Document:

Uranerz Energy Corporation: Exhibit 4.1 - Filed by newsfilecorp.com

	 
	 
	FINANCING AGREEMENT 
	
       

      between 

	
       

    JOHNSON COUNTY, WYOMING 

	
       

      and 

       

	URANERZ ENERGY CORPORATION 
	A Nevada corporation 
	
       

       

	 
	Dated as of November 26, 2013 
	 
	 
	 
	 
	$20,000,000 
	JOHNSON COUNTY, WYOMING 
	TAXABLE INDUSTRIAL DEVELOPMENT REVENUE BOND 
	(URANERZ ENERGY CORPORATION PROJECT) 
	SERIES 2013 
	  
	 
	 
	 
	
                 
      Certain of the rights and interests of Johnson County, Wyoming, in this
      Financing Agreement have been assigned to UMB BANK, n.a., as
      Trustee, pursuant to an Indenture of Trust dated as of November 26,
      2013. 

#2 - Financing Agreement

TABLE OF CONTENTS

(This Table of Contents is not a part of this Financing
Agreement
and is only for convenience of reference.)

	 	 	  	Page 
	 	 	  	  
	 	 	  	  
	ARTICLE
    1 DEFINITIONS.
    	2
      
	 	 	  	  
	 	Section
      1.01. 	Definitions
      	2
      
	 	Section
      1.02. 	Rules
      of Interpretation. 	8
      
	 	Section
      1.03. 	Limitation
      on Issuer Liability 	8
      
	 	Section
      1.04. 	Sovereign
      Immunity 	9
      
	 	Section
      1.05. 	Exhibits.
      	9
      
	 	 	  	  
	ARTICLE
    2 REPRESENTATIONS
    AND COVENANTS. 	10
      
	 	 	  	  
	 	Section
      2.01. 	Representations
      and Covenants of the Issuer 	10
      
	 	Section
      2.02. 	Representations
      and Covenants of the Borrower 	10
      
	 	Section
      2.03. 	Purchaser
      May Rely on Representations 	13
      
	 	 	  	  
	ARTICLE
    3 THE
      PROJECT; COLLATERAL; ISSUANCE OF THE BOND; APPLICATION OF BOND
    PROCEEDS; COMPLETION OF THE PROJECT. 	14
      
	 	 	  	  
	 	Section
      3.01. 	The
      Project; Collateral. 	14
      
	 	Section
      3.02. 	Issuance
      of the Bond; Application of Bond Proceeds 	15
      
	 	Section
      3.03. 	Certificate
      of Completion. 	16
      
	 	 	  	  
	ARTICLE
    4 LOAN
    PROVISIONS. 	17
      
	 	 	  	  
	 	Section
      4.01. 	The
      Loan. 	17
      
	 	Section
      4.02. 	Loan
      Payments. 	17
      
	 	Section
      4.03. 	Additional
      Charges. 	17
      
	 	Section
      4.04. 	Borrower’s
      Obligations Unconditional 	18
      
	 	Section
      4.05. 	Borrower’s
      Remedies 	19
      
	 	 	  	  
	ARTICLE
    5 PROJECT,
    COLLATERAL AND MORTGAGED PROPERTY COVENANTS. 	20
      
	 	 	  	  
	 	Section
      5.01. 	Possession
      of the Project, Collateral and Mortgaged Property. 	20
      
	 	Section
      5.02. 	Operation
      and Maintenance. 	20
      
		Section
      5.03. 	Mortgage
      and Assignment of Product Sales Contracts and Processing Agreement 	20
      
	 	Section
      5.04. 	Advances
      	20
      
	 	Section
      5.05. 	Alterations
      to and Removal of Collateral or Mortgaged Property. 	20
      
		Section
      5.06. 	Sale
      or Lease of Collateral and Mortgaged Property; Assignment and Transfer.
      	20
      

	#2 - Financing Agreement 	- i - 	 

	ARTICLE
    6 DAMAGE
      AND DESTRUCTION; MATERIAL CHANGE IN MINING LAW AND
    CONDEMNATION. 	22
      
	 	 	  	  
	 	Section
      6.01. 	Damage
      and Destruction of Project. 	22
      
	 	Section
      6.02. 	Change
      in General Mining Law of 1872 	22
      
	 	Section
      6.03. 	Condemnation.
      	22
      
	 	 	  	  
	ARTICLE
    7 SPECIAL
    COVENANTS. 	23
      
	 	 	  	  
	 	Section
      7.01. 	No
      Warranty of Condition or Suitability by Issuer. 	23
      
	 	Section
      7.02. 	Further
      Assurances and Corrective Instruments. 	23
      
	 	Section
      7.03. 	Financial
      Information 	23
      
	 	Section
      7.04. 	Taxes
      and Other Governmental Charges. 	23
      
	 	Section
      7.05. 	Consolidation,
      Merger, Disposition of Assets. 	23
      
	 	Section
      7.06. 	Qualification
      in Wyoming. 	24
      
	 	Section
      7.07. 	Updated
      Valuations of Collateral 	24
      
	 	Section
      7.08. 	Notification
      of Event of Default. 	24
      
	 	Section
      7.09. 	Issuer’s
      and Borrower’s Representatives. 	24
      
	 	 	  	  
	ARTICLE
    8 ASSIGNMENT
    OF FINANCING AGREEMENT; INDEMNIFICATION. 	25
      
	 	 	  	  
	 	Section
      8.01. 	Assignment
      of Financing Agreement 	25
      
	 	Section
      8.02. 	Release
      and Indemnification Covenants. 	25
      
	 	Section
      8.03. 	Issuer
      to Assign and Subordinate Interest to Trustee 	26
      
	 	 	  	  
	ARTICLE
    9 DEFAULTS
    AND REMEDIES. 	27
      
	 	 	  	  
	 	Section
      9.01. 	Events
      of Default Defined 	27
      
	 	Section
      9.02. 	Remedies
      	28
      
	 	Section
      9.03. 	No
      Remedy Exclusive 	28
      
	 	Section
      9.04. 	Agreement
      to Pay Attorneys’ Fees and Expenses 	28
      
	 	Section
      9.05. 	No
      Additional Waiver Implied by One Waiver. 	29
      
	 	Section
      9.06. 	Trustee
      May File Proof of Claim. 	29
      
	 	 	  	  
	ARTICLE
    10 PREPAYMENT
    OF THE LOAN 	30
      
	 	 	  	  
	 	Section
      10.01. 	Optional
      Prepayment of the Loan. 	30
      
	 	Section
      10.02. 	Mandatory
      Prepayment of the Loan 	30
      
	 	Section
      10.03. 	Prepayment
      Price. 	30
      
	 	Section
      10.04. 	Notice
      of Prepayment 	30
      
	 	Section
      10.05. 	Effect
      of Event of Default on Optional Prepayment 	31
      
	 	 	  	  
	ARTICLE
    11 BORROWER’S
    OPTIONS 	32
      
	 	 	  	  
	 	Section
      11.01. 	Direction
      of Investments 	32
      
	 	 	  	  
	ARTICLE
    12 MISCELLANEOUS.
    	33
      
	 	 	  	  
	 	Section
      12.01. 	Term
      of the Financing Agreement. 	33
      
	 	Section
      12.02. 	Notices.
      	33
      
	 	Section
      12.03. 	Binding
      Effect. 	33
      
	 	Section
      12.04. 	Severability.
      	34
      
	 	Section
      12.05. 	Amount
      Remaining in Debt Service Fund 	34
      

	#2 - Financing Agreement 	- ii - 	 

	 	Section
      12.06. 	Authority
      of Borrower’s Representative 	34
      
	 	Section
      12.07. 	Authority
      of Issuer’s Representative 	34
      
	 	Section
      12.08. 	Indemnity.
      	34
      
	 	Section
      12.09. 	Amendments.
      	34
      
	 	Section
      12.10. 	Execution
      in Counterparts 	35
      
	 	Section
      12.11. 	Governing
      Law. 	35
      
	 	Section
      12.12. 	Captions.
      	35
      
	 	Section
      12.13. 	No
      Pecuniary Liability of Issuer. 	35
      
	 	Section
      12.14. 	Counting
      of Days. 	35
      
	 	 	  	  
	ARTICLE
    13 DISCLOSURE OF INFORMATION.  	36
      
	 	 	  	  
	 	Section
      13.01. 	Disclosure
      of Information. 	36
      

	EXHIBIT
      A 	DESCRIPTION
      OF THE NICHOLS RANCH PROJECT 	A-1
      
	 	 	 
	EXHIBIT
      B 	FORM
      OF PROMISSORY NOTE. 	B-1
      
	 	 	 
	EXHIBIT
      C 	RECLAMATION
      PERFORMANCE BONDS 	C-1
      
	 	 	 
	EXHIBIT
      D 	FORM
      OF DISBURSEMENT REQUISITION 	D-1
      
	 	 	 
	EXHIBIT
      E 	PERMITTED
      ENCUMBRANCES. 	E-1
      
	 	 	 
	EXHIBIT
      F 	PRODUCT
      SALES CONTRACTS AND PROCESSING AGREEMENT 	F-1
      
	 	 	 
	EXHIBIT
      G 	PERMITS
      AND LICENSES FOR THE NICHOLS RANCH PROJECT 	G-1
      
	 	 	 
	EXHIBIT
      H 	LIENS
      TO BE PAID ON THE DATE OF CLOSING ON THE BOND 	H-1
      

      	#2 - Financing Agreement 	-iii - 	 

FINANCING AGREEMENT

            THIS
FINANCING AGREEMENT dated as of November 26, 2013 (the “Financing
Agreement”), by and between JOHNSON COUNTY, WYOMING (the “Issuer” or the
“County”), a political subdivision of the State of Wyoming (the “State”), and
URANERZ ENERGY CORPORATION, a Nevada corporation (the “Borrower”).

P R E F A C E

            All
capitalized terms used herein will have the meanings ascribed to them in ARTICLE
1 of this Financing Agreement. Terms not defined herein shall have the meanings
provided in the Indenture, the Mortgage, the Bond and the Note, in the priority
set forth. 

W I T N E S S E T H:

            WHEREAS,
the Issuer is authorized by the Act to finance one or more projects or parts
thereof in order to facilitate and promote the sound economic growth of the
State of Wyoming, and the development of natural resources and employment
opportunities for the citizens of the State by encouraging the expansion of all
kinds of business which contribute payrolls and tax base to the State, upon such
conditions as the governing body of the Issuer may deem advisable; and

            WHEREAS,
pursuant to the Act, the Issuer is authorized to issue revenue bonds for the
purposes of providing funds for the construction of the Nichols Ranch ISR
Processing Facility in order to produce U3O8 (yellowcake),
for sale to utilities within the United States and elsewhere and to pay the
Costs of Issuance; and

            WHEREAS,
in order to provide for the payment of the Project Costs, simultaneously
with the execution and delivery of this Financing Agreement, the Issuer and UMB
BANK, n.a. will execute and deliver an Indenture of Trust, dated as of the date
hereof, pursuant to which the Issuer will issue and sell its $20,000,000 Taxable
Industrial Development Revenue Bond (Uranerz Energy Corporation Project), Series
2013, and the Issuer will lend the proceeds thereof to the Borrower (the
“Loan”), all upon the terms and conditions of this Financing Agreement, for the
sole and exclusive purpose of financing the Nichols Ranch Project (as described
in EXHIBIT A attached hereto) and paying the Costs of Issuance, such Loan and
Borrower’s Obligations to be evidenced by that certain promissory note in the
principal amount of $20,000,000, dated as of the date of delivery of the Bond
and due on October 1, 2020, from the Borrower to the Issuer, issued pursuant to
this Financing Agreement and made payable to the Issuer, or registered assigns,
and endorsed and assigned by the Issuer to the Trustee and in substantially the
form attached hereto as EXHIBIT B; and

            WHEREAS,
the Bond shall be issued under and pursuant to the Indenture, pursuant to
which the Issuer shall pledge and assign to the Trustee certain rights of the
Issuer thereunder; and

            WHEREAS,
the State of Wyoming, acting by and through the Wyoming State Treasurer is
authorized to purchase the Bond, subject to the terms and conditions specified
under Wyo. Stat. § 9-4-715(m); and

            WHEREAS,
the Borrower will pledge and grant a security interest in, among other
things, the Collateral, the Mortgaged Property and all Loan Payments (as set
forth in ARTICLE 4 hereof) to the Trustee to secure the full and prompt payment
of the principal of and interest on the Bond;

	#2 - Financing Agreement 	- 1 - 	 

            NOW,
THEREFORE, the Issuer and the Borrower, each in consideration of the
representations, covenants and agreements of the other as set forth herein,
mutually represent, covenant and agree as follows:

ARTICLE 1
DEFINITIONS

           
Section 1.01.       
Definitions.

            “Act”
means the Industrial Development Projects Act, Title 15, Chapter 1,
Article 7, Wyo. Stat.

            “Additional
Charges” means those charges set forth in Section 4.03 of this Financing
Agreement.

            “Arkose
Mining Venture” means the contractual relationship of Borrower and
United Nuclear, LLC, a Wyoming limited liability company, under the Arkose
Mining Venture Agreement. 

            “Arkose
Mining Venture Agreement” means that certain agreement dated January 15,
2008, between the Borrower (81%) and United Nuclear, LLC, a Wyoming limited
liability company (19%), establishing the Arkose Mining Venture.

            “Assignment
of Product Sales Contracts and Processing Agreement” means that certain
Assignment of Product Sales Contracts and Processing Agreement, dated as of the
date of delivery of the Bond, by and between the Borrower and the Trustee.

            “Bond”
means the $20,000,000 Taxable Industrial Development Revenue Bond
(Uranerz Energy Corporation Project), Series 2013, dated as of the date of
delivery thereof, issued by Johnson County, Wyoming, pursuant to the
Indenture.

            “Bond
Purchase Agreement” means that certain agreement, to be dated as of the
date of delivery of the Bond, by and among the Issuer, the Borrower and the
Purchaser.

            “Bond
Resolution” means the resolution finally passed and adopted by the
Commissioners on November 12, 2013, authorizing the issuance of the Bond.

            “Borrower”
means Uranerz Energy Corporation, a Nevada corporation (including any permitted
successor under Section 7.05 of this Financing Agreement).

            “Borrower’s
Obligations” means all obligations of the Borrower to the Issuer,
the Trustee and the Purchaser, whether now existing or hereafter arising,
relating to or in connection with the financing of the Nichols Ranch Project
herein provided for, including, without limitation, Borrower's obligations,
representations, covenants and agreements under the Bond Purchase Agreement,
this Financing Agreement, the Indenture and the Security Documents.

            “Borrower’s
Representative” means the person (who may be an employee of the
Borrower) at the time designated to act on behalf of the Borrower by written
certificate furnished to the Issuer, the Trustee and the Purchaser containing
the specimen signature of such person and signed on behalf of the Borrower by
one of its officers. A certificate may designate an alternate or alternates.

            “Business
Day” means any day other than a Saturday, Sunday or holiday or a day (a)
on which banks located in the city in which the designated corporate trust
office of the Trustee is located are required or authorized to close for general banking
business or (b) on which the Federal Reserve System is closed.

	#2 - Financing Agreement 	- 2 - 	 

            “Certificate
of Completion” has the meaning set forth in Section 3.03 of this
Financing Agreement.

            “Closing
Date” means November 26, 2013, the date of execution and delivery of
this Financing Agreement and the Bond.

           
“Collateral” means the Collateral described and
defined in the Mortgage.

            “Commissioners”
means the Board of County Commissioners as the governing body of the
Issuer.

           
“Completion Date” means the date established pursuant
to Section 3.03 hereof.

            “Costs
of Issuance” means any and all costs and expenses incurred in connection
with the issuance, sale and delivery of the Bond, including, but not limited to
(i) all fees and expenses of the Issuer; (ii) all fees and expenses of legal
counsel, financial consultants, feasibility consultants and accountants
(including fees payable under the Bond Purchase Agreement pursuant to which the
Bond was sold); (iii) any agreed upon initial fee payable to the Trustee for
acting in such capacity in connection with the issuance, sale and delivery of
the Bond; and (iv) all other costs and expenses relating to the preparation,
printing, reproduction, execution, filing and recording, as the case may be, of
the Bond Purchase Agreement, the Indenture, this Financing Agreement, the
Security Documents and any other related documents entered into or prepared in
connection with the issuance, sale and delivery of the Bond and the financing of
the Nichols Ranch Project.

            “County”
means Johnson County, Wyoming (including any successor hereunder), a political
subdivision organized and existing under the laws of the State.

           
“Debt Service Fund” means the fund created by Section
5.03 of the Indenture.

            “Electronic
Means” or “electronic means” means telecopy, facsimile
transmission, e-mail transmission or other electronic means of communication
providing evidence of transmission.

            "Encumbrance"
includes any assignment, mortgage, charge, pledge, lien, hypothecation,
encumbrance, security interest or insurance securing or in effect securing any
obligation, conditional sale or title retention agreement, contractual deposit,
trust deposit, escrow arrangement or other preferential arrangement whatsoever,
howsoever created or arising, whether absolute or contingent, fixed or floating,
legal or equitable, perfected or not, and includes the rights of a lessor
pursuant to an operating lease, capitalized lease or sale leaseback arrangement,
any right of set-off and any guarantees or indemnities.

            “Environmental
Laws” means all federal, state, and local laws, statutes, rules,
regulations, orders, ordinances, legally enforceable requirements, or
requirements under the common law, now or hereafter in effect in any and all
jurisdictions where Borrower conducts business or operations, relating to the
protection of the environment or human health or safety including, without
limitation, the Wyoming Environmental Quality Act, the National Environmental
Policy Act (NEPA), the Endangered Species Act (ESA), the National Historic
Preservation Act (NHPA), the Atomic Energy Act, the Uranium Mill Tailings
Radiation Control Act, the Safe Drinking Water Act (SDWA), the Clean Water Act
and Federal Pollution Control Act, the Occupational Safety and Health Act (OSHA)
and all applicable laws and regulations issued by the Nuclear Regulatory Commission (NRC), the Wyoming
Department of Environmental Quality (WDEQ), the Bureau of Land Management (BLM),
the U.S. Environmental Protection Agency (EPA), the U.S. Department of
Transportation (DOT), and all other federal, state, and local governmental
authorities that regulate the mining, extraction, and processing of uranium,
including in-situ recovery operations, including all transportation operations
in conjunction therewith.

	#2 - Financing Agreement 	- 3 - 	 

            “Equipment”
has the meaning given such term in the Uniform Commercial Code and the
Mortgage, and includes every piece of equipment used in the operation of the
Nichols Ranch Project.

            “Event
of Default” means those defaults under this Financing Agreement and as
specified and defined by Section 9.01 hereof.

            “Financing
Agreement” means this Financing Agreement dated as of the Closing Date,
including any amendments or supplements hereto, by and between the Issuer and
the Borrower.

            “Fiscal
Year” means the fiscal year of the Borrower and shall be the annual
period ending each year on December 31.

            “Force
Majeure” means any one or more of the following: acts of God, strikes,
lockouts or other industrial disturbances; acts of public enemies; orders or
restraints of any kind of the government of the United States or of the State of
Wyoming or any other state or jurisdiction or any of their departments,
agencies, or officials, or any civil or military authority; insurrections;
riots; landslides; earthquakes; fires; storms; droughts, floods or other adverse
weather conditions; explosions; breakages or accident to machinery, transmission
pipes or canals; temporary inability to obtain supplies or materials or
governmental permits or licenses (other than licenses and permits necessary to
commence the Nichols Ranch Project); or any other cause or event not reasonably
within the control of the Borrower.

            “Goods”
has the meaning given such term in the Uniform Commercial Code and the
Mortgage.

            “Hazardous
Substances” means any hazardous substance, hazardous material, hazardous
waste, waste, pollutant, chemical contaminant, toxic chemical, or any other
material that is listed, regulated, or controlled under any Environmental Laws,
including any cleanup or remedial statute or regulation including the
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA),
42 U.S.C. § 9601 et seq., and the Resource Conservation and Recovery Act
(RCRA), 42 U.S.C. § 6901 et seq. The term “Hazardous Substances” also
includes any petroleum, crude oil, or fraction thereof, and any radioactive
material, including any source, special nuclear or by-product material as
defined in Environmental Laws, as well as any asbestos-containing material or
polychlorinated biphenyls.

            “Improvements”
means all buildings, structures, replacements, furnishings, fixtures,
fittings and other improvements and property of every kind and character now or
hereafter located or erected on the Lands, together with all building or
construction materials, equipment, appliances, machinery, plant equipment,
fittings, apparati, fixtures and other articles of any kind or nature whatsoever
now or hereafter found on, affixed to or attached to the Lands, including
(without limitation) all motors, boilers, engines and devices for the operation
of pumps, and all heating, electrical, lighting, power, plumbing, air
conditioning, refrigeration and ventilation equipment. The term “Improvements”
also includes every improvement set forth in the Mortgage and every improvement
on the Lands.

	#2 - Financing Agreement 	- 4 - 	 

            “Indenture”
means an Indenture of Trust dated the date hereof (including any amendments or
supplements thereto).

            “Interests
in Real Estate” means all of the Lands, mineral rights and Unpatented
Mining Claims currently owned, held or leased or to be acquired by the Borrower
with proceeds of the Loan and described in EXHIBIT A to the Mortgage.

           
“Inventory” has the meaning given such term in the Uniform
Commercial Code.

           
“Issuer” means the County.

            “Issuer’s
Representative” means the County Clerk, or any other person at the time
designated to act on behalf of the Issuer, as evidenced by a written certificate
furnished to the Trustee, the Borrower and the Purchaser containing the specimen
signature of such person and signed on behalf of the Issuer by the Chairman of
the Commissioners. A certificate may designate an alternate or alternates.

            “Lands”
means all lands and interests which are either described in EXHIBIT A of
the Mortgage or the description of which is incorporated in EXHIBIT A of the
Mortgage by reference to another instrument or document.

            “Leases”
means all rights of the Borrower under all leases, licenses, occupancy
agreements, concessions or other arrangements, whether written or oral, whether
now existing or entered into at any time hereafter, whereby any person agrees to
pay money or any consideration for the use, possession or occupancy of, or any
estate in, the Lands, the Nichols Ranch Project or any part thereof, and all
rents, income, profits, benefits, avails, advantages and claims against
guarantors under any thereof.

           
“Loan” means the loan made pursuant to ARTICLE 4 hereof.

            “Loan
Payments” means those amounts necessary to repay the Loan made hereunder
as provided in ARTICLE 4 hereof.

            “Loan
Payment Dates” means not later than the first Business Day of each
January, April, July and October, commencing January 1, 2014 through October 1,
2020, or such earlier date as the Principal Balance of the Note with interest
thereon shall have been paid in full.

            “Maturity
Date” means October 15, 2020, or such earlier date as the Principal
Balance of the Bond shall be due and payable.

            “Mortgage”
means the Mortgage, Assignment of Revenues, Security Agreement, Fixture
Filing and Financing Statement between Borrower and the Trustee, dated of even
date herewith, by which Borrower has mortgaged, assigned, and secured to the
Trustee, the Collateral and the Mortgaged Property.

           
“Mortgaged Property” means the Mortgagor’s interests subject to
the Mortgage.

            “Nichols
Ranch ISR Processing Facility” means the Johnson County, Wyoming, and
Campbell County, Wyoming, lands in the area shown on the plan attached to the
Mortgage as Schedule 1 and described on EXHIBIT A to the Mortgage.

            “Nichols
Ranch Project” means the acquisition, construction, development and
equipping of the Nichols Ranch ISR Processing Facility to extract uranium
located within Johnson County, Wyoming and Campbell County, Wyoming (as
described in EXHIBIT A attached hereto).

	#2 - Financing Agreement 	- 5 - 	 

            “Note”
means that certain promissory note in the principal amount of $20,000,000, dated
as of the date of delivery of the Bond and due on October 1, 2020, from the
Borrower to the Issuer, in the form attached hereto as EXHIBIT B.

            “Ore”
means all processed and unprocessed metallic and nonmetallic ore,
including uranium and uranium ore minerals, and all other minerals and
hydrocarbons located in, on or under all or any part of the Lands or otherwise
produced therefrom.

            “Permitted
Encumbrances” means the Encumbrances of the type referred to in EXHIBIT
E attached hereto.

            "Person"
means any individual, firm, partnership, company, corporation or other
body corporate, government, governmental body, agency, instrumentality,
unincorporated body or association and the heirs, executors, administrators or
other legal representatives of an individual.

            “Principal
Balance,” as it relates to the Bond, the Note or the Loan, means
$20,000,000 or so much thereof as remains unpaid thereon from time to time.

            “Processing
Agreement” means that certain “Processing Agreement for Uranium
Concentrates,” dated November 28, 2011, entered into between the Borrower and a
third party for the processing of uranium resins produced by the Borrower, as
more fully described in EXHIBIT F attached hereto.

            “Product
Sales Contracts” means those contracts between the Borrower and third
parties for the sale and purchase of Ore, which contracts are listed in EXHIBIT
F attached hereto.

           
“Project” means the Nichols Ranch Project.

            “Project
Costs” means any and all costs, expenses, fees and charges paid or
incurred in connection with the completion of the Nichols Ranch Project and the
issuance of the Bond, including:

           
A.        all Costs of Issuance and
Administration Expenses;

            B.       
all advances, payments and expenditures in connection with the preparation of
plans and specifications for the Nichols Ranch Project (including any
preliminary study or planning of the Nichols Ranch Project or any aspect
thereof);

            C.       
all costs and fees for architectural, engineering, environmental, consulting,
testing, design, appraisal, legal, accounting, financial, statistical and other
technical and supervisory services necessary or incident to the acquisition,
construction, development and equipping of the Nichols Ranch Project (including,
without limitation, the costs of all licenses and permits employed or obtained
in connection therewith);

            D.       
all costs incurred in connection with the acquisition and installation of
Equipment, machinery or furnishings included within or constituting a part of
the Nichols Ranch Project;

            E.       
payment or reimbursement for labor, services, materials, Equipment and supplies
(including, without limitation, water, electricity, transportation and utility
services) used, furnished or installed in the acquisition, construction,
development and equipping of the Nichols Ranch Project, and payment of amounts
due under contracts for the acquisition, construction, development and equipping
of the Nichols Ranch Project;

	#2 - Financing Agreement 	- 6 - 	 

            F.       
to the extent not paid by any contractor or subcontractor engaged to construct
or install any part of the Nichols Ranch Project, payment of premiums on all
insurance required to be taken out and maintained with respect to construction
prior to the Completion Date;

            G.       
all expenses incurred in seeking to enforce any remedy against any contractor,
subcontractor or other Person in respect of any default under a contract or
other liability or obligation relating to the Nichols Ranch Project;

            H.       
payment of taxes, assessments and other charges, if any, that may become payable
prior to the Completion Date with respect to the Nichols Ranch Project;

            I.       
all interest and financing fees accruing on money borrowed or to be borrowed by
the Borrower for financing of Project Costs during acquisition, construction,
development and equipping of the Nichols Ranch Project;

            J.       
without limitation by the foregoing, all other expenses which constitute
necessary capital expenditures for the completion of the Nichols Ranch Project
authorized by the Act and Wyo. Stat. 9-4-715(m) to be paid from the proceeds of
the Bond; and

            K.       
reimbursement for all advances, payments and expenditures made or to be made by
the Borrower, the Issuer, and any other Person with respect to any of the
foregoing expenses.

            “Purchaser”
means the State of Wyoming acting by and through the Wyoming State
Treasurer.

            “Release
Price” means the amount necessary to redeem or cause a portion of the
Principal Balance of the Bond to be “deemed paid” within the meaning of Section
5.06 of this Financing Agreement and Section 3.02 of the Indenture in a
principal amount authorized by the Purchaser of the Bond.

            “Security
Documents” means the Mortgage, the Assignment of Product Sales Contracts
and Processing Agreement and any other instruments or documents securing the
Borrower’s Obligations.

           
“State” means the State of Wyoming.

            “State
Treasurer” or “Wyoming State Treasurer” means the duly elected and
qualified Treasurer of the State of Wyoming.

            “Term
of the Financing Agreement” or “Term” means the term of
this Financing Agreement as specified in Section 12.01 hereof.

            “Trustee”
means UMB BANK, n.a., a national banking association duly organized and
validly existing under the laws of the United States (including any successor
trustee or co-trustee hereunder).

            “United
Nuclear” means United Nuclear, LLC, a Wyoming limited liability company,
the address of which is 120 South Durbin, Casper, Wyoming 82601.

	#2 - Financing Agreement 	- 7 - 	 

            “Unpatented
Mining Claims” means the locations and appropriations of tracts of
federal public lands containing a valuable mineral deposit. “Unpatented Mining
Claims” shall include all rights incident thereto as recognized under Applicable
Law relating to mining and shall include any and all appurtenant rights
established by or accruing to the owner thereof, including, to the extent
applicable to any individual Unpatented Mining Claim, the right of access, use
of water and the right to conduct mineral exploration, development and
exploitation activities.

           
“WBC” means the Wyoming Business Council.

           
Section 1.02.       
Rules of Interpretation.

            (1)       
This Financing Agreement shall be interpreted in accordance with and governed by
the laws of the State of Wyoming.

            (2)       
The words “herein,” “hereof,” and “hereunder” and words of similar import,
without reference to any particular article, section or subdivision, refer to
this Financing Agreement as a whole rather than to any particular article,
section or subdivision hereof.

            (3)       
References in this instrument to any particular article, section or subdivision
hereof are to the designated article, section or subdivision of this instrument
as originally executed.

            (4)       
Any terms not defined herein but defined in the Bond Purchase Agreement, the
Indenture, the Security Documents or other related documents shall have the same
meaning herein unless the context hereof requires otherwise.

            (5)       
The Table of Contents and titles of articles and sections herein are for
convenience only and are not a part of this Financing Agreement.

            (6)       
Unless the context hereof clearly requires otherwise, the singular shall include
the plural and vice versa and the masculine shall include the feminine and vice
versa.

            (7)       
Unless the context hereof clearly requires otherwise, “or” is not exclusive, but
is intended to permit or encompass one or more or all of the alternatives
combined.

            (8)       
All accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles, and all
computations provided for herein shall be made in accordance with generally
accepted accounting principles.

            Section
1.03.        Limitation on
Issuer Liability. No agreements or provisions contained in this
Financing Agreement nor any agreement, covenant or undertaking by the Issuer
contained in any document executed by the Issuer in connection with the Project
shall give rise to any pecuniary liability of the Issuer or a charge against its
general credit or taxing powers, or shall obligate the Issuer financially in any
way except with respect to the Project and the application of revenues therefrom
and the proceeds of the Bond. No failure of the Issuer to comply with any term,
condition, covenant or agreement herein shall subject the Issuer to liability
for any claim for damages, costs or other financial or pecuniary charge except
to the extent that the same can be paid or recovered from the Project or
revenues therefrom or proceeds of the Bond; and no execution on any claim,
demand, cause of action or judgment shall be levied upon or collected from the
general credit, general funds or taxing powers of the Issuer. Nothing herein
shall preclude a proper party in interest from seeking and obtaining specific
performance against the Issuer for any failure to comply with any term,
conditions, covenant or agreement herein; provided, that no costs, expenses or
other monetary relief shall be recoverable from the Issuer except as may be
payable from the Project or its revenues.

	#2 - Financing Agreement 	- 8 - 	 

            Section
1.04.        Sovereign
Immunity. The Issuer, the State of Wyoming, the Wyoming State Loan and
Investment Board and the Treasurer do not waive sovereign immunity by entering
into this Financing Agreement and specifically retain immunity and all defenses
available to them as sovereigns pursuant to Wyo. Stat. § 1-39-104(a) and all
other State law.

            Section
1.05.        Exhibits.
The following Exhibits are attached to and by reference made a part of
this Financing Agreement:

	 	(1) 	
      EXHIBIT A: Description of the Nichols Ranch
  Project

	 	(2) 	
      EXHIBIT B: Form of the Promissory Note

	 	(3) 	
      EXHIBIT C: Reclamation Performance Bonds

	 	(4) 	
      EXHIBIT D: Form of Disbursement Requisition

	 	(5) 	
      EXHIBIT E: Permitted Encumbrances

	 	(6) 	
      EXHIBIT F: Product Sales Contracts and Processing
      Agreement

	 	(7) 	
      EXHIBIT G: Permits and Licenses for the Nichols Ranch
      Project

	 	(8) 	
      EXHIBIT H: Liens to Be Paid on the Date of Closing on the
      Bond

* * * * * * * * * * 

	#2 - Financing Agreement 	- 9 - 	 

ARTICLE 2
REPRESENTATIONS AND COVENANTS

            Section
2.01.        Representations
and Covenants of the Issuer. The Issuer makes the following
representations as the basis for its covenants herein:

            (1)       
The Issuer is a body corporate and politic and public instrumentality duly
organized and validly existing as such under the laws of the State of Wyoming.
Under the provisions of the Act, the Issuer is authorized to enter into the Bond
Purchase Agreement, the Indenture and this Financing Agreement and to carry out
its obligations thereunder and hereunder. The Issuer has duly authorized the
execution and delivery of the Bond Purchase Agreement, the Indenture and this
Financing Agreement.

