration Statement),

 

it must also provide in the Registration
Statement for the resale by the Financier or its nominee (as applicable) of the Warrant Shares.

 

		(b)	The Parent must notify the Agent in writing of the fact that it will no longer be a ‘foreign issuer’ as defined
in Rule 902 under the Securities Act as soon as practicable after becoming so aware.

 

		(c)	The Parent must use its reasonable best efforts to cause the registration to be declared effective as soon as practicable following
filing. Following the Registration Statement being declared effective, the Parent must maintain the effectiveness and availability
of the Registration Statement until the earlier of:

 

		(1)	the last occurring Expiry Date;

 

		(2)	the date on which the Financier or the Financier’s nominee (as applicable) no longer holds any of the Warrant Shares
registered in the Registration Statement; or

 

		(3)	the date on which the Warrant Shares are capable of being sold without limitation, other than any applicable volume restrictions,
under Rule 144 under the Securities Act.

 

		(d)	The Financier must provide any information which is required under the Securities Act relating to the Financier for inclusion
in the Registration Statement.

 

		(e)	If, during the time that the Registration Statement is effective, the Parent notifies the Financier that the Registration Statement
contains a material misstatement or omission:

 

		(1)	the Financier must cease any resale of the Warrant Shares pursuant to the relevant Registration Statement until it is notified
that resales may be resumed; and

 

		(2)	the Parent must use its best efforts to supplement the relevant Registration Statement as soon as practicable to make the disclosures
in that Registration Statement correct and complete.

 

    	Facility Agreement        page 39

    	 

    

 

		8     Representations and warranties

 

		7.6	Approvals for issue of Shares

 

		(a)	The Parent must maintain all approvals required to permit the exercise of the Warrants and the issue of the Warrant Shares.

 

		(b)	Without limiting the Parent’s obligations under clause 7.6(a), if any approvals are required for the Parent to lawfully
and validly permit the exercise of the Warrants in accordance with their terms or the issuance of the Warrant Shares, the Parent
must use its best efforts to obtain those approvals, as soon as reasonably practicable.

 

		(c)	To the extent that any approvals are required for exercise of the Warrants, the Parent must issue to the Financier or its nominee
(as applicable):

 

		(1)	on the date provided for in this agreement or the Warrant Certificate (as applicable), the maximum number of Warrant Shares
which can be issued without those approvals and promptly seek to obtain those approvals for the issuance of the balance of the
relevant Warrant Shares (and if any shareholder approvals are required, it will recommend to its shareholders that they approve
the issue of the relevant Warrant Shares, and will seek to obtain all approvals no later than 30 days after the relevant date);
and

 

		(d)	the balance of the relevant Warrant Shares within 2 Business Days of obtaining the approvals required for the issue of those
Warrant Shares.

 

		8	Representations
                                         and warranties

 

		8.1	General representations and warranties

 

Each Transaction Party represents and warrants,
for itself and with respect to Lost Creek (as applicable) to and for the benefit of each Finance Party that:

 

		(a)	registration: it is a corporation or limited liability company (as the case may be) registered in accordance with the
laws of its place of incorporation or organisation (as the case may be) and is validly existing and in good standing under those
laws;

 

		(b)	corporate power: it has the corporate or limited liability company power to own its assets and to carry on its business
as it is now being conducted;

 

		(c)	authority: it has power and authority to enter into and perform its obligations under the Documents to which it is expressed
to be a party;

 

		(d)	authorizations: it has taken all necessary action to authorize the execution, delivery and performance of the Documents
to which it is expressed to be a party;

 

		(e)	binding obligations: the Documents to which it is expressed to be a party constitute its legal, valid and binding obligations
and, subject to any necessary stamping and registration, and assuming valid execution by the Finance Parties thereto, are enforceable
in accordance with their terms subject to laws generally affecting creditors’ rights and to principles of equity;

 

		(f)	valid Encumbrances:

 

	 	(1)	upon execution and delivery of a Security Document, that Security Document will be effective to create in favour of the Finance
Parties, legal, valid and enforceable Encumbrances on, and security interests in, all right, title and interests of the relevant
Transaction Party (as the case may be) in and to the property the subject of that Security Document and the proceeds of that property;
and

 

    	Facility Agreement        page 40

    	 

    

 

		8     Representations and warranties

 

		(2)	in respect of a Security Document where the security interest may be perfected only by possession or control of the property
the subject of that Security Document (which possession or control must be given to the Agent by the relevant Transaction Party
(as the case may be) to the extent that it is required), after all appropriate filings or recordings are made in the appropriate
offices as may be required under applicable law, and, after the Agent takes possession or control of the property that is at any
time encumbered pursuant to that Security Document, that Security Document will constitute a fully perfected Encumbrance on, and
security interest (with the priority interest it is intended to have under the Transaction Documents) in, all right, title and
interest of that Transaction Party in the property the subject of that Security Document and the proceeds of that property, in
each case subject to no Encumbrances other than Permitted Encumbrances;

 

		(g)	transaction permitted: the execution, delivery and performance by it of the Documents to which it is expressed to be
a party will not breach, or result in a contravention of:

 

		(1)	any law, regulation or Authorization;

 

		(2)	its articles of association, articles of incorporation, articles of organization, by-laws, constitution, operating agreement,
or other constituent or organizational documents; or

 

		(3)	any Encumbrance or agreement which is binding on it,

 

and will not result in:

 

		(4)	the creation or imposition of any Encumbrance on any of its assets other than as permitted under a Transaction Document; or

 

		(5)	the acceleration of the date for payment of any obligation under any agreement which is binding on it;

 

		(h)	no default or breach: no Transaction Party is and nor is Lost Creek:

 

		(1)	in breach of a Transaction Document;

 

		(2)	in breach in a material respect of any law or Authorization;

 

		(3)	in breach in a material respect under any Project Document or other agreement or document binding on it (other than a Transaction
Document); and

 

		(4)	in default in the payment of a material sum, or not in compliance with a material obligation in respect of Financial Indebtedness;

 

		(i)	Event of Default: no Event of Default has occurred which is continuing;

 

		(j)	no litigation: other than the WOC Proceeding, no litigation, arbitration, dispute or administrative proceeding has been
commenced, is pending or to its knowledge is threatened, which if adversely determined would have a Material Adverse Effect;

 

		(k)	financial information: the most recent Financial Reports or financial statements of the Borrower Group that it has provided
to the Agent under clause 9.6(a) or otherwise give a true and fair view of the financial condition and state of affairs of the
Borrower Group as at the date they were prepared;

 

    	Facility Agreement        page 41

    	 

    

 

		8     Representations and warranties

 

		(l)	no change in affairs: there has been no change in the state of affairs of the Borrower Group since the end of the accounting
period for its most recent Financial Reports or accounts referred to in clause 8.1(k) which has had, or is likely to have,
a Material Adverse Effect;

 

		(m)	no knowledge of material adverse information: it has no knowledge of any material adverse information in relation
to the current and prospective operations of it, any other Transaction Party or Lost Creek other than that which it has disclosed
in writing to the Financier;

 

		(n)	representations true: each of its representations and warranties contained in the Documents is correct and not misleading
when made or repeated;

 

		(o)	disclosure:

 

		(1)	no representation or warranty of or by it under a Transaction Document, any schedule, annexure or exhibit attached to a Transaction
Document, contained in any certificate, list or other writing provided to a Finance Party pursuant to the provisions of a Transaction
Document, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements
in this agreement or in that Transaction Document, in the light of the circumstances under which they were made, not misleading;

 

		(2)	all information provided to any Finance Party by or on behalf of it in respect of the Documents, the transactions contemplated
by them, each Transaction Party and Lost Creek and the assets, business and affairs of each Transaction Party and Lost Creek, is
correct as at the time it is given in all material respects and is not, whether by omission of information or otherwise, misleading
in any material respect;

 

		(3)	it has not withheld any facts relating to it, the Documents, the transactions contemplated by them, each Transaction Party
and Lost Creek, the assets, business and affairs of each Transaction Party and Lost Creek and any thing in connection with them
which are material to the decision of the Finance Parties to enter into the Transaction Documents, the transactions contemplated
by them, each Transaction Party and Lost Creek and the assets and business affairs of each Transaction Party and Lost Creek;

 

		(4)	all filings made by it with any securities commissions or regulatory authorities or the TSX or the NYSE MKT are, at their respective
dates, true and correct in all material respects, contain or contained no material misrepresentation and constitute full, true
and plain disclosure of all material facts relating to it, and it does not have any confidential filings with any securities commissions
or regulatory authorities or the TSX;

 

		(5)	the Parent is a reporting issuer in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario (the Provinces) and
in good standing in the Provinces under applicable Canadian Securities Laws, is not included in a list of defaulting reporting
issuers maintained by the securities commissions (or similar regulatory authorities) in any of the Provinces and is not in default
of any requirement of the applicable Securities Laws in Canada or the United States of America relating to continuous disclosure
and is in compliance with the by-laws, rules and regulations of the TSX and the NYSE MKT;

 

    	Facility Agreement        page 42

    	 

    

 

		8     Representations and warranties

 

		(p)	legal and beneficial owner: each of the Transaction Parties and Lost Creek is the legal and beneficial owner of:

 

		(1)	its property; and

 

		(2)	all of its assets included in the latest consolidated Financial Report provided by the Borrower,

 

free and clear of all third party rights, other than
those disclosed in those Financial Reports or Permitted Encumbrances, or Permitted Interests, and subject, with respect to the
unpatented mining claims and millsites included in the Projects, to the paramount title of the United States of America and the
statutory rights of third parties to use the surface or subsurface of the lands within those mining claims and millsites;

 

		(q)	business assets: each of the Transaction Parties and Lost Creek owns, leases or has the lawful right to use all
of the assets necessary in a material respect for the conduct of its respective businesses as currently being conducted;

 

		(r)	Secured Property:

 

		(1)	there is no Encumbrance over any of its Secured Property, other than a Permitted Encumbrance; and

 

		(2)	no person holds an interest in its Secured Property other than under a Permitted Encumbrance or a Permitted Interest;

 

		(s)	no assets in Canada: no Transaction Party other than the Parent nor Lost Creek has any assets located in any
Canadian province or territory, and in Canada the Parent only has assets (i) in the Province of Ontario and (ii) in the case of
the Northwest Territories and Nunuvat only, mining claims over certain property located in those territories;

 

		(t)	no accounts in Canada: no Transaction Party nor Lost Creek has any securities accounts or futures accounts in
Canada or with a securities intermediary located in Canada, other than as disclosed to the Financier in writing. No Transaction
Party nor Lost Creek has granted control to any Person over, and no other Person has perfection by control over, such securities
accounts or futures accounts or any collateral contained therein;

 

		(u)	no immunity: no Transaction Party nor Lost Creek enjoys, nor do any Transaction Party’s or Lost Creek’s
assets enjoy, immunity from suit or execution;

 

		(v)	not a trustee: no Transaction Party nor Lost Creek enters into any Document as trustee of any trust or settlement;

 

		(w)	solvency: each of the Transaction Parties and Lost Creek is solvent and is able to pay its debts as and when they become
due;

 

		(x)	commercial benefit: the entering into and performance by each of the Transaction Parties and Lost Creek of its obligations
under the Documents to which it is expressed to be a party is for the commercial benefit of that Transaction Party or Lost Creek
and is in its commercial interests;

 

		(y)	priority of Securities: on and from the date on which it is entered into as required by the terms of this Agreement,
each Security granted by it in a Security Document has the priority it is intended to have;

 

		(z)	filing and registration: it has filed all corporate notices and effected all registrations with any relevant
Government Agency in the United States of America or Canada, as the case may be, as required by all applicable laws and all those
filings and registrations are current, complete and accurate in every material respect;

 

    	Facility Agreement        page 43

    	 

    

 

		8     Representations and warranties

 

		(aa)	Taxes and fees:

 

		(1)	each of the Transaction Parties and Lost Creek has complied in all material respects with all tax laws in all applicable jurisdictions
and it has paid all Taxes due and payable by it (other than Contested Taxes), and no claims are being asserted against it in respect
of any Taxes (other than Contested Taxes); and

 

		(2)	each of the Transaction Parties and Lost Creek has paid all registration or other fees, costs and expenses in connection with
the execution, performance and enforcement of the Documents, any transaction contemplated by a Document and any Authorizations;

 

		(bb)	group structure:

 

		(1)	the Parent is legal and beneficial owner of 100% of the issued share capital of the Borrower;

 

		(2)	the Borrower is the legal and beneficial owner of all of the membership interests in Lost Creek;

 

		(3)	the Borrower is the legal and beneficial owner of 100% of the issued share capital of Pathfinder;

 

		(4)	the Borrower’s and Parent’s only Subsidiaries are listed in the Group Structure Diagram; and

 

		(5)	the Group Structure Diagram is true and correct in all respects and does not omit any material information or details; and

 

		(cc)	Defined Benefit Plan: no Transaction Party nor Lost Creek has a Defined Benefit Plan.

 

		8.2	Projects representations and warranties

 

The Borrower represents and warrants to and for
the benefit of each Finance Party that:

 

		(a)	Mineral Rights: except as disclosed to the Agent:

 

		(1)	as at the date of this agreement:

 

		(A)	the Key Mineral Rights with respect to the Lost Creek
Project are legal, valid and continuing and confer on Lost Creek the material rights required to enable it to develop and operate
the Lost Creek Project in accordance with the Corporate and Project Budget;

 

		(B)	Lost Creek has in all material respects complied with its obligations in connection with its Mineral Rights to the extent required
to date;

 

		(C)	except for Permitted Encumbrances and Permitted Interests, and subject, with respect to the unpatented mining claims and millsites
included in the Lost Creek Project, to the paramount title of the United States of America and the statutory rights of third parties
to use the surface or subsurface of the lands within those mining claims and millsites, Lost Creek has record title to the Mineral
Rights (but nothing in this Agreement shall be deemed a representation that any unpatented mining claim contains a discovery of
a valuable mineral, or that Lost Creek has established or is maintaining pedis possessio rights with respect to any such
mining claim);

 

    	Facility Agreement        page 44

    	 

    

 

 

		8     Representations and warranties

 

		(D)	the Key Mineral Rights with respect to the Pathfinder Uranium Projects are legal, valid and continuing and Pathfinder has the
material rights required to enable it to develop and operate the Pathfinder Uranium Projects in accordance with the Corporate and
Project Budget;

 

		(E)	Pathfinder has in all material respects complied with its obligations in connection with its Mineral Rights to the extent required
to date; and

 

		(F)	to the best of the Borrower’s knowledge, information and belief having made all due enquires, Pathfinder is the legal
and beneficial holder of the Mineral Rights described in Attachment 2, free and clear of all third party rights, other than Permitted
Encumbrances and Permitted Interests and subject, with respect to the unpatented mining claims and millsites included in the Pathfinder
Uranium Projects, to the paramount title of the United States of America and the statutory rights of third parties to use the surface
or subsurface of the lands within those mining claims and millsites (but nothing in this Agreement shall be deemed a representation
that any unpatented mining claim contains a discovery of a valuable mineral, or that Pathfinder has established or is maintaining
pedis possessio rights with respect to any such mining claim);

 

		(b)	Authorizations:

 

		(1)	the material Authorisations necessary for the current operations of the Projects are in place;

 

		(2)	all fees due and payable in connection with those Authorisations have been paid; and

 

		(3)	each of the Transaction Parties and Lost Creek is in compliance in all material respects with all material Authorizations in
respect of itself and the Projects;

 

		(c)	Project Documents:

 

		(1)	no event has occurred or condition exists which would permit the cancellation, termination, forfeiture or suspension of a Project
Document to which a Transaction Party or Lost Creek is a party, nor is any party to that Project Document in default under any
term of a Project Document in any material respect;

 

		(2)	it has given to the Agent copies of all of the Project Documents, and all copies of those Project Documents and any other documents
or agreements (including Authorizations) given by it or on its behalf to the Agent constitute true and complete copies and those
documents and agreements are in full force and effect; and

 

		(3)	the Project Documents to which a Transaction Party or Lost Creek is a party contain the entire agreement of the parties to
them as to the Projects and supersede all previous agreements and understandings in relation to those aspects of the Projects and
there are no other material contracts, agreements or arrangements entered into by a Transaction Party or Lost Creek in connection
with the Projects;

 

		(d)	Project Assets: except as disclosed to the Agent and subject, with respect to the unpatented mining claims and
millsites forming part of the Projects, to the paramount title of the United States of America and the statutory rights of third
parties to use the surface and subsurface of the lands within those mining claims and millsites:

 

    	Facility Agreement        page 45

    	 

    

 

		8     Representations and warranties

 

		(1)	Lost Creek has all legal and equitable title to the Project Assets of the Lost Creek Project; and

 

		(2)	Pathfinder has all legal and equitable title to the Project Assets of the Pathfinder Uranium Projects;

 

		(e)	Project Areas: the Project Areas comprise all of the land, leases and other rights which are required and necessary
for the effective, proper and lawful development and operation of the Projects in accordance with the Corporate and Project Budget;

 

		(f)	Environmental Bonding: the Environmental Bonding is the only environmental bonding required to be lodged in accordance
with the requirements of any Environmental Law relating to the Projects or the Project Areas as currently conducted;

 

		(g)	Environmental Liabilities:

 

		(1)	there are no material Environmental Liabilities affecting the Lost Creek Project and there are no matters affecting the Lost
Creek Project which are likely to give rise to any material Environmental Liabilities other than Environmental Liabilities which
exist in accordance with, and do not breach, an Environmental Law or Authorization; and

 

		(2)	to the best of the Borrower’s knowledge, there are no material Environmental Liabilities affecting the Pathfinder Uranium
Projects and there are no matters affecting the Pathfinder Uranium Projects which are likely to give rise to any material Environmental
Liabilities other than:

  

		(A)	Environmental Liabilities which exist in accordance with, and do not breach, an Environmental Law or Authorization; and

 

		(B)	as identified in the Pathfinder SPA;

 

		(h)	royalties: the only royalties, overriding royalties or production payments in respect of a Mineral Right are the royalties
payable under the terms of a Permitted Royalty;

 

		(i)	other business: no Transaction Party nor Lost Creek is involved in, has conducted or conducts any business other than
exploration and mining project development and activities incidental to exploration and mining project development, except as set
forth in Section 9.19(b); and

 

		(j)	insurances: in respect of the Projects and the Project Assets, each Transaction Party has complied with clause 9.23
and all insurance policies entered into in complying with that clause 9.23 are valid, binding and subsisting and all premiums
due under those insurance policies have been paid in full.

 

		8.3	Survival and repetition of representations and warranties

  

The representations and warranties given under this
agreement:

 

		(a)	survive the execution of each Transaction Document; and

 

		(b)	are repeated on the date of each Funding Date and each Quarterly Date with respect to the facts and circumstances then subsisting
until:

 

		(1)	each Commitment is cancelled;

 

		(2)	the Secured Moneys are unconditionally repaid in full; and

 

    	Facility Agreement        page 46

    	 

    

 

		9     Undertakings

 

		(3)	each Security is discharged,

 

or the Agent otherwise agrees in writing.

 

		8.4	Reliance by Finance Parties

 

The Borrower acknowledges that each Finance Party
has entered into each Transaction Document to which it is a party in reliance on the representations and warranties given under
this agreement.

 

		9	Undertakings

 

		9.1	Conduct of Projects

 

Each Transaction Party must, and must cause Lost
Creek to, ensure that there is no change to the scope of the Projects from that assumed in or contemplated in the Corporate and
Project Budget, without the written consent of the Agent, and must ensure that:

 

		(a)	the Projects are diligently developed and maintained in accordance with the Corporate and Project Budget, Good Industry Practice
and the applicable Authorizations; and

 

		(b)	the Project Assets are maintained in good condition, reasonable wear and tear excepted.

 

		9.2	Projects Covenants

 

		(a)	Project Assets: Each Transaction Party must ensure that:

 

		(1)	Lost Creek owns all Project Assets with respect to the Lost Creek Project (subject, with respect to unpatented mining claims
and millsites, to the paramount title of the United States of America and the statutory rights of third parties to use the surface
and subsurface of the lands on which the claims and millsites are located);

 

		(2)	no person has any right, title or interest in the Project Assets with respect to the Lost Creek Project, other than Lost Creek,
and except for Permitted Interests, Permitted Encumbrances and Permitted Royalties (subject, with respect to unpatented mining
claims and millsites, to the paramount title of the United States of America and the statutory rights of third parties to use the
surface and subsurface of the lands on which the claims and millsites are located);

 

		(3)	Pathfinder owns all Project Assets with respect to the Pathfinder Uranium Projects (subject, with respect to unpatented mining
claims and millsites, to the paramount title of the United States of America and the statutory rights of third parties to use the
surface and subsurface of the lands on which the claims and millsites are located);

 

		(4)	no person has any right, title or interest in the Project Assets with respect to the Pathfinder Uranium Projects, other than
Pathfinder, and except for Permitted Interests, Permitted Encumbrances and Permitted Royalties (subject, with respect to unpatented
mining claims and millsites, to the paramount title of the United States of America and the statutory rights of third parties to
use the surface and subsurface of the lands on which the claims and millsites are located); and

 

    	Facility Agreement        page 47

    	 

    

 

		9     Undertakings

 

		(5)	neither Lost Creek nor Pathfinder, Disposes of, decreases or diminishes its aggregate ownership interest in each Project without
the prior written consent of the Agent. For the avoidance of doubt, a sale of an individual Project Asset which is a Permitted
Disposal is not to be taken to be a decrease or diminishment of the aggregate ownership interest in the relevant Project.

 

		(b)	Force Majeure Event: Each Transaction Party must, and must cause Lost Creek to, take all action as is reasonably available
to it to cause any Force Majeure Event affecting a Project to be remedied as soon as possible after that Force Majeure Event occurs,
but the party affected is not obliged to incur expenditure to overcome the events or circumstances which caused the Force Majeure
Event which would make uneconomic (in the reasonable opinion of the Agent) the continued development of the Project.

