Document:

EXHIBIT 4.3

 

CARDIFF INTERNATIONAL, INC.

STOCK PLAN

(as adopted by the Board of Directors on
October 3, 2012)

 

 

SECTION 1. INTRODUCTION

 

1.1 Establishment. Effective as provided
in Section 17, Cardiff International, Inc., a Colorado corporation (the "Company"), hereby establishes this plan of stock-based
compensation incentives for selected Eligible Participants of the Company or any Affiliated

Corporation. This Plan shall be known as the Stock Plan (the
"Plan").

 

1.2 Purpose. The purpose of this Plan is
to promote the best interest of the Company, and its stockholders by providing a means of non-cash remuneration to selected Eligible
Participants who contribute most to the operating progress and earning power of the Company.

 

SECTION 2. DEFINITIONS

 

The following definitions shall be applicable to the terms used
in this Plan:

 

2.1 "Affiliated Corporation" means
any corporation that is now or shall be during the term of this Plan either a parent corporation with respect to the Company or
a subsidiary corporation with respect to the Company (within the meaning of Sections 424(e) and (f), respectively, of the Internal
Revenue Code;

 

2.2 "Code" means the Internal Revenue
Code of 1986, as it may be amended from time to time.

 

2.3 "Committee" means a committee
designated by the Board of Directors to administer this Plan or, if no committee is so designated, the Board of Directors. Any
Committee member who is also an Eligible Participant may receive stock compensation, an Option or Stock Award only if he abstains
from voting in favor of a grant to himself, and the grant is determined and approved by the remaining Committee members. The Board
of Directors, in its sole discretion, may at any time remove any member of the Committee and appoint another Director to fill any
vacancy on the Committee.

 

2.4 "Common Stock" means the Company's
no par value common stock.

 

2.5 "Company" means Cardiff International,
Inc., a Colorado corporation, and any subsidiary or Affiliated Corporation.

 

2.6 "Effective Date" means the
effective date of this Plan, as set forth in Section 17 hereof.

 

2.7 "Eligible Participant" means
any employee, director, officer, consultant, or advisor of the Company who is determined (in accordance with the provisions of
Section 4 hereof) to be eligible to receive stock compensation, an Option or Stock Award hereunder.

 

    	 

    	 

    

2.8 "Option" means the grant to
an Eligible Participant of a right to acquire shares of Common Stock.

 

2.9 "Plan" means this Stock Plan,
dated October 3, 2012.

 

2.10 "Stock Award" means the grant
to an Eligible Participant of shares of Common Stock issuable directly under this Plan rather than upon exercise of an Option.

 

2.11 "Stock Compensation" means
the issuance of shares of Common Stock to an Eligible Participant in lieu of cash payment for bona fide services provided by the
Eligible Participant to the Issuer.

 

Wherever appropriate, words used in this
Plan in the singular may mean the plural, the plural may mean the singular, and the masculine may mean the feminine.

 

SECTION 3. ADOPTION AND ADMINISTRATION OF THIS PLAN.

 

Upon adoption by the Company's Board of Directors,
this Plan became effective as of October 3, 2012. In the absence of contrary action by the Board of Directors, and except for action
taken by the Committee pursuant to Section 4 in connection with the determination of Eligible Participants, any action taken by
the Committee or by the Board of Directors with respect to the implementation, interpretation or administration of this Plan shall
be final, conclusive and binding.

 

SECTION 4. ELIGIBILITY AND AWARDS

 

The Committee shall determine at any time
and from time to time after the effective date of this Plan: (i) the Eligible Participants; (ii) the number of shares of Common
Stock issuable directly or to be granted pursuant to an Option; (iii) the price per share at which each Option may be exercised,
in cash or cancellation of fees for services for which the Company is liable, if applicable, or the value per share if a direct
issue of stock pursuant to a Stock Award; and (iv) the terms on which each Option may be granted. Such determination may from time
to time be amended or altered at the sole discretion of the Committee. Notwithstanding the provisions of Section 3 hereof, no such
determination by the Committee shall be final, conclusive and binding upon the Company unless and until the Board of Directors
has approved the same; provided, however, that if the Committee is composed of a majority of the persons then comprising the Board
of Directors of the Company, such approval by the Board of Directors shall not be necessary.

 

SECTION 5. GRANT OF OPTION OR STOCK AWARD

 

Subject to the terms and provisions of this
Plan, the terms and conditions under which an Option or Stock Award may be granted to an Eligible Participant shall be set forth
in a written agreement (i.e., a Consulting Agreement, Services Agreement, Fee Agreement, or Employment Agreement) or, if an Option,
a written Grant of Option in the form attached hereto as Exhibit A (which may contain such modifications thereto and such other
provisions as the Committee, in its sole discretion, may determine).

 

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SECTION 6. TOTAL NUMBER OF SHARES OF COMMON STOCK

 

The total number of shares of Common Stock
reserved for issuance by the Company either directly as stock compensation, Stock Awards or underlying Options granted under this
Plan shall not be more than Ten Million (10,000,000). The total number of shares of Common Stock reserved for such issuance may
be increased only by a resolution adopted by the Board of Directors and amendment of this Plan. Such Common Stock may be authorized
and unissued or reacquired Common Stock of the Company.