            (2)       
The Issuer will not pledge any of its rights under this Financing Agreement
other than for purposes of transferring and/or assigning its rights and interest
to the Trustee as contemplated by the Bond Purchase Agreement, the Indenture and
the Security Documents. 

            (3)       
The Bond will be issued, mature, bear interest, be redeemable and have other
terms and provisions as provided for in the Bond Purchase Agreement, the
Indenture and the Bond.

            (4)       
The acquisition, construction, development and equipping of the Project, the
issuance and sale of the Bond, the execution and delivery of this Financing
Agreement, and the performance of all covenants and agreements of the Issuer
contained in the Bond, this Financing Agreement, the Bond Purchase Agreement and
the Indenture, as well as the performance of all other acts and things required
under the constitution and laws of the State of Wyoming to make the Bond, the
Financing Agreement, the Bond Purchase Agreement and the Indenture valid and
binding obligations of the Issuer in accordance with their terms are authorized
by the Act and have been duly authorized by a Bond Resolution of the Issuer
finally passed and adopted on November 12, 2013, by the affirmative vote of not
less than a majority of the Commissioners.

            (5)       
The Issuer has not made, done, executed or suffered, and it warrants that it
will not make, do, execute or suffer any act or thing whereby its interest in
any property now or hereafter included in the Project, shall or may be impaired,
charged or encumbered in any manner whatsoever except as expressly permitted by
the terms of this Financing Agreement, the Bond Purchase Agreement and the
Indenture.

            (6)       
To finance the Project, as presently estimated, in anticipation of the
collection of the revenues thereof, the Issuer has duly authorized the Bond in
the principal amount of $20,000,000 to be issued upon the terms set forth in the
Bond Resolution, under the provisions of which the Issuer has agreed to assign
its interest in this Financing Agreement and the payments hereunder and its
interest in the Project to the Trustee as security for the payment of the
principal of and interest on the Bond.

            Section
2.02.        Representations
and Covenants of the Borrower. The Borrower makes the following
representations as the basis for its covenants herein:

            (1)       
The Borrower (i) is a Nevada corporation, validly existing and in good standing
under the laws of the State of Nevada, (ii) is qualified to do business in the
State of Wyoming, and (iii) is either qualified to do business and is in good
standing in each jurisdiction where the ownership of its properties or the
conduct of its business requires such qualification or is subject to no material
liability or disability by reason of the failure to be so qualified in any such
jurisdiction.

	#2 - Financing Agreement 	- 10 - 	 

            (2)       
The Borrower, a uranium company principally focused on commercial in-situ
recovery (ISR) uranium production of its properties in the Powder River
Basin area of Wyoming, operates in two segments: Arkose Mining Venture and the
Corporation’s remaining operations. 

            The
Arkose Mining Venture was formed pursuant to the Arkose Mining Venture
Agreement. United Nuclear (19% participating interest) and the Borrower (81%
participating interest) are the participants in the Arkose Mining Venture
(collectively the “Participants”) and the Borrower is the Manager. United
Nuclear and the Borrower both own or control certain properties in Campbell and
Johnson Counties, State of Wyoming. Pursuant to Section 3.4 of the Arkose Mining
Venture Agreement, title to the Assets (as defined therein) of the Arkose Mining
Venture is held in the name of the Borrower, beneficially on behalf of each
Participant, as their participating interests are determined pursuant to the
Arkose Mining Venture Agreement.

            The
Borrower is currently constructing its Nichols Ranch Project, as described in
EXHIBIT A hereto. Arkose Mining Venture Unpatented Mining Claims (in the name of
the Borrower) and the Borrower’s Unpatented Mining Claims relating to the
Nichols Ranch Project, located in Johnson County, Wyoming, and Campbell County,
Wyoming, are set forth in EXHIBIT A of the Mortgage.

            (3)       
Borrower is in full compliance with applicable Environmental Laws and Borrower
has obtained all permits, licenses, mining claims, leases, surface rights,
agreements, and approvals from federal, state, and local authorities as
necessary (as listed in EXHIBIT G hereto) for the operations of the Project and
for the mining, extraction, processing and transportation of uranium and all
Hazardous Substances related to the Project.

            (4)       
There are no citations, notices of violation, investigations, or inquiries, by
any governmental authority, nor any pending or threatened claims, demands,
actions, administrative proceedings or lawsuits arising under any Environmental
Laws (collectively “Environmental Actions”) against the Borrower and if such
Environmental Actions arise the Borrower shall provide notice to the Issuer,
Trustee and Purchaser within five (5) Business Days of receipt of any such
Environmental Actions.

            (5)       
To the Borrower’s knowledge, there are no environmental conditions existing on
any of Borrower’s mining, extraction, or processing properties or where the
Borrower conducts operations, including the Project, that would give rise to any
onsite or off-site remedial or cleanup obligations and there has been no release
of Hazardous Substances on any such property.

            (6)       
All reclamation performance bonds required by the State of Wyoming, Department
of Environmental Quality and all other necessary agencies and governmental
authorities, for the Nichols Ranch Project have been obtained and copies of all
documentation relating thereto are attached to this Financing Agreement as
EXHIBIT C.

            (7)       
The Borrower is in full compliance with all financial assurance and asset
retirement obligations for mine reclamation, remediation, and cleanup
activities. Further, Borrower represents that the reclamation performance bonds
and related financial assurance bonds it has secured are in the amounts required
by the governing regulatory authorities and sufficient to cover all costs of
reclamation, remediation, and cleanup. Borrower also represents that its
reclamation performance bonds and financial assurance bonds are reviewed
annually to ensure the amounts and terms thereof are acceptable to the governing
regulatory authorities.

	#2 - Financing Agreement 	- 11 - 	 

            (8)       
The Borrower has full power to enter into and perform its obligations under this
Financing Agreement, the Bond Purchase Agreement, the Security Documents and all
other documents contemplated hereby or executed pursuant hereto. The execution
and delivery of this Financing Agreement, the Bond Purchase Agreement, the
Security Documents and all other documents contemplated hereby or executed
pursuant hereto and the performance and observance of their terms, conditions
and obligations have been duly authorized by all necessary action on the part of
Borrower. This Financing Agreement, the Bond Purchase Agreement and the Security
Documents, and any other agreement required hereby will constitute, when duly
executed and delivered by Borrower to the Issuer, the Trustee or the Purchaser,
valid and binding obligations of Borrower enforceable in accordance with their
terms, except as enforceability thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and the application of general principles of equity.

            (9)       
The execution and delivery of this Financing Agreement, the Bond Purchase
Agreement and the Security Documents and the consummation of all the
transactions contemplated hereby and thereby, do not and will not conflict with,
or be in contravention of, any law, order, rule or regulation applicable to
Borrower or any agreement or instrument to which Borrower is a party or by which
the Project is bound or affected, and will not result in the creation of any
lien, charge or encumbrance of any nature upon the Project other than that
contemplated hereby.

            (10)       
Any financial statements of Borrower, or any consolidated financial statements
of which Borrower is a subsidiary, heretofore delivered to Issuer or the
Purchaser are accurate and complete in all respects, have been prepared in
accordance with generally accepted accounting principles, fairly represent the
financial condition of Borrower, as of the respective dates of such financial
statements and no material adverse change has occurred in the conditions
reflected therein since their respective dates. No additional material
obligations other than those contemplated by this Financing Agreement have been
entered into by Borrower since the date of its financial statements, other than
as disclosed to Issuer and the Purchaser in writing.

            (11)       
All information furnished in any document required to be furnished by Borrower
under or in connection with the Bond, this Financing Agreement and the Bond
Purchase Agreement is accurate and complete in all respects.

            (12)       
The Borrower hereby represents and warrants to the Issuer and the Purchaser that
there is no material action, suit, legal proceeding, administrative action or
other proceeding pending or threatened (or, to the best knowledge of Borrower,
any basis therefor) against Borrower or affecting the properties or assets of
Borrower, including any matters relating to or arising under any Environmental
Laws in any court or before any arbitrator of any kind or before or by any
governmental body. Borrower is not in default with respect to any order of any
court, arbitrator or governmental body, and Borrower is not subject to or a
party to any order of any court or governmental body arising out of any action,
suit or proceeding under any statute or other law respecting antitrust,
monopoly, restraint of trade, unfair competition or similar matters. For the
purposes of this subsection, the term “governmental body” includes any federal,
state, municipal or other governmental department, commission, board, bureau,
agency or instrumentality, domestic or foreign, and the term “order” includes
any order, writ, injunction, decree, judgment, award, determination, direction
or demand.

            (13)       
Borrower (on behalf of itself and as Manager for the Arkose Mining Venture) has
filed all federal, state and local tax returns which are required to be filed
and has paid all taxes shown on such returns and on all assessment notices
received by it to the extent that such taxes and assessments have become due,
except to the extent the same are being contested in good faith in appropriate
proceedings, have been disclosed in writing to the Issuer and the Purchaser, and
for which adequate reserves have been provided. All federal and state income
taxes and all other taxes and assessments of any nature with respect to which
Borrower (on behalf of itself and as Manager for the Arkose Mining Venture) is
obligated have been paid or adequate accruals have been set up therefor.

	#2 - Financing Agreement 	- 12 - 	 

            (14)       
Other than Collateral that is subject to liens, Encumbrances or mortgages that
will be paid on the date of Closing from proceeds of the Bond, Interests in Real
Estate described in the Security Documents and related documents are (or will
be, with respect to Collateral hereafter acquired) vested solely in Borrower,
free and clear of all liens, encumbrances and other claims whatsoever, except as
granted by the Security Documents or as have been approved in writing by Issuer
and the Purchaser. Other than as disclosed to the Issuer and the Purchaser in
EXHIBIT H attached hereto, as it relates to the liens that Borrower will be
paying on the date of Closing with the proceeds of the Bond, Borrower has made
no contract or arrangement of any kind, the performance of which contract or
arrangement by another party does or could give rise to a lien on the
Project.

            (15)       
Borrower has not received any other financing for any purpose secured by the
Project or any other Collateral securing the Loan, the security for which is
superior to that for the Loan.

            (16)       
After the date of this Financing Agreement, Borrower shall not enter into any
financing arrangement for any purpose secured by the Project or any other
Collateral securing the Loan without the written approval of the Purchaser.

            (17)       
There is no default on the part of Borrower under this Financing Agreement or
any document executed by Borrower in connection herewith and no event has
occurred which with notice or the passage of time or both would constitute a
default hereunder or under any such document.

            (18)       
The Issuer has not made any representations, either express or implied, that the
Project will be suitable to the needs of the Borrower and the Borrower
recognizes that under the Act the Issuer is not authorized to expend any funds
on the Project other than the revenues received by it therefrom or the proceeds
of the Bond, or other funds granted to it for purposes contemplated in the
Act.

            (19)       
To the best knowledge of the Borrower (i) no officer or member of the Issuer has
either a direct or indirect financial interest in or will personally benefit
financially from this Financing Agreement, the Bond Purchase Agreement, the
Security Documents, the Bond or the Project or any contract, agreement or job
hereby contemplated to be entered into or hereby undertaken, (ii) no official or
employee of the Issuer has any personal interest, direct or indirect, in this
Financing Agreement, and (iii) the Borrower has not paid or given any official
or employee of the Issuer, any money or other consideration for obtaining this
Financing Agreement.

            Section
2.03.        Purchaser May
Rely on Representations. The Issuer and the Borrower agree that the
representations contained in this ARTICLE 2 are for the use and benefit of the
Purchaser, and the Purchaser shall be entitled to rely thereon.

* * * * * * * * * *

	#2 - Financing Agreement 	- 13 - 	 

ARTICLE 3
THE PROJECT; COLLATERAL; ISSUANCE OF THE
BOND;
APPLICATION OF BOND PROCEEDS; COMPLETION OF
THE
PROJECT

           
Section 3.01.       
The Project; Collateral.

            (1)       
Borrower covenants and warrants that it has and will continue to acquire,
construct, develop and equip the Project in accordance with the provisions of
its Application for Industrial Development Bonds submitted to the WBC.

            (2)       
Borrower has advanced at least twenty-five percent (25%) of the total cost of
the Project, as required by Wyo. Stat. § 9-4-715(m).

            (3)       
Subject to the terms of this Financing Agreement, the Bond Purchase Agreement,
the Indenture, the Security Documents and the Arkose Mining Venture Agreement,
the Collateral and the Mortgaged Property (other than the Arkose Mining Venture
property set forth in EXHIBIT A of the Mortgage) securing the Bond shall be the
sole and exclusive property of, and title thereto shall continue to be vested
in, the Borrower.

            (4)       
Borrower will not dispose of or remove or permit the disposal or removal of any
portion of the Project or the Collateral except in accordance with the
provisions of this Section:

            (a)       
In any instance where the Borrower in its sound discretion determines that any
portion of the Project or the Collateral has become inadequate, obsolete, worn
out, unsuitable, undesirable or unnecessary for the operation of the Project or
security for the Bond, the Borrower may, at its expense, dispose, or remove and
dispose of a part of the Project or the Collateral and substitute or install
other items of machinery, Equipment or other personal property, not necessarily
having the same function, provided that such removal and substitution shall not
impair the operating utility and unity of the Project or the security for the
Bond. All substituted items shall be acquired or installed free and clear of all
liens or encumbrances, and shall become part of the Project and the Collateral
and be subject to the Security Documents.

            (b)       
Upon the written approval of the Purchaser, the Borrower may also enter into
leases for real property related to the Project and include within the Project
any improvements thereon that are owned by the Borrower.

            (c)       
The Borrower will obtain the written consent of the Purchaser, will cooperate
with the Trustee and the Purchaser and will pay all costs, including reasonable
counsel fees, incurred in subjecting to the lien of the Security Documents all
items of property or leasehold interests so substituted and the Issuer, the
Trustee and the Purchaser will cooperate with the Borrower in securing, if
necessary, release of property for which the substitution is made under the
Security Documents and in providing such documents as may be required to
facilitate the removal or substitution.

            (d)       
Prior to the abandonment, disposition or release of part of the Interests in
Real Estate, including Unpatented Mining Claims, which form part of the
Collateral, the Borrower shall report to the Trustee and the Purchaser, by
Borrower’s certificate, a description of the Interests in Real Estate to be
abandoned or disposed of, the reasons for such abandonment or disposal,
including the proposed value of such Collateral and obtain prior written
consent of Purchaser before abandoning or disposing of such Interests
in Real Estate. If Borrower or any affiliated entity should reacquire any of the
Interests in Real Estate during the term of the Loan, such reacquired Unpatented
Mining Claims shall become Collateral and subject to the lien of the Security
Documents.

	#2 - Financing Agreement 	- 14 - 	 

            (e)       
Subject to the provisions of subsections (a) and (d), in the case of the
disposition of any part of the Collateral, the Borrower shall report to the
Trustee and the Purchaser, by Borrower’s certificate, a description of the
Collateral to be disposed of and the proposed value of such Collateral. If the
Purchaser does not agree with the amount that the Borrower proposes to receive
from such disposition, the Purchaser may engage a consultant, at the Borrower’s
expense, to obtain verification of value. Upon disposal of part of the Project
or Collateral as described in subsections (a) and (d) above, and provided the
operating utility and unity of the Project are not impaired, the Borrower may
decide not to make any substitution and installation of other items of property;
provided, however, in the case of the sale, trade-in or other disposition of
part of the Project or Collateral for which no substitution is to be made, the
Borrower shall pay to the Trustee for deposit in the Debt Service Fund the sale
proceeds, the credit received upon trade-in, or an amount equal to the value of
the part of the Project or Collateral (in the case of another disposition) as
determined by the Borrower (or the consultant, as the case may be). Nothing in
this Section 3.01 is intended or shall be deemed to qualify or otherwise limit
the Borrower*s Obligations under Section 4.02 hereof. Nothing contained in this
Section shall relieve the Borrower from making all Loan Payments payable as
provided in this Agreement.

            Section
3.02.        Issuance of the
Bond; Application of Bond Proceeds. The Issuer shall make the Loan to
Borrower from the proceeds of the Bond, which Issuer shall sell and cause to be
delivered to the Purchaser in accordance with the Bond Purchase Agreement and
the Indenture. The Borrower hereby approves the issuance of the Bond and all
terms and conditions of the Bond, the Bond Purchase Agreement, the Indenture and
the Security Documents.

            Issuer
shall cause the proceeds of the Bond to be expended and deposited by the Trustee
as follows:

$20,000,000 shall be deposited into the Project Fund. All Bond
proceeds deposited in the Project Fund shall be available for the payment of
Project Costs upon receipt by the Trustee of a completed Disbursement
Requisition in the form set forth in EXHIBIT D hereto. Borrower shall obtain
from the Purchaser the written approval of the disbursements prior to the
submission of the form to the Trustee for payment.

            For
purposes of complying with the requirements of this Section, the Trustee may
conclusively rely and shall be protected in acting or refraining from acting
upon the certified requisition of the Borrower, as approved by the Purchaser.
The Trustee shall not be bound to make any investigation into the facts or
matters stated in any certificate or requisition. The Trustee shall not be
responsible for determining whether the funds on hand in the Project Fund are
sufficient to complete the acquisition, construction, development or equipping
of the Project. The Trustee shall not be responsible to collect lien waivers,
and it is acknowledged that the Trustee has no responsibility to verify or
confirm that any lien waivers attached by the Borrower on any requisition are
accurate or complete.

	#2 - Financing Agreement 	- 15 - 	 

            Section
3.03.        Certificate of
Completion. The Completion Date for the Project shall be the date on
which acquisition, construction, development and equipping of the Project have
been completed substantially in accordance with the plans and specifications
therefor, as determined by the Borrower and as set forth in the certificate
furnished by the Borrower to the Trustee in accordance with this Section 3.03.
As soon as reasonably practicable after completion of acquisition, construction,
development and equipping of the Project, and in any event not more than ninety
(90) days thereafter, the Borrower shall furnish to the Trustee a Borrower’s
Representative certificate (the “Certificate of Completion”) (i) stating that
the Borrower has determined that the acquisition, construction, development and
equipping of all portions of the Project have been completed substantially in
accordance with the plans and specifications therefor as of the Completion Date
specified in such Certificate; and (ii) stating that, except for any amounts
that are subject to a bona fide dispute, all Project Costs have been paid. Such
Certificate of Completion may state that it is given without prejudice to any
rights against third parties which exist at the date thereof or which may
subsequently come into being.

            If
on the Completion Date there are Bond proceeds which exceed funds required to
pay Project Costs, such excess Bond proceeds shall be transferred by the Trustee
to the Debt Service Fund to be applied toward payment of principal amounts due
on the Bond.

* * * * * * * * * *

	#2 - Financing Agreement 	- 16 - 	 

ARTICLE 4
LOAN PROVISIONS

            Section
4.01.        The
Loan. The Issuer agrees, upon the terms and conditions herein
specified, to lend to the Borrower the proceeds received by the Issuer from the
sale of the Bond, by causing such proceeds to be deposited with the Trustee for
disposition as provided herein and in the Indenture; and the obligation of the
Issuer to make the Loan shall be deemed fully discharged upon so depositing the
proceeds of the Bond with the Trustee.

            Section
4.02.        Loan
Payments. Subject to the Borrower’s right of prepayment granted in
Section 10.01, the Borrower agrees to repay the Loan in installments of Loan
Payments as follows:

            (1)       
During the Term of the Financing Agreement, the Borrower shall make Loan
Payments in immediately available funds as follows:

	(a) 	
      Interest only on the Loan shall be paid in arrears in
      quarterly installments not later than the first Business Day of January
      2014, April 2014, July 2014 and October 2014.

	 	 
	(b) 	
      Principal and interest on the Loan shall be fully
      amortized over six (6) years and paid in quarterly installments not later
      than the first Business Day of each January, April, July and October,
      commencing January 1, 2015 through October 1, 2020, or such earlier date
      as the Principal Balance thereof with interest thereon shall have been
      paid in full.

            (2)       
In any event the sum of the Loan Payments payable under this Section shall be
sufficient to pay all principal and interest on the Bond as such principal and
interest become due, on the Maturity Date, upon redemption, acceleration or
otherwise; and accordingly if on the Business Day immediately preceding any Loan
Payment Dates or Maturity Date the balance in the Debt Service Fund is not
sufficient for this purpose, the Borrower will make a Loan Payment to cure the
deficiency.

            (3)       
All Loan Payments shall be made directly to the Trustee at its designated
corporate trust office in Denver, Colorado, for the account of the Issuer, and
shall be deposited by the Trustee in the Debt Service Fund. In the event the
Borrower should fail to make any of the payments required in this Section 4.02,
the item so in default shall continue as an obligation of the Borrower until the
amount in default shall have been fully paid, and the Borrower agrees to pay the
same with interest thereon (including to the extent permitted by law, interest
on overdue installments of interest) at the rate borne by the Bond.

            (4)       
Sums set aside in the Debt Service Fund to prepay a portion of the Principal
Balance of the Bond shall be deemed available as a credit against Loan Payments
required to be made hereunder.

           
(5)        Loan Payments shall be made in the
form of wire transfer.

            (6)       
On December 1 of each year, commencing December 1, 2013, the Trustee shall
provide the Borrower a schedule of the Loan Payment amounts for the next
calendar year.

            Section
4.03.        Additional
Charges. The Borrower agrees to pay, when due, each and all of the
following:

            (1)       
to or upon the order of the Trustee, when due, all fees and expenses of the
Trustee for services rendered under the Indenture and all fees and charges of
legal counsel, accountants, public agencies and others incurred in the
performance, on request of the Trustee, of services required under the Indenture for which the Trustee and such
other persons are entitled to payment or reimbursement; provided that the
Borrower may, without creating a default hereunder, contest in good faith the
necessity or reasonableness of any such services, fees or expenses other than
the Trustee's fees for ordinary services as set forth in the Indenture and any
fees or charges of public agencies;

	#2 - Financing Agreement 	- 17 - 	 

            (2)       
to the Issuer, all reasonable expenses directly incurred by the Issuer to
perform its obligations or exercise its rights under this Financing Agreement,
and all other reasonable expenses incurred by the Issuer in relation to the
Project which are not otherwise required to be paid by the Borrower under the
terms of this Financing Agreement;

            (3)       
to the Purchaser, all reasonable expenses directly incurred by the Purchaser to
perform its obligations or exercise its rights under this Financing Agreement,
and all other reasonable expenses incurred by the Purchaser in relation to the
Project which are not otherwise required to be paid by the Borrower under the
terms of this Financing Agreement;

            4)       
to the Trustee or the Purchaser the amount of all advances made by the Trustee
or the Purchaser, with interest thereon, as provided in Section 5.04 of this
Financing Agreement; and

            (5)       
to the Issuer, the Trustee or the Purchaser, as the case may be, interest at a
rate per annum equal to eighteen percentum (18.00%), on each payment commencing
on the date when due and required in this Section to be made to the Issuer, the
Trustee or the Purchaser, if not made when due and if not advanced by the
Trustee under the Indenture or the Security Documents.

            Section
4.04.        Borrower’s
Obligations Unconditional. All Loan Payments, Additional Charges and
all other payments required of the Borrower hereunder shall be paid without
notice or demand and without setoff, counterclaim, or defense for any reason and
without abatement or deduction or defense (except as provided in Section 7.04).
The Borrower will not suspend or discontinue any such payments, and will perform
and observe all of its other agreements in this Financing Agreement, and will
not terminate this Financing Agreement for any cause, including but not limited
to any acts or circumstances that may constitute failure of consideration,
destruction or damage to the Collateral, the Mortgaged Property or the
Borrower’s business, the taking of the Mortgaged Property or the Borrower’s
business by condemnation or otherwise, the lawful prohibition of the Borrower’s
use of the Project, or Borrower’s business, the interference with such use by
any private person or corporation, the invalidity or unenforceability or lack of
due authorization or other infirmity of this Financing Agreement, or lack of
right, power or authority of the Issuer to enter into this Financing Agreement,
eviction by paramount title, commercial frustration of purpose, bankruptcy or
insolvency of the Issuer or the Trustee, change in the laws or administrative
rulings or actions of the United States of America or of the State or any
political subdivision thereof, or failure of the Issuer to perform and observe
any agreement, whether express or implied or any duty, liability or obligation
arising out of or connected with this Financing Agreement, or for any other
cause whether similar or dissimilar to the foregoing, any present or future law
to the contrary notwithstanding, it being the intention of the parties hereto
that the Loan Payments and other amounts payable by the Borrower hereunder shall
be paid in full when due without any delay or diminution whatever.

	#2 - Financing Agreement 	- 18 - 	 

            Section
4.05.        Borrower’s
Remedies. Nothing contained in this ARTICLE shall be construed to
release the Issuer from the performance of any of its agreements herein, and if
the Issuer should fail to perform any such agreements, the Borrower may
institute such action against the Issuer as the Borrower may deem necessary to
compel the performance so long as such action shall not violate the Borrower’s
agreements in Section 4.04 or diminish or delay the amounts required to be paid
by the Borrower pursuant to Section 4.02 of this FinancingAgreement. The Borrower acknowledges however and agrees that
any pecuniary obligation of the Issuer created by or arising out of this
Financing Agreement shall be payable solely out of the proceeds derived from
this Financing Agreement, the sale of the Bond, any insurance and condemnation
awards received pursuant to the Mortgage or upon the sale or other disposition
of the Collateral and the Mortgaged Property upon a default by the Borrower or
otherwise.

* * * * * * * * * *

	#2 - Financing Agreement 	- 19 - 	 

ARTICLE 5
PROJECT, COLLATERAL AND MORTGAGED
PROPERTY COVENANTS

            Section
5.01.        Possession of
the Project, Collateral and Mortgaged Property. The Issuer acknowledges
that as between the Issuer and the Borrower, the Borrower is entitled to sole
and exclusive possession of the Project, the Collateral and the Mortgaged
Property.

            Section
5.02.        Operation and
Maintenance. The Borrower shall pay all expenses of the operation and
maintenance of the Project, the Collateral and the Mortgaged Property including,
but without limitation, adequate insurance thereon in such amounts and with such
deductible provisions as set forth in the Mortgage and approved by the
Purchaser, and as are customarily carried in connection with the operation of an
in-situ uranium mining operation and business and related facilities of
the type and size comparable to the Project, the Collateral and the Mortgaged
Property, and insurance against all liability for injury to persons or property
arising from the operation thereof as set forth in the Mortgage and approved by
the Purchaser, and all taxes and special assessments levied upon or with respect
to the Project, the Collateral and the Mortgaged Property and payable during the
Term of the Financing Agreement, all in conformance with and subject to any good
faith contest provisions provided in the Mortgage.

            Section
5.03.        Mortgage and
Assignment of Product Sales Contracts and Processing Agreement. In
consideration of the Loan, and as security for the Loan Payments to be made by
the Borrower for the payment of the Bond, and as security for the performance of
all of the other obligations, agreements and covenants of the Borrower to be
performed and observed hereunder, the Borrower shall execute and cause to be
recorded the Mortgage and the Assignment of Product Sales Contracts and
Processing Agreement and shall keep, perform and observe each of its obligations
thereunder. The Mortgage and the Assignment of Product Sales Contracts and
Processing Agreement may be released by the Trustee upon certain prepayments of
the Borrower as described herein and as the Trustee is directed in the
Indenture.

            Section
5.04.        Advances.
The Borrower acknowledges and agrees that, under the Indenture, the
Mortgage and the Assignment of Product Sales Contracts and Processing Agreement,
the Trustee and the Purchaser may take certain action and make certain advances
relating to the Collateral and the Mortgaged Property or to certain other
matters as expressly provided therein, and the Borrower shall be obligated to
repay all such advances on demand, with interest from the date of each such
advance, at the rate and under the conditions set forth in the Indenture, the
Mortgage or the Assignment of Product Sales Contracts and Processing Agreement,
as the case may be or, in the absence of any provision therein, under Section
4.03(5) hereof.

            Section
5.05.        Alterations to
and Removal of Collateral or Mortgaged Property. The Borrower shall,
subject to the terms and conditions of the Mortgage and Section 3.01 of this
Financing Agreement and the written approval of the Purchaser of the Bond, have
the right from time to time at its cost and expense, to remodel and make
additions, modifications, alterations, improvements and changes (collectively
referred to as “alterations”) in or to the Project, the Collateral or the
Mortgaged Property or to remove any Equipment therefrom as the Borrower may deem
to be desirable for its uses and purposes, provided such alterations or removal
do not impair the character of the Project within the meaning of the Act or the
security for the payment of the Bond.

            Section
5.06.        Sale or Lease
of Collateral and Mortgaged Property; Assignment and Transfer. With the
written consent of the Purchaser, the Borrower may obtain the release of all or
a portion of the Collateral or Mortgaged Property by paying the applicable
Release Price to the Trustee. On the date of such payment of the Release Price,
a closing shall be held at the designated office of the Trustee, or any other
office mutually agreed upon. At the closing the Issuer and the Trustee shall, upon acknowledgment
of receipt of the Release Price, execute and deliver to the Borrower such
release or amendment of the Mortgage and the Assignment of Product Sales
Contracts and Processing Agreement and other instruments as the Borrower
reasonably determines are necessary to terminate the lien or other effect
thereof.

	#2 - Financing Agreement 	- 20 - 	 

            The
Borrower will not otherwise lease the Collateral or the Mortgaged Property, in
whole or in part, nor assign its rights under this Financing Agreement, nor
sell, mortgage, transfer or otherwise encumber its interests in the Project, the
Collateral or the Mortgaged Property, in whole or in part, except as provided in
the Mortgage or the Assignment of Product Sales Contracts and Processing
Agreement and unless and except as provided below:

            (1)       
The Borrower shall have received written permission of the Purchaser, which
permission shall be granted at the sole discretion of the Purchaser;

            (2)       
The assignee-transferee of the Collateral must be an organization experienced
and properly licensed in the operation of in-situ uranium mining
operations similar to those operated by the Borrower;

            (3)       
Unless the assignee-transferee is a surviving, resulting or transferee entity as
permitted under Section 7.05, no such assignment and transfer shall relieve the
Borrower from liability for all Loan Payments, Additional Charges,
Administration Expenses and other payments due and for the performance of all
other obligations required under this Financing Agreement and the Indenture;
and

            (4)       
Any assignee-transferee shall expressly assume the Borrower’s Obligations under
this Financing Agreement, the Mortgage and the Assignment of Product Sales
Contracts and Processing Agreement by instruments in writing delivered to the
Trustee and the Purchaser.

            The
Borrower shall promptly notify the Trustee and the Purchaser of any such sale,
assignment or Lease.

* * * * * * * * * *

	#2 - Financing Agreement 	- 21 - 	 

ARTICLE 6
DAMAGE AND DESTRUCTION; MATERIAL CHANGE
IN MINING LAW; 
AND CONDEMNATION

            Section
6.01.        Damage and
Destruction of Project. If any Principal Balance of the Bond remains
Outstanding when Collateral or Mortgaged Property is damaged or destroyed by
fire or other casualty, the Borrower shall either restore such Collateral or
Mortgaged Property as required by the Indenture, or if Section 10.02 of this
Financing Agreement is applicable, prepay the Loan pursuant to said Section.

            Section
6.02.        Change in
General Mining Law of 1872. In the event of the repeal or material
modification of the current General Mining Law of 1872 during the Term of the
Financing Agreement, such that the Interests in Real Estate of the Borrower
which are material to the exploration, development or operation of the Project
are affected, modified or transformed, the Borrower will use its best efforts to
retain its Interests in Real Estate and will consult with the Trustee to
determine how best to preserve the interest of the Borrower and the interest of
the Trustee in the affected Collateral or Mortgaged Property, and the Borrower
shall take no action, which in the reasonable opinion of the Trustee or its
counsel could adversely affect or impair their interest in the Collateral or
Mortgaged Property or under this Financing Agreement or the Mortgage. If,
however, Section 10.02 of this Financing Agreement becomes applicable, Borrower
shall prepay the Loan pursuant to said Section. 

            Section
6.03.        Condemnation.
If any Principal Balance of the Bond remains Outstanding when
Collateral or Mortgaged Property is taken by condemnation, the Borrower shall
either restore such Collateral or Mortgaged Property as provided in the
Indenture or if Section 10.02 of this Financing Agreement is applicable, prepay
the Loan pursuant to said Section.

