Document:

EXHIBIT 10.5

 

 

EQUITY PURCHASE AGREEMENT

 

THIS EQUITY
PURCHASE AGREEMENT entered into as of February 21, 2017 (this “AGREEMENT”), by and between L2 CAPITAL, LLC (“INVESTOR”),
and EL CAPITAN PRECIOUS METALS, INC., a Nevada corporation (the “COMPANY”).

 

WHEREAS,
the parties desire that, upon the terms and subject to the conditions contained herein, the Company may, in its discretion, issue
and sell to Investor, from time to time as provided herein, and Investor shall purchase up to Five Million Dollars ($5,000,000)
of the Company’s Common Stock (as defined below);

 

WHEREAS,
such investments will be made in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of the Securities
Act (as defined below), Rule 506 of Regulation D promulgated under the Securities Act, and/or upon such other exemption from the
registration requirements of the Securities Act as may be available with respect to any or all of the investments in Common Stock
to be made hereunder; and

 

WHEREAS, contemporaneously
with the execution and delivery of this Agreement, the parties hereto are executing and delivering a Registration Rights Agreement
substantially in the form attached hereto as Exhibit A (the “Registration Rights Agreement”) pursuant to which
the Company has agreed to provide certain registration rights under the Securities Act, and the rules and regulations promulgated
thereunder, and applicable state securities laws

 

NOW, THEREFORE, the parties hereto agree as follows:

 

ARTICLE I

CERTAIN DEFINITIONS

 

Section 1.1       DEFINED
TERMS. As used in this Agreement, the following terms shall have the following meanings specified or indicated (such meanings to
be equally applicable to both the singular and plural forms of the terms defined):

 

“AGREEMENT” shall have the meaning specified
in the preamble hereof.

 

“CLAIM NOTICE” shall have the meaning
specified in Section 9.3(a).

 

“CLEARING DATE” shall
be the date in which the Put Shares have been deposited into Investor’s brokerage account.

 

“CLOSING” shall mean
one of the closings of a purchase and sale of shares of Common Stock pursuant to Section 2.3.

 

“CLOSING CERTIFICATE” shall mean
the closing certificate of the Company in the form of Exhibit D hereto.

 

“CLOSING
PRICE” shall mean the closing bid price for the Company’s common stock on the Principal Market on a Trading Day as reported
by Bloomberg Finance L.P.

 

“COMMITMENT
PERIOD” shall mean the period commencing on the Execution Date, and ending on the earlier of (i) date on which Investor shall
have purchased Put Shares pursuant to this Agreement for an aggregate Purchase Price of the Maximum Commitment Amount, or (ii)
February 21, 2020.

 

“COMMON
STOCK” shall mean the Company’s common stock, $0.001 par value per share, and any shares of any other class of common stock
whether now or hereafter authorized, having the right to participate in the distribution of dividends (as and when declared) and
assets (upon liquidation of the Company).

 

    	1

    	 

    

 

“COMPANY” shall have the meaning specified
in the preamble to this Agreement.

 

“DAMAGES”
shall mean any loss, claim, damage, liability, cost and expense (including, without limitation, reasonable attorneys’ fees and
disbursements and costs and expenses of expert witnesses and investigation).

 

“DISQUALIFIED INVESTOR” shall have
the meaning specified in Section 2.1(a).

 

“DISPUTE PERIOD” shall have the meaning specified in Section 9.3(a).

 

“DTC” shall have the meaning
specified in Section 2.3.

 

“DWAC” shall have the meaning specified in Section 2.3.

 

“EXCHANGE
ACT” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“EXCHANGE CAP” shall have the meaning
set forth in Section 7.1(c).

 

“EXECUTION DATE” shall mean the date
that of the Agreement.

 

“FAST” shall have the meaning specified in Section 2.3.

 

“FINRA” shall mean the Financial
Industry Regulatory Authority, Inc.

 

“INDEMNIFIED PARTY” shall have the meaning
specified in Section 9.3(a).

 

“INDEMNIFYING PARTY” shall have the meaning specified in Section 9.3(a).

 

“INDEMNITY
NOTICE” shall have the meaning specified in Section 9.3(b).

 

“INVESTMENT
AMOUNT” shall mean the dollar amount to be invested by the Investor with respect to any Put which is equal to the number of
Put Shares referenced in such Put Notice multiplied by the Purchase Price.

 

“INVESTOR” shall have the meaning specified
in the preamble to this Agreement.

 

“LEGEND” shall have the meaning specified in Section 8.1.

 

“MARKET
PRICE” shall mean the average of the two lowest closing bid prices on the Principal Market for any Trading Day during the
Pricing Period, as reported by Bloomberg Finance L.P.

 

“MATERIAL
ADVERSE EFFECT” shall mean any effect on the business, operations, properties, or financial condition of the Company that
is material and adverse to the Company and/or any condition, circumstance, or situation that would prohibit or otherwise materially
interfere with the ability of the Company to enter into and perform its obligations under any of this Agreement.

 

“MAXIMUM COMMITMENT AMOUNT” shall
mean Five Million Dollars ($5,000,000). “MAXIMUM PUT AMOUNT”: The maximum dollar amount of each Put will be equal
to the average daily trading volume in dollar amount for Company’s common stock during the ten (10) Trading Days immediately
preceding the Put Date; provided, however, that no Put will be made in an amount that exceeds $150,000 without prior approval
of Investor.

 

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“MINIMUM PUT AMOUNT” shall mean Five
Thousand Dollars ($5,000).

 

“PERSON”
shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

 

“PRICING
PERIOD” shall be the five (5) consecutive Trading Days including and immediately prior to the Settlement Date.

 

“PRINCIPAL
MARKET” shall mean any of the national exchanges (i.e. NYSE, NYSE AMEX, Nasdaq), or principal quotation systems (i.e. OTCQX,
OTCQB, OTC Pink), or other principal exchange or recognized quotation system which is at the time the principal trading platform
or market for the Common Stock.

 

“PURCHASE
PRICE” shall mean 85% of the Market Price; provided, however, (i) if either (A) the Closing Price of the Common Stock on the
Put Date is less than $0.10 per share, or (B) the average daily trading volume in dollar amount for the Common Stock during the
ten (10) Trading Days including and immediately preceding the Put Date is less than $50,000, then an additional 10% will be added
to the discount of such Put, (ii) if the Company is not Deposit/Withdrawal at Custodian (“DWAC”) eligible on the Settlement
Date for any Put, an additional 5% will be added to the discount of such Put; and (iii) if the Company is under a DTC “Chill”
status on the Settlement Date for any Put, an additional 10% will be added to the discount of such Put.  

 

“PUT”
shall mean the right of the Company to require Investor to purchase shares of Common Stock, subject to the terms and conditions
of this Agreement.

 

“PUT DATE”
shall mean any Trading Day during the Commitment Period that a Put Notice is deemed delivered pursuant to Section 2.2(b).

 

“PUT
NOTICE” shall mean a written notice, substantially in the form of Exhibit C hereto, to Investor setting forth the Put Shares
with respect to which the Company intends to require Investor to purchase pursuant to the terms of this Agreement.

 

“PUT
SHARES” shall mean all shares of Common Stock issued, or that the Company shall be entitled to issue, per any applicable Put
Notice in accordance with the terms and conditions of this Agreement.

 

“REGISTERED
SECURITIES” shall mean the Put Shares and any securities issued or issuable with respect to the Put Shares by way of exchange,
stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization
or otherwise. As to any particular Registered Securities, once issued such securities shall cease to be Registrable Securities
when (i) a Registration Statement has been declared effective by the SEC and such Registrable Securities have been disposed of
pursuant to a Registration Statement, (ii) such Registrable Securities have been sold under circumstances under which all of the
applicable conditions of Rule 144 are met, (iii) such time as such Registrable Securities have been otherwise transferred to holders
who may trade such shares without restriction under the Securities Act or (iv) in the opinion of counsel to the Company, which
counsel shall be reasonably acceptable to Investor, such Registrable Securities may be sold without registration under the Securities
Act or the need for an exemption from any such registration requirements and without any time, volume or manner limitations pursuant
to Rule 144(b)(i) (or any similar provision then in effect) under the Securities Act.

 

“REGISTRATION
STATEMENT” shall mean the registration statement to be filed with the SEC by the Company pursuant to the Registration Rights
Agreement, and any follow up registration statement or amendment thereto.

 

“REGULATION D” shall mean Regulation
D promulgated under the Securities Act.

 

“RULE
144” shall mean Rule 144 under the Securities Act or any similar provision then in force under the Securities Act.

 

“SEC” shall mean the United States Securities
and Exchange Commission.

 

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“SECURITIES ACT” shall have the meaning
specified in the recitals of this Agreement.