 

		(c)	Access: Each Transaction Party, at the request of the Agent, must, and must cause Lost Creek to ensure that the Finance
Parties and representatives of the Finance Parties, on giving reasonable notice, are allowed access at all reasonable times and
with reasonable frequency to the Project Areas and the Project Assets to inspect any of the Project Assets and to inspect any books,
records, data and information which are in the custody or possession of a Transaction Party or Lost Creek. The Borrower must pay
the reasonable costs of expenses of the Agent for:

 

		(1)	one site visit to each Project each year by the Agent and its representatives and consultants; and

 

		(2)	any other site visit to the Projects conducted when a Default has occurred and is continuing.

 

When exercising its rights under this clause, the
Agent and any representatives or consultants of the Agent must comply with all safety requirements and site rules relating to the
Projects.

 

		9.3	Environmental issues

  

Each Transaction Party must, and must ensure that
Lost Creek:

 

		(a)	complies in all material respects with all Environmental Laws;

 

		(b)	obtains, at the appropriate time having regard to the status of the Projects, and complies in all material respects with all
Environmental Approvals required in connection with the development and operation of the Projects; and

 

		(c)	promptly notifies the Agent of all material claims, complaints or notices concerning its compliance with Environmental Laws
and Environmental Approvals.

 

		9.4	Mineral Rights

 

		(a)	Each Transaction Party must ensure that, from the date of this agreement, Lost Creek:

 

		(1)	has, and continues to have, record title to its Key Mineral Rights with respect to the Lost Creek Project;

 

    	Facility Agreement        page 48

    	 

    

 

		9     Undertakings

 

		(2)	is entitled to acquire or have issued to it the Mineral Rights not presently held by it necessary for the development and operation
of the Lost Creek Project in accordance with the Corporate and Project Budget;

 

		(3)	takes, or causes to be taken, all actions necessary to ensure that all conditions and requirements relating to the Key Mineral
Rights and all other Mineral Rights with respect to the Lost Creek Project are observed and performed and that the Key Mineral
Rights and those other Mineral Rights with respect to the Lost Creek Project remain valid and are in full force and effect; and

 

		(4)	keeps its Key Mineral Rights and other Mineral Rights with respect to the Lost Creek Project free of Encumbrances other than
Permitted Encumbrances.

 

		(b)	Each Transaction Party must ensure that Pathfinder:

 

		(1)	has, and continues to have, record title to the Key Mineral Rights with respect to the Pathfinder Uranium Projects;

 

		(2)	is entitled to acquire or have issued to it the Mineral Rights not presently held by it necessary for the development and operation
of the Pathfinder Uranium Projects in accordance with the Corporate and Project Budget;

 

		(3)	takes, or causes to be taken, all actions necessary to ensure that all conditions and requirements relating to the Key Mineral
Rights and all other Mineral Rights with respect to the Pathfinder Uranium Projects are observed and performed and that the Key
Mineral Rights and those other Mineral Rights with respect to the Pathfinder Uranium Projects remain valid and are in full force
and effect; and

 

		(4)	keeps its Key Mineral Rights and other Mineral Rights with respect to the Pathfinder Uranium Projects free of Encumbrances
other than Permitted Encumbrances.

 

		9.5	Corporate and Project Budget

 

A Transaction Party must not, and
must ensure that Lost Creek does not, amend or change the Corporate and Project Budget without the Agent’s prior written
consent.

 

		9.6	Provision of information and reports

 

Each Transaction Party must, and must cause Lost
Creek to, ensure the Agent is provided with the following, which must, in the case of the information referred to in clauses 9.6(b),
9.6(f), 9.6(g) and 9.6(h), be in the form and contain information reasonably satisfactory to the Agent:

 

		(a)	Financial Reports:

 

		(1)	as soon as available and no later than 90 days after the end of each financial year, copies of the consolidated audited annual
Financial Report of the Borrower Group for that financial year; and

 

		(2)	as soon as available and no later than 45 days after each Quarterly Date, copies of the consolidated unaudited quarterly Financial
Report of the Borrower Group for the Quarter ending on that Quarterly Date;

 

		(b)	monthly reports: as soon as practicable and no later than 21 days after the end of each month, a report detailing as
appropriate having regard to the status of development of the Projects:

 

		(1)	the development, commissioning and operations of the Projects;

 

    	Facility Agreement        page 49

    	 

    

 

		9     Undertakings

 

		(2)	actual and forecast expenditure (including capital costs) relating to the Projects, and reconciliations and performance of
the Projects against the current Corporate and Project Budget;

 

		(3)	in each case, an analysis of the reasons for any variation of actual expenditures compared with the Corporate and Project Budget;
and

 

		(4)	other information in relation to the development of the Projects as the Agent may reasonably require;

 

		(c)	ore reserve and resource report: a copy of any internally or otherwise prepared reserve and resource statement detailing
proven reserves, probable reserves, measured mineral resources, indicated mineral resources and inferred mineral resources in respect
of each Project, no later than the date which is 45 days after those statements are completed (with those internally prepared reports
to be completed no less than once each calendar year), and a copy of any externally prepared reserve and resource statements which
may be obtained by the Borrower from time to time, promptly after they are received;

 

		(d)	title opinions and reports: a copy of any internally or otherwise prepared title opinions or reports in respect of the
Mineral Rights relating to each Project, no later than the date which is 45 days after those title opinions or reports are completed,
and a copy of any externally prepared title opinions or reports which may be obtained by the Borrower from time to time, promptly
after they are received;

 

		(e)	Quarterly compliance certificate: no later than 10 Business Days after each Quarterly Date, a certificate signed by
an Authorized Officer of the Borrower stating:

 

		(1)	any non-compliance of a Transaction Party with a covenant in the Transaction Documents and any Default that has occurred and
is continuing and

 

		(2)	the full details of that non-compliance or Default and the remedial action being taken or proposed to cure that non-compliance
or Default;

 

		(f)	Corporate and Project Budget: any proposed amendment, variation or change to the Corporate and Project Budget, for the
approval of the Agent;

 

		(g)	Funding Account reports: no later than 21 days after the end of each Quarter, a statement summarising all deposits to
and withdrawals from the Funding Account;

 

		(h)	environmental reports: no later than 30 days after becoming aware of any material Environmental Liability or material
breach or potential material breach of any Environmental Law, a report detailing those Environmental Liabilities and breaches or
potential breaches of Environmental Laws;

 

		(i)	documents issued: promptly, notification of any filing by a Transaction Party under Securities Laws and copies of other
non-filed documents sent to a Transaction Party’s shareholders;

 

		(j)	Group Structure Diagram: an updated Group Structure Diagram on each occasion that the then current Group Structure Diagram
becomes incorrect or misleading; and

 

		(k)	other information: any other information which the Agent reasonably requests in relation to a Transaction Party,
Lost Creek or the Projects.

 

    	Facility Agreement        page 50

    	 

    

 

		9     Undertakings

 

		9.7	Proper accounts

 

Each Transaction Party must, and must ensure that
Lost Creek:

 

		(a)	keeps accounting records which fairly present its financial condition and state of affairs; and

 

		(b)	prepares the accounts it provides under clause 9.6 in accordance with the Accounting Standards.

 

		9.8	Notices to the Agent

 

Each Transaction Party must, and must ensure that
Lost Creek, notifies the Agent promptly after it becomes aware of:

 

		(a)	any Default occurring;

 

		(b)	any material breach of, or material default under, any Document to which a Transaction Party or Lost Creek is a party;

 

		(c)	any material breach of any applicable license or law that could reasonably be expected to affect the validity or good standing
of the Projects or the Project Assets, legal and beneficial title of Pathfinder or Lost Creek to its Project Assets, or the value
of the Secured Property;

 

		(d)	any event or circumstance which entitles a person to cancel, terminate or suspend any Mineral Rights, Environmental Approvals,
Authorizations or a Project Document to which a Transaction Party or Lost Creek is a party;

 

		(e)	in respect of a Project, any revised estimate of proven and probable reserves or measured, indicated and inferred resources,
each as construed, reported and calculated in accordance with the Canadian Institute of Mining (CIM) Definitions Standards on Mineral
Resources and Mineral Reserves adopted by the CIM Council on 27 November 2010 and included by reference in Canadian National Instrument
43-101 (as amended from time to time);

 

		(f)	any representation, warranty, action or statement made, or taken to be made, by it in connection with any Transaction Document
or with regard to a Project is or becomes false, misleading or incorrect;

 

		(g)	any material breach of an Authorization;

 

		(h)	any material breach of, or claim being made against a Transaction Party or Lost Creek under any Environmental Laws or Environmental
Approvals;

 

		(i)	any material notices given or received by a Transaction Party or Lost Creek under any Project Document to which a Transaction
Party or Lost Creek is a party;

 

		(j)	any litigation, arbitration, administration or other proceeding in respect of a Transaction Party or Lost Creek, any of its
assets or any Project Assets being commenced or threatened which:

 

		(1)	is in excess of $500,000 (or the equivalent amount in another currency); or

 

		(2)	if adversely determined would have or could reasonably be expected to have a Material Adverse Effect;

 

		(k)	any Encumbrance that exists over any of its assets other than a Permitted Encumbrance;

 

    	Facility Agreement        page 51

    	 

    

 

		9     Undertakings

 

		(l)	any material dispute between a Transaction Party or Lost Creek and a Government Agency or any proposal of any Government Agency
to compulsorily acquire any of its assets or the Project Assets;

 

		(m)	the acquisition by a Transaction Party or Lost Creek of a Subsidiary;

 

		(n)	the acquisition by a Transaction Party or Lost Creek of any interest in real property; and

 

		(o)	any material land claims or other claims with respect to the Projects, Project Areas or the Project Assets and any material
dispute with landowners located in or around the Project Areas.

 

		9.9	Corporate existence

 

Each Transaction Party must, and must ensure that
Lost Creek:

 

		(a)	does everything necessary to maintain its corporate or company existence in good standing;

 

		(b)	does not transfer its jurisdiction of incorporation or organization without the prior written consent of the Agent; and

 

		(c)	does not enter into or implement any merger, demerger, scheme of arrangement, amalgamation, consolidation, restructuring or
reconstruction without the Agent’s prior written consent.

 

		9.10	Compliance

 

Each Transaction Party must, and
must ensure that Lost Creek, complies with all its obligations under each Project Document to which it is a party.

 

		9.11	Maintenance of capital

  

A Transaction Party must not, and must ensure that
Lost Creek does not, without the Agent’s prior written consent:

 

		(a)	reduce or pass a resolution to reduce its capital;

 

		(b)	buy-back or pass a resolution to buy-back, any of its shares or member ownership interests (as applicable); or

 

		(c)	attempt or take any steps to do anything which it is not permitted to do under clauses 9.11(a) or 9.11(b).

 

		9.12	Compliance with laws and Authorizations

 

		(a)	Each Transaction Party must, and must ensure that Lost Creek, complies in all material respects with all laws and legal requirements,
including each judgement, award, decision, finding or any other determination of a Government Agency, which applies to it or any
of its assets.

 

		(b)	Each Transaction Party must, and must ensure that Lost Creek, makes all material filings, notifications, recordings and registrations
with Government Agencies as required by Securities Laws, Mining Laws, Tax laws or any other applicable laws.

 

		(c)	Each Transaction Party must, and must ensure that Lost Creek, obtains, maintains and complies in all material respects with,
all Authorizations required:

 

    	Facility Agreement        page 52

    	 

    

 

		9     Undertakings

 

		(1)	for the enforceability against it of each Document to which it is a party, or to enable it to perform its obligations under
each Document to which it is a party;

 

		(2)	in relation to it or any of its assets; and

 

		(3)	for the development and operation of the Projects.

 

		(d)	Each Transaction Party must, and must cause Lost Creek to, ensure that no Authorization referred to in clause 9.12(b)
is cancelled reduced or suspended.

 

		(e)	Each Transaction Party must not, and must ensure that Lost Creek does not, do anything which would prevent the renewal of any
Authorization referred to in clause 9.12(b) or cause it to be renewed on less favourable terms.

 

		9.13	Establishment of Defined Benefit Plan

 

Notwithstanding any other provision of this Agreement
or any other Transaction Document, no Transaction Party nor Lost Creek shall, without the prior written consent of the Agent:

 

		(a)	establish or contribute to any Defined Benefit Plan; or

 

		(b)	acquire an interest in any Person if such Person sponsors, administers, maintains or contributes to, or has any liability in
respect of any Defined Benefit Plan.

 

		9.14	Payment of debts, outgoings and Taxes

 

		(a)	Each Transaction Party must, and must ensure that Lost Creek, pays or causes to be paid:

 

		(1)	its debts and financial obligations including all rates, rents and other outgoings when due and payable, except where it is
contesting its liability to pay that debt or financial obligation, and has reasonable grounds to do so, in good faith in appropriate
proceedings reasonably satisfactory to the Agent;

 

		(2)	all Taxes when due, other than Contested Taxes; and

 

		(3)	all Contested Taxes when the terms of any final determination or settlement
require those Contested Taxes to be paid, unless failure to pay any Contested Taxes may have a Material Adverse Effect, in which
case those the Contested Taxes must be paid on demand.

 

		(b)	Each Transaction Party must, and must ensure that Lost Creek, sets aside sufficient reserves to cover any Contested Taxes.

 

		9.15	Project Documents

 

		(a)	Each Transaction Party must not, and must ensure that Lost Creek does not, without the prior written consent of the Agent:

 

		(1)	materially amend or vary, or agree to a material amendment or variation of;

 

		(2)	terminate, rescind or discharge (except by performance);

 

		(3)	grant any material waiver, time or indulgence in respect of any obligation under;

 

    	Facility Agreement        page 53

    	 

    

 

		9     Undertakings

 

		(4)	do or omit to do anything which may materially adversely affect the provisions or operation of; or

 

		(5)	do or omit to do anything which would give any other person legal or equitable grounds to do anything in clause 9.15(a)(1)
to (4) in respect of,

 

any Project Document to which it is a party.

 

		(b)	If a Transaction Party proposes to enter into a Material Agreement, the Agent may request the Transaction Party and each other
party to the Material Agreement to enter, into a side agreement or tripartite agreement between the Finance Parties, the relevant
Transaction Party each other party to that Material Agreement in form and substance reasonably satisfactory to the Agent.

 

		(c)	If the Agent makes a request under clause 9.15(b) that a side agreement or tripartite agreement be entered into in respect
of a Material Agreement, the Transaction Party may not enter into that Material Agreement unless a side agreement or tripartite
agreement has been entered into between the Finance Parties, the relevant Transaction Party and each other party to that Material
Agreement in form and substance reasonably satisfactory to the Agent.

 

		(d)	The parties agree that no term contained in a side agreement or tripartite agreement affects the rights and obligations of
the parties under any other Transaction Document except to the extent specifically set forth in that side agreement or tripartite
agreement.

 

		(e)	Each Transaction Party must, and must ensure that Lost Creek, does all things necessary to enforce all of its rights, powers
and remedies under each Project Document to which it is a party where it is commercially prudent to do so.

 

		(f)	Each Transaction Party must not, and must ensure that Lost Creek does not, enter into any agreement relating to the development
and operation of a Project or any other agreement or contract which relates to a Project, except to the extent the same are contemplated
by the Corporate and Project Budget, where the aggregate amount of payments to be made under that agreement or contract is anticipated
to exceed $1,000,000, without the prior written consent of the Agent.

 

		9.16	Amendments to constitution

  

A Transaction Party must not, and must ensure that
Lost Creek does not, materially amend its articles of incorporation, articles of organization, by-laws, constitution, operating
agreement, or other organizational or formation documents without the Agent’s prior written consent, which consent must not
be unreasonably withheld or delayed.

 

		9.17	Negative pledge and disposal of assets

 

		(a)	Subject to clause 1.1, a Transaction Party must not, and must ensure that Lost Creek does not, create or allow to
                                                               exist or agree to any interest or Encumbrance over any of its assets other than a Permitted Encumbrance or a Permitted
                                                               Interest.

 

		(b)	A Transaction Party must not, and must ensure that Lost Creek does not, without the prior written consent of the Agent, Dispose
of any of its assets other than a Disposal which is a Permitted Disposal.

 

    	Facility Agreement        page 54

    	 

    

 

 

		9     Undertakings

  

		(c)	A Transaction Party must not, and must ensure that Lost Creek does not, allow any other person to have a right or power to
receive or claim any rents, profits, receivables, money or moneys worth (whether capital or income) in respect of its assets other
than under a Permitted Encumbrance or Permitted Royalty.

 

		(d)	A Transaction Party must not, and must ensure that Lost Creek does not (except as contemplated by the State Documents), enter
into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination
of accounts, except for:

 

		(1)	a netting or set-off arrangement (whether arising by statute, common law or contract) in the ordinary course of its ordinary
banking arrangements for the purpose of netting debit and credit balances; or

 

		(2)	Environmental Bonding or related surety arrangements.

 

		(e)	A Transaction Party must not, and must ensure that Lost Creek does not, enter into any arrangement which, if complied with,
could reasonably be expected to prevent any Transaction Party from complying with its obligations under the Transaction Documents.

 

		(f)	Without the prior written consent of the Financier, the Parent must not Dispose of any of its ownership interest in the Borrower
or any other ownership interest or shares it owns in another Subsidiary of the Borrower.

 

		(g)	Without the prior written consent of the Financier, the Borrower must not Dispose of any of its ownership interest in Lost
Creek or any other ownership or shares it owns in another Subsidiary of the Borrower.

 

		9.18	No change to business

 

Each Transaction Party must, and must ensure that
Lost Creek:

 

		(a)	operates its business in accordance with the Corporate and Project Budget; and

 

		(b)	does not engage in any business other than, or do anything which would result in substantial changes to, its existing core
businesses and operations of exploration and mining project development and activities incidental to exploration and mining project
development, except for certain activities of Pathfinder, being reclamation and restoration activities, operating the 11e2 by-product
disposal facility at the Shirley Basin Property, and exploration and mining project development, and except with the prior written
consent of the Agent.

 

		9.19	Financial accommodation and Financial Indebtedness

 

		(a)	A Transaction Party must not, and must ensure that Lost Creek does not, subscribe for capital in an entity, provide any financial
accommodation, or give any Surety Obligation in respect of any financial accommodation, to or for the benefit of any person, other
than Permitted Financial Accommodation.

 

		(b)	A Transaction Party must not, and must ensure that Lost Creek does not, incur any Financial Indebtedness other than Permitted
Financial Indebtedness.

 

		9.20	Arm’s length transactions

 

A Transaction Party must not, and must ensure that
Lost Creek does not:

 

		(a)	enter into an agreement with any Person (other than an inter-company loan to another Transaction Party or Lost Creek in accordance
with paragraph 2 of the definition of Permitted Financial Accommodation);

 

		(b)	acquire or Dispose of an asset;

 

    	Facility Agreement        page 55

    	 

    

 

		9     Undertakings

 

		(c)	obtain or provide a service;

 

		(d)	obtain a right or incur an obligation; or

 

		(e)	implement any other material transaction,

 

unless it does so on terms which are no less favourable
to it than arm’s length terms.

 

		9.21	Restrictions on Distributions and fees

 

		(a)	A Transaction Party must not make any Distribution.

 

		(b)	A Transaction Party must not, must ensure that Lost Creek does not pay any director fees, management fees, consultancy fees
or other like payments to any director or Affiliate of a Transaction Party or Lost Creek unless those fees or other payments are:

 

		(1)	reasonable and no more or less favourable than it is reasonable to expect would be the case if the relevant persons were dealing
with each other on arm’s length terms; or

 

		(2)	paid with the Agent’s prior written consent.

 

		9.22	Undertakings regarding Secured Property

 

		(a)	Each Transaction Party must:

 

		(1)	maintenance of the Secured Property:

 

		(A)	maintain and protect its Secured Property;

 

		(B)	keep its Secured Property in a good state of repair and in good working order, in each case consistent with Good Industry Practice
and allowing for ordinary wear and tear;

 

		(C)	remedy every material defect in its title to any part of its Secured Property;

 

		(D)	take or defend all legal proceedings to protect or recover any of its Secured Property; and

 

		(E)	keep its property valid and subsisting and free from liability to forfeiture, cancellation, avoidance or loss, save that it
can allow a Mineral Right to lapse where that Mineral Right is not a Key Mineral Right, has no known mineral resource and is not
a Project Asset;

 

		(2)	further security: does anything which the Agent reasonably requests which more satisfactorily charges or secures the
priority of its Securities, or secures to the Financier its Secured Property in a manner consistent with any provision of a Transaction
Document, or aids in the exercise of any Power of a Finance Party, including, the execution of any document, the delivery of Title
Documents or the execution and delivery of blank transfers;

 

		(3)	registration and protection of security: registers, records and files the Security Documents in all registers in all
jurisdictions in which they must be registered, recorded or filed to ensure the enforceability, validity and priority of the Securities
against all persons and to be effective as a security interest;

 

    	Facility Agreement        page 56

    	 

    

 

		9     Undertakings

 

		(4)	no partnership or joint venture: does not enter into any profit sharing arrangement in relation
to its property or any partnership or joint venture with any other person without the Agent’s written consent, other
than a Permitted Royalty; and

 

		(5)	no Encumbrances: causes any Encumbrance which is filed or recorded in respect of its property, other than a Permitted
Encumbrance, to be removed as soon as reasonably practicable but in any event within 10 Business Days after the date that it becomes
aware of its existence.

 

		(b)	A reference in clause 9.22(a)(1) to Secured Property is taken to include the property which was the subject of each of the
Lost Creek Pledge Agreement and the Lost Creek Mortgage.