* * * * * * * * * *

	#2 - Financing Agreement 	- 22 - 	 

ARTICLE 7
SPECIAL COVENANTS

            Section
7.01.        No Warranty of
Condition or Suitability by Issuer. THE ISSUER MAKES NO WARRANTY,
EITHER EXPRESS OR IMPLIED, AS TO THE DESIGN OR CAPACITY OF THE PROJECT TO THE
SUITABILITY FOR OPERATION OF THE PROJECT OR AS TO THE CONDITION OF THE PROJECT
OR ITS SUITABILITY FOR THE BORROWER’S PURPOSES OR NEEDS. THE ISSUER MAKES NO
REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, THAT THE BORROWER WILL HAVE
QUIET AND PEACEFUL POSSESSION OF THE PROJECT. THE ISSUER MAKES NO REPRESENTATION
OR WARRANTY, EXPRESS OR IMPLIED WITH RESPECT TO THE VIABILITY OR PROFITABILITY
OF THE PROJECT.

            Section
7.02.        Further
Assurances and Corrective Instruments. The Issuer and the Borrower
agree that they will, from time to time, execute, acknowledge and deliver, or
cause to be executed, acknowledged and delivered such supplements hereto and
such further instruments as may reasonably be required for carrying out the
expressed intention of this Financing Agreement, all at the sole expense of the
Borrower.

            Section
7.03.        Financial
Information. The Borrower agrees to furnish any financial information
and certifications required by the Issuer, the Trustee or the Purchaser.

            Section
7.04.        Taxes and Other
Governmental Charges. During the Term of this Financing Agreement, the
Borrower shall not allow any state or county assessed taxes on the Project, the
Collateral or the Mortgaged Property to become delinquent and shall pay all
property and/or excise taxes within the time frames required by Title 39 of the
Wyoming Statutes. With respect to special assessments or other governmental
charges that may lawfully be paid in installments over a period of years, with
or without interest, the Borrower shall be obligated to pay only such
installments and interest as are required to be paid during the Term of the
Financing Agreement.

            Borrower’s
tax or assessment liabilities may, however, be deemed delinquent, and a tax lien
or assessment lien may be imposed, but only if Borrower has contested, or is
actively contesting, tax liabilities, tax liens or assessments in good faith
before Wyoming administrative agencies and/or courts as expressly permitted in
Title 39 of the Wyoming Statutes. Any contest by Borrower shall be at its own
expense, in good faith, but only with the written consent of the Purchaser,
which consent will not be unreasonably denied or delayed. During the course of
such contest, however, Borrower will continue to make or cause to be made any
required yearly maintenance or rental fees applicable to its Unpatented Mining
Claims or perform any required assessment work or improvements annually on each
claim and to pay required rental and other fees on its Leases.

            Within
ten (10) days of administrative or judicial resolution of any dispute, Borrower
shall pay taxes or assessments adjudicated as due and owing.

            Section
7.05.        Consolidation,
Merger, Disposition of Assets. Nothing contained in this Financing
Agreement shall prevent any consolidation or merger of the Borrower, or any
company or group of companies in which it is a subsidiary or affiliated company,
with or into any other corporation or corporations (whether or not affiliated
with the Borrower), limited liability company, or successive consolidations or
mergers in which the Borrower or its successor or successors shall be a party or
parties, or shall prevent any sale or conveyance of all or substantially all the
property of the Borrower or any company or group of companies in which it is a
subsidiary or affiliated company, to any other corporation (whether or not affiliated with the Borrower), authorized to acquire and
operate the same; provided, however, and the Borrower hereby covenants and
agrees, that any such consolidation, merger, sale or conveyance, other than a
consolidation or merger in which the Borrower or any company or group of
companies in which it is a subsidiary or affiliated company is the continuing
corporation shall be approved in writing by the Issuer and the Purchaser, and
the due and punctual performance and observance of all of the covenants and
conditions of this Financing Agreement to be performed and observed by the
Borrower, shall be expressly assumed by instrument satisfactory in form and
substance to the Issuer and the Purchaser and executed and delivered to the
Issuer, the Trustee and the Purchaser by the corporation or limited liability
company (if other than the Borrower) formed by such consolidation or into which
the Borrower shall have been merged or by the corporation or the limited
liability company which shall have acquired such property. Upon any such
consolidation, merger, sale or conveyance, the Borrower shall deliver to the
Issuer, the Trustee and the Purchaser a Borrower’s certificate to the effect
that, after giving effect to such action, no default hereunder shall have
occurred and be continuing, and an Opinion of Counsel that the instrument of
assumption referred to in the preceding sentence is a legal, valid and binding
obligation of the corporation or limited liability company signing it.

	#2 - Financing Agreement 	- 23 - 	 

            Section
7.06.        Qualification
in Wyoming. The Borrower agrees that throughout the Term of the
Financing Agreement, it will be in good standing and qualified to do business in
the State of Wyoming.

            Section
7.07.        Updated
Valuations of Collateral. On or before the second and fifth
anniversaries of this Financing Agreement, Borrower shall provide to the Issuer,
the Trustee and the Purchaser, updated valuations of all Collateral securing the
Loan made hereunder, in a form and from such appraisers as the Issuer, the
Trustee and the Purchaser deem acceptable.

            Section
7.08.        Notification of
Event of Default. Borrower shall promptly notify the Issuer, the
Trustee and the Purchaser in writing of the occurrence of (a) any Event of
Default or any event which would become an Event of Default upon notice or lapse
of time or both, (b) any material adverse change in the business, property,
assets, operations or conditions, financial or otherwise, of Borrower, and (c)
the pendency or threat of any material litigation or arbitration or other
proceeding before any governmental body or official affecting the Borrower or
the Project.

            Section
7.09.        Issuer and
Borrower Representatives. Whenever under the provisions of this
Financing Agreement the approval of the Issuer or the Borrower is required or
the Issuer or the Borrower is required to take some action at the request of the
other, such approval or such request may be given for the Issuer by an Issuer’s
Representative and for the Borrower by a Borrower’s Representative. Either party
shall be authorized to act and rely on any such approval or request.

* * * * * * * * * *

	#2 - Financing Agreement 	- 24 - 	 

ARTICLE 8
ASSIGNMENT OF FINANCING AGREEMENT;
INDEMNIFICATION

           
Section 8.01.       
Assignment of Financing Agreement.

            (a)       
This Financing Agreement may not be assigned, in whole or in part, by the Issuer
without the prior consent of the Borrower and the Purchaser, except that the
Issuer shall grant a security interest in this Financing Agreement to the
Trustee as provided in Section 8.03 hereof.

            (b)       
This Financing Agreement may not be assigned, in whole or in part, by the
Borrower without the consent of the Issuer and the Purchaser; however, the
Trustee may assign this Financing Agreement, in whole or in part, and sell,
convey, transfer or otherwise dispose of the Collateral and the Mortgaged
Property, or any part thereof, provided that any such assignment, sale,
conveyance, transfer or disposal shall be on the following conditions:

(i)         no such
assignment, sale, conveyance, transfer or disposal (other than an assignment,
sale, conveyance, transfer or disposal pursuant to the provisions of Section
7.05 hereof) shall relieve the Borrower from primary liability for any of
Borrower’s Obligations hereunder, and

(ii)        in the case of an
assignment, the assignee shall assume the Borrower’s Obligations hereunder to
the extent of the interest assigned by an instrument satisfactory in form and
substance to the Purchaser.

           
Section 8.02.       
Release and Indemnification Covenants.

            (a)       
The Borrower shall and hereby agrees to indemnify and save the Issuer, the
Trustee and the Purchaser harmless against and from all claims by or on behalf
of any Person arising from the conduct or management of, or from any work or
thing done on, the Collateral and the Mortgaged Property, including without
limitation, (i) any condition of the Collateral and the Mortgaged Property, (ii)
any breach or default on the part of the Borrower in the performance of any of
its Borrower’s Obligations under this Financing Agreement, (iii) any act or
negligence of the Borrower or of any of its agents, contractors, servants,
employees or licensees, or (iv) any act or negligence of any assignee or lessee
of the Borrower, or of any agents, contractors, servants, employees or licensees
of any assignee or lessee of the Borrower. The Borrower shall indemnify and save
the Issuer, the Trustee and the Purchaser harmless from any such claim arising
as aforesaid, or in connection with any action or proceeding brought thereon,
and upon notice from the Issuer, the Trustee or the Purchaser, the Borrower
shall defend them or any of them in any such action or proceeding.

            (b)       
Notwithstanding the fact that it is the intention of the parties hereto that the
Issuer shall not incur any pecuniary liability by reason of the terms of this
Financing Agreement or the undertakings required of the Issuer hereunder, by
reason of the issuance of the Bond, by reason of the execution of the Bond
Purchase Agreement, the Indenture or this Financing Agreement, or by reason of
the performance of any act requested of the Issuer by the Borrower or the
Purchaser, including all claims, liabilities or losses arising in connection
with the violation of any statutes or regulations pertaining to the foregoing;
nevertheless, if the Issuer should incur any such pecuniary liability, then in
such event the Borrower shall indemnify and hold the Issuer harmless against all
claims, demands or causes of action whatsoever, by or on behalf of any Person
arising out of the same or out of any offering statement or lack of offering
statement in connection with the sale or resale of the Bond and all costs and
expenses incurred in connection with any such claim or in connection with any
action or proceeding brought thereon, and upon notice from the Issuer, the
Borrower shall defend the Issuer in any such action or proceeding. 

	#2 - Financing Agreement 	- 25 - 	 

All references to the Issuer or the Trustee in this Section
8.02 shall be deemed to include their members, directors, trustees, officers,
employees, and agents.

            (c)       
Notwithstanding anything to the contrary contained herein, the Borrower shall
have no liability to indemnify the Issuer, the Trustee or the Purchaser against
claims or damages resulting from the Issuer’s, the Trustee’s or the Purchaser’s
own gross negligence, willful misconduct or bad faith.

            Section
8.03.        Issuer to
Assign and Subordinate Interest to Trustee. The parties hereto agree
that the Issuer shall assign and grant a security interest in this Financing
Agreement to the Trustee. In order to secure payment of the Principal Balance of
the Bond and interest thereon, the Issuer shall grant to the Trustee a security
interest in all of the Issuer’s right, title, and interest in and to this
Financing Agreement, except for the Issuer’s rights under Sections 4.03, 8.02
and 9.04 hereof.

* * * * * * * * * *

	#2 - Financing Agreement 	- 26 - 	 

ARTICLE 9
DEFAULTS AND REMEDIES

            Section
9.01.        Event of
Default Defined. Any of t he fol l o wi ng event s i s hereby defined
as and declared to be and to constitute an Event of Default (whatever the reason
for such an Event of Default and whether it shall be voluntary or involuntary or
be effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or governmental
body):

            (1)       
If default shall be made in the due and punctual payment of any installment of
interest on the Note when it becomes due and payable; or

            (2)       
If default shall be made in the due and punctual payment of any installment of
principal on the Note when it becomes due and payable; or

            (3)       
If default shall be made in the due and punctual payment of any other money
required to be paid to the Issuer under the provisions hereof and such default
shall have continued for a period of ten (10) days after written notice thereof,
specifying such default, shall have been given by the Issuer or the Trustee to
the Borrower; or

            (4)       
If default shall be made in the performance or observance of any other of the
covenants, agreements or conditions on the part of the Borrower contained in
this Financing Agreement or the Note, and such default shall have continued for
a period of thirty (30) days after written notice thereof given in the manner
provided in clause (3) above, without Borrower’s commencing to cure the default
where permitted; or

            (5)       
If any representation or warranty by the Borrower is found, by the Issuer, the
Trustee or the Purchaser, to be false or misleading; or

            (6)       
If Borrower makes a contract or arrangement of any kind, the performance of
which contract or arrangement by another party does or could give rise to a lien
on the Project, without first obtaining the written authorization of the
Purchaser; or

            (7)       
If an Event of Default as defined in the Indenture, or any breach of any
provision of the Mortgage has occurred and is continuing, taking into account
any applicable cure or grace period as may be provided in the Indenture or the
Mortgage; or

            (8)       
If the Borrower shall file a petition in bankruptcy or is adjudicated as
bankrupt or insolvent, or makes an assignment for the benefit of its creditors
or consents to the appointment of a receiver of itself or of its property, or
institutes proceedings for its reorganization, or proceedings instituted by
others for its reorganization are not dismissed within thirty (30) days after
the institution thereof, or a receiver or liquidator of the Borrower of any
substantial portion of its property is appointed and the order appointing such
receiver or liquidator shall not be vacated within thirty (30) days after the
entry thereof.

            Notwithstanding
the foregoing, so long as an event of Force Majeure is occurring and the
Borrower is unable to perform or observe any agreement, term or condition hereof
which would give rise to an Event of Default under subsection (4) above, the
Borrower shall not be deemed in default during the continuance of such
inability. However, the Borrower shall immediately notify the Trustee and the
Issuer of the extent and nature of any problem created by an event of Force
Majeure and limit delays in performance to that required by the event and take
all reasonable steps to minimize delays. This provision is not effective,
however, unless the failure to perform is beyond the control and without the
fault or negligence of the Borrower.

	#2 - Financing Agreement 	- 27 - 	 

            Once
the event of Force Majeure is over, the Borrower must make all reasonable
efforts to become in compliance as soon as possible. If the Borrower does not
proceed diligently and come into compliance within 30 days after the event is
over, it is then in default. 

            Section
9.02.        Remedies.
Whenever an Event of Default shall have occurred and be continuing, the
Issuer, the Trustee, or the Purchaser as provided in Section 8.08 of the
Indenture, may take one or any combination of the following remedial steps:

            (a)       
if and only if the Trustee has declared the Principal Balance of the Bond
immediately due and payable by written notice to the Borrower, declare an amount
equal to all amounts then due and payable on the Note, whether by acceleration
of maturity (as provided in the Security Documents) or otherwise, to be
immediately due and payable under this Financing Agreement, whereupon the same
shall become immediately due and payable; or

            (b)       
take whatever action at law or in equity may appear necessary or desirable to
collect the amounts then due and thereafter to become due, or to enforce
performance and observance of any obligation, agreement or covenant of the
Borrower under this Financing Agreement.

            Any
amounts collected pursuant to action taken under this Section shall, subject to
Sections 8.06 and 9.02 of the Indenture, first be applied, on a parity basis, to
pay costs incurred by the Issuer, the Trustee and the Purchaser in connection
therewith and the remainder shall be applied to the interest or the Principal
Balance due and payable under the Bond, as determined by the Purchaser.

            The
Borrower and the Issuer agree that monetary damages may not be an adequate
remedy for default in compliance with non-monetary covenants in this Financing
Agreement and, therefore, the Issuer or Trustee, with the written approval of
the Purchaser, may seek the remedy of specific enforcement.

            Section
9.03.        No Remedy
Exclusive. No remedy herein conferred upon or reserved to the Issuer,
the Trustee or the Purchaser is intended to be exclusive of any other available
remedy or remedies, but each and every such remedy shall be cumulative and shall
be in addition to every other remedy given under this Financing Agreement or now
or hereafter existing at law or in equity. No delay or omission to exercise any
right or power accruing upon an Event of Default shall impair any such right or
power or shall be construed to be a waiver thereof, but any such right or power
may be exercised from time to time and as often as may be deemed expedient. In
order to entitle the Issuer, the Trustee or the Purchaser to exercise any remedy
reserved to it in this ARTICLE, it shall not be necessary to give any notice,
other than such notice as may be required in this ARTICLE; provided that the
failure to provide any such notice shall not result in a waiver of any such
Event of Default or a loss of any such remedy. Such rights and remedies as are
given the Issuer hereunder shall also extend to the Trustee and the Purchaser,
subject to the provisions of the Security Documents, who shall be entitled to
the benefit of all covenants and agreements herein contained.

            Section
9.04.        Agreement to
Pay Attorneys’ Fees and Expenses. In the event the Borrower should
default under any of the provisions of this Financing Agreement and the Issuer,
the Trustee or the Purchaser should employ attorneys or incur other expenses for
the collection of payments required hereunder or the enforcement of performance
or observance of any Borrower’s Obligation or agreement on the part of the
Borrower herein contained, the Borrower agrees that it will on demand therefor
pay to the Issuer, the Trustee or the Purchaser the reasonable fees and expenses
of such attorneys and, such other reasonable out-of-pocket expenses so incurred
by the Issuer, the Trustee or the Purchaser.

	#2 - Financing Agreement 	- 28 - 	 

            Section
9.05.        No Additional
Waiver Implied by One Waiver. In the event any agreement contained in
this Financing Agreement should be breached by either party and thereafter
waived by the other party, such waiver shall be limited to the particular breach
so waived and shall not be deemed to waive any other breach hereunder.

            Section
9.06.        Trustee May
File Proof of Claim. If an Event of Default shall have occurred and be
continuing under Section 9.01(7) hereof, the Trustee and the Purchaser shall be
entitled and empowered by intervention in such proceedings or otherwise, to file
and prove a claim or claims for the whole amount owing and unpaid pursuant to
this Financing Agreement, irrespective of whether the Principal Balance of the
Note or any amount hereunder shall then be due and payable as therein or herein
expressed or by declaration or otherwise, and irrespective of whether the
Trustee shall have made any demand pursuant to the provisions of the Security
Documents, and, in case of any judicial proceedings, to file such proofs of
claim and other papers or documents as may be necessary or advisable in order to
have the claims of the Trustee and the Purchaser allowed in such judicial
proceedings relative to the Borrower, its creditors, or its property, and to
collect and receive any moneys or other property payable or deliverable on any
such claims, and to distribute the same after the deduction, on a parity, of the
charges and expenses of the Trustee and the Purchaser, and any receiver,
assignee or trustee in bankruptcy or reorganization is hereby authorized to make
such payments to the Trustee and the Purchaser, and to pay to the Trustee and
the Purchaser, any amount due for compensation and expenses, including
reasonable counsel fees and expenses incurred by them up to the date of such
distribution.

* * * * * * * * * *

	#2 - Financing Agreement 	- 29 - 	 

ARTICLE 10
PREPAYMENT OF THE LOAN

            Section
10.01.        Optional
Prepayment of the Loan. The Issuer hereby grants Borrower the option to
prepay all or any portion of the Loan in accordance with the terms and
conditions of the Bond.

            Section
10.02.        Mandatory
Prepayment of the Loan. Borrower shall prepay the Loan in full prior to
the expiration of this Financing Agreement if (i) as a result of any changes in
the constitution of the State of Wyoming or the Constitution of the United
States of America or of legislative or administrative action (whether state or
federal) or in the event of the repeal or material modification of the current
General Mining Law of 1872 during the Term of the Financing Agreement or of
final decree, judgment or order of any court or administrative body (whether
state or federal), this Financing Agreement becomes void or unenforceable or
impossible to perform in accordance with the intent and purpose of the parties
as expressed in this Financing Agreement, or (ii) all or substantially all of
the Collateral shall have been damaged or destroyed or there occurs condemnation
of all or substantially all of the Mortgaged Property or the taking by eminent
domain of such use or control of the Mortgaged Property as in each case renders
the Collateral and the Mortgaged Property unsatisfactory to the Purchaser as
security on the Bond and Borrower has not elected, as expressed in a certificate
delivered to the Trustee within thirty (30) days after the occurrence of such
event, to restore or replace the Collateral and the Mortgaged Property with
other property of similar value that is acceptable to the Purchaser.

           
Section
10.03.        Prepayment
Price.

            (a)       
In the case of a partial prepayment pursuant to Section 10.01 hereof, the
prepayment price shall equal the principal amount so redeemed plus accrued
interest thereon to the date of redemption, without penalty or premium. The
principal so redeemed shall be applied so as to reduce the Principal Balance of
the Note but there shall be no reduction in the quarterly payments of principal
and interest that are due thereon.

            (b)       
In the case of prepayment of the entire Loan pursuant to Sections 10.01 or 10.02
hereof, the prepayment price shall be a sum sufficient, together with any other
funds available for that purpose, to pay, or redeem and pay the Principal
Balance of the Bond then Outstanding at the applicable payment price, as to
principal and interest to said payment date all as set forth in the Bond, and to
pay all Additional Charges and Administration Expenses accrued and to accrue
through final payment of the Bond and all other liabilities of Borrower accrued
and to accrue hereunder through final payment of the Bond.

            Section.
10.04.        Notice of
Prepayment. In order to exercise a prepayment option granted in, or to
consummate a mandatory prepayment required by, this Article, Borrower shall give
notice to the Trustee which shall specify therein the date of closing of the
prepayment which date shall be not less than thirty (30) days nor more than
sixty (60) days from the date the notice is mailed. The failure to give notice
of a mandatory prepayment required by Section 10.02 hereof shall not relieve
Borrower of its obligation to make such a prepayment and the date of closing of
such prepayment shall be not less than ten (10) days nor more than thirty (30)
days after the event giving rise to such prepayment, as determined by the
Borrower or, if the Borrower shall fail or refuse to make such a determination,
by the Trustee after consultation with the Purchaser.

	#2 - Financing Agreement 	- 30 - 	 

           
Section 10.05.       
Effect of Events of Default on Optional Prepayment. The option
to prepay granted to Borrower in Section 10.01 hereof may be exercised whether
or not Borrower is in default hereunder, provided that such default is cured on
the date of closing of such prepayment. Further, any and all costs and expenses
incurred by the Issuer, the Trustee or the Purchaser relating to or as a result
of such default, including attorney fees, shall be reimbursed to the Issuer, the
Trustee or the Purchaser by the Borrower on or before the date of closing of
such prepayment.

* * * * * * * * * *

	#2 - Financing Agreement 	- 33 - 	 

ARTICLE 11
BORROWER’S OPTIONS

            Section
11.01.        Direction of
Investments. Except during the continuance of an Event of Default, the
Borrower, with the written approval of the Purchaser, shall have the right
during the Term of the Financing Agreement to direct the Trustee to invest or
reinvest all monies held for the credit of Funds established by ARTICLE FIVE of
the Indenture, subject, however, to the further conditions of ARTICLE SIX of the
Indenture.

* * * * * * * * * *

	#2 - Financing Agreement 	- 34 - 	 

ARTICLE 12
MISCELLANEOUS

            Section
12.01.        Term of the
Financing Agreement. This Financing Agreement shall remain in full
force and effect from the date hereof to and including such time as (a) the
Principal Balance of the Bond and interest accrued thereon and the fees and
expenses of the Issuer, the Trustee and the Purchaser shall have been fully paid
or provision satisfactory to the Person to whom such amounts are payable have
been made for such payments, or (b) the Trustee shall no longer hold any moneys
under ARTICLE SEVEN of the Indenture, whichever is later.

            Section
12.02.       
Notices. Except as otherwise provided herein, all notices, certificates
or other communications hereunder shall be sufficiently given and shall be
deemed given upon receipt by hand delivery, prepaid mail, overnight delivery by
a nationally recognized express transportation company, telecopy or other means,
with proper address as indicated below.

	 	To the Issuer: 	Johnson County, Wyoming 
	 	  	c/o Johnson County Clerk 
	 	  	76 North Main 
	 	  	Buffalo, Wyoming 82834 
	 	  	Attn: Johnson County Clerk 
	 	  	  
	 	To the Borrower: 	Uranerz Energy Corporation 
	 	  	1701 East “E” Street 
	 	  	P.O. Box 50850 
	 	  	Casper, Wyoming 82605 
	 	  	Attn: Glenn Catchpole 
	 	  	  
	 	With a copy to: 	Uranerz Energy Corporation 
	 	  	Administrative Office 
	 	  	1410 - 800 West Pender Street
  
	 	  	Vancouver, B.C. 
	 	  	Canada 
	 	  	Attn: Sandra MacKay 
	 	  	  
	 	To the Trustee: 	UMB BANK, n.a. 
	 	  	1670 Broadway 
	 	  	Denver Colorado 80202 
	 	  	Attn: Leigh Lutz 
	 	  	  
	 	To the Purchaser: 	Wyoming State Treasurer 
	 	  	Capitol Building 
	 	  	200 West 24th Street, Room 122
  
	 	  	Cheyenne, Wyoming 82002 
	 	  	Attn: Deputy State Treasurer
  

The Issuer, the Borrower, the Trustee and the Purchaser may, by
written notice given hereunder, designate any further or different addresses to
which subsequent notices, certificates or other communications shall be
sent.

            Section
12.03.        Binding
Effect. Except as provided herein, this Financing Agreement shall inure
to the benefit of and shall be binding upon the Issuer, the Borrower and their
respective successors and assigns and is intended to be the entire agreement
between the parties hereto.

	#2 - Financing Agreement 	- 35 - 	 

            Section
12.04.        Severability.
In the event any provision of this Financing Agreement shall be held
invalid or unenforceable by any court of competent jurisdiction, such holding
shall not invalidate or render unenforceable any other provision hereof and this
Financing Agreement shall remain in full force and effect.

            Section
12.05.        Amount
Remaining in Debt Service Fund. Subject to Section 12.08 of the
Indenture, it is agreed by the parties hereto that any amounts remaining in the
Debt Service Fund upon expiration of this Financing Agreement, and after payment
in full of the fees, charges and expenses of the Issuer, the Trustee and the
Purchaser in accordance with the Indenture, the Administration Expenses and all
other amounts required to be paid under this Financing Agreement and the
Indenture, shall belong to and be paid to Borrower by Trustee.

            Section
12.06.        Authority of
Borrower’s Representative. Whenever under the provisions of this
Financing Agreement the approval of Borrower is required, or Issuer is required
to take some action at the request of Borrower, such approval or such request
shall be made by Borrower’s Representative unless otherwise specified in this
Financing Agreement, and the Issuer or the Trustee shall be authorized to act on
any such approval or request.

            Section
12.07.        Authority of
Issuer’s Representative. Whenever under the provisions of this
Financing Agreement the approval of Issuer is required, or Borrower is required
to take some action at the request of Issuer, such approval or such request
shall be made by the Issuer’s Representative unless otherwise specified in this
Financing Agreement, and the Borrower or the Trustee shall be authorized to act
on such approval or request.

            Section
12.08.       
Indemnity. The Borrower will pay, and will protect, indemnify and save
the Issuer and Trustee harmless from and against all liabilities, losses,
damages, costs, expenses (including reasonable attorneys’ fees), causes of
action, suits, claims, demands and judgments of any nature arising from:

(a)        any injury to or
death of any person or damage to property in or upon the Project and the
Mortgaged Property or growing out of or connected with the use, nonuse,
condition or occupancy of the Project and the Mortgaged Property or a part
thereof;

(b)        violation of any
agreement or condition of this Financing Agreement, except by the Issuer;

(c)        violation of any
contract, agreement or restriction by the Borrower relating to the Project and
the Mortgaged Property which shall have existed at the time of the making of the
Loan; and

(d)        violation of any
law, ordinance or regulation affecting the Project, the Collateral, the
Mortgaged Property or a part thereof or the ownership, occupancy or use
thereof.

            Section
12.09.        Amendments.
No term or provision of this Financing Agreement may be amended,
modified, revoked, supplemented, waived or otherwise changed except by a written
instrument executed by the party to be charged with such amendment,
modification, revocation, supplement, waiver or change.

	#2 - Financing Agreement 	- 36 - 	 

            Section
12.10.        Execution in
Counterparts. This Financing Agreement may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

            Section
12.11.        Governing
Law. This Financing Agreement shall be governed and construed in
accordance with the laws of the State of Wyoming.

            Section
12.12.        Captions.
The captions and headings in this Financing Agreement are for
convenience only and no way define, limit or describe the scope or intent of any
provisions or sections of this Financing Agreement.

            Section
12.13.        No Pecuniary
Liability of Issuer. No provision, covenant or agreement contained in
this Financing Agreement or any obligations herein imposed upon Issuer, or the
breach thereof, shall constitute or give rise to a pecuniary liability of Issuer
or a charge against its general credit or taxing powers. In making the
agreements, provisions and covenants set forth in this Financing Agreement,
Issuer has not obligated itself except with respect to the application of the
revenues, income and all other property derived pursuant to this Financing
Agreement.

            Section
12.14.        Counting of
Days. Unless otherwise expressly stated, the term “days” when used
herein means calendar days. If any time period ends on a Saturday, Sunday or
holiday, officially recognized by the State of Wyoming or Trustee, the period
shall be deemed to end on the next succeeding Business Day.

* * * * * * * * * *

	#2 - Financing Agreement 	- 37 - 	 

ARTICLE 13
DISCLOSURE OF INFORMATION

            Section
13.01.        Disclosure of
Information. Borrower shall provide to the Issuer and the Purchaser the
following items within the time lines noted: (1) within one hundred and eighty
(180) days after the end of its tax year, copies of audited annual financial
statements for the preceding tax year, for Borrower or any consolidated
financial statements of which Borrower is a subsidiary; (2) on or before October
15 of each year, copies of federal income tax returns for Borrower or any tax
filing organization of which Borrower is a subsidiary, as filed with the
Internal Revenue Service, including any amendments or audit adjustments with
respect thereto; and (3) within one hundred and eighty (180) days after the end
of its tax year, projected financial statements for its current tax year, and
the next two succeeding tax years. The Issuer and the Purchaser reserve the
right to request, and the Borrower agrees to provide to the requesting party,
additional information and documentation with respect to all information
provided by Borrower pursuant to this Financing Agreement.

            All
documents provided to the Issuer and the Purchaser by any party are subject to
the provisions of the Wyoming Public Records Act (Wyo. Stat. §§ 16-4-201 through
16-4-304).

            IN
WITNESS WHEREOF, the Issuer has caused this Financing Agreement to be
executed in its name and the Borrower has caused this Financing Agreement to be
executed in its name all as of the date first above written.

	( S E A L ) 	 	JOHNSON COUNTY, WYOMING 
	 	 	 
	 	 	 
	 	 	/s/ "Delbert Eitel" 
	  	 	Chairman, Board of County Commissioners 
	ATTESTED: 	 	  
	 	 	 
	 	 	 
	"Vicki Edelman"	 	 
	County Clerk 	 	  

    	#2 - Financing Agreement 	- 38 - 	 

[Counterpart Signature Page to Financing Agreement for
Borrower]

URANERZ ENERGY CORPORATION
a
Nevada corporation

By:     /s/ "Glenn
Catchpole"                                                 
Its:     Glenn
Catchpole

By:     
____________________________________
Its:     
____________________________________

	#2 - Financing Agreement 	- 39 - 	 

EXHIBIT A

DESCRIPTION OF THE NICHOLS RANCH PROJECT

            Uranerz
Energy Corporation (“Uranerz” or the “Corporation”) is a corporation domiciled
in the State of Nevada and registered to do business in the State of Wyoming.
The Corporation is a publically traded enterprise with primary listing on the
NYSE MKT stock exchange and is also listed on the Toronto stock exchange, both
under the symbol “URZ.” The Corporation’s corporate and operational office is
located in Casper, Wyoming.

            Uranerz
is currently developing a uranium mine in the central Powder River Basin of
Wyoming in what is sometimes referred to as the historic Pumpkin Buttes uranium
mining district. Currently the Corporation is in the last stage of constructing
its Nichols Ranch Project, which consists of a central processing facility at
the Nichols Ranch property and a satellite facility at the Hank property. The
central processing facility is being licensed for a capacity of 2 million pounds
per year of uranium (as U3O8). It is planned that this facility will process
uranium-bearing well field solutions from Nichols Ranch, as well as
uranium-loaded resin transported from the Hank satellite facility, plus
uranium-loaded resin from any additional satellite deposits that may be
developed on the Corporation's other Powder River Basin properties. The earth
work is complete, the buildings are up, the processing equipment has been
installed inside the main building and the well field is nearly complete. The
Corporation has all the state and federal permits needed to build and operate an
ISR uranium mine in Wyoming. Construction is scheduled to be completed in 2013.
The Corporation estimates the life of the mine to be between 10 and 20
years.

            Funding
for all Corporation operations and mine construction from start-up in 2005 to
May 2013 has been raised though equity financing. Proceeds of the $20 million
Series 2013 Bond will be used to pay the Corporation’s outstanding construction
loan and costs of completion of the construction.

            The
Corporation has contracts in-place to sell about half of its planned production
to two of the largest U.S. nuclear utilities and is focusing its sales efforts
on getting more contracts with U.S. nuclear utilities as the U.S. has 104
nuclear reactors; the largest nuclear fleet in the world.

            Part
of the Uranerz mission is to provide quality and rewarding employment in a
workplace that is safe and healthy, and, through training and leadership,
establish and maintain a highly productive, motivated and ethical workforce with
worker and public safety, and protection of the environment paramount. Currently
the Corporation has 38 Wyoming employees with 10 working in the Casper office
and 28 working at the mine site. The Corporation also routinely has 15 to 25
contractors working at the mine on any given day. Once in production these
numbers will in increase by about 50%. The Corporation’s management team has
extensive experience in ISR uranium mining (125 man-years), mostly in
Wyoming.