 

SECTION 7. COST BASIS AND PURCHASE PRICE OF SHARES OF COMMON
STOCK

 

The negotiated cost basis of stock
issued directly as stock compensation, a Stock Award or the exercise price for each Option to purchase shares of Common Stock
shall be as determined by the Committee, it being understood that the price so determined by the Committee may vary from one
Eligible Participant to another. In computing the negotiated direct issue price as stock compensation, a Stock Award or the
Option exercise price per share of Common Stock, the Committee shall take into consideration, among other factors, the
restrictions set forth in Section 11 hereof.

 

SECTION 8. TERMS AND CONDITIONS OF OPTIONS

 

The Committee shall determine the terms and
conditions of each Option granted to Eligible Participants, which terms shall be set forth in writing. The terms and conditions
so set by the Committee may vary from one Eligible Participant to another. In the event that all the Committee approves an Option
permitting deferred payments, the Eligible Participant's obligation to pay for such Common Stock may be evidenced by a promissory
note executed by such Eligible Participant and containing such modifications thereto and such other provisions as the Committee,
in its sole discretion, may determine.

 

SECTION 9. DELIVERY OF SHARES OF COMMON STOCK

 

The Company shall deliver to each Eligible
Participant such number of shares of Common Stock as such Eligible Participant is entitled to receive pursuant to stock compensation,
a Stock Award or elects to purchase upon exercise of the Option. Such shares, which shall be fully paid and nonassessable upon
the issuance thereof (unless a portion or all of the purchase price shall be paid on a deferred basis) shall be represented by
a certificate or certificates registered in the name of the Eligible Participant and stamped with an appropriate legend referring
to the restrictions thereon, if any. Subject to the terms and provisions of the Nevada Revised Statutes and the written agreement
to which he is a party, an Eligible Participant shall have all the rights of a stockholder with respect to such shares, including
the right to vote the shares and to receive all dividends or other distributions paid or made with respect thereto (except to the
extent such Eligible Participant defaults under a promissory note, if any, evidencing the deferred purchase price for such shares),
provided that such shares shall be subject to the restrictions hereinafter set forth. In the event of a merger or consolidation
to which the Company is a party, or of any other acquisition of a majority of the issued and outstanding shares of Common Stock
of the Company involving an exchange or a substitution of stock of an acquiring corporation for Common Stock of the Company, or
of any transfer of all or substantially all of the assets of the Company in exchange for stock of an acquiring corporation, a determination
as to whether the stock of the acquiring corporation so received shall be subject to the restrictions set forth in Section 11 shall
be made solely by the acquiring corporation.

 

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SECTION 10. RIGHTS OF EMPLOYEES; ELIGIBLE PARTICIPANTS

 

10.1 Employment. Nothing contained in this
Plan or in any stock compensation, Option or Stock Award granted under this Plan shall confer upon any Eligible Participant any
right with respect to the continuation of his or her employment by the Company or any Affiliated Corporation, or interfere in any
way with the right of the Company or any Affiliated Corporation, subject to the terms of any separate employment agreement to the
contrary, at any time to terminate such employment or to increase or decrease the compensation of the Eligible Participant from
the rate in existence at the time of the stock compensation, grant of an Option or Stock Award. Whether an authorized leave of
absence, or absence in military or government service, shall constitute termination of employment shall be determined by the Committee
at the time.

 

10.2 Non-transferability. No right or interest
of any Eligible Participant in stock compensation, an Option or Stock Award shall be assignable or transferable during the lifetime
of the Eligible Participant, either voluntarily or involuntarily, or subjected to any lien, directly or indirectly, by operation
of law, or otherwise, including execution, levy, garnishment, attachment, pledge or bankruptcy. However, the Board of Directors
may, in its sole discretion, permit transfers to family members if and to the extent such transfers are permissible under applicable
securities laws. In the event of an Eligible Participant's death, an Eligible Participant's rights and interest in stock compensation,
an Option or Stock Award shall be transferable by testamentary will or the laws of descent and

distribution, and delivery of any shares of Common Stock due
under this Plan shall be made to, and exercise of any Options may be made by, the Eligible Participant's legal representatives,
heirs or legatees. If in the opinion of the Committee a person entitled to payments or to exercise rights with respect to this
Plan is unable to care for his or her affairs because of mental condition, physical condition, or age, payment due such person
may be made to, and such rights shall be exercised by, such person's guardian, conservator or other legal personal representative
upon furnishing the Committee with evidence

satisfactory to the Committee of such status.

 

SECTION 11. GENERAL RESTRICTIONS

 

11.1 Investment Representations. The Company
may require any person to whom stock compensation, an Option or Stock Award is granted, as a condition of exercising such Option,
or receiving such stock compensation or Stock Award, to give written assurances in substance and form satisfactory to the Company
and its counsel to the effect that such person is acquiring the Common Stock subject to the stock compensation, Option or Stock
Award for his or her own account for investment and not with any present intention of selling or otherwise distributing the same,
and to such other effects as the Company deems necessary or appropriate in order to comply with federal and applicable state securities
laws.