 

		9.23	Insurance

 

		(a)	General requirements: Each Transaction Party must, and must ensure that Lost Creek, insures and keeps insured its property:

 

		(1)	for amounts and against risks in accordance with Good Industry Practice;

 

		(2)	against damage, destruction and any other risk to their full replacement value;

 

		(3)	against workers’ compensation and public liability; and

 

		(4)	for any other risk to the extent and for the amounts the Agent may reasonably require and notify to the Borrower from time
to time.

 

		(b)	Payment of premiums: Each Transaction Party must, and must ensure that Lost Creek, punctually pays all premiums and
other amounts necessary to effect and maintain in force each insurance policy.

 

		(c)	Contents of insurance policy: Each Transaction Party must, and must cause Lost Creek to, ensure that every insurance
policy:

 

		(1)	is taken out in the name of a Transaction Party or Lost Creek, and in the case of each Transaction Party which is a Security
Provider, notes each Finance Party as an insured and insures each of their insurable interests;

 

		(2)	in the case of each Transaction Party which is a Security Provider, names the Agent as the loss payee;

 

		(3)	provides that it cannot be terminated or varied by the insurer for any reason including the non-payment of the premium or any
other amount in respect of the insurance policy, unless, in the case of each Transaction Party which is a Security Provider, the
Agent is given 10 days prior written notice for non-payment of the relevant premium or 30 days prior written notice for any
other reason for termination or variation of the relevant insurance policy;

 

		(4)	provides that notice of any occurrence given by one insured party will be regarded as notice given by all insured parties and
that failure by one insured party to observe and fulfil the conditions of the policy will not prejudice the rights of any other
insured party;

 

		(5)	in the case of each Transaction Party which is a Security Provider, insures the Finance Parties interest up to the limits of
the policy regardless of any breach or vitiation by any Transaction Party which is a Security Provider or any other insured person
(which ever is applicable) of any warranties, declarations or conditions contained in that policy; and

 

    	Facility Agreement        page 57

    	 

    

 

		9     Undertakings

 

		(6)	includes any other terms and conditions which the Agent may reasonably require, unless the insurer does not agree to those
terms and conditions after a Transaction Party which is a Security Provider has used its commercially reasonable efforts to obtain
them.

 

		(d)	Reputable insurer: Each insurance policy required under this clause must be taken out with a reputable and substantial
insurer approved by the Agent (whose approval is not to be unreasonably withheld).

 

		(e)	No prejudice: A Transaction Party must not, and must ensure that Lost Creek does not, do or omit to do, or allow or
permit to be done or not done, anything which may materially prejudice any insurance policy.

 

		(f)	Deliver documents: Each Transaction Party must, and must ensure that Lost Creek, promptly delivers to the Agent:

 

		(1)	adequate evidence as to the existence and currency of the insurances required under this clause 9.23; and

 

		(2)	any other detail which the Agent may reasonably require and notify to the Transaction Party or Lost Creek from time to time.

 

		(g)	No change to policy: No insurance policy may be varied, rescinded, terminated, cancelled or changed in a material respect
without the Agent’s written consent.

 

		(h)	Full disclosure: Before entering into each insurance policy, each Transaction Party must, and must ensure that Lost
Creek, discloses to the insurer all facts which are material to the insurer’s risk.

 

		(i)	Assistance in recovery of money: Each Transaction Party must do all things reasonably required by a Finance Party to
enable the Finance Party to recover any money due in respect of an insurance policy.

 

		(j)	Notification by Security Provider: Each Transaction Party must, and must ensure that Lost Creek, notifies the Agent
as soon as reasonably practicable after it becomes aware of:

 

		(1)	an event which in relation to the property of a Transaction Party or Lost Creek gives rise to a claim of $500,000 or more under
an insurance policy; and

 

		(2)	the cancellation or variation for any reason of any insurance policy in relation to the property of a Transaction Party or
Lost Creek.

 

		(k)	Dealing with insurance policy proceeds:

 

		(1)	If a claim with respect to property of a Transaction Party which is a Security Provider is greater than $500,000, or if a claim
with respect to property of a Transaction Party which is a Security Provider is less than $500,000 but the Agent in its reasonable
discretion determines that there are not sufficient funds available to a Transaction Party which is a Security Provider to ensure
that the Transaction Party which is a Security Provider can pay or repay any part of the Secured Moneys due and payable by it,
the Agent after 3 Business Days’ notice to the Borrower, may direct the insurer to pay the proceeds of that claim up to the
amount of the Secured Moneys to the Financier.

 

		(2)	If an Event of Default has occurred and is continuing, the proceeds in respect of any insurance policy of a Transaction Party
which is a Security Provider must be used to repay the Secured Moneys outstanding at that time or for any other purpose which the
Agent approves.

 

    	Facility Agreement        page 58

    	 

    

 

		10     Funding
      Account

 

		(3)	The proceeds in respect of any claim under an insurance policy in respect of lost, destroyed or damaged property of a Transaction
Party which is a Security Provider that are not being applied in accordance with clauses 9.23(k)(1) and 9.23(k)(2), must be applied
towards the reinstatement of that property.

 

		(4)	Clauses 9.23(k)(1), (2) and (3) do not apply to proceeds received from any workers’ compensation or public liability
policy to the extent that the proceeds are paid to a person entitled to be compensated under the workers’ compensation or
public liability policy.

 

		(5)	Any amount received by the Agent in accordance with clauses 9.23(k)(1) or 9.23(k)(2) may be applied by the Agent as a mandatory
prepayment of the Principal Outstanding, and clause 3.5(d) will apply to the prepayment.

 

		(l)	Power to take proceedings: if an Event of Default has occurred and is continuing and a Receiver has not been appointed,
the Agent alone has full power to make, enforce, settle, compromise, sue on and discharge all claims and recover and receive all
moneys payable in respect of:

 

		(1)	any claim under any insurance policy of a Transaction Party which is a Security Provider; and

 

		(2)	any compensation claim in respect of any injury to an employee of a Finance Party, Receiver or Attorney suffered while exercising
or attempting to exercise any Power.

 

		9.24	Term of undertakings

 

Unless the Agent otherwise agrees in writing, until:

 

		(a)	each Commitment is cancelled;

 

		(b)	the Secured Moneys are unconditionally paid in full; and

 

		(c)	each Security is discharged,

 

each Transaction Party must, and must ensure that
Lost Creek, at its own cost, comply with its undertakings in this clause 9.

 

		9.25	Release of Security

 

Upon complete repayment of all Secured Money in
accordance with this agreement and the other Transaction Documents, all Security will, at the Borrower’s sole cost and expense,
be released subject to and in accordance with the terms of the Security Documents.

 

		10	Funding
                                         Account

 

		10.1	Establishment of Funding Account

 

The Borrower covenants and agrees with the Agent:

 

		(a)	to establish and maintain a Dollar denominated interest bearing account located in the United States of America in a place
and with a bank or financial institution acceptable to the Agent, that account to be called ‘Ur-Energy USA Inc.– Funding
Account’;

 

    	Facility Agreement        page 59

    	 

    

 

		11     Events
      of Default and Review Events

 

		(b)	to maintain the Funding Account in the location and with the bank or financial institution at which each of that account was
originally established and not change that account to another bank or financial institution without the Agent’s prior written
consent;

 

		(c)	to cause all interest and other earnings on the Funding Account to be credited to that account; and

 

		(d)	to deal with the amounts standing to the credit of the Funding Account in accordance with this clause 10 and not otherwise.

 

		10.2	Flow of funds from Funding Account

 

		(a)	The Borrower must deposit, or cause to be deposited, directly into the Funding Account the proceeds of all Funding Portions.

 

		(b)	The Borrower must not make a withdrawal from the Funding Account that materially deviates from the Corporate and Project Budget
unless:

 

		(1)	the Borrower has provided the Agent with a notice setting out:

 

		(A)	the amount of the proposed withdrawal;

 

		(B)	the purpose for which the funds will be used; and

 

		(C)	the nature and extent to which the use of the funds deviates materially from the approved Corporate and Project Budget; and

 

		(2)	the withdrawal is made for payment of amounts payable within the next following 30 day period as set out in the approved Corporate
and Project Budget,

 

and at the time of the proposed
withdrawal, no Default or Review Event has occurred and is continuing, or would occur as a result of making the withdrawal.

 

		11	Events
                                         of Default and Review Events

 

		11.1	Events of Default

 

It is an Event of Default, whether or not it is
within the control of a Transaction Party, if:

 

		(a)	failure to pay: a Transaction Party fails to pay or repay any part of the Secured Moneys when due and payable by it,
unless its failure to pay is caused by administrative or technical error beyond the control of the Borrower and payment is made
within 3 Business Days of the due date;

 

		(b)	other failure: a Transaction Party fails to perform any undertaking or obligation of it under any Transaction Document
(other than as described in clause 11.1(a)) and, where that failure is remediable, the Transaction Party does not remedy the
failure within 10 Business Days (or a longer period as may be agreed between the parties) after the Transaction Party becomes
aware of the failure or receives a notice from the Agent specifying the failure;

 

		(c)	Key Mineral Rights: a Key Mineral Right is terminated or otherwise ceases to be in full force and effect;

 

    	Facility Agreement        page 60

    	 

    

 

		11     Events
      of Default and Review Events

 

		(d)	Project Documents: any party to a Project Document fails to perform or observe any of its material undertakings or obligations
under a Project Document and that party does not remedy the failure within the grace period stated in the Project Document or,
if no grace period is stated, within 15 Business Days and, where the failure is by a party who is not a Transaction Party or Lost
Creek, the failure would have a Material Adverse Effect;

 

		(e)	Authorizations: a Transaction Party or Lost Creek fails to maintain and comply in all material respects with all applicable
Authorizations that relate to the development and operation of a Project and, where that failure is remediable, the Transaction
Party or Lost Creek does not remedy the failure within 10 Business Days (or a longer period as may be agreed between the
parties) after the Transaction Party or Lost Creek becomes aware of the failure or receives a notice from the Agent specifying
the failure;

 

		(f)	abandonment: all or any material part of a Project is abandoned (other than the abandonment of unpatented mining claims
from time to time in the ordinary course of business which are not required to develop and operate a Project in accordance with
Good Industry Practice);

 

		(g)	ownership interest:

 

		(1)	the Parent ceases to be the legal and beneficial owner of 100% of the issued share capital of the Borrower;

 

		(2)	the Borrower ceases to be the legal and beneficial owner of all of the membership interests of Lost Creek; or

 

		(3)	the Borrower ceases to be the legal and beneficial owner of 100% of the issued share capital of Pathfinder;

 

		(h)	destruction of Secured Property: all or a material part of the property of a Transaction Party or Lost Creek constituting
a Project Asset or Secured Property is destroyed, lost or damaged beyond repair or proves to be materially defective in circumstances
not covered fully by any insurance in favour of a Transaction Party or Lost Creek;

 

		(i)	expropriation: any property of a Transaction Party or Lost Creek is seized, nationalised, compulsorily acquired or expropriated
by, or by order of, a Government Agency or under any law or a Government Agency orders the sale, vesting or divesting of any part
of the property of a Transaction Party of Lost Creek, or a restraint, restriction, prohibition, intervention, law, decree or other
order of a Government Agency or any other matter or thing occurs which wholly or partially prevents or hinders:

 

		(1)	the performance by a Transaction Party or Lost Creek of any of its material obligations under a Document; or

 

		(2)	the development or operation of a Project or the Project Assets;

 

		(j)	misrepresentation: any representation or warranty or statement made, or taken to have been made in accordance with clause 8.3,
under or in connection with a Transaction Document is found to have been incorrect or misleading when made or repeated, or taken
to have been made or repeated, and, if the circumstances giving rise to the misrepresentation are remediable, a Transaction Party
does not remedy the circumstances giving rise to the breach within 10 Business Days after that representation or warranty or statement
was made or taken to have been made;

 

		(k)	acceleration of payments: a Transaction Party or Lost Creek does anything which constitutes an event, whatever called,
which causes or enables the acceleration of a payment to be made under a Document, or the enforcement or termination or rescission
of a Document;

 

    	Facility Agreement        page 61

    	 

    

 

		11     Events
      of Default and Review Events

 

		(l)	cross default: any Financial Indebtedness of a Transaction Party or Lost Creek in an amount in excess of $500,000 (other
than under a Transaction Document):

 

		(1)	becomes due and payable, or becomes capable of being declared due and payable, before the scheduled date for payment; or

 

		(2)	is not paid when due (after taking into account any applicable grace period),

 

except for any Financial Indebtedness
that is being diligently contested in good faith and by appropriate proceedings and for which adequate reserves have been made;

 

		(m)	Encumbrance: a Security or any other Encumbrance is:

 

		(1)	enforced against any asset of a Transaction Party or Lost Creek; or

 

		(2)	enforceable against any asset of a Transaction Party or Lost Creek and does not cease to be enforceable within 15 Business
Days;

 

		(n)	judgment: a judgment in an amount exceeding $1,000,000 is obtained against a Transaction Party or Lost Creek and is
not set aside, stayed pending the outcome of an appeal (for so long as it is stayed) or satisfied within 20 Business
Days;

 

		(o)	execution: a distress, attachment, execution or other process of a Government Agency is issued against, levied or entered
upon an asset of a Transaction Party or Lost Creek in an amount exceeding $500,000 and is not set aside or satisfied within 20 Business
Days;

 

		(p)	winding up: any of the following occur:

 

		(1)	an application is made;

 

		(2)	an order is made; or

 

		(3)	a resolution is passed or any steps are taken to pass a resolution,

 

for the winding up of a Transaction Party or Lost
Creek;

 

		(q)	administration, liquidation, receivership etc: any of the following occur:

 

		(1)	an administrator, liquidator, provisional liquidator, receiver, receiver and manager, official manager, trustee, controller
or similar official is appointed, or any steps are taken to that appointment; or

 

		(2)	a resolution to appoint an administrator, liquidator, provisional liquidator, receiver, receiver and manager, official manager,
trustee, controller or similar official is passed, or any steps are taken to pass a resolution to that appointment,

 

to a Transaction Party or Lost Creek or over the
assets of a Transaction Party or Lost Creek;

 

		(r)	dissolution: a Transaction Party or Lost Creek is dissolved, or any steps are taken to dissolve a Transaction Party
or Lost Creek under any applicable law;

 

		(s)	suspends payment: a Transaction Party or Lost Creek suspends payment of its debts generally;

 

		(t)	insolvency: a Transaction Party or Lost Creek:

 

		(1)	is unable to pay its debts when they are due;

 

		(2)	states that it is insolvent or unable to pay its debts when they are due; or

 

    	Facility Agreement        page 62

    	 

    

 

		11     Events
      of Default and Review Events

 

		(3)	declares bankruptcy in accordance with, or files for protection under, the Debtor Relief Laws;

 

		(u)	arrangements: a Transaction Party or Lost Creek enters into or resolves to enter into any arrangement, composition or
compromise with, or assignment for the benefit of, any of its creditors;

 

		(v)	reorganisation: a Transaction Party breaches clause 9.9(c);

 

		(w)	ceasing business: a Transaction Party or Lost Creek ceases to carry on business;

 

		(x)	unenforceability:

 

		(1)	a material provision of a Document is illegal, void, voidable or unenforceable;

 

		(2)	any person becomes entitled to terminate, rescind or avoid any material provision of any Document; or

 

		(3)	the execution, delivery or performance of a Document by a Transaction Party or Lost Creek breaches or results in a contravention
of any law in any material respect;

 

		(y)	cease of trading of Parent’s shares: 

 

		(1)	the Parent ceases to have its Shares listed for trading on the TSX or its Shares are suspended from trading on the TSX for
5 consecutive TSX Business Days (but for the avoidance of doubt, the reference to suspension excludes voluntary trading halts);
or

 

		(2)	the Parent ceases to have its Shares listed for trading on the NYSE MKT or its Shares are suspended from trading on the NYSE
MKT for 5 consecutive NYSE Business Days (but for the avoidance of doubt, the reference to suspension excludes voluntary trading
halts); or

 

		(z)	Material Adverse Effect: any event occurs which has or is likely to have a Material Adverse Effect,

 

provided that notwithstanding the foregoing clause
11.1, nothing in this clause 11.1 that arises from or relates to Lost Creek shall constitute an Event of Default unless the same
has, or is reasonably likely to result in, a Material Adverse Effect

 

		11.2	Effect of Event of Default

 

		(a)	If an Event of Default occurs and while it is continuing the Agent may, by notice to the Borrower declare that:

 

		(1)	the Secured Moneys are immediately due and payable; or

 

		(2)	each Commitment is cancelled,

 

or make each of the declarations under clauses 11.2(a)(1)
and 11.2(a)(2).

 

		(b)	The Borrower must immediately repay the Secured Moneys on receipt of a notice under clause 11.2(a)(1).

 

		(c)	Despite the foregoing, and without limiting the provisions of any Transaction Document, if an Event of Default described in
clause 11.1(q) occurs in relation to a Transaction Party or Lost Creek, each Commitment will be automatically cancelled and all
Secured Money will become immediately due and payable in full, without notice of intent to demand, demand, presentment for payment,
notice of non-payment, protest, notice of protest, grace, notice of dishonour, notice of intent to accelerate, notice of acceleration,
and all other notices, all of which are by this clause expressly waived by the Borrower.

 

    	Facility Agreement        page 63

    	 

    

 

		12     Increased
      costs and illegality

 

		11.3	Transaction Parties to continue to perform

 

		(a)	If the Agent makes a declaration under clause 11.2 or a gives a notice under clause 11.5(d):

 

		(1)	the declaration or notice does not affect the obligations of the Borrower under the Transaction Documents; and

 

		(2)	the Borrower must continue to perform its obligations under the Transaction Documents as if the declaration had not been made
or the notice had not been given, subject to any directions given by a Finance Party under any Transaction Document.

 

		(b)	Clause 11.3(a) does not affect the Borrower’s obligations under clause 11.2.

 

		11.4	Enforcement

 

		(a)	The Transaction Documents may be enforced without notice to a Transaction Party or any other person even if:

 

		(1)	a Finance Party accepts any part of the Secured Moneys after an Event of Default; or

 

		(2)	there has been any other Event of Default.

 

		(b)	No Finance Party is liable to the Borrower for any Loss the Borrower may suffer, incur or be liable for arising out of or in
connection with a Finance Party exercising any Power, except to the extent specifically set out in a Transaction Document.

 

		11.5	Review Event

 

		(a)	It is a Review Event if there is a change in Control of the Borrower or the Parent.

 

		(b)	The Borrower or the Parent must notify the Agent as soon as it becomes aware of the occurrence of a Review Event.

 

		(c)	The Financier has the right to review the Facility for a period of 30 days from the date on which the Agent receives a notice
under clause 11.5(b) or becomes aware of the occurrence of a Review Event.

 

		(d)	If the Financier decides that it does not wish to continue to provide the Facility following the occurrence of a Review Event,
it must give written notice to that effect to the Borrower within the 30 day review period referred to in clause 11.5(c).
The notice must state a date (not earlier than 30 days from the date of the service of the notice) by which the Secured Moneys
must be paid in full, and the Borrower must pay the Secured Moneys to the Agent in full on the date stated in the notice.

 

    	Facility Agreement        page 64

    	 

    

 

		12     Increased
      costs and illegality

 

		12	Increased
                                         costs and illegality

 

		12.1	Increased costs

 

		(a)	If the Financier determines that any Change in Law affecting it or any of its Affiliates directly or indirectly:

 

		(1)	increases the effective cost to the Financier of performing its obligations under the Transaction Documents or funding or maintaining
a Commitment or the Principal Outstanding;

 

		(2)	reduces any amount received or receivable by the Financier under the Transaction Documents; or

 

		(3)	in any other way reduces the effective return to the Financier or any Affiliate under the Transaction Documents or the overall
return on capital of the Financier or any Affiliate,

 

(each an Increased Cost), the Borrower must
pay to the Financier promptly after receipt of a demand, compensation for the Increased Cost to the extent attributed by the Financier
or Affiliate (using the methods it considers appropriate) to the Financier’s obligations under the Transaction Documents
or the funding or maintenance of a Commitment or the Principal Outstanding.

 

		(b)	A claim under clause 12.1(a) is, in the absence of manifest error, sufficient evidence of the amount to which the Finance
Party is entitled under clause 12.1(a) unless the contrary is proved.

 

		(c)	If the Borrower receives a demand from the Financier under clause 12.1(a), the Borrower may, by written notice to the
Agent on or before the date which is 20 Business Days after the date of that demand, cancel each Commitment and prepay the
Secured Moneys in full.

 

		(d)	A notice under clause 12.1(c) is irrevocable and the Borrower must, on the date which is 40 Business Days after the
date that the notice is given, pay to the Agent on account of the Financier the Secured Moneys in full.

 

		12.2	Illegality

 

		(a)	If any Change in Law or other event makes it illegal for the Financier to perform its obligations under the Transaction Documents
or fund or maintain a Commitment, the Financier may by notice to the Borrower:

 

		(1)	suspend its obligations under the Transaction Documents for the duration of the illegality; or

 

		(2)	by notice to the Borrower, cancel the Commitment and require the Borrower to repay the Secured Moneys in full on the date which
is 40 Business Days after the date on which the Financier gives the notice or any earlier date required by, or to comply with,
the applicable law.

 

		(b)	A notice under clause 12.2(a)(2) is irrevocable and the Borrower must, on the repayment date determined under clause 12.2(a)(2),
pay to the Agent on account of the Financier the Secured Moneys in full.

 

    	Facility Agreement        page 65

    	 

    

 

		13     Guaranty
      and indemnity

 

		12.3	Reduction of Commitment

 

A Commitment is reduced by any amount of Secured
Moneys paid under this clause 12 in respect of that Commitment, and accordingly an amount paid under this clause 12 may
not be redrawn.