	#2 - Financing Agreement 	A-1 	 

EXHIBIT B

FORM OF PROMISSORY NOTE

THIS SERIES 2013 NOTE HAS NOT BEEN REGISTERED
UNDER
THE SECURITIES ACT OF 1933, AS AMENDED

	Note Amount 	 Date of Note 	Maturity Date 
	 	 	 
	$20,000,000 	November 26, 2013 	October 1, 2020 

            FOR
VALUE RECEIVED, URANERZ ENERGY CORPORATION, a Nevada corporation (the
“Borrower”), for value received, promises to pay to the order of JOHNSON
COUNTY, WYOMING (the “Issuer”), or registered assigns, the principal sum of
TWENTY MILLION DOLLARS ($20,000,000), or so much thereof as remains
unpaid from time to time (the “Principal Balance”), together with interest
thereon from the date hereof (computed on the basis of a 360-day year of twelve
30-day months), at an annual fixed rate of five and three-quarters percent
(5.75%). Interest only on this Note shall be paid in arrears in quarterly
installments not later than the first Business Day of January 2014, April 2014,
July 2014 and October 2014. Thereafter, principal and interest on this Note
shall be fully amortized over six (6) years and paid in quarterly installments
not later than the first Business Day of each January, April, July and October,
commencing January 1, 2015 through October 1, 2020, or such earlier date as the
Principal Balance hereof with interest thereon shall have been paid in full.

            This
Note has been executed and delivered by the Borrower pursuant to that certain
Financing Agreement dated as of November 26, 2013 (the “Financing Agreement”),
by and between the Issuer and the Borrower and assigned and endorsed by the
Issuer to UMB BANK, n.a., as trustee (the “Trustee”) under an Indenture of Trust
defined below. Terms used but not defined herein shall have the meanings
ascribed to such terms in the Financing Agreement and the Indenture of
Trust.

            Under
the Financing Agreement, the Issuer has loaned to the Borrower the proceeds
received from the sale of its $20,000,000 Johnson County, Wyoming, Taxable
Industrial Development Revenue Bond (Uranerz Energy Corporation Project), Series
2013, dated as of the date of delivery thereof (the “Bond”), to be applied by
the Borrower to pay the cost of a Project as defined in the Financing Agreement.
The Borrower has agreed to repay such Loan by making Loan Payments (as defined
in the Financing Agreement) at the times and in the amounts set forth in this
Note. The Bond has been issued, concurrently with the execution and delivery of
this Note, pursuant to Title 15, Chapter 1, Article 7, Wyo. Stat. and a
Resolution passed and adopted by the Board of County Commissioners of the Issuer
on November 12, 2013, and is secured by an Indenture of Trust dated as of
November 26, 2013 (the “Indenture”), by and between the Issuer and the Trustee.
The Bond has been additionally secured by a Mortgage, Assignment of Revenues,
Security Agreement, Fixture Filing and Financing Statement dated as of
22, 2013 (the “Mortgage”), executed and delivered by the Borrower, as grantor
and debtor, to the Trustee, as beneficiary and secured party, and an Assignment
of Product Sales Contracts and Processing Agreement dated as of November 26,
2013 (the “Assignment”), by the Borrower to the Trustee. 

            To
provide funds to pay the interest on and principal of the Bond as and when due,
the Borrower hereby agrees to and shall make Loan Payments as follows: Interest
only on this Note shall be paid in quarterly installments not later than the
first Business Day of January 2014, April 2014, July 2014 and October 2014.
Thereafter, principal and interest on this Note shall be fully amortized over six (6) years and paid in quarterly installments
not later than the first Business Day of each January, April, July and October,
commencing January 1, 2015 through October 1, 2020 (the “Maturity Date”), or
such earlier date as the Principal Balance thereof with interest thereon shall
have been paid in full. Payments shall be applied first to interest due on the
Principal Balance and thereafter to reduction of the Principal Balance. In
addition, to provide funds to pay the interest on and principal of the Bond as
and when due at any other time, the Borrower hereby agrees to and shall make
Loan Payments on any other date on which any interest on and principal of the
Bond shall be due and payable, whether upon acceleration, call for redemption or
otherwise.

	#2 - Financing Agreement 	B -1 	 

            If
payment or provision for payment in accordance with the Indenture is made in
respect of the interest on and principal of the Bond from moneys other than Loan
Payments, this Note shall be deemed paid to the extent such payments or
provision for payment of interest on and principal of the Bond have been made.
The Borrower shall receive a credit against its obligation to make Loan Payments
hereunder to the extent of the moneys delivered to the Trustee for the payment
of interest on and principal of the Bond and any other amounts on deposit in the
Debt Service Fund and available to pay interest on and principal of the Bond
pursuant to the Indenture. Subject to the foregoing, all Loan Payments shall be
in the full amount required hereunder.

            All
Loan Payments shall be payable in lawful money of the United States of America,
in immediately available funds, and shall be made to the Trustee at its
designated corporate trust office for the account of the Issuer, deposited in
the Debt Service Fund and used as provided in the Indenture.

            The
obligation of the Borrower to make the payments required hereunder shall be
absolute and unconditional and the Borrower shall make such payments without
abatement, diminution or deduction regardless of any cause or circumstances
whatsoever including, without limitation, any defense, set-off, recoupment or
counterclaim which the Borrower may have or assert against the Issuer, the
Trustee or any other person.

            This
Note is subject to optional redemption and special redemption upon certain
events of casualty and condemnation, in whole or in part, upon the terms and
conditions set forth in the Financing Agreement. Any optional, special or
mandatory prepayment is also subject to satisfaction of any applicable notice,
deposit or other requirements set forth in the Financing Agreement or the
Indenture.

            Whenever
an Event of Default under Section 9.01 of the Financing Agreement shall have
occurred, the unpaid Principal Balance of and accrued interest on this Note may
be declared or may become due and payable as provided in Section 9.02 of the
Financing Agreement; provided that any annulment of a declaration of
acceleration with respect to the Bond under the Indenture shall also constitute
an annulment of any corresponding declaration with respect to this Note.

            The
Borrower hereby waives presentment for payment, demand, protest, notice of
protest, notice of dishonor and all defenses on the grounds of extension of time
for the payment hereof which may be given (other than in writing) by the
Trustee.

            The
Borrower hereby certifies that all conditions, acts and things required to
exist, happen and be performed precedent to and in the issuance of this Note,
exist, have happened and have been performed, and that the issuance of this Note
has been duly authorized by the Borrower.

(Balance of the page intentionally left blank.)

	#2 - Financing Agreement 	B -2	 

            IN
WITNESS WHEREOF, the Borrower has executed this Note as of the date first
above written.

          
URANERZ ENERGY CORPORATION

By:    
  /s/ "Glenn
Catchpole"                            
Name: Glenn
Catchpole
Title:   President and Chief Executive Officer

ENDORSEMENT AND ASSIGNMENT

            FOR
VALUE RECEIVED, the undersigned, on behalf of Johnson County, Wyoming (the
“Issuer”), hereby endorses and sells, assigns and transfers unto UMB BANK, n.a.,
as Trustee under the Indenture of Trust dated as of November 26, 2013, by and
between said Trustee and the Issuer, the within Note and all rights thereunder,
and hereby constitutes and appoints said Trustee to transfer the within Note on
the books kept for registration thereof, with full power of substitution in the
premises.

            IN
WITNESS WHEREOF, the undersigned have set their hands as of the 26th day of
November, 2013.

          
JOHNSON COUNTY, WYOMING

 

By:     
  /s/ "Delbert Eitel"                                   
           
Chairman, Board of County Commissioners

Attest: 

/s/ "Vicki Edelman"                            
County Clerk

	#2 - Financing Agreement 	B -3	 

EXHIBIT C

RECLAMATION PERFORMANCE BONDS

	For 	Against 
	DN 336 (Drilling Notification) 	  $280,000.00 
	DN 378 (Drilling Notification) 	  $622,500.00 
	       Permit to Mine No. 778 	$6,800,000.00 

	#2 - Financing Agreement 	C-1 	 

EXHIBIT D

FORM OF BORROWER’S CERTIFICATE AND REQUEST NO.
____
FOR DISBURSEMENT OF FUNDS FROM PROJECT FUND

            The
undersigned, _________________, Borrower’s Representative under that certain
Financing Agreement dated as of _____________, 2013 (the “Financing Agreement”)
between Johnson County, Wyoming (the “County”) and Uranerz Energy Corporation
(the “Borrower”), hereby certifies pursuant to Section 3.02 of the Financing
Agreement as follows:

(1)        I have read the
Financing Agreement and definitions relating thereto and have reviewed
appropriate records and documents of the Borrower relating to the matters
covered by this Certificate and Request. No event has occurred and is continuing
which constitutes an Event of Default under the Financing Agreement or would
constitute an Event of Default thereunder but for the requirement that notice be
given or time lapse or both. The insurance required under Section 3.9 of the
Mortgage, Assignment of Revenues, Security Agreement, Fixture Filing and
Financing Statement remains in full force and effect;

(2)        The amount and
nature of each item of Costs of Issuance or Project Costs due and payable and
hereby requested to be paid to a person other than the Borrower or to the
Borrower are shown on Schedule A attached hereto;

(3)        Each item of Costs
of Issuance or Project Costs, for which payment or reimbursement is hereby
requested, is or was necessary in connection with the Project and qualifies as
such an item under the Financing Agreement;

(4)        No item of Costs of
Issuance or Project Costs hereby requested to be paid or reimbursed has formed
the basis for any previous payment or, except as noted, request therefor, from
the Project Fund;

(5)        Neither the
Collateral nor the Mortgaged Property have been injured or damaged by any
casualty in a manner which, if not repaired or replaced, would materially impair
the ability of the Borrower to meet its obligations under the Financing
Agreement and the Indenture;

(6)        To the best
knowledge of the Borrower the current General Mining Law of 1872 has not been
repealed or modified in any way which would materially impair the ability of the
Borrower to meet its obligations under the Financing Agreement and the
Indenture, since the adoption of the Bond Resolution by the Issuer;

(7)        There has not been
filed with or served upon the Borrower any notice of any lien, right to a lien
or attachment upon or claim affecting the right of any person, firm or
corporation to receive payment of the respective amounts stated in this request
which has not been released or will not be released simultaneously with the
payment of such obligation;

(8)        No liens exist other
than those that will be released upon payment by the Borrower or the Trustee for
construction contracts or other persons to whom it was owed of the amounts
requested under this Request;

	#2 - Financing Agreement 	D -1 	 

(9)      
 All payments paid to the Borrower or the contractors/payees under previous
Requests have been paid to the respective contractors or other Persons entitled
thereto;

(10)     
Accompanying this Certificate and Request are full, true and correct copies of
lien waivers relating to the work completed and paid pursuant to the Request
immediately prior to this Request, and invoices or statements for the costs
requested to be paid hereby.

      
     You are hereby requested to disburse from the
Project Fund the amounts shown on Schedule A and make payments to the Borrower
or to the persons entitled to receipt thereof as shown on said Schedule.

           
WITNESSETH my hand this ____ day of ___________, ____.

	 	URANERZ ENERGY CORPORATION 
	 	 
	 	 
	 	 
	 	Borrower’s Representative 

APPROVED:

THE STATE OF WYOMING, ACTING
BY AND THROUGH THE
WYOMING
STATE TREASURER

By:    
_________________________________
Title: 
_________________________________
Date: 
_________________________________

NOTE RE FINAL REQUEST: If this is the final Request to
be submitted to the Trustee under the Indenture and the Financing Agreement,
please read the following paragraph and initial as applicable.

Borrower further certifies that:

	 	(a) 	
      the Project is
      complete;                                   
      ______
                                                                              Initial

	 	(b) 	
      the Project Fund contains insufficient moneys to complete
      the Project and the Borrower understands that it is obligated to complete
      the Project and pay the remainder of the
      costs. 

                                                
                                       
      _______

                                                                     
                     
  Initial

      	#2 - Financing Agreement 	D -2 	 

	SCHEDULE A 
	 
	 
	 
	SCHEDULE OF PAYMENTS REQUESTED

 

	Contractor/Payee 	 	  	 	 	  	 
	(name & address) 	 	  	 	 	  	 
	or Borrower/Payee 	 	 Amount 	 	 	Description 	 
	  	 	  	 	 	  	 
	  	 	  	 	 	  	 
		$		 	 	  	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	  	 	  	 	 	  	 
	
       
	 	  	 	 	  	 
	  	 	  	 	 	  	 
	  	 	  	 	 	  	 
	TOTAL 	$	 	 	 	  	 

    	#2 - Financing Agreement 	D -3	 

EXHIBIT E

PERMITTED ENCUMBRANCES

Permitted Encumbrances

Subject to the terms of this Financing Agreement, the Bond
Purchase Agreement, the Indenture, the Security Documents and the Arkose Mining
Venture Agreement, the Collateral and the Mortgaged Property (other than the
Arkose Mining Venture property set forth in EXHIBIT A of the Mortgage) securing
the Bond shall be the sole and exclusive property of, and title thereto shall
continue to be vested in, the Borrower.

Permitted Encumbrances shall include: (a) any security interest
granted to or held by Johnson County, Wyoming (the “Issuer”), UMB BANK, n.a.
(the “Trustee”) or the State of Wyoming acting by and through the Wyoming state
Treasurer (the “Purchaser”) under the Loan Documents; (b) any other encumbrance
in favor of the Issuer, the Trustee or the Purchaser; (c) any encumbrance which
is approved in writing by the Purchaser; (d) any encumbrance created under the
agreement entitled the “Processing Agreement for Uranium Concentrates,” dated
November 28, 2011, entered into between the Borrower and a third party for the
processing of uranium resins produced by the Borrower, which contains an
obligation of the Borrower which might exceed $200,000 or more per period of 12
months if the Borrower does not tender for processing a specified minimum
quantity of resins to Power Resources in any of the calendar years 2013, 2014
and 2015; (e) any operating lease of personal property entered into in the
ordinary course of business and having a term (including renewals) of greater
than one year that is deemed to be an encumbrance under applicable law; (f) any
security interest in cash or cash equivalent on deposit with any person or
entity as collateral for reclamation obligations pertaining to the Properties
identified in the Mortgage; (g) any encumbrance for purchase money mortgages and
other security interests on equipment acquired, leased or held by Borrower
(including equipment held by Borrower as lessee under leveraged leases) in the
ordinary course of business to secure the purchase price of or rental payments
with respect to the equipment or to secure indebtedness incurred solely for the
purpose of financing the acquisition (including acquisition as lessee under
leveraged leases), construction or improvement of any of the equipment, as long
as the property secured by that encumbrance is limited to the relevant
equipment; (h) encumbrances of a collecting bank arising in the ordinary course
of business under Section 4-210 of the Uniform Commercial Code in effect in the
relevant jurisdiction; (i) any encumbrance arising by operation of law in the
ordinary course of business in good faith including (1) workman’s, contractor’s,
subscontractor’s, mechanic’s, materialman’s, supplier’s, solicitor’s or other
similar statutory liens, (2) liens in favor of any government agency, (3) liens
for taxes, assessments and governmental charges or levies not yet due and
payable, (4) the terms and conditions of mineral leases under which Borrower is
a lessee, and liens affecting the interests of any third party lessor as the
property owner under the relevant lease, (5) the terms and conditions of the
Leases, and (6) liens of pledges or deposits under workers’ compensation laws or
similar legislation, unemployment insurance or other types of social security or
to secure the performance of tenders, statutory obligations, surety and appeal
bonds, bids, leases, governmental contracts, performance and return of money
bonds and similar obligations; (j) any zoning or similar law or right reserved
to or vested in any government agency to control or regulate the use of any real
property; (k) registered restrictions, covenants, land use contracts, building
schemes, declarations of covenants, conditions and restrictions, servicing
agreements in favor of any government agency, easements, rights-of-ways,
servitudes or other similar rights in or with respect to real property
(including open space and conservation easements, restrictions or similar
agreements and rights of way and servitudes for railways, water, sewer,
drainage, gas and oil pipelines, electricity, light, power, telephone,
telegraph, internet or cable television services and utilities) granted to or
reserved by third parties; and (l) any right reserved to or vested in any government agency, by the terms of any permit, license,
certificate, order, grant, classification (including any zoning laws and
ordinances and similar legal requirements), registration or other consent,
approval or authorization acquired from any government agency, to terminate any
permit, license, certificate, order, grant, classification, registration or
other consent, approval, or authorization or to require annual or other payments
as a condition to the continuance of that right.

	#2 - Financing Agreement 	E-1 	 

(Royalty Burdens on URANERZ
Properties
Unpatented Mining Claims and Surface Use
Agreements)

Without modifying the representations and warranties contained
within this Financing Agreement or any of the exceptions thereto, the following
are instruments under which third parties may currently have contractual or
statutory rights to the surface or sub-surface covered by Unpatented Mining
Claims, and those and any similar existing or future instruments shall also
constitute Permitted Encumbrances:

Nichols Ranch Project:

	1. 	
      Mining Lease dated April 24, 2007 between Donald and
      Betty Payne and Uranerz Energy Corporation includes a royalty percentage
      of 6% when the fair market value of U308 is $45.00 or less; and 8% when
      the fair market value of U308 is greater than $45.00.

	 	 
	2. 	
      Mining Lease dated April 24, 2007 between Constance Zorns
      and Lawrence Zink and Uranerz Energy Corporation includes a royalty
      percentage of 6% when the fair market value of U308 is $45.00 or less; and
      8% when the fair market value of U308 is greater than $45.00

	 	 
	3. 	
      Option Agreement dated December 9, 2005 between Excalibur
      Industries and Uranerz Energy Corporation includes an overriding royalty
      interest of 6% of the quarterly average spot price for U308 of $45.00 or
      less; 8% of the quarterly average spot price for U308 is greater than
      $45.00.

North Reno Creek Project:

	1. 	
      Mining Lease dated April 11, 2006 between the Sinadin
      Family Trust and Uranerz Energy Corporation includes a royalty percentage
      of 6% when the fair market value of U308 is $45.00 or less; and 8% when
      the fair market value of U308 is greater than $45.00.

	 	 
	2. 	
      Mining Lease dated April 4, 2006 between the Larry Ickes
      Trust and Uranerz Energy Corporation includes a royalty percentage of 6%
      when the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	3. 	
      Mining Lease dated April 4, 2006 between the Yvonne
      Phillips Trust and Uranerz Energy Corporation includes a royalty
      percentage of 6% when the fair market value of U308 is $45.00 or less; and
      8% when the fair market value of U308 is greater than $45.00.

	 	 
	4. 	
      Mining Lease dated April 20, 2006 between Yvonne Phillips
      and Uranerz Energy Corporation includes a royalty percentage of 6% when
      the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

      	#2 - Financing Agreement 	E-2 	 

(Royalty Burdens on URANERZ
Properties
Unpatented Mining Claims and Surface Use
Agreements)

	5. 	
      Mining Lease dated February 20, 2006 between June Thielen
      et.al. and Uranerz Energy Corporation includes a royalty percentage of 6%
      when the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	6. 	
      Mining Lease dated April 6, 2006 between Larry Ickes and
      Uranerz Energy Corporation includes a royalty percentage of 6% when the
      fair market value of U308 is $45.00 or less; and 8% when the fair market
      value of U308 is greater than $45.00.

	 	 
	7. 	
      Mining Lease dated April 28, 2006 between Douglas Ickes
      and Uranerz Energy Corporation includes a royalty percentage of 6% when
      the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	8. 	
      Mining Lease dated May 10, 2006 between Jennifer Hanlin
      and Uranerz Energy Corporation includes a royalty percentage of 6% when
      the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	9. 	
      Mining Lease dated May 1, 2006 between Timothy Ickes and
      Uranerz Energy Corporation includes a royalty percentage of 6% when the
      fair market value of U308 is $45.00 or less; and 8% when the fair market
      value of U308 is greater than $45.00.

	 	 
	10. 	
      Mining Lease dated June 29, 2007 between Hancock
      Enterprises and Uranerz Energy Corporation includes a royalty percentage
      of 6% when the fair market value of U308 is $45.00 or less; and 8% when
      the fair market value of U308 is greater than $45.00.

	 	 
	11. 	
      Mining Lease dated September 25, 2008 between the Blanche
      Willard Trust and Uranerz Energy Corporation includes a royalty percentage
      of 8% of the total gross proceeds from the sale of U308.

	 	 
	12. 	
      Mining Lease dated September 18, 2008 between Bernice
      Groves and Uranerz Energy Corporation includes a royalty percentage of 8%
      of the total gross proceeds from the sale of U308.

	 	 
	13. 	
      Mining Lease dated February 13, 2009 between Robert
      Townsend III and Uranerz Energy Corporation includes a royalty percentage
      of 6% when the fair market value of U308 is $45.00 or less; and 8% when
      the fair market value of U308 is greater than $45.00.

	 	 
	14. 	
      Mining Lease dated February 16, 2009 between Diana
      Morehouse and Uranerz Energy Corporation includes a royalty percentage of
      6% when the fair market value of U308 is $45.00 or less; and 8% when the
      fair market value of U308 is greater than $45.00.

	 	 
	15. 	
      Mining Lease dated April 14, 2009 between Judith Ickes
      and Uranerz Energy Corporation includes a royalty percentage of 6% when
      the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

(Balance of the page intentionally left blank.)

	#2 - Financing Agreement 	E-3	 

(Royalty Burdens on URANERZ
Properties
Unpatented Mining Claims and Surface Use
Agreements)

	16. 	
      Mining Lease dated April 16, 2009 between Cannon Wyoming
      Investment LLC and Uranerz Energy Corporation includes a royalty
      percentage of 6% when the fair market value of U308 is $45.00 or less; and
      8% when the fair market value of U308 is greater than $45.00.

	 	 
	17. 	
      Mining Lease dated April 22, 2009 between Melissa Fry and
      Uranerz Energy Corporation includes a royalty percentage of 6% when the
      fair market value of U308 is $45.00 or less; and 8% when the fair market
      value of U308 is greater than $45.00.

	 	 
	18. 	
      Mining Lease dated May 18, 2009 between William Randolph
      Townsend and Uranerz Energy Corporation includes a royalty percentage of
      6% when the fair market value of U308 is $45.00 or less; and 8% when the
      fair market value of U308 is greater than $45.00.

	 	 
	19. 	
      Mining Lease dated June 15, 2009 between Fortin
      Enterprises, Inc. and Uranerz Energy Corporation includes a royalty
      percentage of 6% when the fair market value of U308 is $45.00 or less; and
      8% when the fair market value of U308 is greater than
  $45.00.

(Royalty Burdens on ARKOSE Properties
Fee
Leases and Surface Use Agreements)

Jane Dough Project:

	1. 	
      Mining Lease dated April 27, 2007 between Ray Taylor and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008 includes a sliding scale royalty based on total gross
      proceeds from the sale of U308 of 2%-10%.

	 	 
	2. 	
      Mining Lease dated May 11, 2007 between Donnelle J.
      Schlicht and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes a sliding scale royalty based on
      total gross proceeds from the sale of U308 of 2%-10%.

	 	 
	3. 	
      Mining Lease dated June 21, 2007 between Laura L. Day and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008 includes a sliding scale royalty based on total gross
      proceeds from the sale of U308 of 2%-10%.

	 	 
	4. 	
      Mining Lease dated April 13, 2006 between Nelroy LLC and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008 includes a royalty percentage of 4% of the total gross
      proceeds from the sale of U308.

	 	 
	5. 	
      Mining Lease dated July 17, 2006 between The Trautwein
      Family, LLC and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes a sliding scale royalty based
      total gross proceeds from the sale of U308 of 2%- 10%.

	 	 
	6. 	
      Mining Lease dated July 3, 2007 between H. Howard Cooper
      and Uranerz Energy Corporation as Manager of the Arkose Mining Venture
      dated January 15, 2008 includes a sliding scale royalty based on total
      gross proceeds from the sale of U308 of
4.5%-10%.

	#2 - Financing Agreement 	E-4	 

(Royalty Burdens on ARKOSE Properties
Fee
Leases and Surface Use Agreements)

	7. 	
      Mining Lease dated July 3, 2007 between George and Dana
      Clay and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes a sliding scale royalty based on
      total gross proceeds from the sale of U308 of 4.5%-10%.

	 	 
	8. 	
      Mining Lease dated May 3, 2007 between FCN, Inc. and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008 includes a sliding scale royalty based on total gross
      proceeds from the sale of U308 of 4.5%-10%.

	 	 
	9. 	
      Mining Lease dated September 20, 2007 between Diana K.
      Woods and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes a sliding scale royalty based on
      total gross proceeds from the sale of U308 of 4.0%-10%.

	 	 
	10. 	
      Mining Lease dated September 20, 2007 between Judy and
      Lawrence Kolz and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a sliding scale royalty
      based on total gross proceeds from the sale of U308 of 4.0%-10%.

	 	 
	11. 	
      Mining Lease dated September 20, 2007 between Matthew
      Lawrence Kolz and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a sliding scale royalty
      based on total gross proceeds from the sale of U308 of 4.0%-10%.

	 	 
	12. 	
      Mining Lease dated September 20, 2007 between Matsuda
      Trust and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes a sliding scale royalty based on
      total gross proceeds from the sale of U308 of 4.0%-10%.

	 	 
	13. 	
      Mining Lease dated September 30, 2007 between Blackgold
      Enterprises, LLC and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a sliding scale royalty
      based on total gross proceeds from the sale of U308 of 4.5%-10%.

	 	 
	14. 	
      Mining Lease dated August 20, 2008 between Pax Irvine
      Mineral Trust and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a royalty percentage of 6%
      when the fair market value of U308 is $45.00 or less; 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	15. 	
      Mining Lease dated November 24, 2009 between Pamela
      Campbell et. al. and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a royalty percentage of 6%
      when the fair market value of U308 is $45.00 or less; 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	16. 	
      Option Agreement dated December 9, 2005 between Excalibur
      Industries and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes an overriding royalty interest of
      6% of the quarterly average spot price for U308 of $45.00 or less; 8% of
      the quarterly average spot price for U308 is greater than
$45.00.

	 	 
	17. 	
      Surface Use Agreement dated August 13, 2008 between Dry
      Fork Land & Livestock and Uranerz Energy Corporation as Manager of the
      Arkose Mining Venture dated January 15, 2008 includes a Surface Extraction
      payment based on the total gross proceeds from the sale of U308 of 1% at
      $50.00 or less; and 2% at greater than $50.00.

      	#2 - Financing Agreement 	E-5	 

(Royalty Burdens on ARKOSE Properties
Fee
Leases and Surface Use Agreements)

	18. 	
      Surface Use Agreement dated August 13, 2008 between
      Iberlin Ranch Ltd and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a Surface Extraction
      payment based on the total gross proceeds from the sale of U308 of 1% at
      $50.00 or less; and 2% at greater than $50.00.

	 	 
	19. 	
      Mining Lease dated December 3, 2008 between Iberlin
      Mineral Partnership and Uranerz Energy Corporation as Manager of the
      Arkose Mining Venture dated January 15, 2008, includes a sliding scale
      royalty based on total gross proceeds from the sale of U308 of
    2%-10%.

	 	 
	20. 	
      Quitclaim Deed from WYOCAD LLC to Nammco, a Wyoming
      Partnership dated October 16, 2006 pertaining to the WC claims and
      reserving an overriding royalty interest of 1⁄4 of 1% of
  8/8ths.

(URANERZ and ARKOSE Unpatented Mining Claims Subject to
Royalty Burdens)

	  	Claim 	Claim 	  	Location 	 Township
    	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	  	  	  	  	  	  	  	  	  
	Uranerz Claims 	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	Nichols Ranch 	EB 	67 	277010 	1/27/2006 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	68 	277011 	1/27/2006 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	77 	274590 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	78 	274591 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	79 	274592 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	80 	274593 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	82 	274594 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	84 	274595 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	86 	274596 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	94 	274597 	2/6/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	95 	274598 	2/6/2006 	43 	76 	7,8,17,18 	Johnson 
	Nichols Ranch 	EB 	96 	274599 	2/6/2006 	43 	76 	8,17 	Johnson 
	Nichols Ranch 	EB 	97 	277012 	1/28/2006 	43 	76 	7,8 	Johnson 
	Nichols Ranch 	EB 	98 	274600 	1/28/2006 	43 	76 	8 	Johnson 
	Nichols Ranch 	EB 	99 	274601 	1/28/2006 	43 	76 	7,8 	Johnson 
	Nichols Ranch 	EB 	100 	274602 	1/28/2006 	43 	76 	8 	Johnson 
	Nichols Ranch 	EB 	69 	7681 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	70 	7682 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	71 	7683 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	73 	7685 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	81 	7693 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	83 	7695 	9/19/1968 	43 	76 	17 	Johnson 

    	#2 - Financing Agreement 	E-6 	 

	  	Claim 	Claim 	  	Location 	 Township
    	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	 	 	 	 	 	 	 	 	 
	Nichols Ranch 	EB 	85 Am 	7697 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	87 Am 	7699 	9/19/1968 	43 	76 	17,18 	Johnson 
	Nichols Ranch 	EB 	88 	7700 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	89 Am 	7701 	9/19/1968 	43 	76 	17,18 	Johnson 
	Nichols Ranch 	EB 	90 	7702 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	91 Am 	7703 	9/19/1968 	43 	76 	17,18 	Johnson 
	Nichols Ranch 	EB 	92 	7704 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	93 Am 	7705 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	102 	290876 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	103 	290877 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	104 	290878 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	105 	290879 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	106 	290880 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EEB 	1 	297963 	8/11/2009 	43 	76 	18 	Johnson 
	  	  	  	  	  	  	  	  	  
	Jane Dough 	DS 	25 	281348 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	26 	281349 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	28 	281351 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	30 	281353 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	32 	281355 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	34 	281357 	12/10/2006 	43 	76 	20 	[Campbell] 
	  	  	  	  	  	  	  	  	Johnson 
	Jane Dough 	DS 	35 	281358 	12/10/2006 	43 	76 	20 	Johnson 
	Jane Dough 	DS 	36 	281359 	12/10/2006 	43 	76 	20 	Johnson 
	Jane Dough 	EB 	43 	274582 	2/6/2006 	43 	76 	20,21 	Campbell 
	Jane Dough 	EB 	44 	274583 	2/6/2006 	43 	76 	21 	Campbell 
	Jane Dough 	EB 	45 	274584 	2/6/2006 	43 	76 	20,21 	Campbell 
	Jane Dough 	EB 	46 	274585 	2/6/2006 	43 	76 	21 	Campbell 
	Jane Dough 	EB 	40 	14314 	9/17/1968 	43 	76 	21 	Campbell 
	Jane Dough 	EB 	42 	14316 	9/17/1968 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	102 	284595 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	103 	284596 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	104 	284597 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	105 	284598 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	106 	284599 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	109 	284600 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	110 	284601 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	111 	284602 	3/2/2007 	43 	76 	21 	Campbell 

    	#2 - Financing Agreement 	E-7	 

	  	Claim 	Claim 	  	Location 	 Township
    	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	  	  	  	  	  	  	  	  	  
	Arkose Claims 	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	Jane Dough 	TR 	235 	275180 	2/24/2006 	43 	76 	29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	TR 	236 	275181 	2/24/2006 	43 	76 	29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	TR 	237 	275182 	2/24/2006 	43 	76 	29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	TR 	238 	275183 	2/24/2006 	43 	76 	29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	TR 	239 	275184 	2/24/2006 	43 	76 	29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	TR 	240 	275185 	2/24/2006 	43 	76 	29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	TR 	241 	275186 	2/24/2006 	43 	76 	29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	TR 	242 	275187 	2/24/2006 	43 	76 	20,29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	TR 	243 	275188 	2/24/2006 	43 	76 	20,29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	TR 	244 	275189 	2/24/2006 	43 	76 	20 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	TR 	245 	275190 	2/24/2006 	43 	76 	20 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	3 	281326 	12/10/2006 	43 	76 	28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	4 	281327 	12/10/2006 	43 	76 	21,28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	5 	281328 	12/10/2006 	43 	76 	28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	6 	281329 	12/10/2006 	43 	76 	21,28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	7 	281330 	12/10/2006 	43 	76 	28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	8 	281331 	12/10/2006 	43 	76 	21,28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	9 	281332 	12/10/2006 	43 	76 	28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	10 	281333 	12/10/2006 	43 	76 	21,28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	11 	281334 	12/10/2006 	43 	76 	28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	12 	281335 	12/10/2006 	43 	76 	21,28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	13 	281336 	12/10/2006 	43 	76 	28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	14 	281337 	12/10/2006 	43 	76 	21,28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	15 	281338 	12/10/2006 	43 	76 	28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	16 	281339 	12/10/2006 	43 	76 	21,28 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	17 	281340 	12/10/2006 	43 	76 	28,29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	18 	281341 	12/10/2006 	43 	76 	20,21,28,29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	19 	281342 	12/10/2006 	43 	76 	29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	20 	281343 	12/10/2006 	43 	76 	20,29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	21 	281344 	12/10/2006 	43 	76 	29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	22 	281345 	12/10/2006 	43 	76 	20,29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	23 	281346 	12/10/2006 	43 	76 	29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	24 	281347 	12/10/2006 	43 	76 	20,29 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	27 	281350 	12/10/2006 	43 	76 	20 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	29 	281352 	12/10/2006 	43 	76 	20 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	31 	281354 	12/10/2006 	43 	76 	20 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 
	DS 
	33 
	281356 
	12/10/2006 
	43 
	76 
	20 
	[Campbell] 
Johnson
  