 

 

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11.2 Restrictions on Transfer of Common Stock.
The shares of Common Stock issuable directly as stock compensation, a Stock Award or upon exercise of an Option may not be offered
for sale, sold or otherwise transferred except pursuant to an effective registration statement or pursuant to an exemption from
registration, the availability of which is to be established to the satisfaction of the Company, and any certificates representing
shares of Common Stock will bear a legend to that effect. However, the Company may, in the sole discretion of the Board of Directors,
register with the Securities and Exchange Commission some or all of the shares of Common Stock reserved for issuance under this
Plan. Special resale restrictions may, however, continue to apply to officers, directors, control shareholders and affiliates of
the Company and such persons will be required to obtain an opinion of counsel as regards their ability to resell shares received
pursuant to this Plan.

 

11.3 Compliance with Securities Laws. Each
stock compensation, Option or Stock Award shall be subject to the requirement that if at any time counsel to the Company shall
determine that the listing, registration or qualification of the shares of Common Stock subject to such stock compensation, Option
or Stock Award upon any securities exchange or under any state or federal law, or the consent or approval of any governmental or
regulatory body, is necessary as a condition of, or in connection with, the issuance or purchase of shares thereunder, such stock
compensation, Option or Stock Award may not be accepted or exercised in whole or in part unless such listing, registration, qualification,
consent or approval shall have been effected or obtained on conditions acceptable to the Committee. Nothing

herein shall be deemed to require the Company to apply for or
to obtain such listing, registration or qualification.

 

11.4 Changes in Accounting Rules. Notwithstanding
any other provision of this Plan to the contrary, if, during the term of this Plan, any changes in the financial or tax accounting
rules applicable to stock compensation, Options or Stock Awards shall occur that, in the sole judgment of the Committee, may have
a material adverse effect on the reported earnings, assets or liabilities of the Company, the Committee shall have the right and
power to modify as necessary, or cancel, any then outstanding and unexercised Options.

 

SECTION 12. COMPLIANCE WITH TAX REQUIREMENTS

 

Each Eligible Participant shall be liable
for payment of all applicable federal, state and local income taxes incurred as a result of the receipt of stock compensation,
a Stock Award or an Option, the exercise of an Option, and the sale of any shares of Common Stock received pursuant to stock compensation,
a Stock Award or upon exercise of an Option. The Company may be required, pursuant to applicable tax regulations, to withhold taxes
for an Eligible Participant, in which case the Company's obligations to deliver shares of Common Stock upon the exercise of any
Option granted under this Plan or pursuant to any stock compensation or Stock Award, shall be subject to the Eligible Participant's
satisfaction of all applicable federal, state and local income and other income tax withholding requirements.

 

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SECTION 13. PLAN BINDING UPON ASSIGNS OR TRANSFEREES

 

In the event that, at any time or from time
to time, any stock compensation, Option or Stock Award is assigned or transferred to any party (other than the Company) pursuant
to the provisions of Section 10.2 hereof, such party shall take such stock compensation, Option or Stock Award pursuant to all
provisions and conditions of this Plan, and, as a condition precedent to the transfer of such interest, such party shall agree
(for and on behalf of himself or itself, his or its legal representatives and his or its transferees and assigns) in writing to
be bound by all provisions of this Plan.

 

SECTION 14. COSTS AND EXPENSES

 

All costs and expenses with respect to the
adoption, implementation, interpretation and administration of this Plan shall be borne by the Company.

 

SECTION 15. CHANGES IN CAPITAL STRUCTURE OF THE COMPANY

 

Appropriate adjustments shall be made to
the number of shares of Common Stock issuable pursuant to an incomplete or pending stock compensation or Stock Award that has not
yet been delivered or upon exercise of any Options and the exercise price thereof in the event of: (i) a subdivision or combination
of any of the shares of capital stock of the Company; (ii) a dividend payable in shares of capital stock of the Company; (iii)
a reclassification of any shares of capital stock of the Company; or (iv) any other change in the capital structure of the Company.

 

SECTION 16. PLAN AMENDMENT, MODIFICATION AND TERMINATION

 

The Board, upon recommendation of the Committee
or at its own initiative, at any time may terminate and at any time and from time to time and in any respect, may amend or modify
this Plan, including:

 

		(a)	Increase the total amount of Common Stock that may be awarded under this Plan, except as provided in Section 15 of this Plan;

 

		(b)	Change the classes of persons from which Eligible Participants may be selected or materially modify the requirements as to
eligibility for participation in this Plan;

 

		(c)	Increase the benefits accruing to Eligible Participants; or

 

		(d)	Extend the duration of this Plan.

 

Any stock compensation, Option or other Stock
Award granted to a Eligible Participant prior to the date this Plan is amended, modified or terminated will remain in effect according
to its terms unless otherwise agreed upon by the Eligible Participant; provided, however, that this sentence shall not impair the
right of the Committee to take whatever action it deems appropriate under Section 11 or Section 15. The termination or any modification
or amendment of this Plan shall not, without the consent of a Eligible Participant, affect his rights under stock compensation,
an Option or other Stock Award previously granted to him.