 

“SEC
DOCUMENTS” shall mean, as of a particular date, all reports and other documents filed by the Company pursuant to Section 13(a)
or 15(d) of the Exchange Act since the end of the Company’s then most recently completed and reported fiscal year as of the time
in question (provided that if the date in question is within ninety days of the beginning of the Company’s fiscal year and the
Company has not yet filed its annual report on Form 10-K for the previous year (including Part III information), the term shall
include all documents filed since the beginning of the preceding fiscal year).

 

“SETTLEMENT DATE” shall mean the 1st Trading
Day after each Put Date.

 

“SHORT SALES” shall
mean all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act.

 

“BENEFICIAL
OWNERSHIP LIMITATION” shall have the meaning specified in Section 7.2(g).

 

“SUBSCRIPTION
DATE” shall mean the date on which this Agreement is executed and delivered by the Company and Investor.

 

“THIRD PARTY CLAIM” shall have the meaning
specified in Section 9.3(a).

 

“TRADING
DAY” shall mean a day on which the Principal Market shall be open for business.

 

“TRANSACTION DOCUMENTS” shall mean
this Agreement and the Registration Rights Agreement.

 

“TRANSFER
AGENT” shall mean the transfer agent for the Common Stock (and to any substitute or replacement transfer agent for the Common
Stock upon the Company’s appointment of any such substitute or replacement transfer agent).

 

ARTICLE II

PURCHASE AND SALE OF COMMON
STOCK

 

Section 2.1       INVESTMENTS.

 

(a)             
PUTS. Upon the terms and conditions set forth herein (including, without limitation, the provisions of Article VII), on any Put
Date the Company may exercise a Put by the delivery of a Put Notice.

 

(b)             
[Intentionally Omitted].

 

Section 2.2       MECHANICS.

 

(a)             
PUT NOTICE. At any time and from time to time during the Commitment Period, the Company may require Investor to purchase Put Shares
by delivering a Put Notice to Investor, subject to the conditions set forth in Section 7.2; provided, however, that (i) the Investment
Amount for each Put shall not be less than the Minimum Put Amount, nor more than the Maximum Put Amount, (ii) the aggregate Investment
Amount of all Puts pursuant to this Agreement shall not exceed the Commitment Amount, and (iii) there shall be a minimum of ten
(10) Trading Days between each Put Date.

 

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(b)             
DATE OF DELIVERY OF PUT NOTICE. A Put Notice shall be deemed delivered on (i) the Trading Day it is received by email by Investor
if such notice is received on or prior to 12:00 noon New York time, or (ii) the immediately succeeding Trading Day if it is received
by email after 12:00 noon New York time on a Trading Day or at any time on a day which is not a Trading Day.

 

Section
2.3       CLOSINGS. On each Settlement Date, (i) the Company shall deliver to Investor such number of shares of the Common Stock registered
in the name of Investor as specified in the corresponding Put Notice delivered pursuant to Section 2.1 herein, and (ii) upon receipt
of such Common Stock, Investor shall deliver to the Company the Investment Amount by wire transfer of immediately available funds;
provided, however, that if the shares of Common Stock are received by Investor later than 1:30 p.m. New York time on the Settlement
Date, then Investor shall be permitted to deliver the Investment Amount by wire transfer of immediately available funds on the
next day. In addition, on or prior to the Settlement Date, each of the Company and Investor shall deliver to the other all documents,
instruments and writings required to be delivered by either of them pursuant to this Agreement in order to implement and effect
the transactions contemplated herein. If the Company delivers a number of Put Shares pursuant to this Section 2.3 on the Settlement
Date and either (i) the Investment Amount of such Put Shares (which may calculated in part based on the closing bid price on the
Principal Market, as reported by Bloomberg Finance L.P., on the Settlement Date) exceeds the Maximum Put Amount, or (ii) the aggregate
Investment Amount of all Puts pursuant to this Agreement exceeds the Commitment Amount, then the number of Put Shares shall be
reduced to the maximum number that does not exceed the such thresholds and Investor shall promptly deliver the excess shares to
the Company.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF INVESTOR

 

Investor represents and warrants to the Company
that:

 

Section
3.1       INTENT. Investor is entering into this Agreement for its own account and Investor has no present arrangement (whether or
not legally binding) at any time to sell the Registered Securities to or through any person or entity; provided, however, that
Investor reserves the right to dispose of the Registered Securities at any time in accordance with federal and state securities
laws applicable to such disposition.

 

Section
3.2       NO LEGAL ADVICE FROM THE COMPANY. Investor acknowledges that it has had the opportunity to review this Agreement and the
transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. Investor is relying solely
on such counsel and advisors and not on any statements or representations of the Company or any of its representatives or agents
for legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities
laws of any jurisdiction.

 

Section 3.3       SOPHISTICATED
INVESTOR. Investor is a sophisticated investor (as described in Rule 506(b)(2)(ii) of Regulation D) and an accredited investor
(as defined in Rule 501 of Regulation D), and Investor has such experience in business and financial matters that it is capable
of evaluating the merits and risks of an investment in the Registered Securities. Investor acknowledges that an investment in the
Registered Securities is speculative and involves a high degree of risk.

 

Section
3.4       ACCREDITED INVESTOR STATUS. Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D.

 

Section 3.5       RELIANCE
ON EXEMPTIONS. Investor understands that the Shares are being offered and sold to it in reliance upon specific exemptions from
the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings
of Investor set forth herein in order to determine the availability of such exemptions and the eligibility of Investor to acquire
the Shares.

 

Section
3.6       AUTHORITY. (a) Investor has the requisite power and authority to enter into and perform
its obligations under this Agreement and the transactions contemplated hereby in accordance with its terms; (b)
the execution and delivery of this Agreement and the consummation by it of the transactions contemplated hereby and thereby have
been duly authorized by all necessary action and no further consent or authorization of Investor or its partners is required;
and (c) this Agreement has been duly authorized and validly executed and delivered by Investor and constitutes a valid and binding
obligation of Investor enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, or similar
laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of
general application.

 

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Section
3.7       NOT AN AFFILIATE. Investor is not an officer, director or “affiliate” (as
that term is defined in Rule 405 of the Securities Act) of the Company.

 

Section
3.8       ORGANIZATION AND STANDING. Investor is a limited liability company duly organized, validly existing and in good standing
under the laws of the State of Kansas and has all requisite power and authority to own, lease and operate its properties and to
carry on its business as now being conducted. Investor is duly qualified and in good standing in every jurisdiction in which the
nature of the business conducted or property owned by it makes such qualification necessary, other than those in which the failure
so to qualify would not have a material adverse effect on Investor.

 

Section
3.9       ABSENCE OF CONFLICTS. The execution and delivery of this Agreement and any other document or instrument contemplated hereby,
and the consummation of the transactions contemplated hereby and thereby, and compliance with the requirements hereof and thereof,
will not (a) violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on Investor, (b) violate
any provision of any indenture, instrument or agreement to which Investor is a party or is subject, or by which Investor or any
of its assets is bound, or conflict with or constitute a material default thereunder, (c) result in the creation or imposition
of any lien pursuant to the terms of any such indenture, instrument or agreement, or constitute a breach of any fiduciary duty
owed by Investor to any third party, or (d) require the approval of any third-party (that has not been obtained) pursuant to any
material contract, instrument, agreement, relationship or legal obligation to which Investor is subject or to which any of its
assets, operations or management may be subject.

 

Section
3.10     DISCLOSURE; ACCESS TO INFORMATION. Investor had an opportunity to review copies of the SEC Documents filed on behalf of the
Company and has had access to all publicly available information with respect to the Company.

 

Section 3.11     MANNER
OF SALE. At no time was Investor presented with or solicited by or through any leaflet, public promotional meeting, television
advertisement or any other form of general solicitation or advertising.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES
OF THE COMPANY

 

The Company represents and warrants to Investor
that, except as disclosed in the SEC Documents:

 

Section 4.1       ORGANIZATION
OF THE COMPANY. The Company is a corporation duly organized and validly existing and in good standing under the laws of the State
of Nevada and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now
being conducted. The Company is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, other than those in which
the failure so to qualify would not have a Material Adverse Effect.

 

Section
4.2       AUTHORITY. (a) The Company has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement and to issue the Put Shares; (b) the execution and delivery of this Agreement by the Company and the consummation
by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further
consent or authorization of the Company or its Board of Directors or stockholders is required; and (c) each of this Agreement and
has been duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or
similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles
of general application.