 

		12.4	Patriot Act

 

Each Finance Party and the Agent (for itself and
not on behalf of any other Finance Party) hereby notifies the Transaction Parties that pursuant to the requirements of the Patriot
Act, it is required to obtain, verify and record information that identifies each Transaction Party, which information includes
the name and address of that Transaction Party and other information that will allow that Finance Party or the Agent, as applicable,
to identify that Transaction Party in accordance with the Patriot Act. The Borrower shall provide, to the extent commercially reasonable,
any information and take any actions as are reasonably requested by the Agent or any Finance Party in order to assist the Agent
and the Finance Parties in maintaining compliance with the Patriot Act.

 

		13	Guaranty
                                         and indemnity

 

		13.1	Guaranty

 

The Guarantors unconditionally and irrevocably guarantee
to the Financier the payment of the Secured Moneys.

 

		13.2	Payment

 

		(a)	If the Secured Moneys are not paid when due, each Guarantor must immediately on demand from the Financier pay to the Financier
the Secured Moneys in the same manner and currency as the Secured Moneys are required to be paid.

 

		(b)	A demand under clause 13.2(a) may be made at any time and from time to time.

 

		13.3	Securities for other money

 

The Financier may apply any amounts received by
it or recovered under any:

 

		(a)	Collateral Security; or

 

		(b)	other document or agreement,

 

which is a security for any of the Secured Moneys
and any other money in the manner it determines in its absolute discretion.

 

		13.4	Amount of Secured Moneys

 

		(a)	This clause 13 applies to any amount which forms part of the Secured Moneys from time to time.

 

		(b)	The obligations of each guarantor under this clause 13 extends to any increase in the Secured Moneys as a result of:

 

    	Facility Agreement        page 66

    	 

    

 

		13     Guaranty
      and indemnity

 

		(1)	any amendment, supplement, renewal or replacement of any Transaction Document to which a Transaction Party and the Financier
is a party; or

 

		(2)	the occurrence of any other thing arising under or in connection with any Transaction Document.

 

		(c)	Clause 13.4(b):

 

		(1)	applies regardless of whether any Guarantor is aware of or consented to or is given notice of any amendment, supplement, renewal
or replacement of any agreement to which a Transaction Party and the Financier is a party or the occurrence of any other thing;
and

 

		(2)	does not limit the obligations of any Guarantor under this clause 13.

 

		13.5	Proof by Financier

 

In the event of the liquidation of a Transaction
Party, each Guarantor authorizes the Financier to lodge a proof of debt for all money which any Guarantor has paid or is or may
be obliged to pay under any Transaction Document, any other document or agreement or otherwise in respect of the Secured Moneys.

 

		13.6	Avoidance of payments

 

		(a)	If any payment, conveyance, transfer or other transaction relating to or affecting the Secured Moneys is:

 

		(1)	void, voidable or unenforceable in whole or in part; or

 

		(2)	claimed to be void, voidable or unenforceable and that claim is upheld, conceded or compromised in whole or in part,

 

the liability of each Guarantor under this clause 13
and any Power is the same as if:

 

		(3)	that payment, conveyance, transfer or transaction (or the void, voidable or unenforceable part of it); and

 

		(4)	any release, settlement or discharge made in reliance on anything referred to in clause 13.6(a)(3),

 

had not been made and each Guarantor must immediately
take all action and sign all documents necessary or required by the Financier to restore to the Financier the benefit of this clause 13
and any Encumbrance held by the Financier immediately before the payment, conveyance, transfer or transaction.

 

		(b)	Clause 13.6(a) applies whether or not the Financier knew, or ought to have known, of anything referred to in clause 13.6(a).

 

		13.7	Indemnity for avoidance of Secured Moneys

 

		(a)	If any of the Secured Moneys (or money which would have been Secured Moneys if it had not been irrecoverable) are irrecoverable
by the Financier from:

 

		(1)	any Transaction Party; or

 

		(2)	a Guarantor on the footing of a guaranty,

 

the Guarantors jointly and severally, unconditionally
and irrevocably, and as a separate and principal obligation:

 

    	Facility Agreement        page 67

    	 

    

 

		13     Guaranty
      and indemnity

 

		(3)	indemnifies the Financier against any Loss suffered, paid or incurred by the Financier in relation to the non payment
of that money; and

 

		(4)	must pay the Financier an amount equal to that money.

 

		(b)	Clause 13.7(a) applies to the Secured Moneys (or money which would have been Secured Moneys if it had not been irrecoverable)
which are or may be irrecoverable irrespective of whether:

 

		(1)	they are or may be irrecoverable because of any event described in clause 13.12;

 

		(2)	they are or may be irrecoverable because of any other fact or circumstance;

 

		(3)	the transactions or any of them relating to that money are void or illegal or avoided or otherwise unenforceable; and

 

		(4)	any matters relating to the Secured Moneys are or should have been within the knowledge of the Financier.

 

		13.8	No obligation to marshal

 

The Financier is not required to marshal or to enforce
or apply under or appropriate, recover or exercise:

 

		(a)	any Encumbrance, Surety Obligation or Collateral Security or other document or agreement held, at any time, by or on behalf
of that or the Financier; or

 

		(b)	any money or asset which the Financier, at any time, holds or is entitled to receive.

 

		13.9	Non-exercise of Guarantor’s rights

 

A Guarantor must not exercise any rights it may
have inconsistent with this clause 13.

 

		13.10	Principal and independent obligation

 

		(a)	This clause 13 is:

 

		(1)	a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation; and

 

		(2)	independent of and not in substitution for or affected by any other Collateral Security which the Financier may hold in respect
of the Secured Moneys or any obligations of any Transaction Party or any other person.

 

		(b)	This clause 13 is enforceable against a Guarantor:

 

		(1)	without first having recourse to any Collateral Security;

 

		(2)	whether or not the Financier has made demand on any Transaction Party (other than any demand specifically required to be given,
or notice required to be issued, to a Guarantor under clause 13.2 or any other provision of a Transaction Document);

 

		(3)	whether or not the Financier has given notice to any Transaction Party or any other person in respect of any thing;

 

		(4)	whether or not the Financier has taken any other steps against any Transaction Party or any other person;

 

    	Facility Agreement        page 68

    	 

    

 

		13     Guaranty
      and indemnity

 

		(5)	whether or not any Secured Moneys is then due and payable; and

 

		(6)	despite the occurrence of any event described in clause 13.12.

 

		13.11	Suspense account

 

		(a)	The Financier may apply to the credit of a suspense account any:

 

		(1)	amounts received under this clause 13;

 

		(2)	dividends, distributions or other amounts received in respect of the Secured Moneys in any liquidation; and

 

		(3)	other amounts received from a Guarantor, a Transaction Party or any other person in respect of the Secured Moneys.

 

		(b)	The Financier may retain the amounts in the suspense account for as long as it determines and is not obliged to apply them
in or towards satisfaction of the Secured Moneys.

 

		13.12	Unconditional nature of obligations

 

		(a)	This clause 13 and the obligations of each Guarantor under the Transaction Documents are absolute, binding and unconditional
in all circumstances, and are not released or discharged or otherwise affected by anything which but for this provision might have
that effect, including:

 

		(1)	the grant to any Transaction Party or any other person at any time, of a waiver, covenant not to sue or other indulgence;

 

		(2)	the release (including a release as part of any novation) or discharge of any Transaction Party or any other person;

 

		(3)	the cessation of the obligations, in whole or in part, of any Transaction Party or any other person under any Transaction Document
or any other document or agreement;

 

		(4)	the liquidation of any Transaction Party or any other person;

 

		(5)	any arrangement, composition or compromise entered into by the Financier, any Transaction Party or any other person;

 

		(6)	any Transaction Document or any other document or agreement being in whole or in part illegal, void, voidable, avoided, unenforceable
or otherwise of limited force or effect;

 

		(7)	any extinguishment, failure, loss, release, discharge, abandonment, impairment, compounding, composition or compromise, in
whole or in part of any Transaction Document or any other document or agreement;

 

		(8)	any Collateral Security being given to the Financier by any Transaction Party or any other person;

 

		(9)	any alteration, amendment, variation, supplement, renewal or replacement of any Transaction Document or any other document
or agreement;

 

		(10)	any moratorium or other suspension of any Power;

 

		(11)	the Financier, a Receiver or Attorney exercising or enforcing, delaying or refraining from exercising or enforcing, or being
not entitled or unable to exercise or enforce any Power;

 

    	Facility Agreement        page 69

    	 

    

 

		13     Guaranty
      and indemnity

 

		(12)	the Financier obtaining a judgment against any Transaction Party or any other person for the payment of any of the Secured
Moneys;

 

		(13)	any transaction, agreement or arrangement that may take place with the Financier, any Transaction Party or any other person;

 

		(14)	any payment to the Financier, a Receiver or Attorney, including any payment which at the payment date or at any time after
the payment date is in whole or in part illegal, void, voidable, avoided or unenforceable;

 

		(15)	any failure to give effective notice to any Transaction Party or any other person of any default under any Transaction Document
or any other document or agreement;

 

		(16)	any legal limitation, disability or incapacity of any Transaction Party or of any other person;

 

		(17)	any breach of any Transaction Document or any other document or agreement;

 

		(18)	the acceptance of the repudiation of, or termination of, any Transaction Document or any other document or agreement;

 

		(19)	any Secured Moneys being irrecoverable for any reason;

 

		(20)	any disclaimer by any Transaction Party or any other person of any Transaction Document or any other document or agreement;

 

		(21)	any assignment, novation, assumption or transfer of, or other dealing with, any Powers or any other rights or obligations under
any Transaction Document or any other document or agreement;

 

		(22)	the opening of a new account of any Transaction Party with the Financier or any transaction on or relating to the new account;

 

		(23)	any prejudice (including material prejudice) to any person as a result of any thing done or omitted by the Financier, any Transaction
Party or any other person;

 

		(24)	any prejudice (including material prejudice) to any person as a result of the Financier, a Receiver, Attorney or any other
person selling or realising any property the subject of a Collateral Security at less than the best price;

 

		(25)	any prejudice (including material prejudice) to any person as a result of any failure or neglect by the Financier, a Receiver,
Attorney or any other person to recover the Secured Moneys from any Transaction Party or by the realisation of any property the
subject of a Collateral Security;

 

		(26)	any prejudice (including material prejudice) to any person as a result of any other thing;

 

		(27)	the receipt by the Financier of any dividend, distribution or other payment in respect of any liquidation;

 

		(28)	the capacity in which a Transaction Party executed a Transaction Document not being the capacity disclosed to the Financier
before the execution of the Transaction Document;

 

		(29)	the failure of any other Guarantor or any other person who is intended to become a co-surety or co-indemnifier of that Guarantor
to execute this agreement or any other document; or

 

    	Facility Agreement        page 70

    	 

    

 

		13     Guaranty
      and indemnity

 

		(30)	any other act, omission, matter or thing whether negligent or not.

 

		(b)	Clause 13.12(a) applies irrespective of:

 

		(1)	the consent or knowledge or lack of consent or knowledge, of the Financier, any Transaction Party or any other person of any
event described in clause 13.12(a); or

 

		(2)	any rule of law or equity to the contrary,

 

but shall not apply in the case of fraud, intentional
misrepresentation, wilful misconduct or gross negligence by the Financier or the Agent.

 

		13.13	No competition

 

		(a)	Until the Secured Moneys have been fully paid and this clause 13 has been finally discharged, a Guarantor is not entitled
to:

 

		(1)	be subrogated to the Financier;

 

		(2)	claim or receive the benefit of any Encumbrance, Surety Obligation or other document or agreement of which the Financier has
the benefit;

 

		(3)	claim or receive the benefit of any moneys held by the Financier;

 

		(4)	claim or receive the benefit of any Power;

 

		(5)	either directly or indirectly to prove in, claim or receive the benefit of any distribution, dividend or payment arising out
of or relating to the liquidation of any Transaction Party liable to pay the Secured Moneys, except in accordance with clause 13.13(b);

 

		(6)	make a claim or exercise or enforce any right, power or remedy (including under an Encumbrance or Surety Obligation or by way
of contribution) against any Transaction Party liable to pay the Secured Moneys;

 

		(7)	accept, procure the grant of or allow to exist any Encumbrance in favour of a Guarantor from any Transaction Party liable to
pay the Secured Moneys;

 

		(8)	exercise or attempt to exercise any right of set-off against, or realise any Encumbrance taken from, any Transaction Party
liable to pay the Secured Moneys; or

 

		(9)	raise any defence or counterclaim in reduction or discharge of its obligations under this clause 13.

 

		(b)	If required by the Financier, a Guarantor must prove in any liquidation of any Transaction Party liable to pay the Secured
Moneys for all money owed to the Guarantor.

 

		(c)	All money recovered by a Guarantor from any liquidation or under any Encumbrance or Surety Obligation from any Transaction
Party liable to pay the Secured Moneys must be received and held in trust by the Guarantor for the Financier to the extent of the
unsatisfied liability of the Guarantor under this clause 13.

 

		(d)	A Guarantor must not do or seek, attempt or purport to do anything referred to in clause 13.13(a).

 

    	Facility Agreement        page 71

    	 

    

 

		14     Indemnities and Break Costs

 

		13.14	Continuing guaranty

 

This clause 13 is a continuing obligation of
each Guarantor, despite:

 

		(a)	any settlement of account; or

 

		(b)	the occurrence of any other thing,

 

and remains in full force and effect until:

 

		(c)	the Secured Moneys have been unconditionally paid in full; and

 

		(d)	this clause 13 has been finally discharged by all the Financier.

 

		13.15	Variation

 

This clause 13 extends to cover the Transaction
Documents as amended, varied or replaced, whether with or without the consent of any one or more of the Guarantors, including any
increase in the limit or maximum principal amount available under a Transaction Document.

 

		13.16	Judgments

 

A final judgment obtained against a relevant Transaction
Party is conclusive as against each Guarantor.

 

		13.17	Accession of Guarantors

 

A member of the Borrower Group may become a Guarantor
by delivering to the Agent the following in a form satisfactory to the Agent (acting on the instructions of the Financier):

 

		(a)	a Guarantee Assumption Agreement duly executed by the Guarantor;

 

		(b)	a security agreement over all the assets and undertaking of the Guarantor, including in the case of Pathfinder, the Mineral
Rights in relation to the Pathfinder Uranium Projects, duly executed by the Guarantor, to secure the Secured Moneys;

 

		(c)	a real property mortgage over all real property held by the Guarantor, duly executed by the Guarantor, to secure the Secured
Moneys;

 

		(d)	each Title Document required to be lodged with the Agent by the Guarantor under a Transaction Document;

 

		(e)	an officer’s certificate in respect of the Guarantor;

 

		(f)	duly executed forms, notices and other documents which are required in order to register or file with the appropriate Government
Agency any document referred to in this clause 13.17;

 

		(g)	such evidence and information, including legal opinions, in relation to the Guarantor, its business and assets, its Secured
Property, the execution of the documents referred to in this clause 13.17 as the Financier reasonably requires;

 

		(h)	such further information, certificates, authorizations and documents as the Financier in its absolute discretion in respect
of the Project Assets in which the Guarantor has or will have an interest.

 

Where applicable, the Borrower must ensure that
each document referred to in this clause 13.17 is duly stamped within the required time limit under the applicable stamp duty
legislation.

 

    	Facility Agreement        page 72

    	 

    

 

		14     Indemnities and Break Costs

 

		14	Indemnities
                                         and Break Costs

 

		14.1	General indemnity

 

		(a)	Each Transaction Party indemnifies each Finance Party against any Loss which that Finance Party, a Receiver (whether acting
as agent of the Borrower or of a Finance Party) or an Attorney pays, suffers, incurs or is liable for, in respect of any of the
following:

 

		(1)	a Funding Portion required by a Funding Notice not being made for any reason including any failure by a Transaction Party to
fulfil any condition precedent contained in clause 2, but excluding any default by that Finance Party;

 

		(2)	the occurrence of any Default;

 

		(3)	a Finance Party exercising its Powers consequent upon or arising out of the occurrence of any Default;

 

		(4)	the non-exercise, attempted exercise, exercise or delay in the exercise of any Power;

 

		(5)	any act or omission of a Security Provider or any of its employees or agents when exercising its Powers consequent upon or
arising out of the occurrence of any Default;

 

		(6)	an Environmental Liability;

 

		(7)	any compulsory acquisition or statutory or judicial divestiture of any Secured Property;

 

		(8)	any other thing in respect of a Security or any Secured Property; and

 

		(9)	any payment made by the Financier to the Agent to indemnify the Agent for a Loss the Agent pays, suffers, incurs or is liable
for in acting as Agent.

 

		(b)	The indemnity in clause 14.1(a), includes:

 

		(1)	the amount determined by a Finance Party as being incurred by reason of the liquidation or re-employment of deposits or other
funds acquired or contracted for by the Finance Party to fund or maintain each Commitment; and

 

		(2)	loss of Margin, but only to the extent of amounts advanced by the Financier to the Borrower under this agreement.

 

		(c)	The indemnity in clause 14.1(a) does not include or apply to any loss suffered or incurred by a Finance Party as a result of
its own fraud, intentional misrepresentation, gross negligence or wilful misconduct.

 

		14.2	Break Costs

 

The Borrower must, within 3 Business Days of
demand by the Agent, pay to the Agent for the account of each Finance Party its Break Costs attributable to all or any part of
a Funding Portion being prepaid or repaid by the Borrower on a day other than the last day of the Interest Period for that Funding
Portion.

 

    	Facility Agreement        page 73

    	 

    

 

		15     Fees, Tax, costs and expenses

 

		14.3	Continuing indemnities and evidence of Loss

 

		(a)	Each indemnity of a Transaction Party in a Transaction Document is a continuing obligation of the Transaction Party, despite:

 

		(1)	any settlement of account; or

 

		(2)	the occurrence of any other thing,

 

and remains in full force and effect until:

 

		(3)	the Secured Moneys are unconditionally repaid in full; and

 

		(4)	each Security has been finally discharged.

 

		(b)	Each indemnity of a Transaction Party in a Transaction Document is an additional, separate and independent obligation of a
Transaction Party and no one indemnity limits the general nature of any other indemnity.

 

		(c)	Each indemnity of a Transaction Party in a Transaction Document survives the termination of any Transaction Document.

 

		(d)	A certificate given by an Officer of a Finance Party detailing the amount of any Loss covered by any indemnity in a Transaction
Document is sufficient evidence unless the contrary is proved.

 

		15	Fees,
                                         Tax, costs and expenses

 

		15.1	Arrangement fee

 

Each party acknowledges and agrees that the Borrower
has paid to the Agent a non-refundable, non-rebateable fee equal to $1,200,000 less the amount of the Work Fee (being $50,000).

 

		15.2	Commitment fee

 

		(a)	In respect of each Facility, the Borrower must pay to the Agent for the account of the Financier during the applicable Availability
Period, a commitment fee of 2% per annum, which is not refundable in any circumstances and is taken to be fully-earned and payable
when due, calculated on the basis of a 365 day or 366 day year, as applicable, for actual days elapsed and on the average monthly
amount of the relevant Undrawn Commitment during the applicable Availability Period.

 

		(b)	The commitment fee is payable in arrears on each Quarterly Date and on the last day of each Availability Period.

 

		15.3	Tax

 

		(a)	The Borrower must pay any Tax, other than an Excluded Tax in respect of any Finance Party, which is payable in respect of a
Transaction Document (including in respect of the execution, delivery, performance, release, discharge, amendment or enforcement
of a Transaction Document).

 

		(b)	The Borrower must pay any fine, penalty or other cost in respect of a failure to pay any Tax described in clause 15.3(a)
except to the extent that the fine, penalty or other cost is caused by the Agent’s failure to lodge money received from the
Borrower within 5 Business Days before the due date for lodgement.

 

    	Facility Agreement        page 74

    	 

    

 

 

		16     Interest on overdue amounts

 

		(c)	The Borrower indemnifies each Finance Party against any amount payable under clause 15.3(a) or 15.3(b).

 

		15.4	Costs and expenses

 

The Borrower must pay the Finance Parties’
reasonable legal costs in relation to the negotiation, preparation, execution, delivery, stamping, registration and completion
of a Transaction Document and all other costs and expenses of each Finance Party in relation to:

 

		(a)	the variation and discharge of any Transaction Document;

 

		(b)	the enforcement, protection or waiver of any rights under any Transaction Document;

 

		(c)	the consent or approval of a Finance Party given under any Transaction Document;

 

		(d)	any enquiry by a Government Agency involving the Borrower,

 

including:

 

		(e)	any administration costs of each Finance Party in relation to the matters described in clause 15.4(c) or 15.4(d); and

 

		(f)	any legal costs and expenses and any professional consultant’s fees for the costs and expenses described in clauses 15.4(a)
to 15.4(d) inclusive on a full indemnity basis.

 

		16	Interest
                                         on overdue amounts

 

		16.1	Payment of interest

 

Each Transaction Party must pay interest on:

 

		(a)	any of the Secured Moneys due and payable by it, but unpaid; and

 

		(b)	any interest payable but unpaid under this clause 16.

 

		16.2	Accrual of interest

 

The interest payable under this clause 16:

 

		(a)	accrues from day to day from and including the due date for payment up to the actual date of payment, before and, as an additional
and independent obligation, after any judgment or other thing into which the liability to pay the Secured Moneys becomes merged;
and

 

		(b)	may be capitalized at monthly intervals.

 

		16.3	Rate of interest

 

The rate of interest payable under this clause 16
on any part of the Secured Moneys is the higher of:

 

		(a)	the Overdue Rate determined by the Agent:

 

		(1)	on the date that part of the Secured Moneys becomes due and payable but is unpaid; and

 

    	Facility Agreement        page 75

    	 

    

  

		17     Assignment

 

		(2)	on each date which is 1 month after the immediately preceding date on which the Overdue Rate was determined under this
clause 16.3(a); and

 

		(b)	the rate fixed or payable under a judgment or other thing referred to in clause 16.2(a).