 

 

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SECTION 17. EFFECTIVE DATE OF THIS PLAN

 

17.1 Effective Date. This Plan is effective
as of October 3, 2012, the date it was adopted by the Board of Directors of the Company.

 

17.2 Duration of this Plan. This Plan shall
terminate at midnight on October 3, 2016, and may be extended thereafter or terminated prior thereto by action of the Board of
Directors; and no stock compensation, Option or Stock Award shall be granted after such termination. Stock compensation, Options
and Stock Awards outstanding at the time of this Plan's termination may continue to be exercised, or become free of restrictions,
in accordance with their terms.

 

SECTION 18. BURDEN AND BENEFIT

 

The terms and provisions of this Plan shall
be binding upon, and shall inure to the benefit of, each Eligible Participant, his executives or administrators, heirs, and personal
and legal representatives.

 

Dated as of the 3rd day of October, 2012.

 

 

	 	CARDIFF INTERNATIONAL, INC.
	 	 
	 	 
	 	By:/s/ Daniel Thompson
	 	Chairman / CEO, Secretary/Treasurer, Director

 

 

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EXHIBIT A

 

FORM OF

GRANT OF OPTION PURSUANT TO THE

CARDIFF INTERNATIONAL, INC.

STOCK PLAN

 

Cardiff International, Inc., a
Colorado corporation (the "Company"), hereby grants to _________________________ ("Optionee") an Option
to purchase ___________ shares of common stock, no par value (the "Shares") of the Company at the purchase price of
$______ per share (the "Purchase Price"), in accordance with and subject to the terms and conditions of Stock Plan
(the "Plan").

 

This option is exercisable in whole or in
part, and upon paymentin cash or cancellation of fees, or other form of payment acceptable to the Company, to the offices of the
Company at 2747 Paradise Road, Unit 1103, Las Vegas, NV 89109. This Grant of Option supersedes and replaces any prior notice of
option grant, description of vesting terms or similar documents previously delivered to Optionee for options granted on the date
stated below.

 

Unless otherwise set forth in a separate
written agreement, in the event that Optionee's employee or consultant status with the Company or any of its subsidiaries ceases
or terminates for any reason whatsoever, including, but not limited to, death, disability, or voluntary or involuntary cessation
or termination, this Grant of Option shall terminate with respect to any portion of this Grant of Option that has not vested prior
to the date of cessation or termination of employee or consultant status, as determined in the sole discretion of the Company.
In the event of termination for cause, this Grant of Option shall immediately terminate in full with respect to any un-exercised
options, and any vested but un-exercised options shall immediately expire and may not be exercised. Unless otherwise set forth
in a separate written agreement, vested options must be exercised within six months after the date of termination (other than for
cause), notwithstanding the Expiration Date set forth below.

 

Subject to the preceding paragraph, this
Grant of Option, or any portion hereof, may be exercised only to the extent vested per the attached schedule, and must be exercised
by Optionee no later than ____________________________ (the "Expiration Date") by (i) notice in writing, signed by Optionee;
and (ii) payment of the Purchase Price pursuant to the terms of this Grant of Option and the Plan. Any portion of this Grant of
Option that is not exercised on or before the Expiration Date shall lapse. The notice must refer to this Grant of Option, and it
must specify the number of shares being purchased, and recite the consideration being paid therefor. Notice shall be deemed given
on the date on which the notice is received by the Company.

 

This Option shall be considered validly exercised
once payment therefor has cleared the banking system or the Company has issued a credit memo for services in the appropriate amount,
or receives a duly executed acceptable promissory note, if the Option is granted with deferred payment, and the Company has received
written notice of such exercise. If payment is not received within two business days after the date the notice is received, the
Company may deem the notice to be invalid.

 

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If Optionee fails to exercise this Option
in accordance with this Grant of Option, then this Grant of Option shall terminate and have no force and effect, in which event
the Company and Optionee shall have no liability to each other with respect to this Grant of Option.

 

This Option may be executed simultaneously
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

 

The validity, construction and enforceability
of this Grant of Option shall be construed under and governed by the laws of the State of Nevada, without regard to its rules concerning
conflicts of laws, and any action brought to enforce this Grant of Option or resolve any controversy, breach or disagreement relative
hereto shall be brought only in a court of competent jurisdiction within the County of Clark, State of Nevada.

 

The shares of common stock issuable upon
exercise of the Option (the "Underlying Shares") may not be sold, exchanged, assigned, transferred or permitted to be
transferred, whether voluntarily, involuntarily or by operation of law, delivered, encumbered, discounted, pledged, hypothecated
or otherwise disposed of until (i) the Underlying Shares have been registered with the Securities and Exchange Commission pursuant
to an effective registration statement on Form S-8, or such other form as may be appropriate, in the discretion of the Company;
or (ii) an Opinion of Counsel, satisfactory to the Company, has been received, which opinion sets forth the basis and availability
of any exemption for resale or transfer from federal or state securities registration requirements.

 

This Grant of Option relates to options granted
on ____________________, _____.

 

	 	CARDIFF INTERNATIONAL, INC.
	 	 