  	#2 - Financing Agreement 	E-8	 

	  	Claim 	Claim 	  	Location 	 Township
    	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	37 	281360 	12/10/2006 	43 	76 	20 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	38 	281361 	12/10/2006 	43 	76 	20 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	39 	281362 	12/10/2006 	43 	76 	20 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	100 	284593 	3/1/2007 	43 	76 	21 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	DS 	101 	284594 	3/1/2007 	43 	76 	21 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	319 	275263 	2/22/2006 	43 	76 	32 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	320 	275264 	2/22/2006 	43 	76 	32 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	321 	275265 	2/22/2006 	43 	76 	32 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	322 	275266 	2/22/2006 	43 	76 	32 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	323 	275267 	2/22/2006 	43 	76 	32 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	324 	275268 	2/22/2006 	43 	76 	32 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	325 	275269 	2/22/2006 	43 	76 	32 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	326 	275270 	2/22/2006 	43 	76 	32 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	327 	275271 	2/22/2006 	43 	76 	32 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	328 	275272 	2/22/2006 	43 	76 	32 	Campbell 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	365 	275309 	2/22/2006 	43 	76 	32 	Johnson 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	366 	275310 	2/22/2006 	43 	76 	32 	Johnson 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	367 	275311 	2/22/2006 	43 	76 	32 	Johnson 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	368 	275312 	2/22/2006 	43 	76 	32 	Johnson 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	369 	275313 	2/22/2006 	43 	76 	32 	Johnson 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	370 	275314 	2/22/2006 	43 	76 	32 	Johnson 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	371 	275315 	2/22/2006 	43 	76 	32 	Johnson 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	372 	275316 	2/22/2006 	43 	76 	32 	Johnson 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	373 	275317 	2/22/2006 	43 	76 	32 	Johnson 
	 	 	 	 	 	 	 	 	 
	Jane Dough 	W C 	374 	275318 	2/22/2006 	43 	76 	32 	Johnson

	#2 - Financing Agreement 	E-9	 

EXHIBIT F

PRODUCT SALES CONTRACTS AND PROCESSING
AGREEMENT

Product Sales Contracts

	1. 	
      Agreement for the Sale and Purchase of Natural Uranium
      Concentrates dated July 20, 2009, between the Assignor and Exelon
      Generation Company LLC, as amended by agreement dated December 21,
    2012

	 	 
	2. 	
      Uranium Sales Agreement dated August 4, 2009, between the
      Assignor and Dominion Resources Services, Inc., on its own behalf and as
      agent for its affiliates Dominion Energy Kewaunee, Inc., Dominion Nuclear
      Connecticut, Inc. and Virginia Power Fuel Corporation, as amended by
      agreements dated September 8, 2011 and August 31, 2012

	 	 
	3. 	
      Agreement (No. 2) for the Sale and Purchase of Natural
      Uranium Concentrates dated January 25, 2013, between the Assignor and
      Exelon Generation Company LLC

Processing Agreement

	1. 	
      Processing Agreement for Uranium Concentrates dated
      November 28, 2011, between the Assignor and Power Resources, Inc., d/b/a
      Cameco Resources

      	#2 - Financing Agreement 	F-1 	 

EXHIBIT G

PERMITS AND LICENSES FOR THE NICHOLS RANCH
PROJECT

	Permit, License, or Approval Name 	Agency 	Status 	Comment 
	 	 	 	 
	Sources Material License 	NRC 	Received SUA-1597 7/19/2011 	Must be renewed
      every ten years 
	 	 	 	 
	Permit to mine 	W DEQ -LQD 	Received Permit to Mine No. 778
      12/29/2010 	  
	 	 	 	 
	Permit to Appropriate Groundwater 	SEO 	All permits for wells are
      approved and in hand 	  
	 	 	 	 
	DEQ Drilling Permit 	W DEQ -LQD 	In Possession, No. 336DN and
      378DN 	  
	 	 	 	 
	BLM Drilling Permit 	BLM 	W -169662 was terminated in
      2011 	  
	 	 	 	 
	W ellfield Authorization Permit 	W DEQ -LQD 	Nichols Ranch PA#1 in review
      with NRC 	DEQ Approved June
      4, 2013 
	 	 	 	 
	Deep Disposal W ell Permits 	W DEQ -W QD 	Received Permit 10-392
      10/22/2012 	Must be renewed
      every ten years 
	 	 	 	 
	W YPDES 	W DEQ -W QD 	N/A 	  
	 	 	 	 
	11(e)2 Byproduct/W aste Disposal
      Agreement 	N/A 	Agreement in place 	  
	 	 	 	 
	Septic Leach Field 	County 	Obtained permit from Johnson
      County 01/17/2012 	  
	 	 	 	 
	Air Quality Permit 	W DEQ -AQD 	Received Permit CT -8644
      10/02/2009 	  
	 	 	 	 
	BLM Plan of Operations 	BLM 	Plan of Operations deemed
      complete (06/2012), draft Environmental Assessment under review. 	Applies to 280
      acres of BLM land at the Hank Unit 
	 	 	 	 
	Storm W ater Pollution Prevention Plan
	W DEQ -W QD 	Received authorization W
      YR104331 	Expires
      03/15/2016, but can be renewed 
	 	 	 	 
	EPA Public W ater System 	EPA 	Received - Permit No. W
      Y5601665 	 
  

	Notes: 	NRC - Nuclear Regulatory
      Commission 
	  	W DEQ -LQD - W yoming Department
      of Environmental Quality Land Quality Division 
	  	W DEQ -W QD - W yoming Department
      of Environmental Quality W ater Quality Division 
	  	W DEQ -AQD - W yoming Department
      of Environmental Quality Air Quality Division 
	  	SEO - State Engineer’s Office
  
	  	BLM - Bureau of Land Management
    

    

    	#2 - Financing Agreement 	G-1 	 

EXHIBIT H

LIENS TO BE PAID ON THE DATE OF CLOSING ON THE
BOND

Mortgage, Security Agreement, Assignment, Financing Statement
and Fixture Filing dated June 4, 2013 (the “June 2013 Mortgage”), which was
filed in the official records of Johnson County, Wyoming, on June 4, 2013, at
Book 88A-235, Pages 136-170, Reception No. 129917, and in the official records
of Campbell County, Wyoming, on June 4, 2013, at Book 2798 of Photos, Pages 1-
35, Reception No. 983972, from the Borrower, as mortgagor, to and for the
benefit of Deans Knight Capital Management LTD (“Deans Knight”), with mailing
address of 1500-999 West Hastings Street, Vancouver, British Columbia V5C 2W2,
as mortgagee, as Portfolio Manager for each of the Deans Knight Investors under
that certain Note Purchase Agreement dated as of the
31st  day of May, 2013.

	#2 - Financing Agreement 	H-1Uranerz Energy Corporation: Exhibit 4.4 - Filed by newsfilecorp.com

This Mortgage, Assignment of Revenues, Security Agreement,
Fixture Filing and
Financing Statement contains after-acquired
property provisions.

THIS INSTRUMENT COVERS THE INTEREST OF MORTGAGOR IN MINERALS OR
THE LIKE BEFORE EXTRACTION AND THE SECURITY INTEREST CREATED BY THIS INSTRUMENT
ATTACHES TO SUCH MINERALS IN-PLACE, AS EXTRACTED AND TO THE ACCOUNTS RESULTING
FROM THE SALE THEREOF. THIS INSTRUMENT COVERS THE INTEREST OF MORTGAGOR IN
FIXTURES, EQUIPMENT AND COLLATERAL SUBJECT TO THE UNIFORM COMMERCIAL CODE. THIS
INSTRUMENT IS TO BE FILED FOR RECORD, AMONG OTHER PLACES, IN THE REAL ESTATE
RECORDS OF JOHNSON COUNTY, WYOMING, AND CAMPBELL COUNTY, WYOMING. PRODUCTS OF
THE COLLATERAL ARE ALSO COVERED.

______________________________________________________________________

	MORTGAGE, ASSIGNMENT OF REVENUES, SECURITY
      AGREEMENT, 
	FIXTURE FILING AND FINANCING STATEMENT 
	 
	between 
	 
	URANERZ ENERGY CORPORATION 
	as Mortgagor 
	 
	and 
	 
	UMB BANK, n.a. 
	as Trustee and Mortgagee 
	 
	  
	Dated as of November 26, 2013 
	 
	  
	$20,000,000 
	JOHNSON COUNTY, WYOMING 
	TAXABLE INDUSTRIAL DEVELOPMENT REVENUE BOND 
	(URANERZ ENERGY CORPORATION PROJECT) 
	SERIES 2013 
	 
	 

This instrument was prepared by
and
when recorded should be returned to:

Freudenthal & Bonds, P.C.
129
East Carlson
Cheyenne, WY 82009

#6 - Mortgage

      
     THIS MORTGAGE, ASSIGNMENT OF REVENUES, SECURITY
AGREEMENT, FIXTURE FILING AND FINANCING STATEMENT (herein sometimes called
the “Mortgage”) is made as of November 26, 2013, by and between URANERZ
ENERGY CORPORATION, a Nevada corporation, with mailing address of 1701 East
“E” Street, P.O. Box 50850, Casper, Wyoming 82605 (herein, together with
its successors and assigns, the “Mortgagor”), and UMB BANK, n.a., a national
banking association duly organized and validly existing under the laws of the
United States, with a corporate trust office located at 1670 Broadway, Denver CO
80202, as trustee and mortgagee hereunder (herein, together with its successors
and assigns, the “Trustee” or the “Mortgagee”);

RECITALS AND DEFINITIONS

(Terms not defined herein shall have the meaning provided in
the Indenture, the Financing Agreement, the Bond and the Note, in the priority
just set forth.)

           
Mortgagor hereby represents, covenants and warrants to the Mortgagee, as
follows:

            A.       
Properties. Except as set forth on EXHIBIT D attached hereto,
the Mortgagor owns, leases or holds, certain properties consisting of Unpatented
Mining Claims, mineral rights, leasehold and other rights and interests in
Johnson County, Wyoming, and Campbell County, Wyoming, as further described
herein, including EXHIBIT A incorporated herein by reference, which are
collectively referred to herein as the “Properties;” subject only to the
paramount title of the United States as to the Unpatented Mining Claims and the
rights, if any, of third parties to the Lands within such Unpatented Mining
Claims pursuant to the Multiple Mineral Development Act of 1954, the Surface
Resources and Multiple Use Act of 1955 and the Federal Land Policy and
Management Act of 1976. With respect to the Unpatented Mining Claims listed on
the attached EXHIBIT A, except as disclosed in EXHIBIT D and subject to the
paramount title of the United States and the statutory rights of third parties
as described above, the Mortgagor is in exclusive possession thereof. Nothing
herein shall be deemed a representation that any Unpatented Mining Claim
contains a discovery of valuable minerals, or that Mortgagor has established or
is maintaining pedis possessio rights with respect to any such claim.

            B.       
The Nichols Ranch Project. Mortgagor has begun the acquisition,
construction, development and equipping of an in situ recovery (“ISR”)
processing facility to extract uranium located within Johnson County, Wyoming
and Campbell County, Wyoming (as described in EXHIBIT A to the Financing
Agreement).

            C.       
The Bond; Indenture; and Financing Agreement. For the purpose
of financing a portion of the Nichols Ranch Project and to pay the costs
incidental to the issuance and delivery of the hereinafter described Bond (the
“Costs of Issuance”), Johnson County, Wyoming (with its successor or assigns,
the “Issuer”), a political subdivision organized and existing under the
constitution and laws of the State of Wyoming (the “State”), will issue and
deliver its $20,000,000 Taxable Industrial Development Revenue Bond (Uranerz
Energy Corporation Project), Series 2013, dated November 26, 2013 (the “Bond”),
pursuant to the Industrial Development Projects Act, Title 15, Chapter 1,
Article 7, Wyo. Stat. (the “Act”), under and secured by an Indenture of Trust,
of even date herewith, between the Issuer and the Trustee (the “Indenture”), and
loan the proceeds thereof to the Mortgagor (the “Loan”) pursuant to a Financing
Agreement, of even date herewith, between the Issuer and the Mortgagor, as
Borrower (the “Financing Agreement”). Pursuant to ARTICLE 4 of the Financing
Agreement, the Mortgagor has covenanted, among other things, to make payments on
the Loan in amounts sufficient to pay the principal of and interest on the Bond
when due (the “Loan Payments”). The Issuer has, by the Indenture, pledged and
granted to the Mortgagee a security interest in all of its right, title and
interest in the Financing Agreement (except for certain rights to payment of certain expenses and indemnification),
including, but not limited to its right to receive such Loan Payments, in order
to secure the full and prompt payment of the principal of and interest on the
Bond.

	#6 - Mortgage 	-1- 	 

            The
Bond will be sold and privately placed with the State of Wyoming, acting by and
through the Wyoming State Treasurer (the “Purchaser”), in accordance with Wyo.
Stat. § 9-4-715(m) and pursuant to the provisions of a Bond Purchase Agreement
by and among the Issuer, the Borrower and the Purchaser, of even date herewith
(the “Bond Purchase Agreement”), in order to provide funds to pay the Project
Costs and the Costs of Issuance.

            D.       
Promissory Note, Principal and Interest. Pursuant to the
Financing Agreement, the Mortgagor has covenanted, among other things, to make
Loan Payments and has executed one (1) promissory note in favor of the Issuer,
which has been assigned to the Trustee, in the principal amount of $20,000,000,
dated as of the date of delivery of the Bond and due on October 1, 2020 (the
“Note”). The Note and the Bond bear interest at a fixed rate of 5.75%. Pursuant
to the Indenture, the Mortgagor is to pay on the Note such amounts as are
required to meet the obligations on the Bond. The Mortgagor is or will become
justly indebted to the Trustee in the amount of the Bond in accordance with the
terms of the Financing Agreement and the Note.

            E.       
Loan Documents. The term “Loan Documents” shall mean and
include the Bond Purchase Agreement, the Indenture, the Financing Agreement,
this Mortgage, the Assignment of Revenues contained within this Mortgage, the
Security Agreement contained within this Mortgage, the Fixture Filing contained
within this Mortgage, the Financing Statement contained within this Mortgage,
the Bond, the Note, and any other documents executed and delivered by the
Mortgagor in connection therewith, or otherwise evidencing or securing any
indebtedness of the Mortgagor to the Mortgagee.

            F.       
The Liabilities. As used in this Mortgage, the term
“Liabilities” means and includes all of the following: the principal of and
interest on the Note, the Bond and any and all other amounts which may at any
time be or become due or owing under this Mortgage, the Indenture and the
Financing Agreement; all indebtedness of any kind arising under, and all amounts
of any kind which may at any time be or become due or owing to the Mortgagee
under or with respect to any of the Loan Documents; all of the covenants,
obligations and agreements (and the truth of all representations and warranties)
of the Mortgagor in, under or pursuant to the Loan Documents; any and all
advances, costs or expenses paid or incurred by the Mortgagee to protect any or
all of the Collateral (hereinafter defined), performance of any obligation of
the Mortgagor hereunder or collection of any amount owing to the Mortgagee which
is secured hereby; any and all other liabilities, obligations and indebtedness,
howsoever created, arising or evidenced, direct or indirect, absolute or
contingent, recourse or “nonrecourse,” now or hereafter existing or due or to
become due, owing by the Mortgagor to the Mortgagee; interest on all of the
foregoing; all costs (including, without limitation, attorneys’ fees and
expenses) incurred by the Mortgagee or the Trustee in the enforcement and
collection of the amounts due under the Loan Documents, and the other documents,
instruments, obligations and liabilities described hereinabove; and all
renewals, extensions, amendments, and substitutions of the above whether or not
Mortgagor executes any renewal or extension agreement.

            G.       
The Collateral. For purposes of this Mortgage, the term “Collateral”
means all of the following, including any after-acquired property of a like kind
or nature. Without prejudice to its obligations contained in the Loan Documents,
the Mortgagor shall advise the Mortgagee, within forty-five (45) days after June
30 and December 31 of each calendar year after the date of this Mortgage, as to
any additional interests in the Mortgaged Property it has acquired and any other
material assets acquired by the Mortgagor during such preceding six-month period
and shall, at the request of the Mortgagee or the Purchaser of the Bond, execute,
acknowledge and deliver such other and further instruments and agreements
necessary or desirable to include such interests and assets as a part of the
Mortgaged Property hereunder.

	#6 - Mortgage 	-2- 	 

            (a)       
All lands and real property, including all leasehold, option rights, mineral
interests, Unpatented Mining Claims (lode), amended claims, relocated claims,
royalties and other real property interests (whether surface, underground,
mineral, or other), as more particularly described on EXHIBIT A attached hereto
and incorporated herein by reference (collectively, the “Lands”). The term Lands
also includes all rights of the Mortgagor under all Leases, licenses, occupancy
agreements, concessions or other arrangements, whether written or oral, whether
now existing or entered into at any time hereafter, whereby any person agrees to
pay money or any consideration for the use, possession or occupancy of, or any
estate in, the Lands, the Nichols Ranch Project or any part thereof, and all
rents, income, profits, benefits, avails, advantages and claims against
guarantors under any thereof (all of the foregoing is herein referred to
collectively as the “Leases”).

            (b)       
All processed and unprocessed metallic and nonmetallic ore, including uranium
and uranium ore minerals, and all other locatable minerals located in or under
all or any part of the Lands or otherwise produced therefrom (the “Ore”),
including “As-Extracted Collateral” as defined in Wyo. Stat. § 34.1
-9-102(a)(vi) of the Wyoming Uniform Commercial Code (the “UCC”), all whether
in-place, extracted, produced, processed, stored or otherwise severed
(collectively, the “Minerals”).

            (c)       
All surface or subsurface machinery, equipment, facilities, supplies or other
property of whatsoever kind or nature of Mortgagor (excluding drilling rigs,
trucks, automotive equipment or other property taken to the premises for
temporary uses) now or hereafter located on any of the Lands which are required,
used or useful for the production, treatment, storage or transportation of
Minerals, including, without limitation, the in situ solution mining
facilities now existing or hereafter acquired or constructed, consisting of
processing plants, process machinery, and equipment used in connection with such
processing plants (the “Equipment”), including all instruments, accounts and
chattel paper arising therefrom (including Leases and conditional sales
contracts); and the proceeds of all of the foregoing, including proceeds in the
form of goods, accounts, chattel paper, documents, instruments and general
intangibles. EXHIBIT B, attached hereto, is a listing of all titled
Equipment.

            (d)       
All Goods, personal property and/or Equipment of Mortgagor that have become so
related to the Land that an interest in them arises under Wyoming real estate
law (the “Fixtures”).

            (e)       
All of Mortgagor's interest now owned or hereafter acquired in and to all
Fixtures and all proceeds, products, renewals, increases, profits,
substitutions, replacements, additions, amendments and accessions thereof,
thereto or therefor.

            (f)       
All buildings, structures, replacements, furnishings, fixtures, fittings and
other improvements and property of every kind and character now or hereafter
located or erected on the Lands, together with all building or construction
materials, equipment, appliances, machinery, plant equipment, fittings,
apparati, fixtures and other articles of any kind or nature whatsoever now or
hereafter found on, affixed to or attached to the Lands, including (without
limitation) all motors, boilers, engines and devices for the operation of pumps,
and all heating, electrical, lighting, power, plumbing, air conditioning,
refrigeration and ventilation equipment (all of the foregoing is herein referred
to collectively as the “Improvements”).

            (g)       
All building materials, goods, construction materials, appliances (including
stoves, refrigerators, water fountains and coolers, fans, heaters, incinerators,
compactors, dishwashers, clothes washers and dryers, water heaters and similar
equipment), supplies, blinds, window shades, carpeting, floor coverings,
elevators, office equipment, growing plants, fire sprinklers and alarms, control
devices, equipment (including motor vehicles and all window cleaning, building
cleaning, swimming pool, recreational, monitoring, garbage, air conditioning,
pest control and other equipment), tools, furnishings, furniture, light
fixtures, non-structural additions to the Lands, and all other tangible property
of any kind or character now or hereafter owned by the Mortgagor and used or
useful in connection with the Lands, any construction undertaken in or on the
Lands, any trade, business or other activity (whether or not engaged in for
profit) for which the Lands are used, the maintenance of the Lands or the
convenience of any guests, licensees or invitees of the Mortgagor, all
regardless of whether located in or on the Lands or located elsewhere for
purposes of fabrication, storage or otherwise (all of the foregoing is herein
referred to collectively as the “Goods”).

	#6 - Mortgage 	-3- 	 

            (h)       
To the extent assignable, all goodwill, trademarks, trade names, option rights,
purchase contracts, contract rights, books and records, Goods and general
intangibles of the Mortgagor relating to the Lands, and all accounts, contract
rights, instruments, chattel paper and other rights of the Mortgagor for payment
of money for property sold or lent, for services rendered, for money lent, or
for advances or deposits made, all building permits, governmental permits,
licenses and authorizations related to the Lands, any other agreements now or in
the future existing respecting the management and operations of the Project, all
amendments or modifications to any of the foregoing, and any other management
agreements, leasing agreements and any maintenance and service contracts, and
any other intangible property of the Mortgagor related to the Lands (all of the
foregoing is herein referred to collectively as the “General Intangibles”).

            (i)       
To the extent assignable, all building permits, governmental permits, licenses
and authorizations related to the Project, as set forth in EXHIBIT F attached
hereto. 

            (j)       
To the extent assignable, all accounts receivable, contract rights, notes
receivable, revenues, rents, issues, profits, royalties, avails, income and
other benefits derived or owned by the Mortgagor directly or indirectly from the
Lands and the Project (all of the foregoing is herein collectively called the
“Revenues”).

            (k)       
All rights of the Mortgagor to plans and specifications, designs, drawings and
other matters prepared for any construction or improvements in or on the Lands
(all of the foregoing is herein called the “Plans”).

            (l)       
All rights of the Mortgagor under any contracts executed by the Mortgagor as
owner with any provider of goods or services for or in connection with any
construction undertaken on, or services performed or to be performed in
connection with, the Lands and the Project, and any other agreements now or in
the future existing respecting the construction and equipping of the Project
(including any agreements with soil, mechanical and structural engineers,
landscape architects, and other contractors or consultants, and any subcontracts
to the construction contract) (all of the foregoing is herein referred to
collectively as the “Contracts for Construction”).

            (m)       
All contracts for the sale of Ore produced by the Mortgagor (the “Product Sales
Contracts”) which have been assigned to the Mortgagee by the Mortgagor, pursuant
to that certain Assignment of Product Sales Contracts and Processing Agreement
dated as of the date hereof.

            (n)       
All contracts, if any, now in effect or hereafter entered into by the Mortgagor,
for the sale, purchase, exchange, supply, handling, processing, refining,
beneficiation and/or transportation of Ore produced from all or any part of the
Lands or from any other lands any production from which, or profits or proceeds
from such production, is attributable to any interest in the Lands (all of the foregoing are herein referred to collectively as the
“Post-Production Contracts”); provided, however, that Post-Production Contracts
excludes Product Sales Contracts.

	#6 - Mortgage 	-4- 	 

            (o)       
All refunds, rebates, reimbursements, reserves, deferred payments, deposits,
cost savings, governmental subsidy payments, governmentally-registered credits
(such as emissions reduction credits) and payments of any kind due from or
payable by (i) any federal, state, municipal or other governmental or
quasi-governmental agency, authority or district (a “Governmental Agency”) or
(ii) any insurance or utility company relating to any or all of the Lands and
the Project.

            (p)       
All refunds, rebates, reimbursements and payments of any kind due from or
payable by any Governmental Agency for any taxes, assessments, or governmental
or quasi-governmental charges or levies imposed upon Mortgagor with respect to
the Collateral or upon any or all of the Collateral.

            (q)       
All goods held for sale or lease or furnished under contracts of service, raw
materials, works in progress and materials used or consumed in operation of the
Project (all of the foregoing are herein collectively called the
“Inventory”).

            (r)       
All other property or rights of the Mortgagor of any kind or character related
to the Lands and the Project, and all proceeds (including, without limitation,
insurance and condemnation proceeds) and products of any of the foregoing. (The
Lands and the Improvements described herein, and any other property which is
real estate under applicable law, is sometimes referred to collectively herein
as the “Mortgaged Property”.)

GRANT

            NOW
THEREFORE, for and in consideration of the various agreements contained
herein and in the Financing Agreement and the Loan Documents, and for other good
and valuable consideration the receipt and sufficiency of which are hereby
acknowledged by the Mortgagor, and in order to secure the full, timely and
proper payment and performance of each and every one of the Liabilities:

 THE MORTGAGOR HEREBY MORTGAGES, CONVEYS, GRANTS, BARGAINS,
SELLS, TRANSFERS AND ASSIGNS TO THE MORTGAGEE AND ITS SUCCESSORS AND ASSIGNS
FOREVER, AND GRANTS TO THE MORTGAGEE A CONTINUING SECURITY INTEREST IN AND TO,
ALL OF THE COLLATERAL

            TO
HAVE AND TO HOLD the Collateral unto the Mortgagee and its successors and
assigns forever, hereby expressly waiving and releasing any and all right,
benefit, privilege, advantage or exemption under and by virtue of any and all
statutes and laws of the State of Wyoming or other jurisdiction in which the
Collateral is located providing for the exemption of homesteads from sale on
execution or otherwise.

            Except
as set forth in EXHIBIT D, the Mortgagor hereby covenants with and warrants to
the Mortgagee and with the purchaser at any foreclosure sale: that at the
execution and delivery hereof it (i) is the record owner of and holds an
exclusive possessory interest in the Unpatented Mining Claims comprising a
portion of the Lands, subject only to the paramount title of the United States
of America as to those Unpatented Mining Claims and the rights, if any, of third
parties to the lands within such Unpatented Mining Claims pursuant to the
Multiple Mineral Development Act of 1954, the Surface Resources and Multiple Use Act of 1955 and the
Federal Land Policy and Management Act of 1976; and (ii) holds a good and valid
leasehold interest in the Leases; that the Collateral is free from all
encumbrances arising by, through or under Mortgagor, or, to Mortgagor’s
knowledge, any third party (and any claim of any other person thereto) other
than the encumbrances set forth on EXHIBIT D attached hereto and made a part
hereof (the “Permitted Encumbrances”); that it has good and lawful right to
sell, mortgage and convey the Collateral; that it has the authority to pledge
pursuant to this Mortgage a security interest to Mortgagee in the property
described herein in EXHIBIT A, which is owned pursuant to the Arkose Mining
Venture Agreement and that it has the knowledge to make all representations and
warranties contained herein with regards to the Arkose Mining Venture Agreement
property; and that, subject to the exceptions and limitations set forth in this
paragraph, it and its successors and assigns will forever warrant and defend its
right, title and interest in and to the Collateral against all claims and
demands whatsoever. Nothing herein shall be deemed a representation that any
Unpatented Mining Claim contains a discovery of valuable minerals, or that
Mortgagor has established or is maintaining pedis possessio rights with
respect to any such claim.

	#6 - Mortgage 	-5- 	 

            SUBJECT,
HOWEVER, to (i) the condition that the Mortgagee shall not be liable in any
respect for the performance of any covenant or obligation (including measures
required to comply with any Environmental Laws) of the Mortgagor in respect of
the Mortgaged Property, and (ii) the Permitted Encumbrances.

            TO
HAVE AND TO HOLD the Mortgaged Property unto the Mortgagee forever to secure
the payment and performance in full of the Collateralized Obligations and to
secure the performance of all of the obligations of the Mortgagor herein
contained.

ARTICLE ONE
DEFINITIONS; INTERPRETATION

            SECTION
1.1.        Defined
Terms. In this Mortgage (including its preamble and recitals), the
following terms shall have the following meanings:

           
“Accounts” has the meaning given such term in the
Uniform Commercial Code.

            “Act”
means the Industrial Development Projects Act, Title 15, Chapter 1,
Article 7, Wyo. Stat.

            “Applicable
Law” means, with respect to any Person or matter, any supranational,
national, federal, state, regional, tribal or local statute, law, code, rule,
treaty, convention, regulation, order, decree, consent decree, injunction,
directive, determination or other requirement (whether or not they have the
force of law but, if not having the force of law, the compliance with which
statute, etc. would be prudent for a Person subject to such statute, etc.)
relating to such Person or matter and, where applicable, any interpretation
thereof by any Governmental Authority having jurisdiction with respect thereto
or charged with the administration or interpretation thereof.

            “Approvals”
means each and every approval, authorization, license, permit, consent,
variance, land use entitlement, franchise, agreement, filing or registration by
or with any Governmental Authority or other Person.

            “Arkose
Mining Venture” means the contractual relationship of Borrower and
United Nuclear, LLC, a Wyoming limited liability company, under the Arkose
Mining Venture Agreement. 

	#6 - Mortgage 	-6- 	 

            “Arkose
Mining Venture Agreement” means that certain agreement dated January 15,
2008, between the Borrower (81%) and United Nuclear, LLC, a Wyoming limited
liability company (19%), establishing the Arkose Mining Venture.

            “As-Extracted
Collateral” has the meaning given to such term in the Uniform Commercial
Code, and shall include the Ore.

            “Assignment
of Product Sales Contracts and Processing Agreement” means that certain
Assignment of Product Sales Contracts and Processing Agreement, dated as of the
date of delivery of the Bond, by and between the Mortgagor and the
Mortgagee.

            “Bond”
means the $20,000,000 Johnson County, Wyoming, Taxable Industrial
Development Revenue Bond (Uranerz Energy Corporation Project), Series 2013,
dated as of the date of delivery thereof, issued by Johnson County, Wyoming,
pursuant to the Indenture.

            “Bond
Purchase Agreement” means the Bond Purchase Agreement, dated as of the
date of delivery of the Bond, by and among the Issuer, the Borrower and the
Purchaser of the Bond.

           
“Claims” is defined in Section 4.6.

           
“Collateralized Obligations” is defined in Section 2.1.

            “Contract”
means any contract, agreement, license, franchise, lease, arrangement,
commitment, understanding or other right or obligation (written or oral).

           
“Contract Rights” has the meaning given such term in the Uniform
Commercial Code.

            "Encumbrance"
includes any assignment, mortgage, charge, pledge, lien, hypothecation,
encumbrance, security interest or insurance securing or in effect securing any
obligation, conditional sale or title retention agreement, contractual deposit,
trust deposit, escrow arrangement or other preferential arrangement whatsoever,
howsoever created or arising, whether absolute or contingent, fixed or floating,
legal or equitable, perfected or not, and includes the rights of a lessor
pursuant to an operating lease, capitalized lease or sale leaseback arrangement,
any right of set-off and any guarantees or indemnities.

            “Equipment”
has the meaning given such term in the Uniform Commercial Code and
Recital G(c) of this Mortgage and includes every piece of equipment used in the
operation of the Nichols Ranch Project.

            “Event
of Default” or “Default” means any breach or default by
Mortgagee in the terms and conditions of any or all of the Loan Documents,
including, but not limited to the definition of an “Event of Default”
as that term is used in the Note.

            “Financing
Agreement” means the Financing Agreement dated as of the date of this
Mortgage, including any amendments or supplements thereto, by and between the
Issuer and the Mortgagee.

            “Fixtures”
has the meaning given such term in the Uniform Commercial Code and
Recital G(d) of this Mortgage.

            “General
Intangibles” has the meaning given such term in the Uniform Commercial
Code and Recital G(h) of this Mortgage.

	#6 - Mortgage 	-7- 	 

            “Goods”
has the meaning given such term in the Uniform Commercial Code and
Recital G(g) of this Mortgage.

            "Governmental
Authority" means any (i) multinational, federal, provincial,
territorial, state, regional, municipal, local or other government or any
governmental or public department, (ii) court, tribunal, arbitral body,
statutory body, commission, board, bureau or agency, (iii) self-regulatory
organization or authority including any stock exchange on which any securities
of the Corporation are listed, (iv) subdivision, agent, commission, board or
authority of any of the foregoing, or (v) quasi-governmental or private body
exercising any regulatory, expropriation or taxing authority under or for the
account of any of the foregoing and includes a Securities Regulatory
Authority.

           
“Improvements” has the meaning given such term in Recital G(f) of
this Mortgage.

            “Indebtedness”
means all present and future obligations, indebtedness, liabilities,
covenants, agreements and undertakings of a Person howsoever arising, whether
direct or indirect, absolute or contingent, matured or not, extended or renewed,
wheresoever and howsoever incurred, including all future advances and
re-advances, and whether the same is from time to time reduced and thereafter
increased or entirely extinguished and thereafter incurred again and whether
such Person be bound alone or with others and whether as principal or surety,
including all interest, fees, expenses, indemnities and costs.

            “Indenture”
means the Indenture of Trust, dated as of the date of delivery of the
Bond, between the Issuer and the Trustee, including any indentures supplemental
thereto, pursuant to which the Bond is authorized to be issued and secured.

           
“Inventory” has the meaning given such term in the Uniform
Commercial Code.