 

Section
4.3       CAPITALIZATION. As of the date hereof, the authorized capital stock of the Company consists of 500,000,000 shares of Common
Stock, $0.001 par value per share, of which 384,476,034 shares were issued and outstanding as of February 10, 2017, and 5,000,000
shares of preferred stock, $0.001 par value per share, of which (i) 30,000 have been designated as Series A Junior Participating
Preferred Stock, none of which are issued and outstanding as of the date of this Agreement, and (ii) 51 shares have been designated
as Series B Convertible Preferred Stock, all of which are issued and outstanding as of the date of this Agreement. Except as otherwise
disclosed in the SEC Documents, there are no outstanding securities which are convertible into shares of Common Stock, whether
such conversion is currently exercisable or exercisable only upon some future date or the occurrence of some event in the future.
All of the outstanding shares of Common Stock of the Company have been duly and validly authorized and issued and are fully paid
and non-assessable.

 

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Section
4.4       COMMON STOCK. To the best of its knowledge, the Company is in full compliance with all reporting requirements of the Exchange
Act, and the Company has maintained all requirements for the continued listing or quotation of the Common Stock, and such Common
Stock is currently listed or quoted on the Principal Market which is presently the OTCQB.

 

Section 4.5       SEC
DOCUMENTS. The Company may make available to Investor true and complete copies of the SEC Documents (including, without limitation,
proxy information and solicitation materials). To the Company’s knowledge, the Company has not provided to Investor any information
that, according to applicable law, rule or regulation, should have been disclosed publicly prior to the date hereof by the Company,
but which has not been so disclosed. As of their respective dates, the SEC Documents complied in all material respects with the
requirements of the Exchange Act, and other federal laws, rules and regulations applicable to such SEC Documents, and none of the
SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
The financial statements of the Company included in the SEC Documents comply as to form and substance in all material respects
with applicable accounting requirements and the published rules and regulations of the SEC or other applicable rules and regulations
with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles
applied on a consistent basis during the periods involved (except (a) as may be otherwise indicated in such financial statements
or the notes thereto or (b) in the case of unaudited interim statements, to the extent they may not include footnotes or may be
condensed or summary statements) and fairly present in all material respects the financial position of the Company as of the dates
thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements,
to normal year-end audit adjustments).

 

Section
4.6       VALID ISSUANCES. When issued and paid for as herein provided, the Put Shares shall be duly and validly issued, fully paid,
and non-assessable. Neither the sale of the Put Shares pursuant to this Agreement, nor the Company’s performance of its obligations
hereunder, shall (a) result in the creation or imposition of any liens, charges, claims or other encumbrances upon the Put Shares,
or any of the assets of the Company, or (b) entitle the holders of outstanding shares of Common Stock to preemptive or other rights
to subscribe to or acquire the Common Stock or other securities of the Company. The Put Shares shall not subject Investor to personal
liability, in excess of the subscription price by reason of the ownership thereof.

 

Section
4.7       NO CONFLICTS. The execution, delivery and performance of this Agreement by the Company
and the consummation by the Company of the transactions contemplated hereby, including without limitation the issuance of the
Put Shares, do not and will not (a) result in a violation of the Company’s Articles of Incorporation or bylaws or (b) conflict
with, or constitute a material default (or an event that with notice or lapse of time or both would become a material default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any material agreement, indenture,
instrument or any “lock-up” or similar provision of any underwriting or similar agreement to which the Company is a
party, or (c) result in a violation of any federal, state or local law, rule, regulation, order, judgment or decree (including
federal and state securities laws and regulations) applicable to the Company or by which any property or asset of the Company
is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations
as would not, individually or in the aggregate, have a Material Adverse Effect) nor is the Company otherwise in violation of,
conflict with or in default under any of the foregoing. The business of the Company is not being conducted in violation of any
law, ordinance or regulation of any governmental entity, except for possible violations that either singly or in the aggregate
do not and will not have a Material Adverse Effect. The Company is not required under federal, state or local law, rule or regulation
to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in
order for it to execute, deliver or perform any of its obligations under this Agreement or issue and sell the Common Stock in
accordance with the terms hereof (other than any SEC, FINRA or state securities filings that may be required to be made by the
Company subsequent to any Closing, any registration statement that may be filed pursuant hereto); provided that, for purposes
of the representation made in this sentence, the Company is assuming and relying upon the accuracy of the relevant representations
and agreements of Investor herein.

 

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Section
4.8       NO MATERIAL ADVERSE CHANGE. Since December 31, 2014 no event has occurred that would reasonably be expected to have a Material
Adverse Effect on the Company and that has not been disclosed in the SEC Documents.

 

Section
4.9       LITIGATION AND OTHER PROCEEDINGS. Except as disclosed in the Company’s SEC Documents, there are no lawsuits or proceedings
pending or to the knowledge of the Company threatened, against the Company, nor has the Company received any written or oral notice
of any such action, suit, proceeding or investigation, which would have a Material Adverse Effect. No judgment, order, writ, injunction
or decree or award has been issued by or, so far as is known by the Company, requested of any court, arbitrator or governmental
agency which would have a Material Adverse Effect.

 

Section
4.10        DILUTION. The number of shares of Common Stock issuable as Put Shares may increase substantially in certain circumstances,
including, but not necessarily limited to, the circumstance wherein the trading price of the Common Stock declines during the period
between the Execution Date and the end of the Commitment Period. The Company’s executive officers and directors have studied
and fully understand the nature of the transactions contemplated by this Agreement and recognize that they have a potential dilutive
effect. The board of directors of the Company has concluded in its good faith business judgment that entry into this Agreement
is, and issuances of Put Shares to the extent made hereunder will be, in the best interests of the Company. The Company specifically
acknowledges that its obligation to issue the Put Shares upon delivery of a Put Notice is binding upon the Company and enforceable
regardless of the dilution such issuance may have on the ownership interests of other shareholders of the Company.

 

ARTICLE V

COVENANTS
OF INVESTOR

 

Section
5.1       COMPLIANCE WITH LAW; TRADING IN SECURITIES. Investor’s trading activities with respect to shares of the Common Stock will
be in compliance with all applicable state and federal securities laws, rules and regulations and the rules and regulations of
FINRA and the Principal Market on which the Common Stock is listed or quoted.

 

Section
5.2       SHORT SALES AND CONFIDENTIALITY. Neither Investor nor any affiliate of Investor acting on its behalf or pursuant to any
understanding with it will execute any Short Sales during the period from the date hereof to the end of the Commitment Period.
For the purposes hereof, and in accordance with Regulation SHO, the sale after delivery of a Put Notice of such number of shares
of Common Stock reasonably expected to be purchased under a Put Notice shall not be deemed a Short Sale.

 

Other than to other Persons
party to this Agreement, Investor has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction).

 

ARTICLE VI

COVENANTS
OF THE COMPANY

 

Section
6.1       RESERVATION OF COMMON STOCK. The Company will, from time to time as needed in advance of a Settlement Date, reserve and
keep available until the consummation of such Closing, free of preemptive rights sufficient shares of Common Stock for the purpose
of enabling the Company to satisfy its obligation to issue the Put Shares to be issued in connection therewith. The number of shares
so reserved from time to time, as theretofore increased or reduced as hereinafter provided, may be reduced by the number of shares
actually delivered hereunder.

 

Section
6.2       LISTING OF COMMON STOCK. If the Company applies to have the Common Stock listed on any other Principal Market, it shall
include in such application the Put Shares, and shall take such other action as is necessary or desirable in the reasonable opinion
of Investor to cause the Common Stock to be listed on

such other Principal Market
as promptly as possible. The Company shall use its commercially reasonable efforts to continue the listing of the Common Stock
on the Principal Market (including, without limitation, maintaining sufficient net tangible assets) and will comply in all respects
with the Company’s reporting, filing and other obligations under the bylaws or rules of the FINRA and the Principal Market.

 

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Section
6.3       CERTAIN AGREEMENTS. From the Execution Date until the earlier of (i) the expiration of the Commitment Period, or (ii) the
date on which the Registration Statement is initially declared effective by the SEC,, the Company covenants and agrees that it
will not, without the prior written consent of Investor, enter into any other equity line of credit agreement with a third party
(other than pursuant to this Agreement) having terms and conditions substantially comparable to the terms and conditions provided
for in this Agreement. For the avoidance of doubt, nothing contained in the Transaction Documents shall restrict, or require Investor’s
consent for, any agreement providing for the issuance or distribution of (or the issuance or distribution of) any equity securities
pursuant to any agreement or arrangement that is not commonly understood to be an “equity line of credit.”

 

ARTICLE VII

CONDITIONS
TO DELIVERY OF

PUT NOTICES
AND CONDITIONS TO CLOSING

 

Section 7.1       CONDITIONS PRECEDENT TO THE OBLIGATION
OF THE COMPANY TO ISSUE

AND SELL COMMON STOCK. The
obligation hereunder of the Company to issue and sell the Put Shares to Investor at each Closing is subject to the satisfaction
of each of the conditions set forth below.