 

		17	Assignment

 

		17.1	Assignment by Transaction Party

 

A Transaction Party must not assign or novate any
of its rights or obligations under a Transaction Document without the prior written consent of the Agent.

 

		17.2	Borrower obligation in registered form

 

The obligation of the Borrower to pay principal
and interest under this agreement is taken to be in registered form for the purposes of the United States Internal Revenue Code,
Sections 871(h)(6), 881(6), 163(f) and the regulations issued thereunder, including Temp. Treas. Reg. Section 5f.163-1(a) and Temp.
Treas. Reg. Section 5f.103-1. Accordingly, the Borrower must maintain a book entry system to record the owner of the right to principal
and interest and must issue to the Financier a Promissory Note evidencing the Secured Moneys and making specific reference to and
complying with the registration requirements in order to effect a transfer of the rights under the obligation, and clause 17.3
will apply to any assignment by the Financier of its rights under a Transaction Document with respect to the obligation of the
Borrower to pay principal and interest.

 

		17.3	Assignment by Finance Party

 

		(a)	A Finance Party may assign or novate any of its rights and obligations under a Transaction Document to any person if:

 

		(1)	any necessary prior Authorization is obtained;

 

		(2)	the assignment or novation is to a person in the RMB group of companies (which term includes any person, partnership or corporate
entity in that group) or, after consultation with the Borrower, to a reputable bank or financial institution or to a combination
of reputable banks and financial institutions; and

 

		(3)	it notifies the Agent and the Borrower.

 

		(b)	In the event that the Financier elects to assign any of its rights under clause 17.3(a), the Financier must surrender
to the Borrower the Promissory Note, and the Borrower must reissue the Promissory Note to the assignee. An assignment by the Financier
will be taken to be effective when the Promissory Note is reissued by the Borrower.

 

		17.4	Assist

 

Each party must do any thing which the Agent reasonably
requests including, executing any documents or amending any Transaction Document, to effect any transfer, assignment or novation
under this clause 17.

 

    	Facility Agreement        page 76

    	 

    

 

		18     Saving provisions

 

		17.5	Lending Office

 

		(a)	A Finance Party may change its Lending Office at any time.

 

		(b)	A Financier must promptly notify the Agent and the Borrower of the change.

 

		17.6	No increase in costs

 

If a Finance Party assigns or novates any of its
rights or obligations under any Transaction Document or changes its Lending Office, no Transaction Party is required to pay any
net increase in the aggregate amount of costs, Taxes, fees or charges which is a direct consequence of the transfer or assignment
or change of Lending Office.

 

		18	Saving
                                         provisions

 

		18.1	No merger of security

 

		(a)	Nothing in this agreement merges, extinguishes, postpones, lessens or otherwise prejudicially affects:

 

		(1)	any Encumbrance or indemnity in favour of any Finance Party; or

 

		(2)	any Power.

 

		(b)	No other Encumbrance or Transaction Document which a Finance Party has the benefit of in any way prejudicially affects any
Power.

 

		18.2	Exclusion of moratorium

 

To the extent not excluded by law, a provision of
any legislation which directly or indirectly:

 

		(a)	lessens, varies or affects in favour of a Transaction Party any obligations under a Transaction Document; or

 

		(b)	stays, postpones or otherwise prevents or prejudicially affects the exercise by any Finance Party of any Power,

 

is negatived and excluded from each Transaction
Document and all relief and protection conferred on a Transaction Party by or under that legislation is also negatived and excluded.

  

		18.3	Conflict

 

Where any right, power, authority, discretion or
remedy conferred on a Finance Party, a Receiver or an Attorney by any Transaction Document is inconsistent with the powers conferred
by applicable law then, to the extent not prohibited by that law, those conferred by applicable law are regarded as negatived or
varied to the extent of the inconsistency.

 

		18.4	Consents

 

		(a)	Whenever the doing of any thing by a Transaction Party is dependent on the consent of a Finance Party, the Finance Party may
withhold its consent or give it conditionally or unconditionally in its absolute discretion, unless expressly stated otherwise
in a Transaction Document.

  

    	Facility Agreement        page 77

    	 

    

 

		18     Saving provisions

 

		(b)	The Borrower must ensure that any conditions imposed on a Transaction Party by a Finance Party under clause 18.4(a) are
complied with by the Transaction Party.

 

		18.5	Principal obligations

 

This agreement and each Collateral Security is:

 

		(a)	a principal obligation and is not ancillary or collateral to any other Encumbrance (other than another Collateral Security)
or other obligation; and

 

		(b)	independent of, and unaffected by, any other Encumbrance or other obligation which any Finance Party may hold at any time in
respect of the Secured Moneys.

 

		18.6	Non-avoidance

 

If any payment by a Transaction Party to a Finance
Party is avoided for any reason including any legal limitation, disability or incapacity of or affecting the Transaction Party
or any other thing, and whether or not:

 

		(a)	any transaction relating to the Secured Moneys was illegal, void or substantially avoided; or

 

		(b)	any thing was or ought to have been within the knowledge of any Finance Party,

 

the Borrower:

 

		(c)	as an additional, separate and independent obligation, indemnifies each Finance Party against that avoided payment; and

 

		(d)	acknowledges that, to the extent permitted by applicable law, any liability of the Transaction Party under the Transaction
Documents and any right or remedy of the Finance Parties under the Transaction Documents is the same as if that payment had not
been made.

 

		18.7	Set-off authorized

 

If a Transaction Party does not pay any amount when
due and payable by it to any Finance Party under a Transaction Document, the Finance Party may:

 

		(a)	apply any credit balance in any currency in any account of the Transaction Party with the Finance Party in or towards satisfaction
of that amount; and

 

		(b)	effect any currency conversion which may be required to make an application under clause 18.7(a).

 

		18.8	Agent’s certificates and approvals

 

		(a)	A certificate signed by any Officer of the Agent in relation to any amount, calculation or payment under any Transaction Document
is sufficient evidence of that amount, calculation or payment unless the contrary is proved.

 

		(b)	Where any provision of a Transaction Document requires the Agent’s approval, that approval will not be effective unless
and until it is provided in writing.

 

    	Facility Agreement        page 78

    	 

    

 

		19     General

 

		18.9	No reliance or other obligations and risk assumption

 

Each Transaction Party acknowledges and confirms
that: 

 

		(a)	it has not entered into any Transaction Document in reliance on any representation, warranty, promise or statement made by
or on behalf of any Finance Party;

 

		(b)	in respect of the transactions evidenced by the Transaction Documents, no Finance Party has any obligations other than those
expressly set out in the Transaction Documents; and

 

		(c)	in respect of interest rates, exchange rates or commodity prices, no Finance Party is liable for any movement in interest rates,
exchange rates or commodity prices or any information, advice or opinion provided by any Finance Party or any person on behalf
of any Finance Party, even if:

 

		(1)	provided at the request of a Transaction Party (it being acknowledged by each Transaction Party that those matters are inherently
speculative);

 

		(2)	relied on by a Transaction Party; or

 

		(3)	provided incorrectly or negligently.

 

		18.10	Power of attorney

 

		(a)	For consideration received, each Transaction Party irrevocably appoints the Agent and each Officer of the Agent as the attorney
of the Transaction Party to, at any time following the occurrence of a Default:

 

		(1)	execute and deliver all documents; and

 

		(2)	do all things,

 

which are necessary or desirable to give effect to
each Transaction Document.

 

		(b)	An attorney appointed under clause 18.10(a) may appoint a substitute attorney to perform any of its powers.

 

		19	General

 

		19.1	Confidential information

 

A Finance Party must not disclose to any person:

 

		(a)	any Document, Corporate and Project Budget or Financial Report; or

 

		(b)	any information about any Transaction Party or Lost Creek,

 

except:

 

		(c)	in connection with a permitted assignment, novation under clause 17 or any participation, where the disclosure is made
on the basis that the recipient of the information will comply with this clause 19.1 in the same way that the Finance Party
is required to do;

 

		(d)	to any professional or other adviser consulted by it in relation to any of its rights or obligations under the Transaction
Documents, provided that the professional or other adviser owes a duty of confidentiality to the Finance Party that is similar
in nature to the obligations set out in this clause 19.1;

 

		(e)	to a country’s central bank, a country’s taxation office or any Government Agency requiring disclosure of the information;

 

    	Facility Agreement        page 79

    	 

    

  

		19     General

 

		(f)	in connection with the enforcement of its rights under the Transaction Documents;

 

		(g)	where the information is already in the public domain, or where the disclosure would not otherwise breach any duty of confidentiality;

 

		(h)	if required by applicable law or the rules of any securities exchange; or

 

		(i)	otherwise with the prior written consent of the relevant Transaction Party or Lost Creek (that consent not to be unreasonably
withheld).

 

		19.2	Transaction Party to bear cost

 

Any thing which must be done by a Transaction Party
under any Transaction Document, whether or not at the request of any Finance Party, must be done at the cost of the Transaction
Party.

 

		19.3	Notices

 

		(a)	Any notice or other communication including, any request, demand, consent or approval, to or by a party to any Transaction
Document must be in legible writing and in English addressed to the party in accordance with its details set out in Schedule 1
or as specified to the sender by the party by notice.

 

		(b)	If the sender is a company, any such notice or other communication must be signed by an Officer of the sender.

 

		(c)	Any notice or other communication described in this clause 19.3 is regarded as being given by the sender and received
by the addressee:

 

		(1)	if by delivery in person or by recognized overnight courier, when delivered to the addressee;

 

		(2)	if by post, on delivery to the addressee;

 

		(3)	if by facsimile, when received by the addressee in legible form; or

 

		(4)	if by email, when the email (including any attachment) comes to the attention of the recipient party or a person acting on
its behalf provided that if the sender does not receive a response from the addressee within 2 days of sending the email, the notice
or communication must be resent to the addressee using one of the other methods specified in clause 19.3(c)(1), (2) or (3),

 

but if the delivery or receipt is on a day which
is not a Business Day or is after 4.00pm (addressee’s time) it is regarded as received at 9.00am on the following Business
Day.

 

		(d)	Any notice or other communication described in this clause 19.3 can be relied on by the addressee and the addressee is
not liable to any other person for any consequences of that reliance if the addressee believes it to be genuine, correct and authorized
by the sender.

 

		(e)	A facsimile transmission is regarded as legible unless the addressee telephones the sender within 2 hours after the transmission
is received or regarded as received under clause 19.3(c) and informs the sender that it is not legible.

 

		19.4	Governing law and jurisdiction

 

		(a)	This agreement is governed by the laws of the State of Colorado and the laws of the United States of America which are applicable
in the State of Colorado.

 

    	Facility Agreement        page 80

    	 

    

 

		19     General

 

		(b)	Each Transaction Party irrevocably submits to the non-exclusive jurisdiction of the State or Federal courts of the State of
Colorado.

 

		(c)	Each Transaction Party irrevocably consents to venue for any dispute involving this agreement or the other Transaction documents
in the United States District Court for the District of Colorado or any Colorado state court located in the City and County of
Denver, Colorado and waives any objection to the venue of any legal process on the basis that the process has been brought in an
inconvenient forum.

 

		(d)	Each Transaction Party irrevocably waives any immunity in respect of its obligations under this agreement that it may acquire
from the jurisdiction of any court or any legal process for any reason including the service of notice, attachment before judgment,
attachment in aid of execution or execution.

 

		19.5	Prohibition and enforceability

 

		(a)	Any provision of, or the application of any provision of, any Transaction Document or any Power which is prohibited in any
jurisdiction is, in that jurisdiction, ineffective only to the extent of that prohibition.

 

		(b)	Any provision of, or the application of any provision of, any Transaction Document which is void, illegal or unenforceable
in any jurisdiction does not affect the validity, legality or enforceability of that provision in any other jurisdiction or of
the remaining provisions in that or any other jurisdiction.

 

		19.6	Waivers

 

		(a)	Waiver of any right arising from a breach of this agreement or of any Power arising on default under this agreement or on the
occurrence of an Event of Default must be in writing and signed by the party granting the waiver.

 

		(b)	A failure or delay in exercise, or partial exercise, of:

 

		(1)	a right arising from a breach of this agreement or the occurrence of an Event of Default; or

 

		(2)	a Power created or arising on default under this agreement or on the occurrence of an Event of Default,

 

does not result in a waiver of that right or Power.

 

		(c)	A party is not entitled to rely on a delay in the exercise or non-exercise of a right or Power arising from a breach of this
agreement or on a default under this agreement or on the occurrence of an Event of Default as constituting a waiver of that right
or Power.

 

		(d)	A party may not rely on any conduct of another party as a defense to exercise of a right or Power by that other party.

 

		(e)	This clause may not itself be waived except in writing.

 

		19.7	Variation

 

A variation of any term of this agreement must be
in writing and signed by the parties.

 

		19.8	Cumulative rights

 

The Powers are cumulative and do not exclude any
other right, power, authority, discretion or remedy of any Finance Party, Receiver or Attorney.

 

    	Facility Agreement        page 81

    	 

    

 

		19     General

 

		19.9	Attorneys

 

Each of the attorneys executing this agreement states
that the attorney has no notice of the revocation of the power of attorney appointing that attorney.

 

		19.10	Counterparts

 

		(a)	This agreement may be executed in any number of counterparts.

 

		(b)	All counterparts, taken together, constitute one instrument.

 

		(c)	A party may execute this agreement by signing any counterpart.

 

    	Facility Agreement        page 82

    	 

    

 

Schedules

  

	Table
    of contents	 
	 	 
	Notice Details	84
	 	 
	Funding Notice	86
	 	 
	Tranche 1 Facility Repayment Schedule	87
	 	 
	Promissory Note	88
	 	 
	Borrower Group Structure Diagram	90
	 	 
	Guarantee Assumption Agreement	91
	 	 
	Permitted Interests	94
	 	 
	Permitted Royalties	101
	 	 
	UCC Financing Statements	111

  

    	Facility Agreement        page 83

    	 

    

 

 

Schedule 1

 

Notice Details

  

	 	 
	Borrower	Ur-Energy USA Inc.
	 	 
	Address	10758 West Centennial Road, Suite 200, Littleton, Colorado 80127
	 	 
	Attention	Roger L. Smith, CFO
	 	 
	Phone	+1-710-981-4588 x248
	 	 
	Facsimile	+1-720-981-5643
	 	 
	With a copy to

         
	Penne Goplerud, General Counsel at the foregoing address and facsimile

   

	Parent	Ur-Energy Inc.
	 	 
	Address	10758 West Centennial Road, Suite 200, Littleton, Colorado 80127
	 	 
	Attention	Roger L. Smith, CFO
	 	 
	Phone	+1-710-981-4588 x248
	 	 
	Facsimile	+1-720-981-5643
	 	 
	With a copy to

                                                  
	Penne Goplerud, General Counsel at the foregoing address and facsimile

  

	Lost Creek	Lost Creek ISR, LLC
	 	 
	Address	10758 West Centennial Road, Suite 200, Littleton, Colorado 80127
	 	 
	Attention	Roger L. Smith, CFO
	 	 
	Phone	+1-710-981-4588 x248
	 	 
	Facsimile	+1-720-981-5643
	 	 
	With a copy to

                                                  
	Penne Goplerud, General Counsel at the foregoing address and facsimile

   

	Agent	RMB Resources, a division of FirstRand Bank Limited (London Branch)
	 	 
	Address:	20 Gracechurch Street, London EC3V 0BG
	 	 
	Attention:	Stuart Greene
	 	 
	Facsimile:	+44 20 7939 1825

 

    	Facility Agreement        page 84

    	 

    

 

		Schedule 1     Notice Details

 

	Financier	RMB Australia Holdings Limited
	 	 
	Address	Level 13, 60 Castlereagh Street, Sydney, New South Wales 2000, Australia
	 	 
	Attention	Gregory Gay
	 	 
	Phone	+61 2 9253 6200
	 	 
	Fax	+61 2 9256 6291
	 	 
	Email	greg.gay@rmb.com.au

 

    	Facility Agreement        page 85

    	 

    

 

		

 

Schedule 2

 

	Funding Notice

 

		To:	RMB Resources, a division of FirstRand Bank Limited (London
Branch)

 

Attention: Stuart Greene

 

We refer to the facility agreement
(Facility Agreement) dated [insert date] between Ur-Energy USA Inc. (as Borrower), Ur-Energy Inc. (as
Parent), Pathfinder Mines Corporation (as Pathfinder), RMB Australia Holdings Limited (as Financier) and RMB
Resources, a division of FirstRand Bank Limited (London Branch) (as Agent), as amended and restated by the agreement entitled
‘Amendment and Restatement Agreement – Facility Agreement’ dated 27 August 2013 between the same parties and
further amended by the agreement entitled ‘Amendment Agreement – Facility Agreement’ dated 19 December 2013 between
the same parties.

 

Under clause 4 of the Facility Agreement:

 

		(a)	We give you notice that we wish to draw under the [Tranche 1 Facility / Tranche 2 Facility] on [                 ]
(Funding Date).

 

		(b)	The aggregate amount to be drawn is $[                 ].

 

		(c)	Particulars of the Funding Portion are:

  

	Principal amount	Interest Period
	 	 
	 	90 days 

 

		(d)	The proceeds of the Funding Portion are to be used in accordance with clause 3.2 of the Facility Agreement.

 

		(e)	We request that the proceeds be remitted to the Funding Account, details of which are as follows:

 

[                 ];

 

		(f)	We represent and warrant that no Default has occurred and is continuing or will result from the provision of any Funding Portion[,
except as follows: [                 ], and
we propose the following remedial action [                 ]].

 

		(g)	As at the date of this certificate, no event has occurred and is continuing which has had, or is likely to have, a Material
Adverse Effect.

 

		(h)	As at the date of this certificate, each representation and warranty in the Facility Agreement is true and correct.

 

		(i)	Expressions defined in the Facility Agreement have the same meaning when used in this Funding Notice.

 

Date:

 

	Signed for and on behalf of
	Ur-Energy USA Inc. 
	by
	 	 
	 	 
	Officer
	 	 
	 	 
	Name (please print)

 

    	Facility Agreement        page 86

    	 

    

 

		Schedule 3     Tranche 1 Facility Repayment Schedule

 

Schedule 3

  

Tranche 1 Facility Repayment
Schedule

  

	Repayment Date	 	Tranche 1 Facility
 Repayment Amount	 	 	Outstanding Facility Limit	 
	 	 	 	 	 	 	 	 	 
	30 June 2014		US$	812,500			US$	5,687,500	 
	 							 	 
	30 September 2014		US$	812,500			US$	4,875,000	 
	 							 	 
	31 December 2014		US$	812,500			US$	4,062500	 
	 							 	 
	31 March 2015		US$	812,500			US$	3,250,000	 
	 							 	 
	30 June 2015		US$	812,500			US$	2,437,500	 
	 							 	 
	30 September 2015		US$	812,500			US$	1,625,000	 
	 							 	 
	31 December 2015		US$	812,500			US$	812,500	 
	 							 	 
	31 March 2016		US$	812,500			US$	0	 

 

    	Facility Agreement        page 87

    	 

    

 

		 

 

Schedule 4

 

Promissory Note

 

UR-ENERGY USA INC.

 

PROMISSORY NOTE DUE [insert
date]

 

	$1	2
	 	 
	 	3

 

FOR VALUE RECEIVED, UR-ENERGY USA INC.,
a Colorado corporation (Borrower), promises to pay to the order of RMB AUSTRALIA HOLDINGS LIMITED, a company incorporated
under the laws of Australia (Payee), on or before [insert date], the lesser of (x)4 ($[5])
and (y) the Principal Outstanding in respect of the advances made by the Payee to the Borrower under the Facility Agreement referred
to below.

 

The Borrower also promises to pay interest on the
unpaid principal amount of this Promissory Note, from the date of this Promissory Note until paid in full, at the rates and at
the times which are determined in accordance with the provisions of the Facility Agreement dated as of [insert date]
by and among the Borrower, Ur-Energy Inc., Lost Creek ISR, LLC, the Payee and RMB Resources, a division of FirstRand Bank Limited
(London Branch), as agent for the Payee (Agent) (that Facility Agreement, as it may be amended, supplemented or otherwise
modified from time to time, being the Facility Agreement, and terms defined in the Facility Agreement which are not otherwise
defined in this Promissory Note have the same meaning in this Promissory Note as defined in the Facility Agreement).

 

This Promissory Note evidences the principal amount
of the Commitment, described in the Facility Agreement (plus capitalized interest), to which reference is made for a more complete
statement of the terms and conditions under which the Commitment evidenced by this Promissory Note was made and is to be repaid.

 

All payments of principal and interest in respect
of this Promissory Note must be made in Dollars, in Same Day Funds, without defense, set-off or counterclaim, free of any restriction
or condition, and must be delivered to the Agent at the times provided for in the Facility Agreement. Until notified in writing
of the transfer of this Promissory Note, the Borrower and the Agent are entitled to take the Payee, or any person who has been
identified by the transferor in writing to the Borrower and the Agent as the owner and holder of this Promissory Note. Each of
the Payee and any subsequent holder of this Promissory Note agrees, by its acceptance of this Promissory Note, that before disposing
of this Promissory Note or any part or portion of it, it will make a notation in the annexure to this Promissory Note of all principal
payments previously made under this Promissory Note and of the date to which interest due under this Promissory Note has been paid,
provided, however, that the failure to make a notation of any payment made on this Promissory Note does not limit or otherwise
affect the obligations of the Borrower under this Promissory Note with respect to payments of principal of or interest owing.

 

 

   

1 Insert amount of the Commitment

 

2 Insert place of delivery this Promissory Note.

 

3 Insert the effective date of this Promissory Note.

 

4 In words insert amount of the Funding Portion to
which this Promissory Note relates.

 

5 Insert amount of the Funding Portion to which this
Promissory Note relates in numbers.

  

    	Facility Agreement        page 88

    	 

    

 

		Schedule 4     Promissory Note

 

 Subject to clause 6.2 of the Facility Agreement,
whenever any payment on this Promissory Note is stated to be due on a day which is not a Business Day, such payment shall be made
on the next succeeding Business Day.