           
“Issuer” means Johnson County, Wyoming, and any successor
hereunder.

            “Lands”
means all lands and interests which are either described in EXHIBIT A
hereto or the description of which is incorporated in EXHIBIT A hereto by
reference to another instrument or document.

            “Lien”
means any interest in property securing an obligation owed to, or a
claim by, a Person other than the owner of the property, whether such interest
is based on jurisprudence, statute or contract, and including, but not limited
to, the lien or security interest arising from a deed of trust, mortgage,
Encumbrance, pledge, security agreement, conditional sale or trust receipt or a
lease, consignment or bailment for security purposes. The term “Lien” shall
include reservations, exceptions, encroachments, easements, servitudes,
usufructs, rights-of-way, covenants, conditions, restrictions, leases and other
title exceptions and Encumbrances affecting property. For the purposes of this
Mortgage, the Mortgagor shall be deemed to be the owner of any property which it
has accrued or holds subject to a conditional sale agreement, financing lease or
other arrangement pursuant to which title to the property has been retained by
or vested in some other Person for security purposes.

            “Loan”
means the loan of Bond proceeds by the Issuer to the Mortgagor described
in Section 4.01 of the Financing Agreement.

            
“Loan Documents” means the Bond Purchase Agreement, the Indenture, the
Financing Agreement, this Mortgage, the Assignment of Revenues contained within
this Mortgage, the Security Agreement contained within this Mortgage, the
Fixture Filing contained within this Mortgage, the Bond, the Note and any other documents executed
and delivered by the Mortgagor in connection therewith, or otherwise evidencing
or securing any indebtedness of the Mortgagor to the Mortgagee.

	#6 - Mortgage 	-8- 	 

           
“Mortgage” is defined in the preamble.

           
“Mortgaged Property” means the Mortgagor’s interests subject to
this Mortgage.

           
“Mortgagee” is defined in the preamble.

           
“Mortgagor” is defined in the preamble.

            “Nichols
Ranch ISR Processing Facility” means the Campbell County, Wyoming, and
Johnson County, Wyoming, lands in the area shown on the plan attached hereto as
SCHEDULE 1 and described on EXHIBIT A of the Financing Agreement.

            “Note”
means that certain promissory note in the principal amount of $20,000,000, dated
as of the date of delivery of the Bond and due on October 1, 2020, from the
Mortgagor to the Issuer, and assigned by the Issuer to the Mortgagee, in the
form attached to the Financing Agreement as EXHIBIT B.

            “Ore”
means all processed and unprocessed metallic and nonmetallic ore,
including uranium and uranium ore minerals, and all other locatable minerals
located in, on or under all or any part of the Lands or otherwise produced
therefrom.

            “Permitted
Encumbrances” means the Encumbrances of the type referred to in EXHIBIT
D attached to this Mortgage.

            "Person"
means any individual, firm, partnership, company, corporation or other
body corporate, government, governmental body, agency, instrumentality,
unincorporated body or association and the heirs, executors, administrators or
other legal representatives of an individual.

            “Post-Production
Contracts” means contracts, if any, now in effect or hereafter entered
into by the Mortgagor, or entered into by the Mortgagor’s
predecessors-in-interest (if any), for the sale, purchase, exchange, supply,
handling, processing, refining, beneficiation, marketing and/or transportation
of Ore produced from all or any part of the Lands or from any other lands any
production from which, or profits or proceeds from such production, is
attributable to any interest in the Lands or to any interest described in
EXHIBIT A hereto; provided however that Post-Production Contracts excludes
Product Sales Contracts.

           
“Post Production Contract Payments” is defined in Section 5.1.

           
“Proceeds” has the meaning given such term in the Uniform
Commercial Code.

            “Processing
Agreement” means the Processing Agreement for Uranium Concentrates dated
November 28, 2011, between the Mortgagor and Power Resources, Inc., d/b/a Cameco
Resources, a Wyoming corporation with its head office located at 2020 Carey
Avenue, Suite 600, Cheyenne, Wyoming 82001.

            “Product
Sales Contracts” means the Contracts for the sale of Ore produced by the
Mortgagor described in EXHIBIT E of this Mortgage.

	#6 - Mortgage 	-9- 	 

            “Purchaser”
means the State of Wyoming, acting by and through the Wyoming State
Treasurer.

            “Requirement
of Law” means, with respect to any Person, its constating documents and
any Applicable Law or contractual obligation binding on such Person or its
property.

            “Trustee”
means UMB BANK, n.a., a national banking association duly organized and
validly existing under the laws of the United States, with a corporate trust
office located in Denver, Colorado, as trustee and mortgagee hereunder (herein,
together with its successors and assigns, the “Trustee” or the “Mortgagee”);

            “Uniform
Commercial Code” means the Uniform Commercial Code as in effect from
time to time in the State of Wyoming.

            “Unpatented
Mining Claim” means the location and appropriation of tracts of federal
public lands containing a valuable mineral deposit. 

            SECTION
1.2.       
Interpretation. Unless a clear contrary intention appears, this
Mortgage shall be construed and interpreted in accordance with the provisions
set forth below:

           
(a)        the singular number includes the
plural number and vice versa;

            (b)       
reference to any Person includes such Person’s successors, executors,
administrators, substitutes and assigns but, if applicable, only if such
successors, executors, administrators, substitutes and assigns are permitted by
this Mortgage, and reference to a Person in a particular capacity excludes such
Person in any other capacity or individually;

           
(c)        reference to any gender includes
any other gender;

            (d)       
reference to any agreement (including this Mortgage and all Schedules and
Exhibits hereto), document or instrument means such agreement, document or
instrument as amended, supplemented, novated, refinanced, replaced, waived,
restated or modified, and in effect from time to time in accordance with the
terms thereof and, if applicable, the terms hereof;

            (e)       
reference to any promissory note includes any promissory note which is an
extension or renewal thereof or a substitute or replacement therefor;

            (f)       
reference to any Applicable Law means such Applicable Law as amended, modified,
codified or reenacted, in whole or in part, and in effect from time to time,
including rules and regulations promulgated thereunder;

            (g)       
“hereunder,” “hereof,” “hereto,” “herein” and words of similar import shall be
deemed references to this Mortgage, as the case may be, as a whole and not to
any particular Article, Section, clause or other provision hereof or
thereof;

           
(h)        any reference to any particular
Article, Section or clause shall be to such Article, Section or clause of this
Mortgage;

            (i)       
“including” (and with correlative meaning “include”) means including without
limiting the generality of any description preceding such term;

	#6 - Mortgage 	-10- 	 

            (j)       
relative to the determination of any period of time, “from” means “from (and
including)” and “to” means “to (but excluding)”;

            (k)       
reference to a “company” or “corporation” shall be construed as a reference to
the analogous form of business entity used in any relevant jurisdiction; and

            (l)       
when an expression is defined, another part of speech or grammatical form of
that expression has a corresponding meaning.

* * * * * * * * * *

	#6 - Mortgage 	-11- 	 

ARTICLE TWO
COLLATERALIZED OBLIGATIONS

            SECTION
2.1.        Collateralized
Obligations. The lien and security interest in the Mortgaged Property
and the Collateral granted hereunder secures the timely performance and full and
punctual payment when due, whether at stated maturity, by required prepayment,
declaration, acceleration, demand or otherwise of:

            (a)       
The Note from the Mortgagor to the Issuer (assigned by the Issuer to the
Mortgagee, in connection with the Loan and the Financing Agreement), and any and
all Indebtedness now or hereafter existing or arising under or in connection
with the Loan and the Loan Documents, whether for principal, interest, fees,
expenses or otherwise (including all such amounts which would become due but for
the operation of the automatic stay under Section 362(a) of the United States
Bankruptcy Code, 11 U.S.C. §362(a), and the operation of Sections 502(b) and
506(b) of the United States Bankruptcy Code, 11 U.S.C. §502(b) and §506(b) and
any other similar provisions arising under Applicable Law.)

            (b)       
Any sums advanced or expenses or costs incurred (including all attorneys’ fees
and other legal, management and consulting expenses) by the Mortgagee (or any
receiver appointed hereunder) which are made or incurred pursuant to, or
permitted by, the terms hereof or any of the Loan Documents, plus interest
thereon at the rate specified or otherwise agreed upon in the Loan Documents,
from the date of such advances or the incurring of such expenses or costs until
reimbursed.

            (c)       
The timely performance of any and all of Mortgagee’s obligations under the Loan
Documents.

            (d)       
Any extensions or renewals of all such obligations described in clauses (a) and
(c) above, whether or not the Mortgagor executes any extension agreement or
renewal instruments.

            All
the above obligations of the Mortgagor are hereinafter collectively referred to
as the “Collateralized Obligations”.

* * * * * * * * * *

	#6 - Mortgage 	-12- 	 

ARTICLE THREE
COVENANTS AND AGREEMENTS OF
MORTGAGOR

            The
Mortgagor agrees with the Mortgagee that, until the Liabilities have been paid
and performed in full, it shall perform its obligations set forth in this
ARTICLE.

            SECTION
3.1.        Payment and
Performance of Liabilities. The Mortgagor will duly pay and perform its
obligations hereunder and under and in connection with the Loan Documents to
which it is a party as and when required by their terms.

            SECTION
3.2.        Warrant and Defend Title.
The Mortgagor will warrant and forever defend its right, title and interest
in and to the Unpatented Mining Claims related to the Lands and Post-Production
Contracts (except to the extent such Mortgagor is permitted to encumber, abandon
or dispose of the same pursuant to this Mortgage or the Loan Documents without
resulting in an Event of Default) unto the Mortgagee against every Person
whomsoever lawfully claiming the same or any part thereof and the Mortgagor will
maintain and preserve the Lien hereby created.

            SECTION
3.3.        Further
Assurances. Upon the request of the Mortgagee, the Mortgagor will
execute and deliver such other and further instruments and will do such other
and further acts as in the reasonable opinion of the Mortgagee may be necessary
or desirable to carry out more effectually the purposes of this Mortgage,
including (a) prompt correction of any defect which may hereafter be discovered
in the execution and acknowledgment of this Mortgage or any other document
executed in connection herewith, and (b) supplements to this Mortgage as
reasonably required from time to time by the Mortgagee.

            SECTION
3.4.        Payment of Taxes
and Fees. The Mortgagor will pay and discharge, as the same may become
due and payable, all taxes, assessments, fees and other governmental charges or
levies against it or on any of its property, as well as claims of any kind or
character (including claims for sums due for labor, material, supplies, Goods,
General Intangibles and services); provided, however, that the foregoing shall
not require the Mortgagor to pay or discharge any such tax assessment, fee,
charge, levy or claim so long as it shall be diligently contesting the validity
or amount thereof in good faith by appropriate proceedings and shall have set
aside on its books adequate reserves in accordance with generally accepted
accounting principles with respect thereto. 

            SECTION
3.5.        Maintenance of
Collateral. Subject to the provisions and rights set forth in the
Financing Agreement, the Mortgagor will: not abandon the Collateral; not do or
suffer anything to be done which would depreciate or impair the value of the
Collateral or the security of this Mortgage; not remove or demolish any of the
Improvements; pay promptly for all labor and materials for all construction,
repairs and improvements to or on the Collateral; not make any changes,
additions or alterations to the Collateral or the Improvements except as
required by any applicable governmental requirement or as otherwise approved in
writing by the Mortgagee and Purchaser; maintain, preserve and keep the Goods
and the Improvements in good, safe and insurable condition and repair and
promptly make any needful and proper repairs, replacements, renewals, additions
or substitutions required by wear, damage, obsolescence or destruction; promptly
restore and replace any of the Improvements, Goods or Equipment which are
destroyed or damaged; not commit, suffer, or permit waste of any part of the
Mortgaged Property, except for the anticipated and permitted recovery of
Minerals; and maintain all grounds and abutting streets, sidewalks and roads in
good and neat order and repair. The Mortgagor will (i) cause each of the Lands
owned, held or hereafter acquired by or for the Mortgagor and necessary or
appropriate to the operation of an in-situ recovery operation, or mine or
mines upon the Lands to be kept in full force and effect by the payment of
whatever sums may become payable and by the fulfillment of whatever other obligations, and the performance of whatever other acts may be
required to the end that forfeiture or termination of each such interest shall
be prevented unless the termination, forfeiture or other relinquishment of the
interest is authorized by any operating plan or plan of operations then in
effect thereunder, (ii) conduct all drilling, mining, exploratory work and
related operations and activities in compliance with applicable federal, state
and local laws and good and miner-like practice, (iii) maintain the Mortgagor as
the sole owner of, and retain its exclusive possession of, all Unpatented Mining
Claims, free and clear of all Liens, subject only to the paramount title of the
United States, statutory rights of third parties, and Permitted Encumbrances,
(iv) timely pay all required federal claim maintenance fees, and timely record
and file in the appropriate county and federal offices adequate affidavits and
notices of timely payment of such fees, and amend, relocate, and locate new
mining claims with respect to those Unpatented Mining Claims as reasonably
necessary to protect the Mortgagor’s and the Mortgagee’s interest in the
Collateral, (v) timely make all payments and perform all obligations to prevent
the forfeiture or termination of any portion of the Lands, and (vi) do all other
things necessary to preserve and maintain the right, title and interest of the
Mortgagee and the Purchaser in the Collateral. Subject to the rights set forth
in Section 3.01 of the Financing Agreement, the Mortgagor shall not abandon all
or any portion of the Lands that is producing or capable of commercial
production or forfeit, surrender or release any Leases, sublease, operating
agreement or other agreement or instrument comprising or affecting the
Collateral.

	#6 - Mortgage 	-13- 	 

            SECTION
3.6.        Maintenance of
Unpatented Mining Claims and Payment of Leases. To the extent not
otherwise addressed herein, the Mortgagor covenants and agrees to timely pay all
claim maintenance fees, to timely make all filings and recordings, including
affidavits of payment, and to otherwise timely take all other necessary actions
and pay such amounts relating to the preservation, maintenance, continuance and
validity of Unpatented Mining Claims as may be required by any federal, state or
local governmental authority. The Mortgagor shall pay all fees and expenses
relating to the Unpatented Mining Claims, including but not limited to annual
maintenance fees, on or before July 15th of each year, and provide an
“Affidavit of Payment of Maintenance Fees and of Intention to Hold Mining
Claims” (with list attached) to the Purchaser within five (5) days of payment or
by August 1st of each year, whichever shall occur first. In the event
that the Purchaser has not received the notice and evidence described in the
preceding sentence by August 1, the Purchaser may, on behalf of the Mortgagor,
make and pay any claim maintenance fees, in which event the Mortgagor shall
promptly reimburse the Purchaser for any such fees, with interest at the rate
set forth in the Financing Agreement, in addition to any costs and expenses
incurred in making such payments, and all such amounts shall be Liabilities
hereunder. 

            SECTION
3.7.        Access by
Mortgagor and Purchaser. The Mortgagor will at all times: deliver to
the Purchaser either all of its executed originals or certified copies of all
certificates of location and amendments thereto, Leases, agreements creating or
evidencing Goods, General Intangibles, Plans, Contracts for Sale, all amendments
and supplements thereto, and any other document which is, or which evidences,
governs, or creates, Collateral; permit access by the Mortgagee and the
Purchaser to its books and records, development and operations progress reports,
sales records, offices, insurance policies and other papers for examination and
the making of copies and extracts; prepare such schedules, summaries, reports
and progress schedules as the Purchaser may request; and permit the Mortgagee
and the Purchaser, through their employees, representatives and agents, to enter
upon the Lands at any time, subject to appropriate safety training and
procedures, for the purpose of investigating and inspecting the condition and
operation of the Collateral, and do all other things necessary or proper to
enable the Mortgagee and the Purchaser to exercise this right upon reasonable
notice at such times as the Mortgagee or the Purchaser may reasonably request.
For clarity, if Mortgagee or Purchaser or anyone on the behalf of either visits
the site as part of an inspection, audit or otherwise, those representatives
will participate in required training and adhere to all site safety and
environmental rules and regulations during the course of the visit or work on
site.

	#6 - Mortgage 	-14- 	 

           
SECTION 3.8.       
Insurance Requirements.

            (a)       
Insurance. Mortgagor, at its sole cost and expense, shall insure and keep
insured the Collateral against such perils and hazards, and in such amounts and
with such limits, as Purchaser may from time to time require, and, in any event,
including:

            (i)       
All Risk. Insurance against loss to the Collateral which shall be on an
"all risk" policy form, covering insurance risks no less broad than those
covered under a Standard Multi Peril (SMP) policy form, which contains a
Commercial ISO "Causes of Loss-Special Form," in the then current form,
including theft and insurance against such other risks as Purchaser may
reasonably require, including, but not limited to, insurance covering the cost
of demolition of undamaged portions of any portion of the Collateral when
required by code or ordinance, the increased cost of reconstruction to conform
with current code or ordinance requirements and the cost of debris removal;

            (ii)       
Boiler and Machinery. Broad form boiler and machinery insurance including
business interruption/extra expense and rent and rental value insurance, on all
equipment and objects customarily covered by such insurance and/or involved in
the heating, cooling, electrical and mechanical systems of the Mortgaged
Property (if any are located at the Mortgaged Property), providing for full
repair and replacement cost coverage, and other insurance of the types and in
amounts as Purchaser may reasonably require, but in no event less than that
customarily carried by persons owning or operating like properties;

            (iii)       
Flood. Insurance against loss or damage by flood or mud slide in
compliance with the Flood Disaster Protection Act of 1973, as amended from time
to time, if the Mortgaged Property is now, or at any time while the Liabilities
remain outstanding shall be, situated in any area which an appropriate
Governmental Authority designates as a special flood hazard area, Zone A, in
amounts equal to the full replacement value of all above grade structures on the
Mortgaged Property;

            (iv)       
Earthquake. Insurance against loss or damage by earthquake, if the
Mortgaged Property is now, or at any time while the Liabilities remain
outstanding shall be, situated in any area which is classified as a Major Damage
Zone and Zone 1, by the International Conference of Building Officials, in an
amount equal to the probable maximum loss for the Mortgaged Property, Fixtures
and Equipment, plus the cost of debris removal;

            (v)       
Public Liability. Commercial general public liability insurance against
death, bodily injury and property damage arising in connection with the
Mortgaged Property or the transportation of any materials related to the
Mortgaged Property. Such policy shall be written on an occurrence basis, shall
list Mortgagor as the named insured, shall designate thereon the location of the
Mortgaged Property and have such limits as Purchaser may reasonably require, but
in no event less than $1,000,000 per occurrence and $2,000,000 aggregate.
Mortgagor shall also obtain excess umbrella liability insurance with such limits
as the Purchaser may reasonably require, but in no event less than $5,000,000
once production has commenced;

            (vi)       
Business Interruption Insurance. Business interruption insurance against
loss of income suffered after a disaster while the Nichols Ranch ISR Processing
Facility is either closed because of the disaster or in the process of being
rebuilt after the disaster; and

	#6 - Mortgage 	-15- 	 

            (vii)       
Other Insurance. Such other insurance relating to the Collateral and the use
and operation thereof, as Purchaser may, from time to time, reasonably require,
including, but not limited to, products liability.

            (b)       
Policy Requirements. All insurance shall: (i) be carried in companies
acceptable to Purchaser; (ii) be in form and content acceptable to Purchaser;
(iii) provide thirty (30) days’ advance written notice to Mortgagee and
Purchaser before any cancellation, adverse material modification or notice of
non-renewal; and (iv) to the extent limits are not otherwise specified herein,
contain deductibles which are in amounts acceptable to Purchaser.

            All
physical damage policies and renewals shall contain a standard mortgage clause
naming the Mortgagee as beneficiary, which clause shall expressly state that any
breach of any condition or warranty by Mortgagor shall not prejudice the rights
of Mortgagee under such insurance; and a loss payable clause in favor of the
Mortgagee for Goods, General Intangibles, contents, inventory, Equipment, loss
of rents and business interruption. All liability policies and renewals shall
name the Mortgagee as an additional insured. No additional parties shall appear
in the mortgage or loss payable clause without Mortgagee’s and Purchaser’s prior
written consent. All deductibles shall be in amounts acceptable to Purchaser. In
the event of the foreclosure of this Mortgage or any other transfer of title to
the Mortgaged Property in full or partial satisfaction of the Liabilities, all
right, title and interest of Mortgagor in and to all insurance policies and
renewals thereof then in force shall pass to the Mortgagee or grantee.

            (c)       
Delivery of Policies. Any notice pertaining to insurance and required
pursuant to this Section 3.8 shall be given in the manner provided in
ARTICLE EIGHT, Section 8.19 below to the Mortgagee and the Purchaser. The
insurance shall be evidenced by the original policy or a true and certified copy
of the original policy, or in the case of liability insurance, by certificates
of insurance. Mortgagor shall deliver the originals, certified copies,
certificates of coverage or certificates of insurance, along with evidence of
payment for the policies and continuing coverage, to Mortgagee and Purchaser at
least fifteen (15) days before the expiration of existing policies. If Mortgagee
and Purchaser have not received satisfactory evidence of such renewal or
substitute insurance in the time frame herein specified, Mortgagee and/or
Purchaser shall have the right, but not the obligation, to purchase such
insurance for Mortgagee’s interest only. Any amounts so disbursed by Mortgagee
and/or Purchaser pursuant to this Section shall be a part of the Liabilities and
shall bear interest at the interest rate stated in Section 4.03(5) of the
Financing Agreement. Nothing contained in this Section shall require Mortgagee
or Purchaser to incur any expense or take any action hereunder, and inaction by
Mortgagee or Purchaser shall not be considered a waiver of any right accruing to
Mortgagee on account of this Section.

            (d)       
Separate Insurance. Mortgagor shall not carry any separate insurance on
the Collateral concurrent in kind or form with any insurance required hereunder
or contributing in the event of loss without Purchaser’s prior written consent,
and any such policy shall have attached a standard non-contributing mortgagee
clause, with loss payable to Mortgagee, and shall otherwise meet all other
requirements set forth herein.

            (e)       
Notice of Casualty. Mortgagor shall give immediate notice of any loss to
Mortgagee and Purchaser. In case of loss covered by any of such policies,
Mortgagee is authorized to adjust, collect and compromise, with Purchaser’s
written approval, all claims thereunder and in such case, Mortgagor covenants to
sign upon demand, or Mortgagee may sign or endorse on Mortgagor’s behalf, all
necessary proofs of loss, receipts, releases and other papers required by the
insurance companies to be signed by Mortgagor. Mortgagor hereby irrevocably
appoints Mortgagee as its attorney-in-fact for the purposes set forth in the preceding
sentence. Mortgagee may deduct from such insurance proceeds any expenses
incurred by Mortgagee in the collection and settlement thereof, including, but
not limited to, attorneys’ and adjusters’ fees and charges.

	#6 - Mortgage 	-16- 	 

           
(f)        Application of Proceeds.

            If
all or any part of the Collateral shall be damaged or destroyed by fire or other
casualty or shall be damaged or taken through the exercise of the power of
eminent domain or other cause described in this Section 3.8, and if the
conditions for prepayment of the Loan under ARTICLE 6 of the Financing Agreement
do not exist or the prepayment option is not exercised, the Mortgagor is
required to restore the Collateral and the Mortgaged Property. Otherwise, if the
cost of restoration is reasonably estimated to exceed the proceeds of any
insurance (including the deductible amount for which the Mortgagor is
self-insured) or condemnation award, the following items shall be deposited with
the Purchaser (A, B and C below) or the Mortgagee (D below) before any
disbursement is made from the Property Insurance and Award Fund under the
Indenture to pay such cost:

	 	(A) 	
      plans and specifications for restoration of the
      Collateral or the Mortgaged Property;

	 	 	 
	 	(B) 	
      all applicable building permits;

	 	 	 
	 	(C) 	
      either

  
    
                  (i)       
        a contract or contracts for the furnishing of all work and materials required
        for restoration in accordance with the plans and specifications, with a payment
        and performance bond or bonds (if requested by the Trustee) in aggregate amount
        equal to the total cost of restoration under the contract or contracts,
        conditioned for the completion thereof in accordance with the plans and
        specifications and for the payment of all claims for labor and materials to be
        incorporated in the Collateral or the Mortgaged Property in the course of
        restoration, or

                  (ii)       
        a certificate of a Borrower’s Representative stating that restoration has been
        substantially completed in accordance with the plans and specifications and
        stating that all costs thereof have been paid, with the exception of ten percent
        (10%) of the amount payable under any contract not certified as finally
        completed; and

    

               
      (D)        cash or a certified check for any
        amount by which the total unpaid cost of restoration, as then ascertained or
        estimated, exceeds the balance then on hand in the Property Insurance and Award
        Fund held by the Mortgagee under the Indenture.

  

            After
compliance with this subsection, where applicable, the Mortgagee shall disburse
money from the Property Insurance and Award Fund to or upon the order of the
Mortgagor in payment of the costs of restoration, subject, however, to approval
of the Purchaser, provided that not more than ninety percent (90%) of the total
cost of restoration certified for payment shall be disbursed until receipt by
the Mortgagee of an opinion of Independent Counsel (as defined in the Indenture)
stating that all filings and other steps necessary to perfect the lien created
by this Mortgage in all property, real, personal or mixed, which constitutes
part of the Collateral or the Mortgaged Property as a result of such
restoration, as against third party creditors of or purchasers for value from the Mortgagor, have been completed, and that the
lien of this Mortgage is subject to no liens and encumbrances of record except
permitted encumbrances. In the event that the restoration of the Collateral or
the Mortgaged Property to substantially the condition existing before a taking
by eminent domain would require the acquisition of land or rights or interests
in land additional to or in substitution for any part or all of that described
in EXHIBIT A of this Mortgage, the cost thereof may be added to the cost of
restoration to be reimbursed to the Mortgagor under the provisions of the
Indenture.

	#6 - Mortgage 	-17- 	 

            The
balance of net proceeds remaining after restoration of the Collateral or the
Mortgaged Property as hereinabove provided shall be deposited by the Mortgagor
into the Debt Service Fund held by the Mortgagee.

            If
the Mortgagor should within a reasonable period of time fail to restore the
Collateral or the Mortgaged Property or elect to prepay the Loan as hereinabove
provided, any net proceeds remaining in the Property Insurance and Award Fund
shall be retained in the Fund for the purposes set forth herein, provided that
the Mortgagee may also use such net proceeds to make any advances authorized to
be made under Section 5.04 of the Financing Agreement.

            SECTION
3.9.        
 Eminent Domain. In case the Collateral, or any part or
interest in any thereof, is taken by condemnation, the Mortgagee is hereby
irrevocably authorized and empowered to collect and receive all compensation and
awards of any kind whatsoever (referred to collectively herein as “Condemnation
Awards”) which may be paid for any property taken or for damages to any property
not taken (all of which the Mortgagor hereby assigns to the Mortgagee), and all
Condemnation Awards so received shall be forthwith applied by the Mortgagee, as
provided in Section 3.8.

            SECTION
3.10.        Governmental
Requirements. The Mortgagor will at all times cause the Collateral and
the use and condition thereof to comply with all federal, state, county,
municipal, local and other governmental statutes, ordinances, requirements,
regulations, rules, orders and decrees of any kind whatsoever that apply or
relate to the Collateral or the use thereof, and will observe and comply with
all conditions and requirements necessary to preserve and extend any and all
rights, licenses, permits, privileges, franchises and concessions (including,
without limitation, those relating to land use and development, landmark
preservation, construction, access, water rights and use, noise and pollution)
which are applicable to or have been granted for the Collateral or the use
thereof.

            SECTION
3.11.        No Mechanics’
Liens. The Mortgagor will not do or permit to be done any act or thing,
and no person shall have any right or power to do any act or thing, whereby any
mechanics’ lien under the laws of the State of Wyoming can arise against or
attach to the Collateral or any part thereof unless such lien shall first be
wholly waived as against this Mortgage. In addition, it is further expressly
made a covenant and condition hereof that the lien of this Mortgage shall extend
to any and all Improvements and Fixtures now or hereafter on the Mortgaged
Property, prior to any other lien thereon that may be claimed by any person, so
that subsequently accruing claims to a lien on the Mortgaged Property shall be
junior and subordinate to this Mortgage. All contractors, subcontractors, and
other parties dealing with the Mortgaged Property, or with any parties
interested therein, are hereby required to take notice of the above
provisions.

            SECTION
3.12.        Continuing
Priority. Subject to the provisions and rights set forth in the
Financing Agreement, the Mortgagor will: pay such fees, taxes and charges,
execute and file (at the Mortgagor’s expense) such financing statements, obtain
such acknowledgments or consents, notify such obligors or providers of services
and materials and do all such other acts and things as the Mortgagee or the
Purchaser may from time to time request to establish and maintain a valid
and perfected first and prior lien on and security interest in the
Collateral and to provide for payment to the Mortgagee directly of all cash
proceeds thereof, with the Mortgagee in possession of the Collateral to the
extent it requests; maintain its executive office at all times at the address
shown herein or provide thirty days written notice prior to moving; keep all of
its books and records relating to the Collateral on the Mortgaged Property or at
such address; keep all tangible Collateral on the premises and the Lands except
as the Mortgagee may otherwise consent in writing; make notations on its books
and records sufficient to enable the Mortgagee, as well as third parties, to
determine the interest of the Mortgagee hereunder; and not collect any rents or
the proceeds of any of the Goods or General Intangibles more than thirty (30)
days before the same shall be due and payable except as the Mortgagee may
otherwise consent in writing.

	#6 - Mortgage 	-18- 	 

            SECTION
3.13.        Utilities.
The Mortgagor will pay all utility charges incurred in connection with
the Collateral and maintain all utility services available for use at the
Mortgaged Property.

            SECTION
3.14.        Contract
Maintenance: Other Agreements. The Mortgagor will, for the benefit of
the Mortgagee and the Purchaser, fully and promptly perform each obligation and
satisfy each condition imposed on it under any Contract for Sale, Contract for
Construction, General Intangible, exploration contract or other agreement so
that there will be no default thereunder and so that the persons (other than the
Mortgagor) obligated thereon shall be and remain at all times obligated to
perform for the benefit of the Mortgagee; and the Mortgagor will not permit to
exist any condition, event or fact which could allow or serve as a basis or
justification for any such person to avoid such performance.

            SECTION
3.15.        Agreements
Affecting the Collateral. The Mortgagor shall keep, observe, perform
and comply with all covenants, conditions and restrictions affecting the
Collateral, any operating agreements or other writings relating to the
Collateral, and all Leases, instruments and documents relating thereto or
evidencing or securing any indebtedness secured thereby.

            SECTION
3.16.        No Assignments;
Future Leases. Subject to the provisions of the Financing Agreement,
the Mortgagor will not cause or permit any Revenues, issues, profits, Leases,
Contracts for Sale, Product Sales Contracts or other contracts relating to the
Collateral, or any interest in any thereof, to be assigned, transferred,
conveyed, pledged or disposed of, to any party other than the Mortgagee or the
Purchaser without first obtaining the express written consent of the Purchaser
thereto. In addition, the Mortgagor shall not cause or permit all or any portion
of or interest in the Collateral to be leased directly or indirectly to any
Person, except pursuant to written leases approved by the Purchaser. Each such
lease shall contain, at the Purchaser’s election, either (i) a provision to the
effect that the tenant shall, at the request of the Purchaser, deliver to the
Mortgagee an instrument, in form and substance satisfactory to the Purchaser, in
which the tenant agrees that no action taken by the Mortgagee to enforce this
Mortgage by foreclosure, or by accepting a deed in lieu of foreclosure, or by
resorting to any other remedies available to the Mortgagee, shall terminate the
lease or invalidate any of the terms thereof and that tenant will attorn to the
Mortgagee, to the purchaser at a foreclosure sale, or to a grantee in a
voluntary conveyance, and will recognize such entity as landlord for the balance
of the term of the lease, providing that the Mortgagee will agree with the
tenant that, as long as the tenant is not in default under any of the terms of
its lease, the tenant’s possession will not be disturbed by the Mortgagee, or
(ii) a subordination clause providing that the lease and the interest of the
lessee in the demised real estate are in all respects subject and subordinate to
this Mortgage; provided, however, that in the event any such lease fails for any
reason to contain either of such provisions, no proceeding by the Mortgagee to
foreclose this Mortgage, or action by way of its entry into possession after any
Event of Default hereunder, shall in or of itself operate to terminate such
lease unless the Mortgagee or the Purchaser expressly requests such relief in writing, but the
preceding provisions of this Section 3.16 shall never be construed as
subordinating this Mortgage to any such lease or any other lease.

	#6 - Mortgage 	-19- 	 

            SECTION
3.17.        Financial
Reporting. The Mortgagor will at all times comply (or cause to be
complied with) the financial reporting requirements of the Financing Agreement
and will comply with all covenants contained therein.