	 	BY THE BOARD OF DIRECTORS OR A SPECIAL COMMITTEE THEREOF
	 	 
	 	NOT FOR EXECUTION
	 	 
	 	By:___________________________

 

 

OPTIONEE:

 

NOT FOR EXECUTION

___________________________

 

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GRANT OF OPTION PURSUANT TO THE

CARDIFF INTERNATIONAL, INC.

STOCK PLAN

 

OPTIONEE:

OPTIONS GRANTED:

PURCHASE PRICE: $______ per Share

DATE OF GRANT:

EXERCISE PERIOD: __________________ to __________________

 

VESTING SCHEDULE:

 

	OPTION ON #SHARES	 	DATE VESTED 	(ASSUMING CONTINUED EMPLOYMENT, ETC.)
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

EXERCISED TO DATE: ________________, INCLUDING THIS EXERCISE

 

BALANCE TO BE EXERCISED: _______________

 

 

 

NOTICE OF EXERCISE

(TO BE SIGNED ONLY UPON EXERCISE OF THE
OPTION)

 

TO: Cardiff International, Inc. ("Optionor")

 

The undersigned, the holder of the Option described above, hereby
irrevocably elects to exercise the purchase rights represented by such Option for, and to purchase thereunder, _____________ shares
of the Common Stock of Cardiff International, Inc., and herewith makes payment of _________________ therefor. Optionee requests
that the certificates for such shares be issued in the name of Optionee and be delivered to Optionee at the address of _______________________,
and if such shares shall not be all of the shares purchasable hereunder, represents that a new Notice of Exercise of like tenor
for the appropriate balance of the shares, or a portion thereof, purchasable under the Grant of Option pursuant to the Stock Plan,
be delivered to Optionor when and as appropriate.

 

 

	 	 	 	OPTIONEE:	 
	 	 	 	 	 
	 	 	 	NOT FOR EXECUTION	 
	Dated:	 	 	 	 

 

 

 

10Exhibit 10.23

 

SHARE PURCHASE
AGREEMENT

 

THIS SHARE PURCHASE AGREEMENT
(this “Agreement”) dated as of October 5, 2012,

 

BETWEEN:

 

European Resource Capital Inc.

Toronto-Dominion Centre,

79 Wellington Street West, Suite
1630,

Toronto, Ontario, M5K 1H1

 

(hereinafter referred to as “Buyer”)

 

- and –

 

FOCUS GOLD CORPORATION

4695 MacArthur Court, Suite 1430,

Newport Beach, CA 92660-1869

 

(hereinafter referred to as “Focus
Gold”)

 

Recitals:

 

1.Focus Gold is the registered and
beneficial owner of 24,420,000 shares in the common stock of Focus Celtic Gold Corp. (“FC Gold”) (the “Purchased
Shares”).

 

2.Focus Gold is willing to sell and
Buyer is willing to purchase the Purchased Shares in accordance with the terms and conditions set forth herein,

 

NOW THEREFORE this Agreement witnesses
that in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of all of which is hereby irrevocably acknowledged by the parties, the parties agree with each other as
follows:

 

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DEFINITIONS AND INTERPRETATION

 

1.1Currency.
All amounts referred to in this Agreement are intended to be in lawful money of the United States of America unless otherwise
specified in this Agreement.

 

1.2Computation
of Time Periods. In this Agreement, in the computation of periods of time from a specified date to a later specified date,
unless otherwise expressly stated, the word “from” means “from and including” and the words “to”
and “until” each mean “to but excluding” and all references to “day” or “days”
shall mean calendar days unless designated as “Business Days”.

 

1.3Construction.
In this Agreement:

 

		(a)	all words and personal pronouns relating thereto shall be read and construed as the number and
gender of the party or parties require and the verb shall be read and construed as agreeing with the required word and pronoun;

 

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		(b)	unless the context otherwise requires, words importing a particular gender shall include the other
gender;

 

		(c)	the division of this Agreement into Articles and sections and the use of headings is for convenience
of reference only and shall not modify or affect the interpretation or construction of this Agreement or any of its provisions;

 

		(d)	unless otherwise indicated, references to Articles, Sections, Subsections or Schedules should be
construed as references to the applicable Articles, Sections, Subsections or Schedules of this Agreement;

 

		(e)	any reference to a statutory provision shall include that provision as from time-to-time modified
or re-enacted providing that in the case of modifications or re-enactments made after the date of this Agreement the same shall
not have effective substantive change to that provision;

 

		(f)	the recitals set out in the face page of this Agreement are true in substance and in fact;

 

		(g)	references to, or to any particular provision of, a document shall be construed as references to
that document as amended to the extent permitted by this Agreement and in force at any time; and

 

		(h)	“in writing” or “written” mean and include printing, typewriting or any
electronic means of communication capable of being permanently reproduced in alphanumeric characters at the point of reception.

 

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2

PURCHASE PRICE; APPROVAL OF TRANSACTION

 

2.1Transaction.
Buyer has agreed to purchase the Purchased Shares and Focus Gold has agreed to sell the Purchased Shares for the aggregate
purchase price of $2,500,000 (the “Purchase Price”).