 

(a)             
ACCURACY OF INVESTOR’S REPRESENTATIONS AND WARRANTIES. The representations and warranties of Investor shall be true and correct
in all material respects as of the date of this Agreement and as of the date of each such Closing as though made at each such time.

 

(b)             
PERFORMANCE BY INVESTOR. Investor shall have performed, satisfied and complied in all respects with all covenants, agreements and
conditions required by this Agreement to be performed, satisfied or complied with by Investor at or prior to such Closing.

 

(c)             
PRINCIPAL MARKET REGULATION. The Company shall not issue any Put Shares, and Investor shall not have the right to receive any Put
Shares, if the issuance of such shares would exceed the aggregate number of shares of Common Stock which the Company may issue
without breaching the Company’s obligations under the rules or regulations of the Principal Market (the “Exchange Cap”).

 

Section
7.2       CONDITIONS PRECEDENT TO THE RIGHT OF THE COMPANY TO DELIVER A PUT NOTICE AND THE OBLIGATION OF INVESTOR TO PURCHASE PUT
SHARES. The right of the

Company to deliver a Put Notice and
the obligation of Investor hereunder to acquire and pay for the Put Shares at the corresponding Closing is subject to the satisfaction
of each of the following conditions:

 

(a)             
EFFECTIVE REGISTRATION STATEMENT. The Registration Statement, and any amendment or supplement thereto, shall remain effective for
the sale by Investor of the Registered Securities subject to such Put Notice, and (i) neither the Company nor Investor shall have
received notice that the SEC has issued or intends to issue a stop order with respect to such Registration Statement or that the
SEC otherwise has suspended or withdrawn the effectiveness of such Registration Statement, either temporarily or permanently, or
intends or has threatened to do so and (ii) no other suspension of the use or withdrawal of the effectiveness of such Registration
Statement or related prospectus shall exist.

 

(b)             
ACCURACY OF THE COMPANY’S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Company shall be true and correct
in all material respects (except for representations and warranties specifically made as of a particular date), except for any
conditions which have temporarily caused such representations or warranties not to be true and correct in all material respects
and which have been corrected with no continuing impairment to the Company or Investor.

 

    	9

    	 

    

 

(c)             
PERFORMANCE BY THE COMPANY. The Company shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to
such time.

 

(d)             
NO INJUNCTION. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or adopted by any court or governmental authority of competent jurisdiction that prohibits or directly and materially adversely
affects any of the transactions contemplated by this Agreement, and no proceeding shall have been commenced that may have the effect
of prohibiting or materially adversely affecting any of the transactions contemplated by this Agreement.

 

(e)             
ADVERSE CHANGES. Since the date of filing of the Company’s most recent SEC Document, no event has occurred that has had or would
be reasonably expected to have a Material Adverse Effect.

 

(f)             
NO SUSPENSION OF TRADING IN OR DELISTING OF COMMON STOCK. The trading of the Common Stock shall not have been suspended by the
SEC, the Principal Market or the FINRA and the Common Stock shall have been approved for listing or quotation on and shall not
have been delisted from the Principal Market.

 

(g)             
BENEFICIAL OWNERSHIP LIMITATION. On each Closing Date, the number of Put Shares then to be purchased by Investor shall not exceed
the number of such shares that, when aggregated with all other shares of Common Stock then owned by Investor beneficially or deemed
beneficially owned by Investor, would result in Investor owning more than 9.99% of all of such Common Stock as would be outstanding
on such Closing Date, as determined in accordance with Section 16 of the Exchange Act and the regulations promulgated thereunder.
For purposes of this Section, in the event that the amount of Common Stock outstanding as determined in accordance with Section
16 of the Exchange Act and the regulations promulgated thereunder is greater on a Closing Date than on the date upon which the
Put Notice associated with such Closing Date is given, the amount of Common Stock outstanding on such Closing Date shall govern
for purposes of determining whether Investor, when aggregating all purchases of Common Stock made pursuant to this Agreement, would
own more than 9.99% of the Common Stock following such Closing Date (“Beneficial Ownership Limitation”).

 

(h)             
PRINCIPAL MARKET REGULATION. The Company shall not issue any Put Shares, and Investor shall not have the right to receive any Put
Shares, if the issuance of such shares would exceed the Exchange Cap.

 

(i)             
NO KNOWLEDGE. The Company shall have no knowledge of any event more likely than not to have the effect of causing such Registration
Statement to be suspended or otherwise ineffective (which event is more likely than not to occur within the fifteen (15) Trading
Days following the Trading Day on which such Put Notice is deemed delivered).

 

(j)             
NO VIOLATION OF SHAREHOLDER APPROVAL REQUIREMENT. The issuance of shares of Common Stock with respect to the applicable Closing,
if any, shall not violate the shareholder approval requirements of the Principal Market.

 

(k)             
OTHER. On the date of delivery of each Put Notice, Investor shall have received a certificate in substantially the form and substance
of Exhibit D hereto, executed by an executive officer of the Company and to the effect that all the conditions to such Closing
shall have been satisfied as at the date of each such certificate.

 

ARTICLE VIII

LEGENDS

 

Section
8.1       NO STOCK LEGEND OR STOCK TRANSFER RESTRICTIONS. No legend shall be placed on the share certificates representing the Put Shares.

 

Section
8.2       INVESTOR’S COMPLIANCE. Nothing in this Article VIII shall affect in any way Investor’s obligations under any agreement to
comply with all applicable securities laws upon the sale of the Common Stock.

 

    	10

    	 

    

 

ARTICLE IX

NOTICES;
INDEMNIFICATION

 

Section
9.1       NOTICES. All notices,
demands,       requests, consents, approvals, and other communications required or
permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (a) personally served, (b) deposited
in the mail, registered or certified, return receipt requested, postage prepaid, (c) delivered by reputable air courier
service with charges prepaid, or (d) transmitted by hand delivery, telegram, or email as a PDF, addressed as set forth below
or to such other address as such party shall have specified most recently by written notice given in accordance herewith. Any
notice or other communication required or permitted to be given hereunder shall be deemed effective (i) upon hand delivery or
delivery by email at the address designated below (if delivered on a business day during normal business hours where such
notice is to be received), or the first business day following such delivery (if delivered other than on a business day
during normal business hours where such notice is to be received) or (ii) on the second business day following the date of
mailing by express courier service or on the fifth business day after deposited in the mail, in each case, fully prepaid,
addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

 

The addresses for such communications
shall be:

 

If to the Company:

 

EL CAPITAN PRECIOUS METALS,
INC.

5871 Honeysuckle Road

Prescott, AZ 86305-3764

Email: santol@cox.net

 

If to Investor:

 

L2 Capital, LLC

8900 State Line Rd., Suite 410

Leawood, KS 66206

Email: investments@ltwocapital.com

 

Either party hereto may from time to time change
its address or email for notices under this Section 9.1 by giving at least ten (10) days’ prior written notice of such changed
address to the other party hereto.

 

Section
9.2       INDEMNIFICATION. Each party (an “Indemnifying Party”) agrees to indemnify
and hold harmless the other party along with its officers, directors, employees, and authorized agents, and each Person or entity,
if any, who controls such party within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (an “Indemnified
Party”) from and against any Damages, joint or several, and any action in respect thereof to which the Indemnified Party
becomes subject to, resulting from, arising out of or relating to (i) any misrepresentation, breach of warranty or nonfulfillment
of or failure to perform any covenant or agreement on the part of Indemnifying Party contained in this Agreement, (ii) any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement or any post-effective amendment
thereof or supplement thereto, or the omission or alleged omission therefrom of a material fact required to be stated therein
or necessary to make the statements therein not misleading, (iii) any untrue statement or alleged untrue statement of a material
fact contained in any preliminary prospectus or contained in the final prospectus (as amended or supplemented, if the Company
files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material
fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein were
made, not misleading, or (iv) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state
securities law or any rule or regulation under the Securities Act, the Exchange Act or any state securities law, as such Damages
are incurred, except to the extent such Damages result primarily from Indemnified Party’s failure to perform any covenant or agreement
contained in this Agreement or Indemnified Party’s negligence, recklessness or bad faith in performing its obligations under this
Agreement; provided, however, that the foregoing indemnity agreement shall not apply to any Damages of an Indemnified Party to
the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission
or alleged omission made by an Indemnifying Party in reliance upon and in conformity with written information furnished to the
Indemnifying Party by the Indemnified Party expressly for use in the Registration Statement, any post-effective amendment thereof
or supplement thereto, or any preliminary prospectus or final prospectus (as amended or supplemented).