            SECTION
3.18.        Collections.
Until such time as the Mortgagee shall notify the Mortgagor of the
revocation of such power and authority, the Mortgagor will, at its own expense,
endeavor to collect, as and when due, all amounts due with respect to any of the
Revenues, leases, Contracts for Sale, Product Sales Contracts, Post- Production
Contracts, Goods, General Intangibles and other Collateral, including the taking
of such action with respect to such collection as the Mortgagee may reasonably
request, or, in the absence of such request, as the Mortgagor may deem
advisable. (While reserving the right to revoke such power and authority at any
time, it is the Mortgagee’s present intention not to revoke such authority
unless an Event of Default should occur or the Mortgagee is made to feel
insecure concerning any of the Liabilities or performance under any of the Loan
Documents.) The Mortgagee, however, may, at any time, after the occurrence and
during the continuance of an Event of Default, whether before or after any
revocation of such power and authority or the maturity of any of the
Liabilities, notify any parties obligated on any of the Revenues, leases,
Contracts for Sale, Product Sales Contracts, Goods, General Intangibles and
other Collateral to make payment to the Mortgagee of any amounts due or to
become due thereunder and enforce collection of any of the Revenues, leases,
Contracts for Sale, Product Sales Contracts, Goods, General Intangibles or other
Collateral by suit or otherwise and surrender, release or exchange all or any
part thereof, or compromise or extend or renew for any period (whether or not
longer than the original period) any indebtedness thereunder or evidenced
thereby. Upon request of the Mortgagee or the Purchaser, after the occurrence
and during the continuance of an Event of Default, the Mortgagor will, at its
own expense, notify any parties obligated on any of the Revenues, leases,
Contracts for Sale, Product Sales Contracts, Goods, General Intangibles or other
Collateral to make payment to the Mortgagee of the amounts due or to become due
thereunder.

            SECTION
3.19.        Mortgagee’s
Performance. If the Mortgagor fails to pay or perform any of its
obligations herein contained (including payment of expenses of foreclosure and
court costs), the Mortgagee may (but need not), as agent or attorney-in-fact of
the Mortgagor, after the occurrence and during the continuance of an Event of
Default, after giving the Mortgagor notice of its intention to do so (no such
notice need be given after the occurrence of an Event of Default), make any
payment or perform (or cause to be performed) any obligation of the Mortgagor
hereunder, in any form and manner deemed expedient by the Mortgagee, and any
amount so paid or expended (plus reasonable compensation to the Mortgagee for
its out-of-pocket and other expenses for each matter for which it acts under
this Mortgage), with interest thereon at the rate provided in Section 4.03(5) of
the Financing Agreement, shall be added to the principal debt hereby secured and
shall be repaid to the Mortgagee upon demand. By way of illustration and not in
limitation of the foregoing, the Mortgagee may (but need not) do all or any of
the following: make payments of principal or interest or other amounts on any
lien, encumbrance or charge on any of the Collateral; complete construction;
make repairs; collect rents, prosecute collection of the Collateral or proceeds
thereof; purchase, discharge, compromise or settle any tax lien or any other
lien, encumbrance, suit, proceeding, title or claim thereof, contest any tax or
assessment; and redeem from any tax sale or forfeiture affecting the Mortgaged
Property. In making any payment or securing any performance relating to any
obligation of the Mortgagor hereunder, the Mortgagee shall (as long as it acts
in good faith) be the judge of the legality, validity and amount of any lien or
encumbrance and of all other matters necessary to be determined in satisfaction
thereof. No such action of the Mortgagee shall ever be considered as a waiver of
any right accruing to it on account of the occurrence of any matter which
constitutes an Event of Default.

	#6 - Mortgage 	-20- 	 

            SECTION
3.20.        Subrogation.
To the extent that the Mortgagee, on or after the date hereof pays any
sum due under any provision of law or any instrument or document creating any
lien prior or superior to the lien of this Mortgage, or the Mortgagor or any
other Person pays any such sum with the proceeds of the Loan to the Mortgagor,
the Mortgagee shall have and be entitled to a lien on the Collateral equal in
priority to the lien discharged, and the Mortgagee shall be subrogated to, and
receive and enjoy all rights and liens possessed, held or enjoyed by, the holder
of such lien, which shall remain in existence and benefit the Mortgagee in
securing the Liabilities.

            SECTION
3.21.        Mortgagor’s
Right to Contest. Mortgagor may contest or object to the legal validity
or amount of any mechanics or materialmen’s lien on the Collateral provided
that: (a) Mortgagor contests such unpaid item by appropriate proceedings
diligently and in good faith, and (b) Mortgagor procures and maintains a stay of
any proceedings to enforce any judgment for collection of the mechanic’s or
materialmen’s lien.

            Mortgagor’s
tax or assessment liabilities may be deemed delinquent, and a tax lien or
assessment lien may be imposed, but only if Mortgagor has contested, or is
actively contesting, tax liabilities, tax liens or assessments in good faith
before Wyoming administrative agencies and/or courts as expressly permitted in
Title 39 of the Wyoming Statutes. 

            Any
contest by Mortgagor shall be at its own expense, in good faith, but only with
the written consent of the Purchaser, which consent will not be unreasonably
denied or delayed (except with respect to State taxes where Mortgagor will need
to obtain the written consent of the Mortgagee, which consent will not be
unreasonably denied or delayed). During the course of such contest, however,
Mortgagor will continue to make or cause to be made any required yearly
maintenance or rental fees applicable to its Unpatented Mining Claims or perform
any required assessment work or improvements annually on each claim and to pay
required rental and other fees on its Leases. Mortgagor may also be required to
furnish Mortgagee with any such other security or assurances as may be requested
by the Purchaser.

            Within
ten (10) Business Days of final administrative or judicial resolution of any
dispute, Mortgagor shall pay liens, taxes or assessments adjudicated as due and
owing.

            SECTION
3.22.        Change in
General Mining Law. In the event of the repeal or modification of the
current General Mining Law of 1872 during the term of this Mortgage, such that
the interest of the Mortgagor in those lands which are material to the
exploration, development or operation of the Lands is adversely affected,
modified or transformed, the Mortgagor will use its best efforts to retain its
interest in those Lands and will consult with the Mortgagee and the Purchaser to
determine how best to preserve the interest of the Mortgagor and the interest of
the Mortgagee and the Purchaser in the affected Collateral, and the Mortgagor
shall take no action in relation thereto, which in the reasonable opinion of the
Mortgagee or the Purchaser or their counsel, could adversely affect or impair
their interest in the Collateral or under this Mortgage. An increase in the
annual claim maintenance fee applicable to the Unpatented Mining Claims from
time to time in accordance with the General Mining Law of 1872 and applicable
regulations shall not constitute a modification of the General Mining Law of
1872 for the purposes of the application of this Section 3.22.

            SECTION
3.23.        Recording and
Filing. The Purchaser, at the expense of the Mortgagor, shall be
responsible for the original filing of all (i) Security Documents and related
filing statements, and (ii) mortgage releases and termination statements, and
any other documents required to effect the issuance of the Bond and the Loan.
Thereafter the Mortgagee, at the Mortgagor’s expense, shall pay all fees, taxes
and charges and file continuations thereof, in such offices and places and at
such times and as often as may be reasonably necessary to preserve, protect and
renew the lien as a valid, first lien on and prior perfected security
interest in real property, Goods or General Intangibles (except as otherwise
permitted pursuant to this Mortgage), as the case may be, and the rights and
remedies of the Mortgagee, obtain such acknowledgments or consents, notify all
obligors or providers of services and materials and otherwise do and observe all
things or matters necessary or expedient to be done or observed by reason of any
applicable Law, or as the Purchaser reasonably may request from time to time,
for the purpose of effectively, maintaining and preserving the lien hereof on
and in the Mortgaged Property.

	#6 - Mortgage 	-21- 	 

            SECTION
3.24.        Sale or
Mortgage of the Mortgaged Property. Except in the ordinary course of
business and subject to Section 3.01(4)(d) of the Financing Agreement, the
Mortgagor will not, without the prior consent of the Purchaser, sell, assign,
transfer, convey, lease or otherwise dispose of or encumber the Mortgaged
Property nor any portion thereof, nor any of the Mortgagor’s right, title or
interest therein, nor contract to do nor permit to occur any of the foregoing,
without first securing the written consent of the Purchaser. Upon the
disposition of any Mortgaged Property permitted pursuant to this Mortgage or the
Loan Documents, the Mortgagee shall, at the Mortgagor’s expense, execute and
deliver to the Mortgagor all instruments and other documents as may be necessary
or proper to release the lien on and security interest in such Mortgaged
Property which has been granted hereunder.

            SECTION
3.25.        Records,
Statements and Reports. The Mortgagor will keep financial records and
statements reflecting all of its business affairs and transactions in accordance
with generally accepted accounting principles and will furnish or cause to be
furnished to the Mortgagee and the Purchaser such information concerning the
business, affairs and financial condition of the Mortgagor as the Mortgagee or
the Purchaser may from time to time reasonably request.

            SECTION
3.26. A       fter-Acquired
Properties. Without prejudice to its obligations contained in the Loan
Documents, the Mortgagor shall advise the Mortgagee and Purchaser, within
forty-five (45) days after June 30 and December 31 of each calendar year after
the date of this Mortgage, as to any additional interests in the Mortgaged
Property it has acquired and any other material assets acquired by the Mortgagor
during such preceding six-month period and, at the request of the Purchaser
shall execute, acknowledge and deliver such other and further instruments and
agreements necessary or desirable to include such interests and assets as a part
of the Mortgaged Property hereunder. In no manner limiting the provisions of
this Section 3.26, Mortgagor agrees to inform the Mortgagee and Purchaser of any
Post-Production Contracts Mortgagor enters into after the date hereof,
including, without limitation, any transportation agreements and any additional
processing or conversion agreements, and shall execute and deliver any
amendments hereto subjecting such agreements to the terms hereof as Collateral
hereunder.

            SECTION
3.27.        Performance of
Post-Production Contracts; Notices. The Mortgagor shall:

            (a)       
perform and observe all the material terms and provisions of the Post-Production
Contracts to be performed or observed by it, maintain the Post-Production
Contracts in full force and effect, enforce the Post-Production Contracts in
accordance with their terms, and

            (b)       
upon the reasonable request of the Mortgagee or the Purchaser: (i) furnish such
information and reports regarding the Post-Production Contracts as the Mortgagee
or the Purchaser may request, and (ii) make upon each relevant Post-Production
Contract counterparty such demands and requests for information and reports or
for action as the Mortgagor is entitled to make under the Post-Production
Contracts.

	#6 - Mortgage 	-22- 	 

            SECTION
3.28.        Actions Under
Post-Production Contracts. Without the prior written consent of the
Purchaser, which consent will not be unreasonably denied or delayed, the
Mortgagor shall not:

            (a)       
cancel or terminate any Post-Production Contracts or consent to or accept any
cancellation or termination thereof, except in accordance with their terms,

            (b)       
amend or otherwise modify any Post-Production Contracts or give any consent,
waiver or approval thereunder,

           
(c)        waive any default under or breach
of any Post-Production Contracts, or

           
(d)        take any other action in
connection with the Post-Production Contracts,

which would, in each case, impair the value of the interest or
rights of the Mortgagor thereunder or which would impair the interest or rights
of the Mortgagee. Mortgager shall give Purchaser advance notice of any actions
to be taken under (a), (b), (c) or (d) and provide any information requested by
Purchaser.

            SECTION
3.29.       
Mortgagor Remains Liable. Anything herein to the contrary with
respect to the Post-Production Contracts notwithstanding:

            (a)       
the Mortgagor shall remain liable under the Post-Production Contracts to the
extent set forth therein, and shall perform all of its duties and obligations
under such Post-Production Contracts to the same extent as if this Mortgage had
not been executed;

            (b)       
the exercise by the Mortgagee of any of its rights hereunder shall not release
the Mortgagor from any of its duties or obligations under any such
Post-Production Contracts; and

            (c)       
the Mortgagee shall not have any obligation or liability under any
Post-Production Contracts by reason of this Mortgage, nor shall it be obligated
to perform any of the obligations and liabilities or duties of the Mortgagor
thereunder or to take any action to collect or enforce any claim for payment
assigned thereunder.

            SECTION
3.30.        Perfected Lien.
Upon the recording and filing of this Mortgage and all financing
statements or similar instruments relating hereto with all appropriate offices,
this Mortgage will created a valid, first priority, perfected security interest
in the Mortgaged Property, securing payment of the obligations stated to be
secured hereby.

            SECTION
3.31.        Operation of
the Mortgaged Property. In addition to any similar obligations binding
on it pursuant to the Loan Documents, the Mortgagor shall, at the Mortgagor’s
own expense:

            (a)       
do or cause to be done all things necessary to keep unimpaired the Mortgagor’s
rights in the Mortgaged Property;

            (b)       
cause the Mortgaged Property to be kept free and clear of Liens, other than (i)
the Lien created by this Mortgage, and (ii) Permitted Encumbrances;

           
(c)        Mortgagor will obtain and maintain
for the benefit of the Mortgagee, as Trustee for the Purchaser, original paid-up
insurance policies against such liabilities, casualties, risks and contingencies, in
such amounts and form and substance, with such financially sound and reputable
companies, and with such expiration dates, as are acceptable to the Mortgagee,
and containing a non-contributory standard mortgagee clause or its equivalent in
favor of the Mortgagee. Each policy shall contain an agreement by the insurer
not to cancel or amend the policy without giving the Mortgagee at least thirty
(30) days prior written notice of its intention to do so. Upon request of the
Mortgagee, the Mortgagor will furnish or cause to be furnished to the Mortgagee
from time to time a summary of the insurance coverage of the Mortgagor in form
and substance satisfactory to the Mortgagee and if requested will furnish the
Mortgagee original certificates of insurance and/or copies of the applicable
policies and all renewals thereof. In the event the Mortgagor should, for any
reason whatsoever, fail to keep the corporeal (tangible) Mortgaged Property or
any part thereof so insured, or to keep said policies so payable, or fail to
deliver to the Mortgagee the original or certified policies of insurance and the
renewals therefor upon demand, then the Mortgagee, if it so elects, may itself
have such insurance effected in such amounts and with such companies as it may
deem proper and may pay the premiums therefor, which premiums shall become part
of Liabilities secured hereby. The Mortgagor will notify the Mortgagee
immediately in writing of any material fire or other casualty to or accident
involving the Mortgaged Property, whether or not such fire, casualty or accident
is covered by insurance. The Mortgagor will promptly further notify the
Mortgagor’s insurance company and submit an appropriate claim and proof of claim
to the insurance company if such a casualty or accident occurs. In the event of
any loss or any of such policies, the Mortgagee may, at its election, either
apply the net proceeds thereof toward the payment of the Collateralized
Obligations or pay the net proceeds thereof to the Mortgagor, either wholly or
in part, and under such conditions as the Mortgagee may determine to enable the
Mortgagor to repair or restore the Mortgaged Property;

	#6 - Mortgage 	-23- 	 

            (d)       
furnish to the Mortgagee prior to the occurrence of any change in the address of
the Mortgagor’s location (as described on the signature page hereto) or in the
name of the Mortgagor, notice in writing of such change;

            (e)       
comply in all material respects with all conditions and requirements arising
under Applicable Law necessary to preserve and extend any and all rights,
licenses, permits, claims, patents, privileges, franchises and concessions
necessary in order to use, own, develop, occupy, operate and conduct production
operations on the Mortgaged Property which are applicable to the Mortgagor or
have been granted for the Mortgaged Property or the use thereof;

            (f)       
not initiate or acquiesce in any change in any material zoning or other land use
or water rights classification now or hereafter in effect and affecting the
Mortgaged Property or any part thereof;

            (g)       
appear in and defend, with counsel reasonably acceptable to the Mortgagee, any
action or proceeding purporting to affect the security hereof or the rights or
powers of the Mortgagee; and pay all reasonable costs and expenses, including
cost of evidence of title and reasonable attorneys’ fees, in any such action or
proceeding in which the Mortgagee may appear.

            SECTION
3.32.        Right of Entry.
Mortgagor will permit the Mortgagee, its officers and employees and
such other persons or entities as the Mortgagee may in its discretion designate,
at the cost and expense of the Mortgagor, reasonable access to the Mortgaged
Property and to the field offices and other offices, including the principal
place of business, of the Mortgagor to inspect and examine the Mortgaged
Property and to inspect, review and reproduce as necessary any books, records, accounts, contracts or other documents of the
Mortgagor. This Section shall not be construed to affect or limit the
obligations or rights of the Mortgagor pursuant to the Loan Documents or Section
6.10 or Section 6.11 of this Mortgage in any manner whatsoever.

	#6 - Mortgage 	-24- 	 

           
SECTION 3.33.       
Entire Interest. The Mortgaged Property comprises the entirety
of the Mortgagor’s interest in the Unpatented and Patented Mining Claims related
to the Lands as described in EXHIBIT A.

            SECTION
3.34.       
Approvals. Other than the filing of this Mortgage and similar
instruments in favor of the Mortgagee pursuant to Section 3.36, no approval is
necessary or advisable either for:

            (i)       
the granting by the Mortgagor of any Lien over any Mortgaged Property pursuant
to this Mortgage; or

            (ii)       
the exercise by the Mortgagee of its rights and remedies in respect of the
Mortgaged Property (other than in respect of nonassignable governmental permits
in which the Mortgagor may not lawfully grant a security interest) pursuant to
this Mortgage, subject to any limitations on such exercise set forth in any such
Approval.

           
SECTION 3.35.       
Correct Names, etc.

            (a)       
The cover page to this Mortgage lists the correct legal name of the Mortgagor
and the Mortgagor is not now and has not been known by any trade name.

            (b)       
The Mortgagor has not been known by any legal name different from the one set
forth on the cover page of this Mortgage, nor has the Mortgagor been the subject
of any merger or other corporate reorganization.

            SECTION
3.36.       
Filings. All recordings, filings and other actions (other than
the recording and filing of this Mortgage and any financing statements or
similar instruments relating hereto with all appropriate offices as described
below) necessary and desirable to perfect and protect the Lien over the
Mortgaged Property have been duly made and taken. No effective deed of trust,
mortgage, financing statement or other instrument similar in effect covering all
or any part of the Mortgaged Property is recorded or on file in any recording or
filing office, except such as may have been expressly disclosed in writing to
the Mortgagee. Immediately following the execution hereof, the Mortgagor shall
cause this Mortgage and any financing statements or similar instruments relating
hereto to be recorded and filed with all appropriate offices necessary and
desirable to perfect and protect the Lien over the Mortgaged Property.

* * * * * * * * * *

	#6 - Mortgage 	-25- 	 

ARTICLE FOUR 
COVENANTS

RESERVED

 

* * * * * * * * * *

	#6 - Mortgage 	-26- 	 

ARTICLE FIVE
ASSIGNMENT OF POST- PRODUCTION
CONTRACTS

            SECTION
5.1.        
 Assignment. The Mortgagor hereby absolutely and
irrevocably (a) transfers, assigns, warrants and conveys to the Mortgagee,
effective as of the date hereof, at 12:01 A.M., local time, the Post-Production
Contracts, and (b) gives to and confers upon the Mortgagee the right, power and
authority to collect all payments, monies, Ore, or other in-kind transfers
accruing to Mortgagor under the Post-Production Contracts (the “Post-Production
Contract Payments”). The Mortgagor irrevocably appoints the Mortgagee its true
and lawful attorney-in-fact, with full authority in the place and stead of the
Mortgagor and in the name of the Mortgagor or otherwise, from time to time in
the Mortgagee’s discretion, to demand, receive and enforce payment, to give
receipts, releases and satisfactions, and to sue, in the name of the Mortgagor
or the Mortgagee, for the Post-Production Contracts and apply the
Post-Production Contract Payments to the payment of the Collateralized
Obligations. Subject to the foregoing, all parties responsible for the payment
of the Post-Production Contract Payments to the Mortgagor are authorized and
directed to treat and regard the Mortgagee as the assignee and transferee of the
Mortgagor and entitled in the Mortgagor’s place and stead to receive such
Post-Production Contract Payments; and said parties and each of them shall be
fully protected in so treating and regarding the Mortgagee and shall be under no
obligation to see to the application by the Mortgagee of any such proceeds or
payments received by it. The assignment of the Post-Production Contracts and the
Post-Production Contract Payments in this Section is intended to be an absolute
assignment from the Mortgagor to the Mortgagee and not merely the granting or
passing of a security interest. Such Post-Production Contracts and
Post-Production Contract Payments are hereby assigned absolutely by the
Mortgagor to the Mortgagee contingent with respect to collection only upon the
occurrence of an Event of Default hereunder.

            SECTION
5.2.         
Collection Upon Event of Default. Upon the occurrence of any Event of
Default, the Mortgagee may, at any time without notice, either in person, by
trustee or by a receiver appointed by a court, and without regard to the
adequacy of any security for the Collateralized Obligations, in its own name or
as Trustee or attorney in fact for the Mortgagor, enter upon and take possession
of the Mortgaged Property, or any part thereof, and sue for or otherwise collect
the Post-Production Contract Payments, including those past due and unpaid and
apply the same, less costs and expenses of operation and collection, including
attorneys’ fees, upon any of the Collateralized Obligations in such order as the
Mortgagee shall determine. The collection of the Post-Production Contract
Payments, or the entering upon and taking possession of the Mortgaged Property,
or the application thereof as aforesaid, shall not cure or waive any default or
notice of default hereunder or invalidate any act done in response to such
default or pursuant to notice of default

            SECTION
5.3.          No
Liability of the Mortgagee in Collecting. The Mortgagee is hereby
absolved from all liability for failure to enforce collection of any proceeds so
assigned (and no such failure shall be deemed to be a waiver of any right of the
Mortgagee under this Article) and from all other responsibility in connection
therewith, except the responsibility to account to the Mortgagor for funds
actually received.

            SECTION
5.4.         
Assignment Not a Restriction on the Mortgagee’s Rights. Nothing
herein contained shall detract from or limit the absolute obligation of the
Mortgagor to make payment of the Collateralized Obligations regardless of
whether the proceeds assigned by this ARTICLE are sufficient to pay the same,
and the rights under this ARTICLE shall be in addition to all other security now
or hereafter existing to secure the payment and performance of the
Collateralized Obligations.

	#6 - Mortgage 	-27- 	 

            SECTION
5.5.         
Status of Assignment. Notwithstanding the other provisions of
this ARTICLE, and in addition to the other rights hereunder, the Mortgagee or
any receiver appointed in judicial proceedings for the enforcement of this
Mortgage shall have the right to receive the Post-Production Contract Payments
herein assigned and the proceeds therefrom after the Collateralized Obligations
have been declared due and payable in accordance with the provisions of the Loan
Documents and to apply all of said proceeds as provided in Section 5.2. Upon any
sale of the Mortgaged Property or any part thereof pursuant to ARTICLE SEVEN,
the Post-Production Contract Payments thereafter attributable to the property so
sold, and the proceeds therefrom, shall be included in such sale and shall pass
to the purchaser free and clear of the assignment contained in this ARTICLE.

            SECTION
5.6.         
Indemnity. In addition to any similar obligations set forth in
the Loan Documents to which it is a party, the Mortgagor shall indemnify the
Mortgagee against all claims, actions, liabilities, judgments, costs, losses,
damages, attorneys’ fees or other charges or expenses of whatsoever kind or
nature (collectively, “Claims”) made against or incurred by it as a consequence
of the assertion, either before or after the payment in full of the
Collateralized Obligations, that it received the Post-Production Contracts
herein assigned or the Post-Production Contract Payments claimed by third
persons, the Mortgagor and the Mortgagee shall each, on its own behalf, have the
right to defend against any such claims, employing attorneys therefor, and
unless furnished with reasonable indemnity, they or any of them shall have the
right to pay or compromise and adjust all such claims. The Mortgagor will
indemnify and pay to the Mortgagee any and all such amounts as may be paid in
respect thereof or as may be successfully adjudged against the Mortgagee, except
to the extent such amounts arise for the account of the Mortgagee by reason of
its gross negligence or wilful misconduct (as determined by a court of competent
jurisdiction). If and to the extent that the foregoing undertaking may be
unenforceable for any reason, the Mortgagor hereby agrees to make the maximum
contribution to the payment and satisfaction of the claims which is permissible
under Applicable Law. The obligations of the Mortgagor as hereinabove set forth
in this Section shall survive the release, termination, foreclosure or
assignment of this Mortgage or any sale hereunder.

* * * * * * * * * *

	#6 - Mortgage 	-28- 	 

ARTICLE SIX
ENVIRONMENTAL MATTERS

           
SECTION 6.1.        
 Definitions. For purposes of this ARTICLE:

            (a)       
“CERCLA” means: the Comprehensive Environmental Response,
Compensation, and Liability Act, commonly known as Superfund (42. U.S.C. § 9601
et seq.).

            (b)       
“CERCLIS” means: the Comprehensive Environmental Response,
Compensation and Liability Information System, a database maintained by the U.S.
Environmental Protection Agency (EPA) (http://www.epa.gov/superfund/sites/cursites/index.htm).

           
(c)        “Environmental Actions”
means:

            (i)       
any notice of violation, complaint, claim, citation, demand, inquiry, report,
action, assertion of potential responsibility, lien, encumbrance, or proceeding
regarding the Mortgaged Property, whether formal or informal, absolute or
contingent, matured or unmatured, brought or issued by any governmental unit,
agency, or body, or any person or entity respecting:

  
    (A)        Environmental
      Laws;

    (B)        the environmental
      condition of the Mortgaged Property, or any portion thereof, or any property
      near the Mortgaged Property, including actual or alleged damage or injury to
      humans, public health, wildlife, biota, air, surface or subsurface soil or
      water, or other natural resources, including any reclamation, remediation, or
      cleanup obligation associated therewith; or

    (C)        the use, exposure,
      release, emission, discharge, generation, manufacture, sale, transport,
      handling, storage, treatment, reuse, presence, disposal, or recycling of
      Hazardous Substances either on the Mortgaged Property or off-site;

  

            (ii)       
any violation or claim of violation by Mortgagor of any Environmental Laws
involving the Mortgaged Property, or any material violation or claim of
violation by Mortgagor of any Environmental Laws not involving the Mortgaged
Property;

            (iii)       
any pending or threatened claims, demands, actions, administrative proceedings
or lawsuits involving the Mortgaged Property arising under any Environmental
Laws;

            (iv)       
any lien for damages caused by, or the recovery of any costs incurred by any
person or governmental entity for the investigation, remediation or cleanup of
any release or threatened release of Hazardous Substances; or

            (v)       
the destruction or loss of use of property, or the injury, illness or death of
any officer, director, employee, agent, representative, tenant or invitee of
Mortgagor or any other person alleged to be or possibly to be, arising from or
caused by the environmental condition of the Mortgaged Property or the release,
emission or discharge of Hazardous Substances from the Mortgaged Property.

            (d)       
“Environmental Laws” means: any and all statutes, regulations,
rules, ordinances or resolutions now or hereafter in effect, and any judicial or
administrative interpretation thereof, including any judicial or administrative
order, consent decree or judgment, relating to the environment, human health or safety, or to emissions,
discharges, releases or threatened releases of pollutants, contaminants,
chemicals, or toxic or hazardous substances or wastes into the environment
including, without limitation, ambient air, surface water, groundwater, or land,
or otherwise relating to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport, or handling of pollutants,
contaminants, chemicals, or toxic or hazardous substances or wastes, including,
without limitation, the Wyoming Environmental Quality Act, the National
Environmental Policy Act (NEPA), the Endangered Species Act (ESA), the National
Historic Preservation Act (NHPA), the Atomic Energy Act, the Uranium Mill
Tailings Radiation Control Act, the Safe Drinking Water Act (SDWA), the Clean
Water Act and Federal Pollution Control Act, the Occupational Safety and Health
Act (OSHA) and all applicable laws and regulations issued by the Nuclear
Regulatory Commission (NRC), the Wyoming Department of Environmental Quality
(WDEQ), the Bureau of Land Management (BLM), the U.S. Environmental Protection
Agency (EPA), the U.S. Department of Transportation (DOT), and all other
federal, state, and local governmental authorities that regulate the mining,
extraction, and processing of uranium, including in-situ recovery operations,
including all transportation operations in conjunction therewith.

	#6 - Mortgage 	-29- 	 

           
(e)        “Hazardous Substances”
means:

           
(i)        “hazardous substances” as defined
by CERCLA;

           
(ii)        “hazardous wastes” as defined by
RCRA;

            (iii)       
any hazardous, dangerous or toxic chemical, material, waste, pollutant,
contaminant or substance (“pollutant”) within the meaning of any Environmental
Law prohibiting, limiting or otherwise regulating the use, exposure, release,
emission, discharge, generation, manufacture, sale, transport, handling,
storage, treatment, reuse, presence, disposal or recycling of such
pollutant;

           
(iv)        any petroleum, crude oil or
fraction thereof;

            (v)       
any radioactive material, including any source, special nuclear or by-product
material as defined at 42 U.S.C. Section 2011 et seq., and amendments
thereto and reauthorizations thereof;

           
(vi)        asbestos-containing materials in
any form or condition; and

           
(vii)        polychlorinated biphenyls
(“PCBs”) in any form or condition.

            (f)       
“Mortgaged Property” means: The Mortgagor’s entire estate and
interest in and to the Lands, including, Improvements presently and hereafter
situated thereon or thereunder, construction material used in such Improvements,
surface and subsurface soil and water, areas leased to tenants, and all
business, uses, and operations thereon.

            (g)       
“RCRA” means the Resource Conservation and Recovery Act of 1976
(42 U.S.C. § 6901 et seq.)

            SECTION
6.2.         
Representations and Warranties. Mortgagor hereby represents and
warrants to Mortgagee that:

            (a)       
Compliance. The Mortgaged Property is not listed on any local, state
and/or federal lists of potentially contaminated sites, including, but not
limited to, the National Priorities List (NPL), CERCLIS or any state or federal
hazardous waste site or leaking underground storage tank lists, and the
Mortgaged Property and Mortgagor have been and are currently in full compliance
with all applicable Environmental Laws. Other than as disclosed to Mortgagee in
writing, a copy of which is attached hereto as EXHIBIT F, there are no pending or
threatened, Environmental Actions to which Mortgagor is a party or which relate
to the Mortgaged Property, there have been no past Environmental Actions to
which Mortgagor is a party and, to the Mortgagor’s knowledge, there have been no
past Environmental Actions which relate to the Mortgaged Property. All required
governmental permits and licenses are in effect regarding the Mortgaged Property
and Mortgagor’s operations, and Mortgagor is in compliance therewith. Mortgagor
has not received any notice of any Environmental Action respecting Mortgagor,
the Mortgaged Property or any off-site facility to which has been sent any
Hazardous Substances for off-site treatment, recycling, reclamation, reuse,
handling, storage, sale or disposal.

	#6 - Mortgage 	-30- 	 

            (b)       
Absence of Hazardous Substances. No use, exposure, release, emission,
discharge, generation, manufacture, sale, handling, reuse, presence, storage,
treatment, transport, recycling or disposal of Hazardous Substances has occurred
or is occurring on or from the Mortgaged Property except in full compliance with
applicable Environmental Laws or as described in EXHIBIT F hereto (“Disclosed
Materials”). The term “release” shall include but not be limited to any
spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting,
escaping, leaching, dumping, or disposing into the environment (including the
abandonment or discarding of barrels, containers and other receptacles
containing any Hazardous Substances). All Hazardous Substances used, treated,
stored, transported to or from, generated or handled on the Mortgaged Property
have been handled, managed, transported, and disposed of on or off the Mortgaged
Property in a lawful manner. There are no environmental, public health or safety
hazards that currently exist with respect to the Mortgaged Property, including
any conditions that would give rise to any onsite or offsite remedial or cleanup
obligations. To Mortgagor’s knowledge, no underground storage tanks (including
but not limited to petroleum or heating oil storage tanks) are present on or
under the Mortgaged Property, or have been on or under the Mortgaged Property
except as has been disclosed in writing to Mortgagee, a copy of which is
attached hereto as EXHIBIT F (“Disclosed Tanks”).

            (c)       
Mortgagor’s Compliance and Reclamation Performance Bonds and Financial
Assurance Requirements. Mortgagor is in full compliance with all financial
assurance and asset retirement obligations for mine reclamation, remediation,
and cleanup activities. Further, Mortgagor represents that the reclamation
performance bonds and financial assurance bonds it has secured are in the
amounts required by the governing regulatory authorities and sufficient to cover
all costs of reclamation, remediation and cleanup as may be necessary. Mortgagor
also represents that its reclamation performance bonds and financial assurance
bonds are reviewed annually to ensure the amount and terms thereof are
acceptable to the governing regulatory authorities.

            SECTION
6.3.         
Mortgagor’s Covenants. Mortgagor hereby covenants and agrees
with Mortgagee as follows:

            (a)       
Compliance. The Mortgaged Property shall be operated and maintained in
full compliance with all applicable Environmental Laws. All required
governmental permits and licenses for the Mortgaged Property and the
transportation of any materials related to the Mortgaged Property and the
Project shall be obtained and maintained, and Mortgagor shall remain in
compliance therewith. All Hazardous Substances on the Mortgaged Property will be
handled, managed, transported and disposed of in a lawful manner without giving
rise to liability under any applicable Environmental Laws. Mortgagor will
satisfy all requirements of applicable Environmental Laws for the registration,
operation, maintenance, reclamation and closure of the operations of the
Mortgaged Property, including removal of all Hazardous Substances and
underground storage tanks, if any. 