 

2.2Payment
of the Purchase Price. In payment of the Purchase Price, Buyer shall execute and deliver to Focus Gold a promissory note in
the principal amount of $2,500,000 (the “Promissory Note”) and containing the terms and conditions set out in
the form of promissory note attached as Schedule “A” appended hereto.

 

2.3Approval
of the Transaction. No consent or approval of any other person or entity is required to complete the transactions contemplated
in this Agreement.

 

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3

REPRESENTATIONS AND WARRANTIES OF FOCUS GOLD

 

Focus Gold represents
and warrants to Buyer as follows, and acknowledges that each Buyer is relying upon these representations and warranties in connection
with the purchase of the Purchased Shares, despite any investigation made by or on behalf of Buyer.

 

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3.1Corporate
Existence. Each of Focus Gold and FC Gold is a corporation duly incorporated and validly existing under the laws of the jurisdiction
of its incorporation.

 

3.2Capacity
to Enter Agreement. Focus Gold has all necessary corporate power, authority and capacity to enter into and perform its obligations
under this Agreement.

 

3.3Binding
Obligation. The execution and delivery of this Agreement and the completion of the transactions contemplated by this Agreement
have been duly authorized by all necessary corporate action on the part of Focus Gold. This Agreement has been duly executed and
delivered by Focus Gold and constitutes a valid and binding obligation of Focus Gold, enforceable against Focus Gold in accordance
with its terms, subject to applicable bankruptcy, insolvency and other laws of general application limiting the enforcement of
creditors’ rights generally and to the fact that equitable remedies, including specific performance, are discretionary and
may not be ordered in respect of certain defaults.

 

3.4Title
to Purchased Shares. Focus Gold is the legal and beneficial owner of the Purchased Shares and has good title to them, free
and clear of any lien or encumbrance of any nature whatsoever. Focus Gold has the absolute and exclusive right to sell the Purchased
Shares to Buyer as contemplated by this Agreement and no other person or entity has any right, option, or other entitlement of
any nature whatsoever to the Purchased Shares or any part thereof. JMJ Financial has an unperfected lien against 25% of the Purchased
Shares. Focus Gold shall use its best efforts to remove JMJ Financial’s unperfected lien against the Purchased Shares. In
the event Focus Gold is unsuccessful in removing JMJ Financial’s, or its assigns, lien or other encumbrance of any nature
whatsoever against the Purchased Shares, then Buyer may settle such lien or encumbrance and in so doing Buyer will be entitled
to set off and reduce the principal amount of the Promissory Note by 35% of its present value.

 

3.5Litigation.
There are no actions, suits or proceedings, judicial or administrative, pending or to the best knowledge of Focus Gold, threatened,
by or against or affecting FC Gold, at law or in equity, or before or by any governmental authority. There are no grounds on which
any such action, suit or proceeding might be commenced with any reasonable likelihood of success. There is not presently outstanding
against FC Gold any judgment or, to the best knowledge of Focus Gold, injunction or other order, of any governmental authority.
As disclosed in public filings of Focus Gold the company is subject to two claims, namely William Lieberman v Focus Gold, and Six
Eighteen Corp. v. Focus Gold for $77,500 debt.

 

3.6Residency.
Focus Gold is a non-resident of Canada for purposes of the Income Tax Act (Canada).

 

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4

CLOSING ARRANGEMENTS

 

4.1Deliveries
by Focus Gold. Subject to obtaining the Directors approval contemplated in Section 2.3, Focus Gold will forthwith thereafter
deliver to Buyer:

 

		(a)	certificates representing the Purchased Shares duly endorsed in blank for transfer or accompanied
by duly executed blank stock transfer powers completed to reflect the number of Purchased Shares being purchased by Buyer, with
all security, transfer, medallions, and other similar taxes or charges, if any, paid; and

 

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		(b)	all documentation and other evidence reasonably requested by Buyer in order to establish the due
authorization and completion of the transactions contemplated by this Agreement, including the taking of all corporate proceedings
by the boards of directors of Focus Gold and FC Gold required to effectively carry out the obligations of Focus Gold and the transfer
and sale of the Purchased Shares to Buyer pursuant to this Agreement.

 

4.2Deliveries
by Buyer. Subject to obtaining confirmation of the Directors approval contemplated in Section 2.3, Buyer will forthwith thereafter
deliver to Focus Gold:

 

		(a)	the Promissory Note referred to in Section 2.2; and

 

		(b)	all documentation and other evidence reasonably requested by Focus Gold in order to establish the
due authorization and completion of the transactions contemplated by this Agreement, including the taking of all corporate proceedings
by the board of directors and shareholders of Buyer required to effectively carry out their obligations pursuant to this Agreement.

 

4.3Termination.
In the event the transactions contemplated in this Agreement are not completed on or prior to October 5, 2012 (unless such date
is extended by Buyer in its sole and absolute discretion by delivery of an email to such effect to Mr. Rick Weed of Focus Gold),
this Agreement shall be deemed terminated and become null and void in its entirely.