 

    	11

    	 

    

 

Section 9.3       METHOD
OF ASSERTING INDEMNIFICATION CLAIMS. All claims for indemnification by any Indemnified Party (as defined below) under Section
9.2 shall be asserted and resolved as follows:

 

(a)             
In the event any claim or demand in respect of which an Indemnified Party might seek indemnity under Section 9.2 is asserted against
or sought to be collected from such Indemnified Party by a person other than a party hereto or an affiliate thereof (a “THIRD
PARTY CLAIM”), the Indemnified Party shall deliver a written notification, enclosing a copy of all papers served, if any,
and specifying the nature of and basis for such Third Party Claim and for the Indemnified Party’s claim for indemnification that
is being asserted under any provision of Section 9.2 against an Indemnifying Party, together with the amount or, if not then reasonably
ascertainable, the estimated amount, determined in good faith, of such Third Party Claim (a “CLAIM NOTICE”) with reasonable
promptness to the Indemnifying Party. If the Indemnified Party fails to provide the Claim Notice with reasonable promptness after
the Indemnified Party receives notice of such Third Party Claim, the Indemnifying Party shall not be obligated to indemnify the
Indemnified Party with respect to such Third Party Claim to the extent that the Indemnifying Party’s ability to defend has been
prejudiced by such failure of the Indemnified Party. The Indemnifying Party shall notify the Indemnified Party as soon as practicable
within the period ending thirty (30) calendar days following receipt by the Indemnifying Party of either a Claim Notice or an Indemnity
Notice (as defined below) (the “DISPUTE PERIOD”) whether the Indemnifying Party disputes its liability or the amount
of its liability to the Indemnified Party under Section 9.2 and whether the Indemnifying Party desires, at its sole cost and expense,
to defend the Indemnified Party against such Third Party Claim.

 

(i)             
If the Indemnifying Party notifies the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend
the Indemnified Party with respect to the Third Party Claim pursuant to this Section 9.3(a), then the Indemnifying Party shall
have the right to defend, with counsel reasonably satisfactory to the Indemnified Party, at the sole cost and expense of the Indemnifying
Party, such Third Party Claim by all appropriate proceedings, which proceedings shall be vigorously and diligently prosecuted by
the Indemnifying Party to a final conclusion or will be settled at the discretion of the Indemnifying Party (but only with the
consent of the Indemnified Party in the case of any settlement that provides for any relief other than the payment of monetary
damages or that provides for the payment of monetary damages as to which the Indemnified Party shall not be indemnified in full
pursuant to Section 9.2). The Indemnifying Party shall have full control of such defense and proceedings, including any compromise
or settlement thereof; provided, however, that the Indemnified Party may, at the sole cost and expense of the Indemnified Party,
at any time prior to the Indemnifying Party’s delivery of the notice referred to in the first sentence of this clause (i), file
any motion, answer or other pleadings or take any other action that the Indemnified Party reasonably believes to be necessary or
appropriate to protect its interests; and provided further, that if requested by the Indemnifying Party, the Indemnified Party
will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnifying Party in contesting
any Third Party Claim that the Indemnifying Party elects to contest. The Indemnified Party may participate in, but not control,
any defense or settlement of any Third Party Claim controlled by the Indemnifying Party pursuant to this clause (i), and except
as provided in the preceding sentence, the Indemnified Party shall bear its own costs and expenses with respect to such participation.
Notwithstanding the foregoing, the Indemnified Party may take over the control of the defense or settlement of a Third Party Claim
at any time if it irrevocably waives its right to indemnity under Section 9.2 with respect to such Third Party Claim.

 

(ii)             
If the Indemnifying Party fails to notify the Indemnified Party within the Dispute Period that the Indemnifying Party desires
to defend the Third Party Claim pursuant to Section 9.3(a), or if the Indemnifying Party gives such notice but fails to prosecute
vigorously and diligently or settle the Third Party Claim, or if the Indemnifying Party fails to give any notice whatsoever within
the Dispute Period, then the Indemnified Party shall have the right to defend, at the sole cost and expense of the Indemnifying
Party, the Third Party Claim by all appropriate proceedings, which proceedings shall be prosecuted by the Indemnified Party in
a reasonable manner and in good faith or will be settled at the discretion of the Indemnified Party(with the consent of the Indemnifying
Party, which consent will not be unreasonably withheld). The Indemnified Party will have full control of such defense and proceedings,
including any compromise or settlement thereof; provided, however, that if requested by the Indemnified Party, the Indemnifying
Party will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnified Party and
its counsel in contesting any Third Party Claim which the Indemnified Party is contesting. Notwithstanding the foregoing provisions
of this clause (ii), if the Indemnifying Party has notified the Indemnified Party within the Dispute Period that the Indemnifying
Party disputes its liability or the amount of its liability hereunder to the Indemnified Party with respect to such Third Party
Claim and if such dispute is resolved in favor of the Indemnifying Party in the manner provided in clause (iii) below, the Indemnifying
Party will not be required to bear the costs and expenses of the Indemnified Party’s defense pursuant to this clause (ii)  
or of the Indemnifying Party’s participation therein at the Indemnified Party’s request, and the Indemnified Party shall reimburse
the Indemnifying Party in full for all reasonable costs and expenses incurred by the Indemnifying Party in connection with such
litigation. The Indemnifying Party may participate in, but not control, any defense or settlement controlled by the Indemnified
Party pursuant to this clause (ii), and the Indemnifying Party shall bear its own costs and expenses with respect to such participation.

 

    	12

    	 

    

 

(iii)              
If the Indemnifying Party notifies the Indemnified Party that it does not dispute its liability or the amount of its
liability to the Indemnified Party with respect to the Third Party Claim under Section 9.2 or fails to notify the Indemnified
Party within the Dispute Period whether the Indemnifying Party disputes its liability or the amount of its liability to the
Indemnified Party with respect to such Third Party Claim, the amount of Damages specified in the Claim Notice shall be
conclusively deemed a liability of the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount
of such Damages to the Indemnified Party on demand. If the Indemnifying Party has timely disputed its liability or the amount
of its liability with respect to such claim, the Indemnifying Party and the Indemnified Party shall proceed in good faith to
negotiate a resolution of such dispute; provided, however, that if the dispute is not resolved within thirty (30) days after
the Claim Notice, the Indemnifying Party shall be entitled to institute such legal action as it deems appropriate.

 

(b)             
In the event any Indemnified Party should have a claim under Section 9.2 against the Indemnifying Party that does not involve a
Third Party Claim, the Indemnified Party shall deliver a written notification of a claim for indemnity under Section 9.2 specifying
the nature of and basis for such claim, together with the amount or, if not then reasonably ascertainable, the estimated amount,
determined in good faith, of such claim (an “INDEMNITY NOTICE”) with reasonable promptness to the Indemnifying Party.
The failure by any Indemnified Party to give the Indemnity Notice shall not impair such party’s rights hereunder except to the
extent that the Indemnifying Party demonstrates that it has been irreparably prejudiced thereby. If the Indemnifying Party notifies
the Indemnified Party that it does not dispute the claim or the amount of the claim described in such Indemnity Notice or fails
to notify the Indemnified Party within the Dispute Period whether the Indemnifying Party disputes the claim or the amount of the
claim described in such Indemnity Notice, the amount of Damages specified in the Indemnity Notice will be conclusively deemed a
liability of the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified
Party on demand. If the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such
claim, the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute;
provided, however, that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall
be entitled to institute such legal action as it deems appropriate.

 

(c)             
The Indemnifying Party agrees to pay the Indemnified Party, promptly as such expenses are incurred and are due and payable, for
any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such
Claim.

 

(d)             
The indemnity provisions contained herein shall be in addition to (i) any cause of action or similar rights of the Indemnified
Party against the Indemnifying Party or others, and (ii) any liabilities the Indemnifying Party may be subject to.

 

    	13

    	 

    

 

ARTICLE X

MISCELLANEOUS

 

Section 10.1       [Intentionally Omitted].

 

Section
10.2       GOVERNING LAW; JURISDICTION. This Agreement shall be governed by and interpreted in accordance with the laws of the State
of Kansas without regard to the principles of conflicts of law. Each of the Company and Investor hereby submit to the exclusive
jurisdiction of the United States Federal and state courts located in Kansas, County of Johnson, with respect to any dispute arising
under this Agreement, the agreements entered into in connection herewith or the transactions contemplated hereby or thereby.

 

Section
10.3       JURY TRIAL WAIVER. The Company and Investor hereby waive a trial by jury in any action, proceeding or counterclaim brought
by either of the parties hereto against the other in respect of any matter arising out of or in connection with the Transaction
Documents.

 

Section
10.4       ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the Company and Investor and their respective
successors. Neither this Agreement nor any rights of Investor or the Company hereunder may be assigned by either party to any other
person.