 

This Promissory Note is subject to mandatory prepayment
and to prepayment at the option of Borrower as provided in clauses 3.5 and 3.6 of the Facility Agreement.

 

THIS PROMISSORY NOTE IS GOVERNED
BY, AND WILL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF COLORADO WITHOUT REGARD TO ITS CONFLICTS OF
LAWS PRINCIPLES. THE BORROWER IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY COLORADO STATE OR FEDERAL COURT SITTING IN DENVER,
COLORADO IN ANY ACTION OR LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE ENFORCEMENT OF THIS PROMISSORY NOTE AND THE BORROWER
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN THOSE COURTS. THE BORROWER
UNCONDITIONALLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY RIGHT IT MAY HAVE TO THE DEFENSE OF
AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. NOTHING IN THIS PARAGRAPH WILL AFFECT THE POWERS OF THE
PAYEE TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION.

 

If an Event of Default (as defined in the Facility
Agreement) occurs and is continuing, the unpaid balance of the principal amount of this Promissory Note, together with all accrued
and unpaid interest on this Promissory Note, may at the option of the Payee become, or may be declared to be, due and payable in
the manner, on the conditions and with the effect provided in the Facility Agreement.

 

The terms of this Promissory Note are subject to
amendment only in the manner provided in the Facility Agreement.

 

This Promissory Note is subject to restrictions
on transfer or assignment as provided in clause 17 of the Facility Agreement.

 

No reference in this Promissory Note to the Facility
Agreement and no provision of this Promissory Note or the Facility Agreement will alter or impair the obligations of the Borrower,
which are absolute and unconditional, to pay the principal of and interest on this Promissory Note at the place, at the respective
times, and in the currency prescribed in this Facility Agreement.

 

The Borrower promises to pay all costs and expenses,
including reasonable attorneys’ fees, all as provided in clause 15.4 of the Facility Agreement, incurred in the collection
and enforcement of this Promissory Note. The Borrower and any endorsers of this Promissory Note consent to renewals and extensions
of time at or after the maturity of this Promissory Note, without notice, and waive diligence, presentment, protest, demand and
notice of every kind and, to the full extent permitted by law, the right to plead any statute of limitations as a defense to any
demand under this Promissory Note.

 

IN WITNESS WHEREOF, the Borrower has caused
this Promissory Note to be duly executed and delivered by its Officer as of the date and at the place first written above.

  

	 	 	UR-ENERGY USA INC.
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	 

 

    	Facility Agreement        page 89

    	 

    

 

		 

 

Schedule 5

 

Borrower Group Structure Diagram

 

 

    	Facility Agreement        page 90

    	 

    

  

		 

 

Schedule 6

 

Guarantee Assumption Agreement

 

Clauses 1.1 (Definitions) and 13.17 (Guarantor
Accession)

 

Date ►

  

	This agreement is made by
	 
	 	 
	Guarantor	[insert]
	 	 
	 	 
	Background	
        1   Under
        the facility agreement dated [Insert details] between Ur-Energy USA Inc. (as Borrower), Ur-Energy Inc. (as
        Parent), Lost Creek ISR, LLC (Lost Creek), RMB Australia Holdings Limited (as Financier) and RMB Resources,
        a division of FirstRand Bank Limited (London Branch) (as Agent) (Facility Agreement), a person may become a Guarantor
        by execution of this agreement.

         

        2   The
        New Guarantor wishes to become a Guarantor on the terms and conditions set out in this agreement.

	 	 
	 	 
	This agreement witnesses	 
	 	 

 

		1	Interpretation

 

		(a)	Words and phrases defined in the Facility Agreement have the same meaning when used in this agreement.

 

		(b)	In this agreement, Existing Guarantor has the meaning set out below.

  

	Term	Meaning
	 	 
	 	 
	Existing Guarantor	each person which is a Guarantor under the Facility Agreement at the time of execution of this agreement.
	 	 

 

    	Facility Agreement        page 91

    	 

    

 

		Schedule 6     Guarantee Assumption Agreement

 

		2	Guarantee

 

In consideration of, among other things:

 

		(a)	forbearance by the Financier to require repayment of the Secured Moneys in full; and

 

		(b)	the payment to the Guarantor of $10 (receipt of which is acknowledged),

 

the Guarantor jointly and severally with each Existing
Guarantor irrevocably and unconditionally guarantees to the Financier the payment of the Secured Moneys on the terms contained
in the Facility Agreement (including clause 13 of the Facility Agreement).

 

		3	Representations and warranties

 

The Guarantor represents and warrants to, and for
the benefit of the Financier, as set out in clauses 8.1 and 8.2 of the Facility Agreement, on the basis that:

 

		(a)	each reference to a Transaction Party in clauses 8.1 and 8.2 of the Facility Agreement includes a reference to the Guarantor;

 

		(b)	each reference to a Transaction Document includes this deed and each other Transaction Document to which the Guarantor is a
party; and

 

		(c)	clauses 8.3 and 8.4 of the Facility Agreement apply to this clause 3 as if set out in full.

 

		4	Status of Guarantor

 

The Guarantor agrees that it irrevocably becomes
a ‘Guarantor’ and a ‘Transaction Party’ as defined in, and for all purposes under, the Facility Agreement
as if named in and as a party to the Facility Agreement, and accordingly is bound by the Facility Agreement as a Guarantor and
a Transaction Party.

 

		5	Governing law

 

This agreement is governed by the laws of Colorado,
United States of America.

 

		6	Benefit of agreement

 

This agreement is given in favour of and for the
benefit of:

 

		(a)	the Financier; and

 

		(b)	each Transaction Party,

 

under the Facility Agreement and their respective
successors and permitted assigns.

 

    	Facility Agreement        page 92

    	 

    

 

 

		Schedule 6     Guarantee Assumption Agreement

 

		7	Address for notices

 

The details for the Guarantor for service of notices
are:

 

Address:[insert]

 

Attention:[insert]

 

Email:[insert]

 

		8	Attorneys

 

Each of the attorneys executing this agreement states
that the attorney has no notice of the revocation of the power of attorney appointing that attorney.

 

	 	Executed
    as an agreement
	 	 
	 	Guarantor
	 	
        Signed sealed and delivered for

        [Type party name]

        by his/her/its attorney

 

	sign here ►	 	 
	 	Attorney	 
	 	 	 
	print name	 	 
	 	 	 
	 	in the presence of	 
	 	 	 
	sign here ►	 	 
	 	Witness	 
	 	 	 
	print name	 	 
	 

 

    	Facility Agreement        page 93

    	 

    

 

Schedule 7

 

Permitted
Interests

 

Lost Creek has exclusive possession of
the unpatented mining claims, subject to overlaps that the unpatented mining claims have with senior unpatented mining claims owned
by third parties, patented mining claims, fee lands and state-owned lands, as well as overlaps between some of the unpatented mining
claims and certain senior unpatented placer mining claims owned by third parties, as described in title reports furnished to the
Agent and as set forth in the third party valuation report furnished to the Agent.

 

The following are instruments under which
third parties may currently have contractual or statutory rights to the surface or sub-surface covered by the unpatented mining
claims which comprise a portion of the Mineral Rights:

 

Lost Creek Project

 

RIGHTS OF WAY AND EASEMENTS

 

	
        Right-of-Ways

        Project Name
	 	
        Lead Case File

        No.
	 	
        Term of Right-

        of-Way
	 	Legal Description 
	 	 	 	 	 	 	 
	Lost Creek 	 	WYW057176 (34.5 KV Power line, 25 feet in width)	 	
        April 4, 1978 to

        Dec 31, 2038
	 	5.8 Acres, W2W2 Section 13, W2W2 Section 24, and W2W2 Section 25, T25N, R93W, 6th PM
	 	 	 	 	 	 	 
	LC North	 	WYW057176	 	
        April 4, 1978 to

        Dec 31, 2038
	 	7.69 Acres, SWNW, W2SW, and Lot 4 Section 1, SENE, E2SE, and Lot 1 Section 2, W2W2 Section 12, and W2W2 Section 13, T25N, R93W, 6th PM
	 	 	 	 	 	 	 
	LC West	 	WYW057176	 	
        April 4, 1978 to

        Dec 31, 2038
	 	5.16 Acres, W2W2 Section 25, and W2W2 Section 36, T25N, R93W, 6th PM and Lot 4 and W2NW Section 2, T24N, R93W, 6th PM 
	 	 	 	 	 	 	 
	LC West	 	WYW147148 (Oil and Gas Pipeline, 50 feet in width)	 	Jan 24, 2000 to

Jan 23, 2030	 	3.34 Acres, E2W2, SWSW Section 16, T25N, R93W, 6th PM
	 	 	 	 	 	 	 
	LC West	 	WYW076245 (Wamsutter-Crooks Gap County Road, 100 feet in width)	 	Aug 21, 1981 to

Jan 1, 9999	 	7.35 Acres, W2NE, E2W2, and SWSW Section 16, T25N, R93W, 6th PM
	 	 	 	 	 	 	 
	LC South	 	WYW134003 (Sooner Road, 50 feet in width)	 	Oct 27, 1994 to

Oct 28, 2024	 	
        23.94 Acres, Lot 1, S2NE, SESW, and W2SE Section 4 and
        E2NW Section 9, T24N, R92W, 6th PM

        Also E2SE Section 23, NENE, W2NE, and E2SE Section 26, SESE
        Section 34 and E2NW, SWNW, and W2SW Section 35, T25N, R92W, 6th PM

	 	 	 	 	 	 	 
	LC East	 	WYW134003	 	Oct 27, 1994 to

Oct 28, 2024	 	1.19 Acres, SENE and E2SE Section 23 and W2NW Section 24, T25N, R92W, 6th PM

 

    	Facility Agreement        page 94

    	 

    

 

 

		Schedule 7     Permitted Interests

 

	LC South and LC East	 	WYW136596 (Sooner Road, 30 feet in width)	 	Dec 6, 1995 to

Dec 7, 2025	 	15.09 Acres, appears to be a duplicate Right-of-Way to WYW134003; legal descriptions on Lead Case File Serial Register pages are identical, but only 30 feet in width
	 	 	 	 	 	 	 
	LC South	 	WYW057561 (Sweetwater County Road #4-63, aka Mineral X Road, 150 feet in width)	 	Jan 18, 1976 to

Jan 1, 9999	 	12.33 Acres, S2S2 Section 11, NWNW Section 14, and N2N2 Section 15, T24N, R92W, 6th PM

 

FEDERAL OIL AND GAS LEASES

 

	 

        Project Name
	 	Lead Case File

        No. & Lessee

        Name
	 	Term of Oil &

        Gas Lease 
	 	Acreage and Legal Description 
	 	 	 	 	 	 	 
	Lost Creek 	 	WYW174279 Kirkwood Oil and Gas LLC	 	
        Jan 1, 2008 to

        Dec 31, 2017
	 	974 Acres, S2, S2N2 and part of N2N2 Section 17, and Lots 2-4, E2SW, S2SENW, S2NWNE, SENE, S2NENE, and SE Section 18, T25N, R92W, 6th PM
	 	 	 	 	 	 	 
	LC North	 	
        WYW174279

        Kirkwood Oil and Gas LLC
	 	
        Jan 1, 2008 to

        Dec 31, 2017
	 	302.64 Acres, Part N2N2 Section 17, and Lots 1 and 2, N2SENW, NENW, N2SWNE, NWNE and N2NENE Section 18, T25N, R92W, 6th PM
	 	 	 	 	 	 	 
	Lost Creek	 	WYW174280 Kirkwood Oil and Gas LLC	 	
        June 1, 2007 to

        May 31, 2017
	 	5.38 Acres, Part Lot 8 Section 31, T25N, R92W, 6th PM 
	 	 	 	 	 	 	 
	LC South	 	WYW174280 Kirkwood Oil and Gas LLC	 	
        June 1, 2007 to

        May 31, 2017
	 	1281.27 Acres, Lots 5-20 (except part Lot 8) Section 31, and All Section 32, T25N, R92W, 6th PM
	 	 	 	 	 	 	 
	LC North	 	WYW165000 Kirkwood Oil and Gas LLC	 	Feb 1, 2006 to

Jan 31, 2016	 	14.7 Acres, Part E2E2 Section 15, T25N, R93W, 6th PM
	 	 	 	 	 	 	 
	LC East	 	WYW155785  J-W Operating Company and Samson Resources Company	 	Sept 1, 2003 to

Aug 31, 2013	 	162.35 Acres, NW Section 21, and part W2W2NW Section 24, T25N, R92W, 6th PM
	 	 	 	 	 	 	 
	LC South	 	WYW155785  J-W Operating Company and Samson Resources Company	 	Sept 1, 2003 to

Aug 31, 2013	 	23.00 Acres, Part S2S2NE Section 24, T25N, R92W, 6th PM
	 	 	 	 	 	 	 
	LC North	 	WYW155789  J-W Operating Company	 	June 1, 2003 to

May 31, 2013	 	29 Acres, Part SE Section 11, T25N, R93W, 6th PM
	 	 	 	 	 	 	 
	Lost Creek	 	
        WYW155793

        J-W Operating Company
	 	Sept 1, 2003 to

Aug 31, 2013	 	11.7 Acres, Part E2E2NE Section 26, T25N, R93W, 6th PM

 

    	Facility Agreement        page 95

    	 

    

  

		Schedule 7     Permitted Interests

 

	LC West	 	
        WYW155793

        J-W Operating Company
	 	Sept 1, 2003 to

Aug 31, 2013	 	357.66 Acres, S2 and part S2N2 Section 26, T25N, R93W, 6th PM
	 	 	 	 	 	 	 
	LC North	 	
        WYW155793

        J-W Operating Company
	 	Sept 1, 2003 to

Aug 31, 2013	 	270.64 Acres, N2 and part S2N2 Section 26, T25N, R93W, 6th PM
	 	 	 	 	 	 	 
	LC North	 	
        WYW155794

        J-W Operating Company
	 	Sept 1, 2003 to

Aug 31, 2013	 	104 Acres, E2E2 Section 28, T25N, R93W, 6th PM
	 	 	 	 	 	 	 
	Lost Creek.	 	WYW159222 Samson Resources Company	 	June 1, 2003 to

May 31, 2013	 	2.8 Acres, Part of E2E2SE Section 14, T25N, R93W, 6th PM
	 	 	 	 	 	 	 
	LC North	 	
        WYW159222

        Samson Resources Company
	 	June 1, 2003 to

May 31, 2013	 	602 Acres, All, except part N2N2 Section 14, T25N, R93W, 6th PM

 

GRAZING ALLOTMENTS AND GRAZING LEASES

 

Lost Creek Project

BLM – Federal Grazing Allotments:
Cyclone Rim (est. 2,133 acres), Green Mountain/Arapahoe Creek (est. 868 acres) and Stewart Creek (est. 553 acres)

State of Wyoming: Lease # 3-7343
All Section 16 (640 acres), T25N, R92W, 6th PM; Sun Land & Cattle Co.

 

LC East Project

BLM – Federal Grazing Allotments:
Cyclone Rim (est. 335 acres) and Stewart Creek (est. 4,445 acres)

State of Wyoming: None

 

LC South Project 

BLM – Federal Grazing Allotments:
Cyclone Rim (est. 4,830 acres) and Stewart Creek (est. 6637 acres)

State of Wyoming: None

 

LC West Project

BLM – Federal Grazing Allotments:
Cyclone Rim (est. 3,080 acres) and Green Mountain/Arapahoe Creek (est. 400 acres)

State of Wyoming: Lease # 3-8342
E2 and SESW Section 36 (360 acres), T25N, R93W, 6th PM; James D. Smith

 

LC North Project

BLM – Federal Grazing Allotments:
Cyclone Rim (est. 930 acres), Green Mountain/Arapahoe Creek (est. 5,003 acres) and Stewart Creek (est. 1,556 acres)

State of Wyoming: None

 

    	Facility Agreement        page 96

    	 

    

  

		Schedule 7     Permitted Interests

 

What was formerly known as the “Green
Mountain Grazing Allotment,” which covered several of the Lost Creek Projects, as set forth above, has been re-designated
by the United States Bureau of Land Management into three allotments, of which only one is reasonably believed to cover the Project
Area: Arapahoe Creek Allotment, which is believed to include, at least, the following specific grazing leases:

 

WY17056 ARAPAHOE CREEK

 

	
        Authorization

        Number
	 	Permitee	 	
        Effective

        Date
	 	
        Expiration

        Date
	 	
        Permitted

        Animal

        Units as

        of

        5/9/2013

	4900240	 	Chris Anderson, et al.	 	5/1/2012	 	4/30/2019	 	2434
	4900264	 	
        Joshua Anderson Ranch

        Management LLC
	 	5/1/2012	 	2/28/2015	 	3690
	4903713	 	Christopher and Susan Anderson	 	5/1/2012	 	4/30/2022	 	3934
	4903771	 	
        Alkali Creek Grazing

        Association LLC
	 	3/1/2012	 	2/28/2022	 	3184
	4903791	 	Separation Flat Grazing Co., LLC	 	5/1/2012	 	4/30/2022	 	424
	4903792	 	Joshua Anderson Ranch Management LLC	 	5/10/2010	 	10/31/2014	 	1050
	4903795	 	Robert or Judy Whitlock	 	5/1/2012	 	12/31/2014	 	3510
	4903841	 	Walking S Grazing Association, LLC	 	3/1/2012	 	2/28/2022	 	3396
	4903851	 	Quarter Circle Block LLC	 	5/1/2012	 	4/30/2022	 	4943
	4903854	 	Quarter Circle Block LLC	 	2/1/2012	 	1/31/2015	 	1300
	4912615	 	Robert or Judy Whitlock	 	5/1/2011	 	5/1/2014	 	100
	4915181	 	Stewart Creek LLC	 	5/1/2012	 	4/30/2022	 	965

 

The Cyclone Rim Grazing Allotment is known to include,
at least, the following specific grazing leases:

 

WY10103 CYCLONE RIM

 

	Authorization

Number	 	Permitee	 	Effective

Date	 	Expiration

Date	 	
        Permitted

        Animal

        Units as

        of

        5/9/2013

	4900143	 	
        Jolley Livestock Grazing

        Association, LLC
	 	3/1/2013	 	2/28/2017	 	222
	4903037	 	Hill Land and Livestock	 	3/1/2012	 	2/28/2022	 	1144
	4903043	 	
        Jolley Livestock Grazing

        Association, LLC
	 	3/1/2010	 	2/28/2020	 	4489
	4903083	 	Stratton Sheep Co.	 	10/1/2008	 	9/30/2018	 	22577
	4903152	 	Salisbury Livestock Co.	 	3/1/2012	 	2/28/2015	 	3340
	4903266	 	Peterson Livestock, LLC	 	10/1/2009	 	12/31/2018	 	93

 

    	Facility Agreement        page 97

    	 

    

  

		Schedule 7     Permitted Interests

 

The Stewart Creek Grazing Allotment is known to include,
at least, the following specific grazing leases:

 

WY10102 STEWART CREEK

 

	Authorization

Number	 	Permitee	 	Effective

Date	 	Expiration

Date	 	
        Permitted

        Animal Units

as of

        5/9/2013

	4903015	 	Jess and Debbi Bartlett	 	3/1/2005	 	2/28/2015	 	529
	4903092	 	Stewart Creek LLC (Sun Ranch)	 	11/18/2008	 	11/17/2018	 	4982
	4914975	 	Richard Carter	 	10/25/2011	 	10/24/2021	 	3515

 

Pathfinder Uranium Project

 

		A.	Grazing Leases

 

		1.	Reid Draw Property known grazing lease:

 

	Permittee/Lessee	 	Recorder Index	 	Effective Date	 	Description
	Philp Sheep Company	 	Freemont County, Wyoming Recorder Notice and Memorandum of Grazing Lease Document No. 1201339	 	June 2, 1999 (20 year primary term, successive periods of 20 years by notification from Lessee within 90 days of expiration	 	Includes NWSW and S2SW Section 4, SENE and NESE Section 5, and NENW and W2NE Section 9, all in T33N, R90W, 6th PM

 

		2.	U.S. Mineral Patent No. 49-69-0016 known grazing lease (north of the Shirley Basin entrance road):

 

	Permittee/Lessee	 	Recorder Index	 	Effective Date	 	Description
	Cecilia R. Schmitt and Armin A. Schmitt, trustees of the Schmitt Family Living Trust dated August 21, 1999	 	
        Carbon County, Book 1087, Page 0101, Document No. 0915686

         
	 	April 14, 2005 (20 year initial term with four successive 20 year periods)	 	77.2 acres pursuant to Grazing Lease. Grazing Lease also includes surface acres covered by U.S. Mineral Patent Nos. 49-72-0063 and 49-69-0020.