 

4.4Assignment.
Focus Gold does hereby assign to Buyer all debts and entitlements it may have over any entity which is a subsidiary of FC Gold
including, without limitation, intercompany indebtedness owed by Metallum Resources plc and/or Metallum Exploration to Focus Gold
or any of its subsidiaries or affiliates.

 

4.5Release.
Focus Gold and each of its subsidiaries does hereby fully and finally remise, release and forever discharge FC Gold from all actions,
applications, claims, complaints, proceedings, causes of action, liabilities, suits, debts, dues, demands, accounts, bonds, covenants,
contracts, complaints, claims of every kind and nature which have existed, now exist or may in the future exist with respect to
any matter or thing existing up to the present time or that may exist in the future, including without limitation all business,
relationships, contracts, claims arising which hereto may have been or may hereafter be sustained, directly or indirectly, whether
now known or unknown (collectively, the “Claims”), which Focus Gold or any of its subsidiaries or affiliates
had, now has or may have in the future. Nothing herein shall serve to release Buyer from their obligations to Focus Gold arising
under this Agreement.

 

article
5

GENERAL

 

5.1Further
Assurances. The parties shall sign such further and other documents, cause such meetings to be held, cause such resolutions
to be passed and such by-laws to be enacted, exercise their vote and influence and do and perform (and cause to be done and performed)
such further and other acts or things as may be necessary or desirable in order to give full effect to this Agreement and every
part of it.

 

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5.2Notices.
All notices, requests, demands or other communications required or permitted to be given by one party to another pursuant to this
Agreement shall be given in writing by personal delivery, courier service, registered mail (postage prepaid), or facsimile transmission,
addressed or delivered to such other party set out on the face page of this Agreement, as may be amended by notice of address change
by one party to the other.

 

5.3Applicable
Law. This Agreement and all other documents provided for in this Agreement and the rights and obligations of the
parties thereto shall be governed by and construed and enforced in accordance with the laws of the Province of Ontario and the
laws of Canada applicable therein and the parties hereto attorn to the jurisdiction of the courts of the Province of Ontario.

 

5.4Amendments.
No amendment to this Agreement shall be valid or binding unless set forth in writing and duly executed by parties hereto.

 

5.5Waiver.
No party to this Agreement shall be deemed or taken to have waived any provision of this Agreement unless such waiver is in writing,
and then such waiver shall be limited to the circumstances set forth in such written waiver. No failure or delay on the part of
a party in exercising any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
No waiver by a party of a default shall operate against such party as a waiver of such default unless made in writing and signed.

 

5.6Enurement
and Assignment. This Agreement shall be binding upon and enure to the benefit of the parties, their respective heirs, executors,
administrators and other legal representatives, and, to the extent permitted, their respective successors and permitted assigns.
No party to this Agreement may assign, transfer or otherwise dispose of all or any part of its rights or obligations or any interest
in this Agreement without the prior consent of the parties.

 

5.7Severability.
If any provision of this Agreement or the application of such provision to any Person or circumstances shall be held illegal, invalid
or unenforceable, the remainder of this Agreement, or the application of such provision to Persons or circumstances other than
those as to which it is held illegal, invalid or unenforceable shall not be affected thereby. Each provision of this Agreement
is intended to be severable, and if any provision is illegal, invalid or unenforceable in any jurisdiction, this will not affect
the legality, validity or enforceability of such provision in any other jurisdiction or the validity of the remainder of this Agreement.

 

5.8Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which,
taken together, shall constitute one and the same instrument. Delivery by facsimile of any executed counterpart of this Agreement
shall be equally as effective as delivery of a manually executed counterpart thereof. Any party delivering an executed counterpart
by facsimile shall also deliver a manually executed counterpart of this Agreement, but failure to do so shall not affect the validity,
enforceability or binding effect of this Agreement.

 

5.9Confidentiality;
Publicity. Except as may be required by law, rule, regulation, or pursuant to a stock exchange listing agreement or as otherwise
permitted or expressly contemplated herein, no party hereto and none of their respective affiliates, employees, agents, and representatives
shall disclose to any third party this Agreement, the subject matter or terms hereof or any confidential information or other proprietary
knowledge concerning the business or affairs of any other party which it may have acquired from such party in the course of pursuing
the transactions contemplated by this Agreement without the prior written consent of the other parties hereto; provided, that any
information that is otherwise publicly available, without breach of this provision, or has been obtained from a third party without
a breach of such third party’s duties, shall not be deemed confidential information. No press release or other public announcement
related to this Agreement or the transactions contemplated hereby shall be issued by Focus Gold without the prior written approval
of Buyer.

 

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5.10Release
of Inter-Company Indebtedness. Focus Gold and each of its subsidiaries and affiliates hereby irrevocably waive and release
all actions, claims, indebtedness due from or against FC Gold.

 

5.11Assumption
of Risk. Buyer understands that it is acquiring the Purchased Shares following the opportunity to conduct its own due diligence
in a private transaction among sophisticated persons who have the requisite skill and experience on their own, or in connection
with the advice of experts of their own selection as to the legal, accounting, and tax aspects of the transaction.

 

 

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK. SIGNATURE PAGE FOLLOWS.]

 

 

 

 

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

 

	 	 	
        European Resource Capital Inc.