 

Section
10.5       THIRD PARTY BENEFICIARIES. This Agreement is intended for the benefit of the Company and Investor and their respective successors,
and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

Section
10.6       TERMINATION. The Company may terminate this Agreement at any time by written notice to Investor. Additionally, this Agreement
shall terminate at the end of Commitment Period or as otherwise provided herein; provided, however, that the provisions of Articles
IX, and Sections 10.1 and 10.2 shall survive the termination of this Agreement for a period of twenty four (24) months.

 

Section 10.7       ENTIRE AGREEMENT, AMENDMENT; NO WAIVER. This Agreement and the instruments referenced herein contain the entire understanding of
the Company and Investor with respect to the matters covered herein and therein and, except as specifically set forth herein or
therein, neither the Company nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters.
No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the party against which
it may be enforcement.

 

Section 10.8       COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which may be executed by less than all of the parties
and shall be deemed to be an original instrument which shall be enforceable against the parties actually executing such counterparts
and all of which together shall constitute one and the same instrument. This Agreement may be delivered to the other parties hereto
by email of a copy of this Agreement bearing the signature of the parties so delivering this Agreement.

 

Section
10.9       SEVERABILITY. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that
such severability shall be ineffective if it materially changes the economic benefit of this Agreement to any party.

 

Section 10.10      FURTHER
ASSURANCES. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order
to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

Section 10.11      NO
STRICT CONSTRUCTION. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party.

 

Section
10.12      EQUITABLE RELIEF. The Company recognizes that in the event that it fails to perform, observe, or discharge any or all of
its obligations under this Agreement, any remedy at law may prove to be inadequate relief to Investor. The Company therefore agrees
that Investor shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving
actual damages.

 

    	14

    	 

    

 

 

Section
10.13      TITLE AND SUBTITLES. The titles and subtitles used in this Agreement are used for the convenience of reference and are not
to be considered in construing or interpreting this Agreement.

 

Section
10.14      REPORTING ENTITY FOR THE COMMON STOCK. The reporting entity relied upon for the determination of the Closing Price for the
Common Stock on any given Trading Day for the purposes of this Agreement shall be Bloomberg Finance L.P. or any successor thereto.
The written mutual consent of Investor and the Company shall be required to employ any other reporting entity.

 

Section
10.15      PUBLICITY. The Company and Investor shall consult with each other in issuing any press releases or otherwise making public
statements with respect to the transactions contemplated hereby and no party shall issue any such press release or otherwise make
any such public statement without the prior written consent of the other parties, which consent shall not be unreasonably withheld
or delayed, except that no prior consent shall be required if such disclosure is required by law, in which such case the disclosing
party shall provide the other parties with prior notice of such public statement. Notwithstanding the foregoing, the Company shall
not publicly disclose the name of Investor without the prior written consent of such Investor, except to the extent required by
law. Investor acknowledges that this Agreement and all or part of the Transaction Documents may be deemed to be “material
contracts” as that term is defined by Item 601(b)(10) of Regulation S-K, and that the Company may therefore be required to
file such documents as exhibits to reports or registration statements filed under the Securities Act or the Exchange Act. Investor
further agrees that the status of such documents and materials as material contracts shall be determined solely by the Company,
in consultation with its counsel.

 

[-Signature page follows-]

 

    	15

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Equity Purchase Agreement to be executed by the undersigned, thereunto duly authorized, as
of the date first set forth above.

 

	L2 CAPITAL, LLC	 
	 	 
	 	 
	By: 	/s/ Adam Long	 
	 	Name: Adam Long
Title: Managing Partner	 

 

 

 

	EL CAPITAN PRECIOUS METALS, INC.	 
	 	 
	 	 
	By: 	/s/ Stephen J. Antol	 
	 	Name: Stephen J. Antol
Title: Chief Financial Officer	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Equity Purchase Agreement-]

 

    	16

    	 

    

 

EXHIBIT C

FORM OF PUT
NOTICE

 

 

TO:   L2 CAPITAL,
LLC

 

We refer to the Equity Purchase
Agreement dated February 21, 2017 (the “Agreement”) entered into by El Capitan Precious Metals, Inc. (the “Company”)
and you. Capitalized terms defined in the Agreement shall, unless otherwise defined, have the same meaning when used herein.

 

We hereby:

 

		1.	give you notice that we require you to purchase          
                                                                                                                            Put Shares; and

 

		2.	certify that, as of the date hereof,
to the best of our knowledge, the conditions set forth in Section 7.2 of the Agreement that are required to be satisfied at or
prior to the delivery of this Put Notice have been satisfied.

 

Date: __________________, 201___

 

 

	 	EL CAPITAN PRECIOUS METALS, INC.
	 	 
	 	 
	 	By: 	
	 	 	Name: 
Title:

 

 

 

    	

    	 

    

 

EXHIBIT D

 

FORM OF CERTIFICATE OF THE
CHIEF EXECUTIVE OFFICER

OR CHIEF FINANCIAL OFFICER

OF EL CAPITAN PRECIOUS METALS,
INC.

 

Pursuant to Section 7.2(l)
of that certain Equity Purchase Agreement dated February 21, 2017 (the “Agreement”) by and between the El Capitan Precious
Metals, Inc. (the “Company”) and L2 Capital, LLC (the “Investor”), the undersigned, in his capacity as
an executive officer of the Company, and not in his individual capacity, hereby certifies, as of the date hereof (such date, the
“Condition Satisfaction Date”), the following:

 

1.            
The representations and warranties of the Company are true and correct in all material respects as of the Condition Satisfaction
Date as though made on the Condition Satisfaction Date (except for representations and warranties specifically made as of a particular
date), except for any conditions which have temporarily caused any representations or warranties of the Company set forth in the
Agreement not to be true and correct in all material respects and which have been corrected with no continuing impairment to the
Company or Investor; and

 

2.            
All of the Company’s conditions to Closing set forth in Section 7.2 of the Agreement have been satisfied as of the Condition
Satisfaction Date.

 

Capitalized
terms used herein shall have the meanings set forth in the Agreement unless otherwise defined herein.

 

IN WITNESS
WHEREOF, the undersigned has hereunto affixed his hand as of the ____________, 201_.

 

	 	EL CAPITAN PRECIOUS METALS, INC.
	 	 
	 	 
	 	By: 	
	 	 	Name: 
Title:EXHIBIT 10.6

 

REGISTRATION
RIGHTS AGREEMENT

 

This Registration
Rights Agreement (“Agreement”), dated February 21, 2017, is made by and between EL CAPITAN PRECIOUS METALS, INC., a Nevada
corporation (“Company”), and L2 CAPITAL, LLC (the “Investor”).

 

RECITALS

 

WHEREAS,
pursuant to an Equity Purchase Agreement dated even with the date hereof, between the Company and Investor (the “Purchase
Agreement”), the Company may, in its discretion, issue and sell to Investor shares (the “Put Shares”) of its common
stock, $0.001 par value per share (the “Common Stock”) from time to time, and Investor has agreed to purchase such Put
Shares, upon the terms and subject to the conditions of the Purchaser Agreement, for an aggregate investment price of up to Five
Million Dollars ($5,000,000); and

 

WHEREAS,
to induce Investor to execute and deliver the Purchase Agreement, the Company has agreed to provide certain registration rights
under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively,
the “Securities Act”), and applicable state securities laws with respect to the Put Shares (including any securities
issued or issuable with respect to any of the foregoing by way of exchange, stock dividend or stock split or in connection with
a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise);

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and Investor hereby agree as follows:

 

1.          
Definitions.

 

(a)     As used in this Agreement, the following terms shall have the following meaning: 

 

(i)     “Subscription Date” means the date of this Agreement.

 

(ii)    “Investor”
has the meaning set forth in the preamble to this Agreement.

 

(iii)   “Register,” “registered” and “registration” refer to a registration effected by preparing and filing
a Registration Statement or Statements in compliance with the Securities Act and pursuant to Rule 415 under the Securities Act
or any successor rule providing for offering securities on a delayed or continuous basis (“Rule 415”), and the declaration
or ordering of effectiveness of such Registration Statement by the United States Securities and Exchange Commission (the “SEC”).

 

(iv)    “Registered Securities” will have the
same meaning as set forth in the Purchase Agreement.

 

(v)     “Registration Statement” means the Company’s registration statement on Form S-1, or any similar registration statement
of the Company filed with SEC under the Securities Act with respect to the Registered Securities.

 

(vi)    “EDGAR”
means the SEC’s Electronic Data Gathering, Analysis and Retrieval System.

 

(vii)   “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and
regulations of the SEC thereunder, all as the same will then be in effect.

 

(b)     Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement.