 

    	Facility Agreement        page 98

    	 

    

  

		Schedule 7     Permitted Interests

 

		B.	Rights-of-Way:

 

	
        Pathfinder (Lucky Mc Mill Sites)
	 	Fremont County, Wyoming Recorder Document No. 1211215, as corrected by Document No. 2012-1350816	 	Dated April 7, 2000, corrected March 8, 2012	 	
        5.98 Acres, being a strip of land 200 feet in width,
        100 feet on each side of a centerline over and across a portion of Mineral Survey No. 649 and located in the NE1⁄4SE1⁄4
        and the SE1⁄4 NE1⁄4 of Section 22, T33N, R90W, 6th PM

         

        0.05 Acres, being a parcel of land located in the SE1⁄4NE1⁄4
        of Section 22, T33N, R90W, 6th PM

         

        0.18 Acres, being a parcel of land located in the SE1⁄4NW1⁄4SW1⁄4NW1⁄4
        of Section 23, T33N, R90W, 6th PM

 

		C.	Reserved Surface Rights:

 

	Surface Rights Owner	 	Recorder Index No.	 	Description
	 	 	 	 	 
	State of Wyoming	 	Carbon County, Wyoming Recorder, recorded on March 12, 1940 in Book 0227, Page 263	 	The surface of U.S. Mining Patent No. 49-69-0017 lying within SE1⁄4 of Section 17, N1⁄2NE1⁄4 and the SW1⁄4NE1⁄4 of Section 20, previously patented from the USA to the State of Wyoming, reserving surface rights for mining
	 	 	 	 	 
	Cecilia R. and Armin A. Schmitt	 	Carbon County, Wyoming Recorder, recorded Quitclaim Deed with Reservation of Rights, dated effective as of April 14, 2005, and recorded at Book 1081, Page 0100, and corrected at Book 1107, Page 0092	 	101.8 Surface Acres (more or less), being located on the surface of U.S. Mining Patent No. 49-69-0017 located within SE1⁄4SW1⁄4 of Section 17 and E1⁄2NW1⁄4 of Section 20, in each case within T28N, R78W, 6th PM, reserving surface rights for mining without further compensation
	 	 	 	 	 
	Cronberg Bros., Inc.	 	Carbon County, Wyoming Recorder, recorded Quitclaim Deed with Reservation of Easement Rights, effective as of April 10, 2005, and recorded at Book 1087, Page 0096 and corrected at Book 1107, Page 0093	 	9.5 Surface Acres (more or less), being located on the surface of U.S. Mining Patent No. 49-69-0017 lying within the SW1⁄4SW1⁄4 of Section 17 and the W1⁄2NW1⁄4 of Section 20, T28N, R78W, 6th PM, reserving surface rights for mining without further compensation

 

    	Facility Agreement        page 99

    	 

    

  

		Schedule 7     Permitted Interests

 

		D.	Right for Power Transmission Line: 

 

	 	 	 	Rights Owner	 	Permit No.	 	Description
	 	1.	 	High Plains Power (previously Hot Springs R.E.A., Inc.)	 	WYW046984	 	Lucky Mc Mill Sites in Fremont County, Wyoming within lands described by Mining Patent No. 49-69-0038
	 	 	 	 	 	 	 	 
	 	2.	 	Union Telephone Co., Inc.	 	WYW071205	 	Shirley Basin, Section 32, T28N, R78W, 

 

		E.	Right of First Refusal:

 

Reid Draw Property in Fremont County,
Wyoming: Right of First Refusal Agreement dated June 2, 1999, recorded as Document 1201340, granting to Philp Sheep Company
a right to repurchase the property for One Dollar ($1.00) if Pathfinder contemplates the transfer of fee title of the property
to other than an affiliate or governmental entity; tract includes NWSW and S2SW Section 4, SENE and NESE Section 5, and NENW and
W2NE Section 9, all in T33N, R90W, Fremont County, Wyoming.

 

    	Facility Agreement        page 100

    	 

    

  

Schedule 8

 

Permitted
Royalties

 

The following royalties exist with respect to the Project Areas:

 

		1.	Lost Creek

 

Lost Creek Project

State of Wyoming: Royalty as set forth in State Lease 0-40814
and provided by law

 

LC West Project

State of Wyoming: Royalty as set forth in State Lease 0-41041
and provided by law

 

LC South Project

Royalties on mining claims: one percent of total gross proceeds
of uranium concentrate (U3O8) yellowcake extracted by processing or beneficiation from uranium ores produced
or sold from the 206 unpatented mining claims on the following list:

 

	
         
					Original Recordation		BLM Serial /
	Claim	Sec	Twp	Rng	County	Rec/Book/Page	State	Claim No.
	 	 	 	 	 	 	 	 
	Arrow No. 10	10, 11	24N	92W	Sweetwater	1459585;1045;1590	WYOMING	WMC272645
	E.R. #1	10	24N	92W	Sweetwater	1469456;1056;1396	WYOMING	WMC274408
	E.R. #2	10	24N	92W	Sweetwater	1469457;1056;1397	WYOMING	WMC274409
	E.R. #3	10	24N	92W	Sweetwater	1469458;1056;1398	WYOMING	WMC274410
	E.R. #4	10	24N	92W	Sweetwater	1469459;1056;1399	WYOMING	WMC274411
	E.R. #5	10	24N	92W	Sweetwater	1469460;1056;1400	WYOMING	WMC274412
	E.R. #6	10	24N	92W	Sweetwater	1469461;1056;1401	WYOMING	WMC274413
	E.R. #7	10	24N	92W	Sweetwater	1469462;1056;1402	WYOMING	WMC274414
	E.R. #8	10	24N	92W	Sweetwater	1469463;1056;1403	WYOMING	WMC274415
	E.R. #9	10	24N	92W	Sweetwater	1469464;1056;1404	WYOMING	WMC274416
	E.R. #10	10	24N	92W	Sweetwater	1469465;1056;1405	WYOMING	WMC274417
	E.R. GAP 1	10	24N	92W	Sweetwater	1538304;1124;1051	WYOMING	WMC294438
	E.R. GAP 2	10	24N	92W	Sweetwater	1538305;1124;1052	WYOMING	WMC294439
	LCS 125	29	25N	92W	Sweetwater	1520936;1108;1026	WYOMING	WMC292171
	LCS 126	29	25N	92W	Sweetwater	1520937;1108;1027	WYOMING	WMC292172
	LCS 127	29	25N	92W	Sweetwater	1520938;1108;1028	WYOMING	WMC292173
	LCS 128	29	25N	92W	Sweetwater	1520939;1108;1029	WYOMING	WMC292174
	LCS 129	29	25N	92W	Sweetwater	1520940;1108;1030	WYOMING	WMC292175
	LCS 130	29	25N	92W	Sweetwater	1520941;1108;1031	WYOMING	WMC292176
	LCS 131	29	25N	92W	Sweetwater	1520942;1108;1032	WYOMING	WMC292177
	LCS 132	29	25N	92W	Sweetwater	1520943;1108;1033	WYOMING	WMC292178

 

    	Facility Agreement        page 101

    	 

    

  

		Schedule 8     Permitted Royalties

 

	LCS 242	28, 29	25N	92W	Sweetwater	1536620;1123;0452	WYOMING	WMC294213
	LCS 244	28	25N	92W	Sweetwater	1536622;1123;0454	WYOMING	WMC294215
	LCS 246	28	25N	92W	Sweetwater	1536624;1123;0456	WYOMING	WMC294217
	LCS 248	28	25N	92W	Sweetwater	1536626;1123;0458	WYOMING	WMC294219
	LCS 250	28	25N	92W	Sweetwater	1536628;1123;0460	WYOMING	WMC294221
	LCS 252	28	25N	92W	Sweetwater	1536630;1123;0462	WYOMING	WMC294223
	LCS 254	28	25N	92W	Sweetwater	1536632;1123;0464	WYOMING	WMC294225
	LCS 256	28	25N	92W	Sweetwater	1536634;1123;0466	WYOMING	WMC294227
	LCS 258	28	25N	92W	Sweetwater	1536636;1123;0468	WYOMING	WMC294229
	LCS 260	27, 28	25N	92W	Sweetwater	1536638;1123;0470	WYOMING	WMC294231
	LCS 262	27	25N	92W	Sweetwater	1536640;1123;0472	WYOMING	WMC294233
	LCS 264	27	25N	92W	Sweetwater	1536642;1123;0474	WYOMING	WMC294235
	LCS 277	28, 29	25N	92W	Sweetwater	1536655;1123;0487	WYOMING	WMC294248
	LCS 278	28	25N	92W	Sweetwater	1536656;1123;0488	WYOMING	WMC294249
	LCS 279	28	25N	92W	Sweetwater	1536657;1123;0489	WYOMING	WMC294250
	LCS 280	27, 28	25N	92W	Sweetwater	1536658;1123;0490	WYOMING	WMC294251
	LCS 286	21, 22, 27, 28	25N	92W	Sweetwater	1536659;1123;0491	WYOMING	WMC294252
	LCS 287	27, 28	25N	92W	Sweetwater	1536660;1123;0492	WYOMING	WMC294253
	LCS 288	22, 27	25N	92W	Sweetwater	1536661;1123;0493	WYOMING	WMC294254
	LCS 289	27	25N	92W	Sweetwater	1536662;1123;0494	WYOMING	WMC294255
	LCS 290	22, 27	25N	92W	Sweetwater	1536663;1123;0495	WYOMING	WMC294256
	LCS 291	27	25N	92W	Sweetwater	1536664;1123;0496	WYOMING	WMC294257
	Sage # 1	3	24N	92W	Sweetwater	1536108;1122;1306	WYOMING	WMC293768
	Sage # 2	3, 4	24N	92W	Sweetwater	1536109;1122;1308	WYOMING	WMC293769
	Sage # 3	3	24N	92W	Sweetwater	1536110;1122;1310	WYOMING	WMC293770
	Sage # 4	3, 4	24N	92W	Sweetwater	1536111;1122;1312	WYOMING	WMC293771
	Sage # 5	3	24N	92W	Sweetwater	1536112;1122;1314	WYOMING	WMC293772
	Sage # 6	3, 4	24N	92W	Sweetwater	1536113;1122;1316	WYOMING	WMC293773
	Sage # 7	3	24N	92W	Sweetwater	1536114;1122;1318	WYOMING	WMC293774
	Sage # 8	3, 4	24N	92W	Sweetwater	1536115;1122;1320	WYOMING	WMC293775
	Sage # 9	3	24N	92W	Sweetwater	1536116;1122;1322	WYOMING	WMC293776
	Sage # 10	3, 4	24N	92W	Sweetwater	1536117;1122;1324	WYOMING	WMC293777
	Sage # 11	3	24N	92W	Sweetwater	1536118;1122;1326	WYOMING	WMC293778
	Sage # 12	3, 4	24N	92W	Sweetwater	1536119;1122;1328	WYOMING	WMC293779
	Sage # 13	3	24N	92W	Sweetwater	1536120;1122;1330	WYOMING	WMC293780
	Sage # 14	3, 4	24N	92W	Sweetwater	1536121;1122;1332	WYOMING	WMC293781
	Sage # 15	3	24N	92W	Sweetwater	1536122;1122;1334	WYOMING	WMC293782
	Sage # 16	3, 4	24N	92W	Sweetwater	1536123;1122;1336	WYOMING	WMC293783
	Sage # 17	3, 10	24N	92W	Sweetwater	1536124;1122;1338	WYOMING	WMC293784
	Sage # 18	3, 4, 9, 10	24N	92W	Sweetwater	1536125;1122;1340	WYOMING	WMC293785
	Sage # 19	10	24N	92W	Sweetwater	1536126;1122;1342	WYOMING	WMC293786

 

    	Facility Agreement        page 102

    	 

    

 

 

		Schedule 8     Permitted Royalties

 

	Sage # 20	9, 10	24N	92W	Sweetwater	1536127;1122;1344	WYOMING	WMC293787
	Sage # 21	4	24N	92W	Sweetwater	1536128;1122;1346	WYOMING	WMC293788
	Sage # 22	4	24N	92W	Sweetwater	1536129;1122;1348	WYOMING	WMC293789
	Sage # 23	4	24N	92W	Sweetwater	1536130;1122;1350	WYOMING	WMC293790
	Sage # 24	4	24N	92W	Sweetwater	1536131;1122;1352	WYOMING	WMC293791
	Sage # 25	4	24N	92W	Sweetwater	1536132;1122;1354	WYOMING	WMC293792
	Sage # 26	4	24N	92W	Sweetwater	1536133;1122;1356	WYOMING	WMC293793
	Sage # 27	4	24N	92W	Sweetwater	1536134;1122;1358	WYOMING	WMC293794
	Sage # 28	4	24N	92W	Sweetwater	1536135;1122;1360	WYOMING	WMC293795
	Sage # 29	4	24N	92W	Sweetwater	1536136;1122;1362	WYOMING	WMC293796
	Sage # 30	4	24N	92W	Sweetwater	1536137;1122;1364	WYOMING	WMC293797
	Sage # 31	4	24N	92W	Sweetwater	1536138;1122;1366	WYOMING	WMC293798
	Sage # 32	4	24N	92W	Sweetwater	1536139;1122;1368	WYOMING	WMC293799
	Sage # 33	4	24N	92W	Sweetwater	1536140;1122;1370	WYOMING	WMC293800
	Sage # 34	4	24N	92W	Sweetwater	1536141;1122;1372	WYOMING	WMC293801
	Sage # 35	4	24N	92W	Sweetwater	1536142;1122;1374	WYOMING	WMC293802
	Sage # 36	4	24N	92W	Sweetwater	1536143;1122;1376	WYOMING	WMC293803
	Sage # 37	4, 9	24N	92W	Sweetwater	1536144;1122;1378	WYOMING	WMC293804
	Sage # 38	4, 9	24N	92W	Sweetwater	1536145;1122;1380	WYOMING	WMC293805
	Sage # 39	9	24N	92W	Sweetwater	1536146;1122;1382	WYOMING	WMC293806
	Sage # 40	9	24N	92W	Sweetwater	1536147;1122;1384	WYOMING	WMC293807
	Sage # 41	4, 5	24N	92W	Sweetwater	1536148;1122;1386	WYOMING	WMC293808
	Sage # 42	5	24N	92W	Sweetwater	1536149;1122;1388	WYOMING	WMC293809
	Sage # 43	4, 5	24N	92W	Sweetwater	1536150;1122;1390	WYOMING	WMC293810
	Sage # 44	5	24N	92W	Sweetwater	1536151;1122;1392	WYOMING	WMC293811
	Sage # 45	4, 5	24N	92W	Sweetwater	1536152;1122;1394	WYOMING	WMC293812
	Sage # 46	5	24N	92W	Sweetwater	1536153;1122;1396	WYOMING	WMC293813
	Sage # 47	4, 5	24N	92W	Sweetwater	1536154;1122;1398	WYOMING	WMC293814
	Sage # 48	5	24N	92W	Sweetwater	1536155;1122;1400	WYOMING	WMC293815
	Sage # 49	4, 5	24N	92W	Sweetwater	1536156;1122;1402	WYOMING	WMC293816
	Sage # 50	5	24N	92W	Sweetwater	1536157;1122;1404	WYOMING	WMC293817
	Sage # 51	4, 5	24N	92W	Sweetwater	1536158;1122;1406	WYOMING	WMC293818
	Sage # 52	5	24N	92W	Sweetwater	1536159;1122;1408	WYOMING	WMC293819
	Sage # 53	4, 5	24N	92W	Sweetwater	1536160;1122;1410	WYOMING	WMC293820
	Sage # 54	5	24N	92W	Sweetwater	1536161;1122;1412	WYOMING	WMC293821
	Sage # 55	4, 5	24N	92W	Sweetwater	1536162;1122;1414	WYOMING	WMC293822
	Sage # 56	5	24N	92W	Sweetwater	1536163;1122;1416	WYOMING	WMC293823
	Sage # 57	4, 5, 8, 9	24N	92W	Sweetwater	1536164;1122;1418	WYOMING	WMC293824
	Sage # 58	5, 8	24N	92W	Sweetwater	1536165;1122;1420	WYOMING	WMC293825
	Sage # 59	8, 9	24N	92W	Sweetwater	1536166;1122;1422	WYOMING	WMC293826
	Sage # 60	8	24N	92W	Sweetwater	1536167;1122;1424	WYOMING	WMC293827
	SAGE 271	4	24N	92W	Sweetwater	1539382;1125;0654	WYOMING	WMC294725

 

    	Facility Agreement        page 103

    	 

    

  

		Schedule 8     Permitted Royalties

 

	 	34	25N	92W	 	 	 	 
	SAGE 272	4	24N	92W	Sweetwater	1539383;1125;0655	WYOMING	WMC294726
	 	34	25N	92W	 	 	 	 
	SAGE 273	34	25N	92W	Sweetwater	1539384;1125;0656	WYOMING	WMC294727
	SAGE 274	34	25N	92W	Sweetwater	1539385;1125;0657	WYOMING	WMC294728
	SAGE 275	34	25N	92W	Sweetwater	1539386;1125;0658	WYOMING	WMC294729
	SAGE 276	34	25N	92W	Sweetwater	1539387;1125;0659	WYOMING	WMC294730
	SAGE 277	34	25N	92W	Sweetwater	1539388;1125;0660	WYOMING	WMC294731
	SAGE 278	34	25N	92W	Sweetwater	1539389;1125;0661	WYOMING	WMC294732
	SAGE 279	34	25N	92W	Sweetwater	1539390;1125;0662	WYOMING	WMC294733
	SAGE 280	34	25N	92W	Sweetwater	1539391;1125;0663	WYOMING	WMC294734
	SAGE 281	34	25N	92W	Sweetwater	1539392;1125;0664	WYOMING	WMC294735
	SAGE 282	34	25N	92W	Sweetwater	1539393;1125;0665	WYOMING	WMC294736
	SAGE 283	34	25N	92W	Sweetwater	1539394;1125;0666	WYOMING	WMC294737
	SAGE 284	34	25N	92W	Sweetwater	1539395;1125;0667	WYOMING	WMC294738
	SAGE 285	34	25N	92W	Sweetwater	1539396;1125;0668	WYOMING	WMC294739
	SAGE 286	34	25N	92W	Sweetwater	1539397;1125;0669	WYOMING	WMC294740
	SAGE 287	27, 34	25N	92W	Sweetwater	1539398;1125;0670	WYOMING	WMC294741
	SAGE 288	27, 34	25N	92W	Sweetwater	1539399;1125;0671	WYOMING	WMC294742
	SAGE 341	3, 10	24N	92W	Sweetwater	1539400;1125;0672	WYOMING	WMC294743
	SAGE 342	3	24N	92W	Sweetwater	1539401;1125;0673	WYOMING	WMC294744
	SAGE 343	3	24N	92W	Sweetwater	1539402;1125;0674	WYOMING	WMC294745
	SAGE 344	3	24N	92W	Sweetwater	1539403;1125;0675	WYOMING	WMC294746
	SAGE 345	3	24N	92W	Sweetwater	1539404;1125;0676	WYOMING	WMC294747
	SAGE 346	3	24N	92W	Sweetwater	1539405;1125;0677	WYOMING	WMC294748
	SAGE 347	3	24N	92W	Sweetwater	1539406;1125;0678	WYOMING	WMC294749
	SAGE 348	3	24N	92W	Sweetwater	1539407;1125;0679	WYOMING	WMC294750
	SAGE 349	3	24N	92W	Sweetwater	1539408;1125;0680	WYOMING	WMC294751
	 	35	25N	92W	 	 	 	 
	SAGE 370	26, 27	25N	92W	Sweetwater	1539409;1125;0681	WYOMING	WMC294752
	SAGE 371	26	25N	92W	Sweetwater	1539410;1125;0682	WYOMING	WMC294753
	SAGE 372	26, 27	25N	92W	Sweetwater	1539411;1125;0683	WYOMING	WMC294754
	SAGE 373	26	25N	92W	Sweetwater	1539412;1125;0684	WYOMING	WMC294755
	SAGE 374	26, 27	25N	92W	Sweetwater	1539413;1125;0685	WYOMING	WMC294756
	SAGE 375	26	25N	92W	Sweetwater	1539414;1125;0686	WYOMING	WMC294757
	SAGE 376	26, 27	25N	92W	Sweetwater	1539415;1125;0687	WYOMING	WMC294758
	SAGE 377	26	25N	92W	Sweetwater	1539416;1125;0688	WYOMING	WMC294759
	SAGE 378	26, 27	25N	92W	Sweetwater	1539417;1125;0689	WYOMING	WMC294760
	SAGE 379	26	25N	92W	Sweetwater	1539418;1125;0690	WYOMING	WMC294761
	SAGE 380	26, 27	25N	92W	Sweetwater	1539419;1125;0691	WYOMING	WMC294762
	SAGE 381	26	25N	92W	Sweetwater	1539420;1125;0692	WYOMING	WMC294763
	SAGE 382	26, 27	25N	92W	Sweetwater	1539421;1125;0693	WYOMING	WMC294764

 

    	Facility Agreement        page 104

    	 

    

  

		Schedule 8     Permitted Royalties

 