 

        Per/s/ Manu Sekhri

        Manu Sekhri, President

         

 

 

	 	 	
        FOCUS
        GOLD CORPORATION

 

        Per/s/ Richard O. Weed

        Richard O. Weed

        Secretary

         

 

 

    	7

    	 	

    

 

 

SCHEDULE
“A”

PROMISSORY NOTE

 

	Dated: October 5, 2012	$2,500,000.00

 

FOR VALUE RECEIVED, European Resource
Capital Inc. (the "Debtor"), located at Toronto-Dominion Centre, 79 Wellington Street West, Suite 1630,
Toronto, Ontario, M5K 1H1, promises to pay the principal sum of $2,500,000 (the "Principal"), and a fixed rate
of interest of 8.00% per annum (the “Interest Rate”) on the unpaid portion of the Principal, paid annually in
arrears, until the Principal is repaid in full on or before the date which is five years plus one day from the date hereof (the
“Maturity Date”), calculated on the basis of the actual number of days elapsed in a year, being 365 or 366,
as the case may be, such interest accruing on an annual basis and payable on each anniversary of the date hereof, to Focus Gold
Corporation (the “Creditor”) at the address of 4695 MacArthur Court, Suite 1430, Newport Beach, CA 92660-1869
(or at any other place as the Creditor may, from time to time, designate by notice in writing to the Debtor).

 

		1.	Enforcement. No legal proceeding to enforce the Debtor's obligations under this promissory
note will be commenced until after a default in payment of any of the Debtor’s obligations hereunder has occurred and is
continuing, and provided that such failure to perform any such obligation remains outstanding for a period of five Business Days
after a demand is made.

 

		2.	Prepayment. The Debtor will be entitled to prepay the Principal, in whole, at any time prior
to the Maturity Date, without any notice being given to the Creditor and without any bonus or penalty being paid to the Creditor.

 

		3.	Currency and Payment. Any money to be paid pursuant to this promissory note must be paid
by company cheque, bank draft, certified cheque or wire transfer of immediately available funds payable to the Creditor, in lawful
Canadian currency.

 

		4.	Notices. Any notice to be made or given in connection with this promissory note will be
in writing and will be personally delivered to the Debtor or the Creditor at the address provided above. Any notice which is personally
delivered will be deemed to have been validly and effectively given on the date of delivery if that date is a business day, and
the delivery was made during normal business hours; otherwise, it will be deemed to have been validly and effectively given on
the business day next following the date of delivery.

 

		5.	Amendments. No amendment, modification or waiver of any provision of this promissory note
or consent to any departure by the Debtor from any provision of this promissory note is effective unless it is in writing and signed
by the Creditor, and then the amendment, modification, waiver or consent is effective only in the specific instance and for the
specific purpose for which it is given.

 

		6.	Collection Expenses. The Debtor will pay all costs and expenses incurred by the Creditor
in collecting any amount due, and enforcing its rights, under this promissory note, including, without limitation, reasonable legal
fees and disbursements.

 

    	8

    	 	

    
 

		7.	Governing Law. This promissory note will be governed by and construed in all respects in
accordance with the laws of the Province of Ontario and the laws of Canada therein.

 

		8.	Time of the Essence. Time will in all respects be of the essence of this promissory note.

 

		9.	Set Off. The Creditor acknowledges and agrees that the Debtor shall be entitled to set off
against the obligations due under this Promissory Note the amount described in Section 3.4 of that certain Share Purchase Agreement
(the “Purchase Agreement”) dated as of October 1, 2012 between the Creditor and the Debtor in the event that
JMJ Financial or its assigns exerts a lien or other encumbrance of any nature whatsoever against any of the Purchased Shares (as
such term is defined in the Purchase Agreement).

 

		10.	Security. As security for the payment and performance of the obligations hereunder, the
Debtor agrees to deposit with the Creditor’s solicitors 24,420,000 shares in the capital stock of Focus Celtic Gold Corp.
(the “Deposited Securities”), provided, that, unless a payment default under this promissory note has occurred
and is continuing the Debtor shall be entitled in its sole and absolute discretion to sell and vote the Deposited Securities. In
connection with the sale of any Deposited Securities for (a) cash proceeds, then the gains resulting from the sale shall be utilized
by the Debtor as to 25% of the value of the Deposited Shares sold shall be paid to the Creditor to be applied to the reduction
of any accrued and unpaid interest and then to the reduction of the Principal balance or (b) non-cash proceeds, then the equivalent
value of such securities acquired shall be deposited with the Creditor’s solicitor as replacement securities and shall be
deemed Deposited Securities for the purposes hereof. Furthermore, in the event that Debtor receives any cash dividends attributable
to the sale of Metallum Resources plc and/or Metallum Exploration, then the Debtor shall pay over to the Creditor 25% of the value
of such dividend to be applied to the reduction of any accrued and unpaid interest and then to the reduction of the Principal balance.

 

The Debtor has executed
this promissory note dated as of the 5th day of October, 2012.

 

 

 

European Resource Capital Inc.

  

Per /s/Manu Sekhri

Manu Sekhri

President

 

 

 

 

    	9

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