 

2.          
Obligation of the Company. In connection with the registration of the Registered Securities, the Company shall do each of the following:

 

    	1

    	 

    

 

(a)     Prepare promptly and file with the SEC within 45 days after the date hereof, a Registration Statement with respect to not less
than the maximum amount of Registered Securities allowable under Rule 415, and thereafter use all commercially reasonable efforts
to (i) cause such Registration Statement relating to the Registered Securities to become effective within five (5) business days
after the date on which the Company is notified by the SEC that the Registration Statement will not be reviewed or is no longer
subject to further review and comments and the effectiveness of the Registration Statement may be accelerated, and (ii) keep the
Registration Statement effective at all times prior to the termination of the Purchase Agreement until the earliest of (A) the
date that is three months after the completion of the last Closing Date under the Purchase Agreement, (B) the date when Investor
may sell all Registered Securities under Rule 144 without volume limitations, or (C) the date Investor no longer owns any of the
Registered Securities (collectively, the “Registration Period”), which Registration Statement (including any amendments
or supplements, thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading;

 

(b)     Prepare and file with the SEC such amendments (including post-effective amendments) and supplements to the Registration Statement
and the prospectus used in connection with the Registration Statement as may be necessary to keep the Registration Statement effective
at all times during the Registration Period, and to comply with the provisions of the Securities Act with respect to the disposition
of all Registered Securities of the Company covered by the Registration Statement until the expiration of the Registration Period.

 

(c)     With respect to the Registered Securities, upon written request by Investor, permit counsel designated by Investor to review the
Registration Statement and all amendments and supplements thereto a reasonable period of time (but not less than two (2) business
days) prior to their filing with the SEC, and not file any document in a form to which such counsel reasonably objects.

 

(d)     As promptly as practicable after becoming aware of the following facts, the Company shall notify Investor and Investor’s
legal counsel identified to the Company and (if requested by any such person) confirm such notice in writing no later than one
(1) business day thereafter (i): (A) when a prospectus or any prospectus supplement or post-effective amendment to the Registration
Statement is filed; (B) with respect to the Registration Statement or any post-effective amendment, when the same has become effective;
(ii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement covering any or all
of the Registered Securities or the initiation of any proceedings for that purpose; and (iii) of the receipt by the Company of
any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registered Securities
for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose.

 

(e)     Unless available to Investor without charge through EDGAR, the SEC’s website or the Company’s website, furnish to Investor, promptly
after the same is prepared and publicly distributed, filed with the SEC, or received by the Company, one (1) copy of the Registration
Statement, each preliminary prospectus and the prospectus, and each amendment or supplement thereto;

 

(f)     Use all commercially reasonable efforts to (i) register and/or qualify the Registered Securities covered by the Registration Statement
under such other securities or blue sky laws of such jurisdictions as Investor may reasonably request and in which significant
volumes of shares of Common Stock are traded, (ii) prepare and file in those jurisdictions such amendments (including post-effective
amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof
at all times during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and
qualification in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable
to qualify the Registered Securities for sale in such jurisdictions: provided, however, that the Company shall not be required
in connection therewith or as a condition thereto to (A) qualify to do business in any jurisdiction where it would not otherwise
be required to qualify but for this Section 3(f), (B) subject itself to general taxation in any such jurisdiction, (C) file a general
consent to service of process in any such jurisdiction, (D) provide any undertakings that cause more than nominal expense or burden
to the Company or (E) make any change in its charter or by-laws or any then existing contracts, which in each case the Board of
Directors of the Company determines to be contrary to the best interests of the Company and its stockholders;

 

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(g)     As promptly as practicable after becoming aware of such event, notify Investor of the happening of any event of which the Company
has knowledge, as a result of which the prospectus included in the Registration Statement, as then in effect, includes any untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading (“Registration Default”), and promptly
prepare a supplement or amendment to the Registration Statement or other appropriate filing with the SEC to correct such untrue
statement or omission, and take any other commercially reasonable steps to cure the Registration Default, and, unless available
to Investor without charge through EDGAR, the SEC’s website or the Company’s website, deliver a number of copies of such supplement
or amendment to Investor as Investor may reasonably request.

 

(h)     Use its commercially reasonable efforts, if eligible, either to (i) cause all the Registered Securities covered by the Registration
Statement to be listed on a national securities exchange and on each additional national securities exchange on which securities
of the same class or series issued by the Company are then listed, if any, if the listing of such Registered Securities is then
permitted under the rules of such exchange, or (ii) secure designation of all the Registered Securities
covered by the Registration Statement as a National Association of Securities Dealers Automated Quotations System (“Nasdaq”)
security within the meaning of Rule 11Aa2-1 of the SEC under the Exchange Act, and the quotation of the Registered Securities
on the Nasdaq Stock Market; or if, despite the Company’s commercially reasonable efforts to satisfy the preceding clause
(i) or (ii), the Company is unsuccessful in doing so, to use its commercially reasonable efforts to secure authorization of the
Financial Industry Regulatory Authority (“FINRA”) and quotation for such Registered Securities on the over-the-counter
bulletin board or on the OTC Markets and, without limiting the generality of the foregoing;

 

(i)     Maintain a transfer agent for the Registered Securities not later than the Subscription Date under the Purchase Agreement;

 

(j)     Cooperate with Investor to facilitate the timely preparation and delivery of certificates for the Registered Securities to be offered
pursuant to the Registration Statement and enable such certificates for the Registered Securities to be in such denominations or
amounts as the case may be, as Investor may reasonably request and registration in such names as Investor may request; and, within
five (5) business days after a Registration Statement which includes Registered Securities is ordered effective by the SEC, the
Company shall deliver, and shall cause legal counsel selected by the Company to deliver, to the transfer agent for the Registered
Securities (with copies to Investor) an appropriate instruction and opinion of such counsel, if so required by the Company’s
transfer agent; and

 

(k)     Take all other commercially reasonable actions necessary to expedite and facilitate distribution to Investor of the Registered
Securities pursuant to the Registration Statement.

 

3.          
Obligations of Investor. In connection with the registration of the Registered Securities, Investor shall have the following obligations;

 

(a)     It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with
respect to the Registered Securities of Investor that Investor shall timely furnish to the Company such information regarding itself,
the Registered Securities held by it, and the intended method of disposition of the Registered Securities held by it, as shall
be reasonably required to effect the registration of such Registered Securities and shall timely execute such documents in connection
with such registration as the Company may reasonably request.

 

(b)     Investor by such Investor’s acceptance of the Registered Securities agrees to cooperate with the Company as reasonably requested
by the Company in connection with the preparation and filing of the Registration Statement hereunder; and

 

(c)     Investor
agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(d)(ii)
or (iii) or 3(g) above, Investor will immediately discontinue disposition of Registered Securities pursuant to the Registration
Statement covering such Registered Securities until Investor receives the copies of the supplemented or amended prospectus contemplated
by Section 3(d)(ii) or (iii) or 3(g) and, if so directed by the Company, Investor shall deliver to the Company (at the expense
of the Company) or destroy (and deliver to the Company a certificate of destruction) all copies in Investor’s possession,
of the prospectus covering such Registered Securities current at the time of receipt of such notice.

 

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4.          
Expenses of Registration. All reasonable expenses incurred in connection with registrations, filings or qualifications pursuant
to Section 3, including, without limitation, all registration, listing, and qualifications fees, printers and accounting
fees, the fees and disbursements of counsel for the Company shall be borne by the Company.

 

5.          
Indemnification. After Registered Securities are included in a Registration Statement under this Agreement:

 

(a)     To the extent permitted by law, the Company will indemnify and hold harmless, Investor, the directors, if any, of such Investor,
the officers, if any, of such Investor, each person, if any, who controls Investor within the meaning of the Securities Act or
the Exchange Act (each, an “Indemnified Person”), against any losses, claims, damages, liabilities or expenses (joint
or several) incurred (collectively, “Claims”) to which any of them may become subject under the Securities Act, the
Exchange Act or otherwise, insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement or any post-effective amendment thereof or the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement
of a material fact contained in any preliminary prospectus or contained in the final prospectus (as amended or supplemented, if
the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein
any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements
therein were made, not misleading or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange
Act, any state securities law or any rule or regulation under the Securities Act, the Exchange Act or any state securities law
(the matters in the foregoing clauses (i) through (iii) being collectively referred to as “Violations”). Subject to
Section 6(b) hereof, the Company shall reimburse Investor, promptly as such expenses are incurred and are due and payable, for
any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such
Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a)
shall not (i) apply to any Claims arising out of or based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by or on behalf of any Indemnified Person expressly for use in connection with
the preparation of the Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely
made available by the Company pursuant to Section 3(b) hereof; (ii) with respect to any preliminary prospectus,
inure to the benefit of any such person from whom the person asserting any such Claim purchased the Registered Securities that
are the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material
fact contained in the preliminary prospectus was corrected in the prospectus, as then amended or supplemented, if such prospectus
was timely made available by the Company pursuant to Section 3(b) hereof; (iii) be available to the extent such Claim is based
on a failure of Investor to deliver or cause to be delivered the prospectus made available by the Company; or (iv) apply to amounts
paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent
shall not be unreasonably withheld. Investor will indemnify the Company, its officers, directors and agents (including legal counsel)
against any claims arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished
in writing to the Company, by or on behalf of Investor, expressly for use in connection with the preparation of the Registration
Statement, subject to such limitations and conditions set forth in the previous sentence.