	SAGE 383	26	25N	92W	Sweetwater	1539422;1125;0694	WYOMING	WMC294765
	SAGE 384	22, 23, 26, 27	25N	92W	Sweetwater	1539423;1125;0695	WYOMING	WMC294766
	SAGE 385	23, 26	25N	92W	Sweetwater	1539424;1125;0696	WYOMING	WMC294767
	SAGE 386	22, 23	25N	92W	Sweetwater	1539425;1125;0697	WYOMING	WMC294768
	SAGE 387	23	25N	92W	Sweetwater	1539426;1125;0698	WYOMING	WMC294769
	SAGE 388	22, 23	25N	92W	Sweetwater	1539427;1125;0699	WYOMING	WMC294770
	SAGE 389	23	25N	92W	Sweetwater	1539428;1125;0700	WYOMING	WMC294771
	SAGE 390	22, 23	25N	92W	Sweetwater	1539429;1125;0701	WYOMING	WMC294772
	SAGE 391	23	25N	92W	Sweetwater	1539430;1125;0702	WYOMING	WMC294773
	SAGE 404	26	25N	92W	Sweetwater	1539431;1125;0703	WYOMING	WMC294774
	SAGE 405	25, 26	25N	92W	Sweetwater	1539432;1125;0704	WYOMING	WMC294775
	SAGE 406	26	25N	92W	Sweetwater	1539433;1125;0705	WYOMING	WMC294776
	SAGE 407	25, 26	25N	92W	Sweetwater	1539434;1125;0706	WYOMING	WMC294777
	SAGE 408	26	25N	92W	Sweetwater	1539435;1125;0707	WYOMING	WMC294778
	SAGE 409	25, 26	25N	92W	Sweetwater	1539436;1125;0708	WYOMING	WMC294779
	SAGE 410	26	25N	92W	Sweetwater	1539437;1125;0709	WYOMING	WMC294780
	SAGE 411	25, 26	25N	92W	Sweetwater	1539438;1125;0710	WYOMING	WMC294781
	SAGE 412	26	25N	92W	Sweetwater	1539439;1125;0711	WYOMING	WMC294782
	SAGE 413	25, 26	25N	92W	Sweetwater	1539440;1125;0712	WYOMING	WMC294783
	SAGE 414	26	25N	92W	Sweetwater	1539441;1125;0713	WYOMING	WMC294784
	SAGE 415	25, 26	25N	92W	Sweetwater	1539442;1125;0714	WYOMING	WMC294785
	SAGE 416	26	25N	92W	Sweetwater	1539443;1125;0715	WYOMING	WMC294786
	SAGE 417	25, 26	25N	92W	Sweetwater	1539444;1125;0716	WYOMING	WMC294787
	SAGE 418	23, 26	25N	92W	Sweetwater	1539445;1125;0717	WYOMING	WMC294788
	SAGE 419	23, 24, 25, 26	25N	92W	Sweetwater	1539446;1125;0718	WYOMING	WMC294789
	SAGE 420	23	25N	92W	Sweetwater	1539447;1125;0719	WYOMING	WMC294790
	SAGE 421	23, 24	25N	92W	Sweetwater	1539448;1125;0720	WYOMING	WMC294791
	SAGE 422	23	25N	92W	Sweetwater	1539449;1125;0721	WYOMING	WMC294792
	SAGE 423	23, 24	25N	92W	Sweetwater	1539450;1125;0722	WYOMING	WMC294793
	SAGE 424	23	25N	92W	Sweetwater	1539451;1125;0723	WYOMING	WMC294794
	SAGE 425	23, 24	25N	92W	Sweetwater	1539452;1125;0724	WYOMING	WMC294795
	SAGE 450	25	25N	92W	Sweetwater	1539463;1125;0735	WYOMING	WMC294806
	SAGE 451	25	25N	92W	Sweetwater	1539464;1125;0736	WYOMING	WMC294807
	SAGE 452	24, 25	25N	92W	Sweetwater	1539465;1125;0737	WYOMING	WMC294808
	SAGE 453	24, 25	25N	92W	Sweetwater	1539466;1125;0738	WYOMING	WMC294809
	SAGE 454	24	25N	92W	Sweetwater	1539467;1125;0739	WYOMING	WMC294810
	SAGE 455	24	25N	92W	Sweetwater	1539468;1125;0740	WYOMING	WMC294811
	SAGE 456	24	25N	92W	Sweetwater	1539469;1125;0741	WYOMING	WMC294812
	SAGE 457	24	25N	92W	Sweetwater	1539470;1125;0742	WYOMING	WMC294813
	SAGE 458	24	25N	92W	Sweetwater	1539471;1125;0743	WYOMING	WMC294814
	SAGE 459	24	25N	92W	Sweetwater	1539472;1125;0744	WYOMING	WMC294815

 

    	Facility Agreement        page 105

    	 

    

  

		Schedule 8     Permitted Royalties

 

	TOBY GAP 1	14	24N	92W	Sweetwater	1538306;1124;1053	WYOMING	WMC294440
	TOBY GAP 2	10, 15	24N	92W	Sweetwater	1538307;1124;1054	WYOMING	WMC294441
	Toby No. 1	10, 11, 14, 15	24N	92W	Sweetwater	1469466;1056;1406	WYOMING	WMC274448
	Toby No. 2	11, 14	24N	92W	Sweetwater	1469467;1056;1407	WYOMING	WMC274449
	Toby No. 3	14, 15	24N	92W	Sweetwater	1469468;1056;1408	WYOMING	WMC274450
	Toby No. 4	14	24N	92W	Sweetwater	1469469;1056;1409	WYOMING	WMC274451
	Toby No. 5	14, 15	24N	92W	Sweetwater	1469470;1056;1410	WYOMING	WMC274452
	Toby No. 6	14	24N	92W	Sweetwater	1469471;1056;1411	WYOMING	WMC274453
	Toby No. 7	14	24N	92W	Sweetwater	1469472;1056;1412	WYOMING	WMC274454
	Toby No. 8	10, 15	24N	92W	Sweetwater	1469473;1056;1413	WYOMING	WMC274455
	Toby No. 9	10	24N	92W	Sweetwater	1469474;1056;1414	WYOMING	WMC274456
	Toby No. 10	10, 11	24N	92W	Sweetwater	1469475;1056;1415	WYOMING	WMC274457
	UFO #1	29	25N	92W	Sweetwater	1467984;1054;1744	WYOMING	WMC274319
	UFO #2	28, 29	25N	92W	Sweetwater	1467985;1054;1745	WYOMING	WMC274320
	UFO #3	28	25N	92W	Sweetwater	1467986;1054;1746	WYOMING	WMC274321
	UFO #4	28	25N	92W	Sweetwater	1467987;1054;1747	WYOMING	WMC274322
	UFO #5	28	25N	92W	Sweetwater	1467988;1054;1748	WYOMING	WMC274323
	UFO #6	28	25N	92W	Sweetwater	1467989;1054;1749	WYOMING	WMC274324
	UFO #7	28	25N	92W	Sweetwater	1467990;1054;1750	WYOMING	WMC274325
	UFO #8	28	25N	92W	Sweetwater	1467991;1054;1751	WYOMING	WMC274326
	UFO #9	28	25N	92W	Sweetwater	1467992;1054;1752	WYOMING	WMC274327
	UFO #10	28	25N	92W	Sweetwater	1467993;1054;1753	WYOMING	WMC274328

 

		2.	Shirley Basin

 

(1)

 

		a.	Tailings Area at Spring Creek, totaling 221.26 acres

 

A tract of land (tailings) located within SWNWNE
Section 27, T28N, R78W, Carbon County, Wyoming, as more particularly described in that certain Warranty Deed executed by Nall Ranches,
Inc. in favor of the Company, dated as of January 20, 1976, recorded in Book 633, Page 459, containing approximately 4 surface
acres.

 

A tract of land (tailings extension) located within
portions of Sections 22, 26 and 27, T28N, R78W, Carbon County, Wyoming, as more particularly described in that certain Warranty
Deed executed by Cecilia Ruth Schmitt and Armin A. Schmitt in favor of the Company, dated as of June 16, 1995, recorded in Book
919, Page 867, containing approximately 152.8 surface acres.

 

Portions (Spring Creek) of Sections 22, 26 and 27,
T28N, R78W more particularly described in that certain Land Use Restrictive Covenant and Access Agreement executed by Cecilia Ruth
Schmitt and Armin A. Schmitt in favor of the Company, dated effective April 14, 2005, recorded in Book 1087, Page 0102; containing
approximately 64.45 acres.

 

		b.	Area 5: Mineral Acres (30) Acquired from Nall

 

N2NWSE and NWNESE Section 20, T28N, R78W, all in
Carbon County, Wyoming, containing approximately 30 mineral acres.

 

    	Facility Agreement        page 106

    	 

    

  

		Schedule 8     Permitted Royalties

 

Pursuant to that certain Minerals Quitclaim Deed
executed by Catherine Wiloth and Bettie Noonan, et al., in favor of the Company, dated effective as of April 14, 2005, recorded
in Book 1079, Page 0155, covering minerals in the lands described in both Sections (1a) and (b) above, reserving:

 

Ten percent (10%) of the Ore Value (as defined
herein) of uranium and other fissionable minerals commingled therewith or mined in conjunction therewith, mined and sold from
the Subject Property (the “Uranium Royalty”); For purposes of calculating the Uranium Royalty, “Ore Value”
means $1.50 per pound of uranium sold times an escalation factor of “X” divided by 16, where “X” is the
published spot price for U3O8 by The Ux Consulting Company, L.L.C. for the month uranium is sold from the Subject Property.

 

Three percent (3%) of Gross Proceeds (as defined
herein) received by Grantee from arm’s length sales of coal mined or processed and sold by Grantee from the Subject Property
(the “Coal Royalty”). For purposes of calculating the Coal Royalty, “Gross Proceeds” shall mean: (a) the
proceeds received by Grantee from the sale of coal FOB railcars at the tipple at which coal mined from the Subject Property is
prepared or loaded, without deduction; (b) the proceeds received by Grantee of the sale of gaseous by-products of coal (but not
including coalbed methane) FOB the pipeline for transportation to a buyer, without deduction; and (c) any payment received by Grantee
in lieu of production of the coal and coal by-products. The Coal Royalty shall be payable on all coal and by-products of coal,
including but not limited to, gas produced from the underground coal gasification, but not including coalbed methane and other
minerals that comprise part of the oil and gas estate;

 

Twelve and one-half percent (121⁄2%) of the
gross proceeds received by Grantee from the sale of oil, gas, casinghead gas, and other hydrocarbon substances, including without
limitation, coalbed methane, produced, saved, marketed and sold from the Subject Property; and

 

Five percent (5%) of the gross proceeds received
by Grantee from the sale of the ore of any other hardrock minerals commingled with uranium and other locatable minerals or mined
in conjunction therewith, mined, marketed and sold from the Subject Property.

 

Payable to:

 

	Catherine Wiloth	 	 	38	%
	 	 	 	 	 
	Carrie Jean Wiloth	 	 	4	%
	 	 	 	 	 
	Julia Ann Dixon	 	 	4	%
	 	 	 	 	 
	Nancy Jane O’Farrell	 	 	4	%
	 	 	 	 	 
	Bettie Lou Noonan	 	 	30	%
	 	 	 	 	 
	Dennis V. Noonan	 	 	4	%
	 	 	 	 	 
	Michael D. Noonan	 	 	4	%
	 	 	 	 	 
	Mark T. Noonan	 	 	4	%
	 	 	 	 	 
	Kelly Ann Leslie	 	 	4	%
	 	 	 	 	 
	Marybeth Noonan	 	 	4	%
	 	 	 	 	 
	Total	 	 	100	%

 

    	Facility Agreement        page 107

    	 

    

  

		Schedule 8     Permitted Royalties

 

		(2)	Area 5: Acres Acquired from Cronberg

 

SENE Section 20, T28N, R78W, Carbon County, Wyoming,
containing approximately 40 acres.

 

Pursuant to that certain Minerals Quitclaim Deed
executed by Cronberg Bros., Inc. to Pathfinder Mines Corporation, dated effective as of April 10, 2005, recorded in Book 1087,
Page 0097 reserving

 

“. . .royalty in the amount of Ten percent
(10%) of the Ore Value (as defined herein) of uranium, uranium bearing ores, and other fissionable minerals commingled therewith
or mined in conjunction therewith, mined and sold from the Subject Property (the “Uranium Royalty”); For purposes of
calculating the Uranium Royalty, “Ore Value” means $1.50 per pound of uranium sold times an escalation factor of “X”
divided by 16, where “X” is the published spot price for U3O8 by The UX Consulting Company, L.L.C. for the month uranium
is sold from the Subject Property.”

 

Payable to: CRONBERG BROS., INC., Medicine Bow, Wyoming.

 

		(3)	Area 5: Patented Claim

 

U.S. Mining Patent No. 49-69-0017 (Area 5) embracing
a portion of Sections 17 and 20, T28N, R78W, Carbon County, Wyoming, recorded in Book 519, Page 495, containing 210.961 mineral
acres.

 

Pursuant to Royalty Quitclaim Deed, dated as of May
6, 2005, granted by Pathfinder to Catherine Wiloth, et al., recorded in Book 1079, Page 0156, granting

 

“a non-participating royalty ... in the
total amount of Five (5%) Percent of the Ore Value ... of uranium and other locatable minerals ... mined and sold
from the real property”

 

Payable to:

 

	Catherine Wiloth	 	 	38	%
	 	 	 	 	 
	Carrie Jean Wiloth	 	 	4	%
	 	 	 	 	 
	Julia Ann Dixon	 	 	4	%
	 	 	 	 	 
	Nancy Jane O’Farrell	 	 	4	%
	 	 	 	 	 
	Bettie Lou Noonan	 	 	30	%
	 	 	 	 	 
	Dennis V. Noonan	 	 	4	%
	 	 	 	 	 
	Michael D. Noonan	 	 	4	%
	 	 	 	 	 
	Mark T. Noonan	 	 	4	%
	 	 	 	 	 
	Kelly Ann Leslie	 	 	4	%
	 	 	 	 	 
	Marybeth Noonan	 	 	4	%
	 	 	 	 	 
	Total	 	 	100	%

 

A 0.5% royalty in favor of Joe M. Whitaker encumbering
the Foo claims (Assignment of Interest dated November 15, 1957, Book 380, Page 451-452, recorded December 2, 1957) out of U.S.
Mining Patent No. 49-69-0017 (Northern portion of Area 5) may exist. The royalty appears to have been quitclaimed to Sasso and
Simmons (April 9, 1958, Book 386, Page 219, recorded April 21, 1958) a predecessor-in-interest to the Company. However, both a
March 28, 1960 purchase agreement and a June 24, 1960 mortgage from Sasso and Simmons to Utah Mining Corporation (Book 417, Page
131, recorded July 5, 1960) relating to the mining claims state they are subject to the Whitaker overriding royalty.

 

    	Facility Agreement        page 108

    	 

    

  

		Schedule 8     Permitted Royalties

 

		(4)	Davey Crocket Patented Claim (Area 8 backslope)

 

U.S. Mining Patent No. 49-73-0065 (Davey Crocket
No. 2) located within the NE 1⁄4 Section 32, T28N, R78W, containing 16.428 acres.

 

pursuant to Mineral Quitclaim Deed, between Atlantic
Richfield Company and Getty Oil Company, dated as of June 18, 1981;

 

4% FMV or in-kind royalty

 

Payable to Atlantic Richfield (now Franco-Nevada
U.S. Corporation)

 

and pursuant to Quitclaim Deed, between American
Nuclear Corporation and Atlantic Richfield Company dated December 19, 1968, as recorded in Book 529, Page 101, on January 31, 1969.

 

6% royalty

 

Payable to American Nuclear Corporation out of which
a 5% Circ 5 and 6 royalty would be payable to original locators pursuant to several Mineral Deeds, dated September 19, 1959, Book
442, Pages 156, 160 and 164, recorded on November 13, 1962, from Woodin, Wack, Kruse, Rose, Harnett, Stevens, and Karchner to Gas
Hills Uranium Company.

 

		(5)	Area 3 - Heward Fee

 

SWSW Sec 25; N2SE, SESE Sec 26, T28N, R78W, Carbon
County, Wyoming, including approximately 156.9 acres

 

Pursuant to Minerals Lease by and between Agnes
J. Heward and Lucky Mc Uranium Corporation, dated as of September 26, 1977, amended by letter agreement dated October 30, 1985.

 

5% of U3O8 concentrates royalty

 

5% of 90% of U3O8 solution mined

 

10% of Value of Ores of Other Minerals

 

Payable to Heward as provided therein.

 

		(6)	AREVA Inc. Royalty

 

Royalty payable to AREVA Inc. under a Royalty Agreement
dated 16 December 2013 between Pathfinder Mines Corporation and AREVA NC Inc. relating to the production of U3O8
at the Shirley Basin Project.

 

		3.	Lucky Mc

 

		(1)	Project 7 State Lease

 

Section 36:S2NW, SW, W2SE, T33N, R90W, including
320 acres in Fremont County, Wyoming.

 

Pursuant to Uranium Mining Lease 0-42115 by and
between the State of Wyoming and the Company, dated as of April 2, 2007

 

5% ore value royalty as provided therein,
and as may be modified by regulations by the Office of State Lands and Investments.

 

Payable to the State of Wyoming.

 

		(2)	West Gas Hills State Lease

 

Pt. SENE Sec 1, T32N, R91W; Pt. SESW, Pt. SE, Pt
SWNW Sec. 6, T32N, R90W; Pt N2N2 Sec. 7 T32N, R90W, totaling 87.5 acres in Fremont County, Wyoming.

 

    	Facility Agreement        page 109

    	 

    

 

		Schedule 8     Permitted Royalties

 

Pursuant to Uranium Mining Lease 0-41765 by and
between the State of Wyoming and the Company, dated as of February 2, 2007

 

5% ore value royalty as provided therein, and as
may be modified by regulations by the Office of State Lands and Investments.

 

Payable to the State of Wyoming.

 

And pursuant to Agreement by and between Green River
Oil & Uranium Company, Lucky Mc Uranium Corporation, Globe Mining Company, and L.V. Abbott, et al, dated January 25, 1960,
recorded in Book 185 Mining, Page 257; and unrecorded Mining Deed by and between Utah Construction & Mining Co. and L.V. Abott,
et al, dated as of May 18 1964; and unrecorded Agreement dated October 1, 1971 between Utah Construction and Mining Company and
L.V. Abbott et al; in concert providing royalty to L.V. Abbott et al.

 

8.5% to 10% royalty (defined to be of $3.75/lb.x
Yellowcake Sale Price / 8)

 

Payable to L.V. Abbott et al. 8% on production from
Parcel A (northern part), and 10% royalty on production from Parcel B (southern part) of this State Uranium Lease 0-41765;

 

and 5% royalty

 

Payable to Globe Mining Company (now Union Carbide
Corporation) on production from Parcel B (southern part) of State Uranium Lease 0-41765

 

    	Facility Agreement        page 110

    	 

    

  

 

Schedule 9

 

UCC
Financing Statements

 

	Filing Date	 	Filing Number	 	Secured Party	 	Comments
	 	 	 	 	 	 	 
	April 7, 2009	 	2009F029963	 	Wells Fargo Financial Leasing, Inc.

800 Walnut street

MAC F-40310040

Des Moines, IA 50309	 	KM Copier, Serial No. 2550 A30388668 1 and all existing and future accession, accessories, attachments, replacements, replacement parts, additions, substitutions and repairs thereto, software programs embedded therein and all proceeds (cash and non-cash) including the proceeds of all insurance policies, thereof.
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	January 24, 2011	 	20112003589	 	U.S. Bankcorp Business Equipment Finance Group

1310 Madrid Street

Marshall, MN 56258	 	1 XER-W7545P XKP510533; 1 XER-W7545P XKP510533C; 1 Sharp ARM455NV 55033324; 1 HP CB357A CNB9M18982; 1 HP CB357A CNB9M18986; 1 HP CB357A CNBJB42033; 1 HP CB357A CNBJL29657; 1 HP CB357A CNBJP99115; 1 HP CB357A CNBJS41140; 1 HP Q3702A CNGHG09159; 1 KYOCERA FS3300C XPJ8729530; 1 HP Q3702A CNGHG09159C

 

    	Facility Agreement        page 111

    	 

    

  

		Schedule 9     Permitted Royalties

 

	September 28, 2012	 	20122054934	 	John Deere Construction & Forestry Company

6400 NW 86th St.

Johnston, IA 50131	 	John Deere 410K Wheel Loader Backhoe S/N: 230763; John Deere 410K Wheel Loader Backhoe S/N: 225478; together with (1) all attachments, accessories and components, repairs and improvements, (2) all accounts, general intangibles, contract rights and chattel paper relating thereto, and (3) all proceeds, thereto including, without limitation, insurance, sale, lease and rental proceeds, and proceeds of proceeds.
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	September 28, 2012	 	20122054937	 	John Deere Construction & Forestry Company

6400 NW 86th St.

Johnston, IA 50131	 	John Deere 544K Wheel Loader S/N: 645058 together with (1) all attachments, accessories and components, repairs and improvements, (2) all accounts, general intangibles, contract rights and chattel paper relating thereto, and (3) all proceeds, thereto including, without limitation, insurance, sale, lease and rental proceeds, and proceeds of proceeds.

 

    	Facility Agreement        page 112

    	 

    

  

		 

 

Signing page

 

	Executed as an agreement

  

	 	Borrower
	 	 
	 	
        Signed for

        Ur-Energy USA Inc.

        by its authorized signatory

	 	 	 
	sign here ►	/s/ Roger L. Smith	 
	 	Authorized Signatory	 
	 	 	 
	print name	Roger L. Smith, President	 
	 

                                                            

 

	 	Parent
	 	 
	 	
        Signed for

        Ur-Energy Inc.

        by its authorized signatory

	 	 	 
	sign here ►	/s/ Roger L. Smith	 
	 	Authorized Signatory	 
	 	 	 
	print name	Roger L. Smith, CFO	 
	 

                                                            

 

    	Facility Agreement        page 113

    	 

    

 

		Signing page

 

	 	Pathfinder
	 	 
	 	
        Signed sealed and delivered for

        Pathfinder Mines Corporation

        by its authorized signatory

	 	 	 
	sign here ►	/s/ John W. Cash	 
	 	 	 
	print name	John W. Cash, President	 
	 

                                                            

 

	 	Agent
	 	 
	 	
        Signed for

        RMB Resources, a division of FirstRand Bank Limited (London
        Branch)

        by its authorized signatory

	 	 	 
	sign here ►	/s/ David Alexander Walton	 
	 	Authorized Signatory	 
	 	 	 
	print name	David Alexander Walton	 
	 

         
	 

        in the presence of

         
	 
	sign here ►	/s/ Aaron Chiong	 
	 	Authorized Signatory	 
	 	 	 
	print name	Aaron Chiong	 
	 	 	 
	 

 

    	Facility Agreement        page 114

    	 

    

 

		Signing page

 

	 	Financier
	 	 
	 	
        Signed for

        RMB Australia Holdings Limited

        by its attorney

	 	 	 
	sign here ►	/s/ David Alexander Walton	 
	 	Attorney	 
	 	 	 
	print name	David Alexander Walton 	 
	 	 

        in the presence of
	 
	 	 	 
	sign here ►	/s/ Aaron Chiong	 
	 	Witness	 
	 	 	 
	print name	Aaron Chiong 	 
	 

                                                            

 

    	Facility Agreement        page 115

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