 

(b)     Promptly after receipt by an Indemnified Person under this Section 6 of notice of the commencement of any action (including any
governmental action), such Indemnified Person shall, if a Claim in respect thereof is to be made against any indemnifying party
under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party
and the Indemnified Person, as the case may be; provided, however, that an Indemnified Person shall have the right
to retain its own counsel with the reasonable fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion
of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person and the indemnifying
party would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party
represented by such counsel in such proceeding. In such event, the Company shall pay for only one separate legal counsel for Investor
selected by Investor. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person under this Section 6,
except to the extent that the indemnifying party is prejudiced in its ability to defend such action. The indemnification required
by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
as such expense, loss, damage or liability is incurred and is due and payable.

 

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6.          
Contribution. To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party
agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the
fullest extent permitted by law; provided, however, that (a) no contribution shall be made under circumstances where
the maker would not have been liable for indemnification under the fault standards set forth in Section 6 and; (b) no seller of
Registered Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any seller of Registered Securities who was not guilty of such fraudulent misrepresentation.

 

7.          
Reports under Exchange Act. With a view to making available to Investor the benefits of Rule 144 promulgated under the Securities
Act or any other similar rule or regulation of the SEC that may at any time permit Investor to sell securities of the Company to
the public without registration (“Rule 144”), the Company agrees to use its commercially reasonable efforts to:

 

(a)     make and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)     file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act for so long
as the Company remains subject to such requirements, and the filing of such reports is required for sales under Rule 144;

 

(c)     furnish to Investor so long as Investor owns Registered Securities, promptly upon request, (i) a written statement by the Company
that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (ii) unless available
to Investor without charge through EDGAR, the SEC’s website or the Company’s website, a copy of the most recent annual
or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information
as may be reasonably requested to permit Investor to sell such securities pursuant to Rule 144 without registration; and 

 

(d)     at the request of any Investor of Registered Securities, give its Transfer Agent instructions (supported by an opinion of Company
counsel, if required or requested by the Transfer Agent) to the effect that, upon the Transfer Agent’s receipt from such
Investor of:

 

(i)     a certificate (a “Rule 144 Certificate”) certifying (A) that such Investor has held the shares of Registered Securities
which Investor proposes to sell (the “Securities Being Sold”) for a period of not less than (6) months and (B) as to
such other matters as may be appropriate in accordance with Rule 144 under the Securities Act, and

 

(ii)    an
opinion of counsel acceptable to the Company (for which purposes it is agreed that the initial Investor’s counsel
shall be deemed acceptable if such opinion is not given by Company counsel) that, based on the Rule 144 Certificate,
Securities Being Sold may be sold pursuant to the provisions of Rule 144, even in the absence of an effective Registration
Statement, the Transfer Agent is to effect the transfer of the Securities Being Sold and issue to the buyer(s) or
transferee(s) thereof one or more stock certificates representing the transferred Securities Being Sold without any
restrictive legend and without recording any restrictions on the transferability of such shares on the Transfer Agent’s
books and records (except to the extent any such legend or restriction results from facts other than the identity of
Investor, as the seller or transferor thereof, or the status, including any relevant legends or restrictions, of the shares
of the Securities Being Sold while held by Investor). If the Transfer Agent requires any additional documentation at the time
of the transfer, the Company shall deliver or cause to be delivered all such reasonable additional documentation as may be
necessary to effectuate the issuance of an unlegended certificate.

 

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8.          
Miscellaneous.

 

(a)     Registered Owners. A person or entity is deemed to be a holder of Registered Securities whenever such person or entity owns of
record such Registered Securities. If the Company receives conflicting instructions, notices or elections from two or more persons
or entities with respect to the same Registered Securities, the Company shall act upon the basis of instructions, notice or election
received from the registered owner of such Registered Securities.

 

(b)     Rights Cumulative; Waivers. The rights of each of the parties under this Agreement are cumulative. The rights of each of the parties
hereunder shall not be capable of being waived or varied other than by an express waiver or variation in writing. Any failure to
exercise or any delay in exercising any of such rights shall not operate as a waiver or variation of that or any other such right.
Any defective or partial exercise of any of such rights shall not preclude any other or further exercise of that or any other such
right. No act or course of conduct or negotiation on the part of any party shall in any way preclude such party from exercising
any such right or constitute a suspension or any variation of any such right.

 

(c)     Benefit; Successors Bound. This Agreement and the terms, covenants, conditions, provisions, obligations, undertakings, rights,
and benefits hereof, shall be binding upon, and shall inure to the benefit of, the undersigned parties and their successors.

 

(d)     Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof. There
are no promises, agreements, conditions, undertakings, understandings, warranties, covenants or representations, oral or written,
express or implied, between them with respect to this Agreement or the matters described in this Agreement, except as set forth
in this Agreement and in the other documentation relating to the transactions contemplated by this Agreement. Any such negotiations,
promises, or understandings shall not be used to interpret or constitute this Agreement.

 

(e)     Amendment. Any provision of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of the Company and Investor. Any amendment or
waiver affected in accordance with this Section 9 shall be binding upon the Company.

 

(f)     Severability. Each part of this Agreement is intended to be severable. In the event that any provision of this Agreement is found
by any court or other authority of competent jurisdiction to be illegal or unenforceable, such provision shall be severed or modified
to the extent necessary to render it enforceable and as so severed or modified, this Agreement shall continue in full force and
effect.

 

(g)     Notices. Notices required or permitted to be given hereunder shall be in writing and shall be deemed to be sufficiently given when
personally delivered (by hand, by courier, by telephone line facsimile transmission, receipt confirmed, email or other means) or
sent by certified mail, return receipt requested, properly addressed and with proper postage pre-paid (i) if to the Company, at
its executive office and (ii) if to Investor, at the address set forth under its name in the Purchase Agreement, with a copy to
its designated attorney, or at such other address as each such party furnishes by notice given in accordance with this Section
9(g), and shall be effective, when personally delivered, upon receipt and, when so sent by certified mail, five (5) business days
after deposit with the United States Postal Service.

 

(h)     Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Kansas without regard
to the principles of conflicts of law. Each of the Company and Investor hereby submit to the exclusive jurisdiction of the United
States Federal and state courts located in Kansas, County of Johnson, with respect to any dispute arising under this Agreement,
the agreements entered into in connection herewith or the transactions contemplated hereby or thereby.

 

    	6

    	 

    

 

(i)     Consents. The person signing this Agreement on behalf of each party hereby represents and warrants that he has the necessary power,
consent and authority to execute and deliver this Agreement on behalf of that party.

 

(j)     Further Assurances. In addition to the instruments and documents to be made, executed and delivered pursuant to this Agreement,
the parties hereto agree to make, execute and deliver or cause to be made, executed and delivered, to the requesting party such
other instruments and to take such other actions as the requesting party may reasonably require to carry out the terms of this
Agreement and the transactions contemplated hereby.

 

(k)     Section Headings. The Section headings in this Agreement are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Agreement.

 

(l)      Construction. Unless the context otherwise requires, when used herein, the singular shall be deemed to include the plural, the
plural shall be deemed to include each of the singular, and pronouns of one or no gender shall be deemed to include the equivalent
pronoun of the other or no gender.

 

(m)     Execution in Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the
other party hereto by email of a .pdf or telephone line facsimile transmission of a copy of this Agreement bearing the signature
of the party so delivering this Agreement. A facsimile transmission or email of a .pdf of this signed Agreement shall be legal
and binding on all parties hereto.

 

 

 

[-Signature page follows-]

 

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IN WITNESS WHEREOF, the
parties have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and
year first above written.

 

	L2 CAPITAL, LLC	 
	 	 
	 	 
	By: 	/s/ Adam Long	 
	 	Name: Adam Long
Title: Managing Partner	 

 

 

 

	EL CAPITAN PRECIOUS METALS, INC.	 
	 	 
	 	 
	By: 	/s/ Stephen J. Antol	 
	 	Name: Stephen J. Antol
Title: Chief Financial Officer	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
page to Registration Rights Agreement-]

    	8

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