            (b)       
Absence of Hazardous Substances. Other than that permitted by the
licenses and permits applicable to the Project or Disclosed Materials, or as
otherwise conducted in full compliance with applicable Environmental Laws, no Hazardous
Substances shall be introduced to or used, exposed, released, emitted,
discharged, generated, manufactured, sold, transported, handled, stored,
treated, reused, presented, disposed of or recycled on the Mortgaged Property
without thirty (30) days prior written notice to Mortgagee.

	#6 - Mortgage 	-31- 	 

            (c)       
Environmental Actions and Right to Consent. There are no Environmental
Actions relating to the Mortgaged Property or the Project. Mortgagor shall
immediately notify Mortgagee of all Environmental Actions and provide copies of
all written notices, complaints, correspondence and other documents relating
thereto within five (5) business days of receipt, and Mortgagor shall keep
Mortgagee informed of all responses thereto. Mortgagor shall promptly commence
efforts to cure and have dismissed with prejudice all Environmental Actions in a
manner satisfactory to Mortgagee and Mortgagor shall keep the Mortgaged Property
free of any encumbrance arising from any judgment, liability or lien imposed
pursuant to any Environmental Actions. Notwithstanding the foregoing sentence,
Mortgagor may, diligently, in good faith and by appropriate legal proceedings,
contest such proceedings provided: (i) Mortgagor first furnishes to Mortgagee
such deposits as Mortgagee reasonably deems sufficient to fully protect
Mortgagee’s interests; (ii) such contest shall have the effect of preventing any
threatened or pending sale or forfeiture of all or any portion of the Mortgaged
Property or the loss or impairment of Mortgagee’s lien and security interests in
and to the Mortgaged Property; and (iii) such contest will not cause Mortgagee
to incur any liability, in Mortgagee’s reasonable judgment. Mortgagor shall
permit Mortgagee, at Mortgagee’s option, to appear in and to be represented in
any such contest and shall pay upon demand all expenses incurred by Mortgagee in
so doing, including attorneys’ fees.

            (d)       
Future Environmental Audits. Mortgagor shall provide such information and
certifications which Mortgagee may reasonably request from time to time to
monitor Mortgagor’s compliance with this ARTICLE SIX for the sole purpose of
protecting Mortgagee’s security interest. To protect its security interest,
Mortgagee shall have the right, but not the obligation, at any time to enter
upon the Mortgaged Property, take samples, review Mortgagor’s books and records,
interview Mortgagor’s employees and officers, and conduct such other activities
as Mortgagee, at its reasonable discretion, deems appropriate and is permitted
by applicable Environmental Laws and the permits and licenses applicable to the
Project. If Mortgagee visits the site as part of an audit or to sample, the
Mortgagee will participate in required training and adhere to all site safety
and environmental rules and regulations during the course of the visit or work
on site. Samples which may contain source or byproduct material must be sent to
a commercial lab with a U.S. Nuclear Regulatory Commission license. Mortgagor
shall cooperate fully in the conduct of such an audit. If Mortgagee decides to
conduct such an audit because of (i) an Environmental Action; (ii) Mortgagee’s
considering taking possession of or title to the Mortgaged Property after
default by Mortgagor; (iii) a material change in the use of the Mortgaged
Property, which in Mortgagee’s opinion, increases the risk to its security
interest; or (iv) the introduction of Hazardous Substances other than those
permitted by permits and licenses applicable to the Project and Disclosed
Materials to the Mortgaged Property; then Mortgagor shall pay upon demand all
costs and expenses connected with such audit, which, until paid, shall become
additional indebtedness secured by the Loan Documents and shall bear interest at
the rate of interest set forth in the Bond. Nothing in this ARTICLE SIX shall
give or be construed as giving Mortgagee the right to direct or control
Mortgagor’s actions in complying with applicable Environmental Laws. or
otherwise be considered “Participation in Management” by Mortgagee as that term
is defined in applicable Environmental Laws.

            (e)       
Event of Default and Opportunity to Cure. If Mortgagor fails to comply
with any of its covenants contained in this ARTICLE SIX within thirty (30) days
after notice by Mortgagee to Mortgagor, Mortgagee may, at its option, declare an
Event of Default. If, however, the noncompliance cannot, in Mortgagee’s
reasonable determination, be corrected within such thirty (30) day period, and if Mortgagor has promptly commenced and
diligently pursues action to cure such noncompliance to Mortgagee’s
satisfaction, then Mortgagor shall have such additional time as is reasonably
necessary to correct such noncompliance, provided Mortgagor continues to
diligently pursue corrective action, but in no event more than a total of one
hundred eighty (180) days after the initial notice of noncompliance by
Mortgagee.

	#6 - Mortgage 	-32- 	 

            SECTION
6.4.         
Mortgagee’s Right to Rely. Mortgagee is entitled to rely upon
Mortgagor’s representations, warranties and covenants contained in this Article
despite any independent investigations by Mortgagee or its consultants.
Mortgagor shall take all necessary actions to determine, and to remain aware of,
the environmental condition of the Mortgaged Property. Mortgagor shall have the
right to rely upon any independent environmental investigations or findings made
by Mortgagee or its consultants.

            SECTION
6.5.        
 Indemnification. The term “Mortgagee’s Environmental
Liability” shall mean any and all losses, liabilities, obligations, penalties,
claims, fines, lost profits, demands, litigation, defenses, costs, judgments,
suits, proceedings, damages (including consequential, punitive and exemplary
damages), remediation and cleanup costs, disbursements or expenses of any kind
or nature whatsoever (including attorneys’ fees at trial and appellate levels
and experts’ fees and disbursements and expenses incurred in investigating,
defending against, settling or prosecuting any suit, litigation, claim or
proceeding) which may at any time be either directly or indirectly imposed upon,
incurred by or asserted or awarded against Mortgagee or any of Mortgagee’s
parent and subsidiary corporations and their affiliates, shareholders,
directors, officers, employees, and agents (collectively, Mortgagee’s
“Affiliates”) in connection with or arising from:

            (a)       
any Hazardous Substances used, exposed, emitted, released, discharged,
generated, manufactured, sold, transported, handled, stored, treated, reused,
presented, disposed of or recycled on, in or under all or any portion of the
Mortgaged Property, or any surrounding areas, excepting therefrom any such
actions caused by, or during any period in which the Mortgaged Property were
owned by or under the control of, Mortgagee (collectively, such actions are
referred to as the “Mortgagee’s Actions”);

            (b)       
any misrepresentation, inaccuracy or breach of any warranty, covenant or
agreement contained or referred to in this Article;

            (c)       
any violation, liability or claim of violation or liability, under any
applicable Environmental Laws;

            (d)       
the imposition of any lien for damages caused by, or the recovery of any costs
incurred for the cleanup of, any release or threatened release of Hazardous
Substances; or

           
(e)        any Environmental Actions.

            Mortgagor
shall indemnify, defend (at trial and appellate levels and with counsel, experts
and consultants acceptable to Mortgagee and at Mortgagor’s sole cost) and hold
Mortgagee and its Affiliates free and harmless from and against Mortgagee’s
Environmental Liability (collectively, “Mortgagor’s Indemnification
Obligations”). Mortgagor’s Indemnification Obligations shall survive in
perpetuity with respect to any Mortgagee’s Environmental Liability.

	#6 - Mortgage 	-33- 	 

            Mortgagor
and its successors and assigns hereby waive, release and agree not to make any
claim or bring any cost recovery or contribution action against Mortgagee under
or with respect to any Environmental Laws. Mortgagor’s obligation to Mortgagee
under this indemnity shall, excepT as set forth herein, be without regard to
fault on the part of Mortgagor or Mortgagee with respect to the violation or
condition that results in liability to Mortgagee.

* * * * * * * * * *

	#6 - Mortgage 	-34- 	 

ARTICLE SEVEN
ENFORCEMENT OF THE
SECURITY

            SECTION
7.1.         
Waiver of Notice and Demand Upon Acceleration. Upon the
occurrence of an Event of Default, the Mortgagee, at its option, may declare the
Collateralized Obligations to be forthwith due and payable, without any notice
or demand of any kind, both of which are hereby expressly waived.

            SECTION
7.2.         
Power of Sale of Real Property Constituting a Part of the Mortgaged
Property. Mortgagor hereby grants to Mortgagee a power of sale to
foreclose this Mortgage by advertisement and sale under Wyoming Statutes. Upon
the occurrence of an Event of Default, the Mortgagee shall have the right and
power to sell without the necessity of judicial proceedings, to the extent
permitted by Applicable Law, at one or more sales, as an entirety or in parcels,
as it may elect, the real property constituting a part of the Mortgaged
Property, at such place or places and otherwise in such manner and upon such
notice as may be required by Applicable Law, or, in the absence of any such
requirement, as the Mortgagee may deem appropriate, and to make conveyance to
the purchaser or purchasers; and the Mortgagor shall warrant title (to the
extent, but subject to the exceptions, warranted to the Mortgagee herein) to
such real property to such purchaser or purchasers. The Mortgagee may postpone
the sale of all or any portion of such real property by public announcement at
the time and place of such sale, and from time to time thereafter may further
postpone such sale by public announcement made at the time of sale fixed by the
preceding postponement, as allowed by Applicable Law. The right of sale
hereunder shall not be exhausted by one or any sale, and the Mortgagee may make
other and successive sales until all of the Mortgaged Property shall have been
legally sold.

            SECTION
7.3.         
Rights of the Mortgagee with Respect to Goods and General Intangibles
Constituting a Part of the Mortgaged Property. Upon the occurrence of
an Event of Default, the Mortgagee will have all rights and remedies granted by
Applicable Law, and particularly by the Uniform Commercial Code, including the
right to take possession of all Goods and General Intangibles constituting a
part of the Mortgaged Property, and for this purpose the Mortgagee may enter
upon any premises on which any or all of such Goods and General Intangibles are
situated and take possession of and operate such Goods and General Intangibles
(or any portion thereof) or remove them therefrom. The Mortgagee may require the
Mortgagor to assemble such Goods and General Intangibles and make them available
to the Mortgagee at a place to be designated by the Mortgagee. Unless such Goods
and General Intangibles are perishable or threaten to decline speedily in value
or are of a type customarily sold on a recognized market, the Mortgagee will
give the Mortgagor reasonable notice of the time and place of any public sale or
of the time after which any private sale or other disposition of such Goods and
General Intangibles is to be made. This requirement of sending reasonable notice
will be met if the notice is mailed by first-class mail, postage prepaid, to the
Mortgagor at the address shown herein at least ten (10) days before the time of
the sale or disposition.

            SECTION
7.4.         
Judicial Proceedings. Upon the occurrence of an Event of
Default, the Mortgagee, in lieu of or in addition to exercising any power of
sale hereinabove given, may proceed by a suit or suits in equity or at law,
whether for a foreclosure hereunder, or for the sale of the Mortgaged Property,
or for the specific performance of any covenant or agreement herein contained or
in aid of the execution of any power herein granted, or for the appointment of a
receiver pending any foreclosure hereunder or the sale of the Mortgaged
Property, or for the enforcement of any other appropriate legal or equitable
remedy.

            SECTION
7.5.         
Possession of the Mortgaged Property. It shall not be necessary
for the Mortgagee to have physically present or constructively in its possession
at any sale held by the Mortgagee or by any court, receiver or public officer any or
all of the Mortgaged Property; and the Mortgagor shall deliver to the purchasers
at such sale on the date of sale the Mortgaged Property purchased by such
purchasers at such sale, and if it should be impossible or impracticable for any
of such purchasers to take actual delivery of the Mortgaged Property, then the
title and right of possession to the Mortgaged Property shall pass to such
purchaser at such sale as completely as if the same had been actually present
and delivered.

	#6 - Mortgage 	-35- 	 

            SECTION
7.6.         
Certain Aspects of a Sale. The Mortgagee shall have the right
to become the purchaser at any sale held by the Mortgagee or by any court,
receiver or public officer, and the Mortgagee shall have the right to credit
upon the amount of the bid made therefor the amount payable out of the net
proceeds of such sale to it. Recitals contained in any conveyance made to any
purchaser at any sale made hereunder shall conclusively establish the truth and
accuracy of the matters therein stated, including nonpayment of the unpaid
portion of, and the interest accrued on, the Collateralized Obligations after
the same have become due and payable, advertisement and conduct of such sale in
the manner provided herein.

            SECTION
7.7.         
Receipt to Purchaser. Upon any sale, whether made under the
power of sale herein granted and conferred or by virtue of judicial proceedings,
the receipt of the Mortgagee, or of the officer making sale under judicial
proceedings, shall be sufficient discharge to the purchaser or purchasers at any
sale for his or their purchase money, and such purchaser or purchasers, or his
or their assigns or personal representatives, shall not, after paying such
purchase money and receiving such receipt of the Mortgagee or of such officer
therefor, be obliged to see to the application of such purchase money, or be in
anywise answerable for any loss, misapplication or nonapplication thereof.

            SECTION
7.8.         
Effect of Sale. Any sale or sales of the Mortgaged Property,
whether under the power of sale herein granted and conferred or by virtue of
judicial proceedings, shall operate to divest all right, title, interest, claim
and demand whatsoever either at law or in equity, of the Mortgagor of, in and to
the premises and the property sold, and shall be a perpetual bar, both at law
and in equity, against the Mortgagor, and the Mortgagor’s successors or assigns,
and against any and all persons claiming or who shall thereafter claim all or
any of the property sold from, through or under the Mortgagor or the Mortgagor’s
successors or assigns. Nevertheless, the Mortgagor, if requested by the
Mortgagee so to do, shall join in the execution and delivery of all proper
conveyances, assignments and transfers of the properties so sold.

            SECTION
7.9.        
 Application of Proceeds. All proceeds received by the
Mortgagee in respect of any sale of the Mortgaged Property, or any part thereof,
(whether granted and conferred herein, or by virtue of judicial proceeding) of,
collection from, or other realization upon, all or any part of the Mortgaged
Property (after payment and satisfaction of all costs and expenses incurred by
the Mortgagee in the performance of its rights or duties, and of any amounts
payable pursuant to the Loan Documents and SECTION 7.12 of this Mortgage) shall
be applied as provided in SECTION 8.06 of the Indenture.

            SECTION
7.10.        Liability for
Deficiency. The Mortgagor will remain liable for any deficiency owing
to the Mortgagee and be entitled to surplus, if any, after application of the
proceeds of any sale of the Mortgaged Property as set forth in SECTION 7.9, to
the fullest extent permitted by Applicable Law.

            SECTION
7.11.        The Mortgagor’s
Waiver of Appraisement, Marshalling, and Other Rights. The Mortgagor
agrees, to the fullest extent that the Mortgagor may lawfully so agree, that the
Mortgagor will not at any time insist upon or plead or in any manner whatever
claim the benefit of any appraisement, moratorium, valuation, stay, extension or
redemption law now or hereafter in force, in order to prevent or hinder the
enforcement or foreclosure of this Mortgage or the absolute sale of the
Mortgaged Property or the possession thereof by any purchaser at any sale made
pursuant to any provision hereof, or pursuant to the decree of any court of
competent jurisdiction; and the Mortgagor, for the Mortgagor and all who may
claim by, through or under the Mortgagor, so far as the Mortgagor or those
claiming by, through or under the Mortgagor now or hereafter lawfully may,
hereby waives the benefit of all such laws. The Mortgagor, for the Mortgagor and
all who may claim by, through or under the Mortgagor, waives, to the extent that
the Mortgagor may lawfully do so, any and all right to the exemption of
homesteads, and to have the Mortgaged Property marshalled upon any foreclosure
of the Lien hereof, or sold in inverse order of alienation, and agrees that the
Mortgagee or any court having jurisdiction to foreclose such Lien may sell the
Mortgaged Property as an entirety or in separate parts. The Mortgagor, for the
Mortgagor and all who may claim by, through or under the Mortgagor, further
waives, to the fullest extent that the Mortgagor may lawfully do so, any
requirement for posting a receiver’s bond or replevin bond or other similar type
of bond if the Mortgagee commences an action for appointment of a receiver or an
action for replevin to recover possession of any of the Mortgaged Property. The
Mortgagor hereby further waives the pleading of any statute of limitations as a
defense to any and all Collateralized Obligations, and the Mortgagor agrees that
no defense, claim or right based on any thereof will be asserted, or may be
enforced, in any action enforcing or relating to this Mortgage or any of the
Mortgaged Property. The Mortgagor, for itself and for all persons and entities
hereafter claiming by, through or under the Mortgagor or who may at any time
hereafter become holders of Liens junior to the Lien of this Mortgage, hereby
expressly waives and releases all rights to direct the order in which any of the
Mortgaged Property shall be sold in the event of any sale or sales pursuant
hereto and to have any of the Mortgaged Property and/or any other property now
or hereafter constituting security or any of the Collateralized Obligations
marshalled upon foreclosure of this Mortgage or of any other security or any of
such Collateralized Obligations. If any Applicable Law in this Section referred
to and now in force, of which the Mortgagor or the Mortgagor’s successor or
successors might take advantage despite the provisions hereof, shall hereafter
be repealed or cease to be in force, such law shall not thereafter be deemed to
constitute any part of the contract herein contained or to preclude the
operation or application of the provisions of this Section.

	#6 - Mortgage 	-36- 	 

           
SECTION 7.12.       
Costs and Expenses. All reasonable costs and expenses (including
reasonable attorneys’ fees and other legal, management and consulting expenses)
incurred by the Mortgagee in protecting and enforcing its rights hereunder
(including (i) any and all such costs and expenses which are incurred in
connection with any state or federal action or proceeding concerning bankruptcy,
debt relief, or protection from creditors, and in connection with any and all
appellate actions or proceedings and (ii) any and all costs and expenses of any
entry or taking of possession of, or any sale or conveyance of, any Mortgaged
Property (including, advertisement costs, court costs, compensation of any
employees and reasonable legal fees)), shall constitute a demand obligation
owing by the Mortgagor to the party incurring such costs and expenses and shall
draw interest at an annual rate equal to the highest rate of interest from time
to time accruing under and as provided in the Loan Documents until paid, all of
which shall constitute a portion of the Collateralized Obligations.

            SECTION
7.13.        Operation of
the Mortgaged Property by the Mortgagee. Upon the occurrence of an
Event of Default and in addition to all other rights herein conferred on the
Mortgagee, the Mortgagee (or any Person designated by the Mortgagee) shall have
the right and power to the fullest extent allowed under Applicable Law, but
shall not be obligated, to enter upon and take possession of any of the
Mortgaged Property, and to exclude the Mortgagor, and the Mortgagor’s trustees
or servants, wholly therefrom, and to hold, use, administer, manage and operate
the same to the extent that the Mortgagor shall be at the time entitled and in
its place and stead, in any form and manner deemed expedient by the Mortgagee.
Mortgagee, or any Person designated by the Mortgagee, may operate the same without any liability to
the Mortgagor in connection with such operations, except to use ordinary care in
the operation of such properties, and the Mortgagee or any Person designated by
the Mortgagee shall have the right to collect, receive and receipt for the
Post-Production Contracts and the Post-Production Contract Payments (as
described in SECTION 5.2), to make repairs, purchase machinery and equipment,
conduct operations and to exercise every power, right and privilege of the
Mortgagor with respect to the Mortgaged Property. All amounts paid or expended
by the Mortgagee in exercising its rights under this SECTION (plus reasonable
compensation to the Mortgagee for its out-of-pocket and other expenses for each
matter for which it acts under this Mortgage), along with interest thereon at
the highest rate of interest from time to time accruing under and as provided in
the Loan Documents until paid, all of which shall constitute a portion of the
Collateralized Obligations, shall be added to the Collateralized Obligations and
shall be repaid to the Mortgagee upon demand. When and if the expenses of such
operation and development (including costs of unsuccessful operations) have been
paid and the Collateralized Obligations paid, said properties shall, if there
has been no sale or foreclosure, be returned to the Mortgagor.

	#6 - Mortgage 	-37- 	 

            SECTION
7.14.        Consents.
In the event the validity and effectiveness of the mortgage, assignment
or charge upon or security interest in any of the Mortgaged Property
(collectively, a “Charge”) requires the consent, approval or waiver of a third
Person in order to be effective as against such third Person, the Charge with
respect to any such Mortgaged Property shall be effective as against the
Mortgagor and all Persons other than such third Person and shall be effective as
against such third Person when the applicable consent, approval or waiver is
obtained, retroactively, to the fullest extent legally possible, to the later of
the date hereof or the date such consent, approval or waiver is obtained or
becomes effective, as applicable, and until such consent, approval or waiver is
obtained, the Mortgagor shall (subject to the other terms hereof) stand
possessed of such Mortgaged Property upon trust to assign and dispose thereof as
the Trustee shall for such purposes direct.

* * * * * * * * * *

	#6 - Mortgage 	-38- 	 

ARTICLE EIGHT
OTHER PROVISIONS

           
SECTION 8.1.        Right to
Perform the Mortgagor’s Collateralized Obligations.  Each and
every covenant herein contained shall be performed and kept by the Mortgagor
solely at the Mortgagor’s expense. If the Mortgagor shall fail to perform or
keep any of the covenants of whatsoever kind or nature contained in this
Mortgage, the Mortgagee or any receiver appointed hereunder, may, but shall not
be obligated to, perform or keep, or cause to be performed or kept, the same in
the Mortgagor’s behalf, and the Mortgagor hereby agrees to reimburse the
Mortgagee or such receiver (as the case may be) on demand for all reasonable
expenses incurred in connection therewith plus interest thereon at an annual
rate equal to the highest rate of interest from time to time accruing under and
as provided in the Loan Documents until paid. The undertaking of such
performance by the Mortgagee or such receiver (as the case may be) as aforesaid
shall not obligate the Mortgagee or such receiver (as the case may be) to
continue such performance or to engage in such performance or performance of any
other act in the future, shall not obligate the Mortgagee or such receiver (as
the case may be) to take any necessary steps to preserve rights against prior
parties or any other rights in connection with any agreements, shall not relieve
the Mortgagor from the observance or performance of any covenant or agreement
contained in this Mortgage or constitute a waiver of default hereunder and shall
not affect the right of the Mortgagee to accelerate the payment of the
Collateralized Obligations or to resort to any other of its rights or remedies
hereunder or under Applicable Law.

            SECTION
8.2.        Defense of
Claims. The Mortgagor will notify the Mortgagee, in writing, promptly
of the commencement of any legal proceedings affecting the Lien hereof or the
Mortgaged Property, or any part thereof, and will take such action, employing
attorneys agreeable to the Mortgagee, as may be necessary or appropriate to
preserve the Mortgagor’s and the Mortgagee’s rights affected thereby and/or to
hold harmless the Mortgagee in respect of such proceedings; and should the
Mortgagor fail or refuse to take any such action, the Mortgagee may, upon giving
prior written notice thereof to the Mortgagor, take such action in behalf and in
the name of the Mortgagor and at the Mortgagor’s expense. Moreover, the
Mortgagee may take such independent action in connection therewith as it may in
its discretion deem proper, the Mortgagor hereby agreeing that all sums advanced
or all reasonable expenses incurred in such actions plus interest at an annual
rate equal to the highest rate of interest from time to time accruing under and
as provided in the Loan Documents until paid, will, on demand, be reimbursed, as
appropriate, to the Mortgagee or any receiver appointed hereunder. The
obligations of the Mortgagor as hereinabove set forth in this Section shall
survive the release, termination, foreclosure or assignment of this Mortgage or
any sale hereunder.

            SECTION
8.3.        The Mortgaged
Property to Revert. If the Collateralized Obligations shall be fully
paid in cash and the covenants herein contained shall be well and truly
performed, then all of the Mortgaged Property shall revert to the Mortgagor and
the entire estate, right, title and interest of the Mortgagee shall thereupon
cease; and the Mortgagee in such case shall, upon the request of the Mortgagor
and at the Mortgagor’s cost and expense, deliver to the Mortgagor proper
instruments acknowledging satisfaction of this Mortgage without warranty or
recourse of any kind, to the person or persons legally entitled thereto.

            SECTION
8.4.        Renewals,
Amendments and Other Security. Renewals and extensions of the
Collateralized Obligations may be given at any time and amendments may be made
to agreements relating to any part of such Collateralized Obligations or the
Mortgaged Property and the Mortgagee may take or may now hold other security for
the Collateralized Obligations, all without notice to or consent of the
Mortgagor. The Mortgagee may resort first to such other security or any part
thereof or first to the security herein given or any part thereof, or from time to time to either or both, even to the partial or
complete abandonment of either security, and such action shall not be a waiver
of any rights conferred by this Mortgage, which shall continue as a
first-priority, perfected Lien (subject to the exceptions set forth herein) in
the Mortgaged Property not expressly released until the Collateralized
Obligations are fully paid and performed.

	#6 - Mortgage 	-39- 	 

            SECTION
8.5.        Construction of
Mortgage as an Assignment, etc. This Mortgage shall be deemed to be and
may be enforced from time to time as an assignment, chattel mortgage, contract,
mortgage, deed of trust, financing statement or security agreement, and from
time to time as any one or more thereof.

            SECTION
8.6.        Limitation on
Interest. Notwithstanding any other provision of this Mortgage, the
Loan Documents, or any other documents entered into in connection with the
transactions contemplated herein, the Mortgagor does not agree, and shall not be
charged with, or obligated to pay, any amount of interest that would render the
Loan Documents usurious. It is the intention of the Mortgagee and the Purchaser
to conform strictly to the applicable usury laws presently in force, and any
agreement for taking, receiving, reserving or charging interest shall be held to
be subject to reduction to the amount allowed under said usury laws, so that if
from any circumstances any interest is in excess of the maximum permitted by
Applicable Law, such excess shall be cancelled automatically, and if theretofore
paid, shall be refunded or credited on the principal amount of the obligation
secured thereby. All sums paid or agreed to be paid to the Mortgagee and the
Purchaser for the use, forbearance or detention of the Collateralized
Obligations shall, to the extent permitted by Applicable Law, be amortized,
prorated, allocated and spread throughout the full stated term of the
Collateralized Obligations until payment in full so that the rate or amount of
interest does not exceed the maximum lawful rate in effect and applicable to the
Collateralized Obligations for so long as the Collateralized Obligations are
outstanding. This provision shall control any provision of this Mortgage, the
Loan Documents, or any other instruments in connection therewith which are
inconsistent with this paragraph.

            SECTION
8.7.        Unenforceable or
Inapplicable Provisions. If any provision hereof or of any other Loan
Documents is invalid or unenforceable in any jurisdiction, the other provisions
hereof or of such Loan Documents shall remain in full force and effect in such
jurisdiction, and the remaining provisions hereof shall be liberally construed
in favor of the Mortgagee in order to effectuate the provisions hereof or
thereof, and the invalidity of any provision hereof in any jurisdiction shall
not affect the validity or enforceability of any such provision in any other
jurisdiction. Any reference herein contained to a statute or law of a state in
which no part of the Mortgaged Property is situated shall be deemed inapplicable
to, and not used in, the interpretation hereof.

           
SECTION 8.8.       
Rights Cumulative; Waiver.

            (a)       
Each and every right, power and remedy herein given to the Mortgagee shall be
cumulative and not exclusive; and each and every right, power and remedy whether
specifically herein given or otherwise existing may be exercised from time to
time and so often and in such order as may be deemed expedient. No failure or
delay by or on the part of the Mortgagee or the exercise, or the beginning of
the exercise, of any such right, power or remedy shall be deemed a waiver of the
right to exercise, at the same time or thereafter, any other right, power or
remedy in exercising any power or right under this Mortgage. No such failure or
delay shall operate as a waiver of any right hereunder, nor shall any single or
partial exercise of any power, right or remedy hereunder preclude any other or
further exercise thereof or the exercise of any other power, right or remedy. No
notice to or demand on the Mortgagor in any case shall entitle it to any notice
or demand in similar or other circumstances. No delay or omission by the
Mortgagee in the exercise of any right, power or remedy shall impair any such right,
power or remedy or operate as a waiver thereof or of any other right, power or
remedy then or thereafter existing. No waiver or approval under this Mortgage
shall, except as may be otherwise stated in such waiver or approval, be
applicable to subsequent transactions. No waiver or approval hereunder shall
require any similar or dissimilar waiver or approval thereafter to be granted
hereunder.

	#6 - Mortgage 	-40- 	 

            (b)       
Any and all covenants in this Mortgage may from time to time be waived by
Mortgagee in writing signed by the Mortgagee to such extent and in such manner
as the Mortgagee may desire, but no such waiver shall ever affect or impair the
Mortgagee’s rights or Liens hereunder, except to the extent specifically stated
in such written instrument.

            SECTION
8.9.        
 Indemnification. In addition to any similar obligations
contained in this Mortgage and each other Loan Documents to which it is or may
become a party, the Mortgagor hereby indemnifies and holds harmless the
Mortgagee and the Purchaser from and against any and all claims, actions,
judgments, costs, fees (including reasonable attorneys’ fees), expenses,
damages, charges, losses and liabilities arising out of or resulting from this
Mortgage (including the enforcement hereof), except claims, losses or
liabilities resulting from the Mortgagee’s gross negligence or wilful misconduct
(as determined by a court of competent jurisdiction). Without limiting the
generality of the foregoing, upon demand, the Mortgagor will pay to the
Mortgagee the amount of any and all reasonable expenses, including the
reasonable fees and disbursements of its counsel and of any experts and
trustees, which the Mortgagee may incur in connection with:

           
(a)        the administration of this
Mortgage and the Loan Documents;

            (b)       
the custody, preservation, use or operation of, or the sale of, collection from,
or other realization upon, any of the Mortgaged Property;

            (c)       
the exercise or enforcement of any of the rights of the Mortgagee hereunder;
or

            (d)       
the failure by the Mortgagor to perform or observe any of the provisions
hereof.

If and to the extent that the foregoing undertaking may be
unenforceable for any reason, the Mortgagor hereby agrees to make the maximum
contribution to the payment and satisfaction of such claims, actions, judgments,
costs, fees (including reasonable attorneys’ fees), expenses, damages, charges,
losses and liabilities which is permissible under Applicable Law. The
obligations of the Mortgagor as hereinabove set forth in this SECTION shall
survive the release, termination, foreclosure or assignment of this Mortgage or
any sale hereunder.

            SECTION
8.10.        Release and
Waiver. The Mortgagor hereby waives and releases any and all rights of
contribution, reimbursement or indemnity it has or may hereafter have against
the Mortgagee arising from or relating to this Mortgage and/or the Mortgaged
Property, including claims or liabilities relating to Environmental Laws.

            SECTION
8.11.        No Partnership.
Nothing contained in this Mortgage is intended to, or shall be
construed as, creating to any extent and in any manner whatsoever, any
partnership, mining partnership, joint venture or association among the
Mortgagor and the Mortgagee, or in any way as to make the Mortgagee a
co-principal with the Mortgagor with reference to the Mortgaged Property, and
any inferences to the contrary are hereby expressly negated.

	#6 - Mortgage 	-41- 	 

            SECTION
8.12.        Partial
Releases. No partial release from the Lien of this Mortgage with
respect to any part of the Mortgaged Property by the Mortgagee shall in any way
alter, vary or diminish the force, effect or Lien of this Mortgage against the
balance or remainder of the Mortgaged Property.

            SECTION
8.13.        Successors and
Assigns. This Mortgage shall be binding upon the Mortgagor and the
Mortgagor’s successors and assigns, and shall inure to the benefit of the
Mortgagee, for the benefit of the Purchaser, and their respective successors and
assigns; provided, however, that: the Mortgagor may not assign, delegate or
transfer its rights or obligations hereunder without the prior written consent
of the Mortgagee and the Purchaser pursuant to the terms of the Loan
Documents.

           
The provisions of this Mortgage shall be covenants running with the land.

            SECTION
8.14.        Amendments.
The provisions of this Mortgage may from time to time be amended,
modified or waived, if such amendment, modification or waiver is in writing and
consented to by the Mortgagor and the Mortgagee.

            SECTION
8.15.        Headings.
The various headings of this Mortgage are inserted for convenience only
and shall not affect the meaning or interpretation of this Mortgage.

            SECTION
8.16.        Execution in
Counterparts. This Mortgage may be executed in any number of
counterparts, each of which shall for all purposes be deemed to be an original
and all of which are identical and together shall constitute one and the same
instrument.

            SECTION
8.17.        Recording
References in EXHIBIT A. All recording references in EXHIBIT A hereto,
if any, are to the official real property records of the county in which the
affected land is located.

           SECTION
8.18.        Special Filing
as Financing Statement. This Mortgage shall likewise be a security
agreement and a financing statement. This Mortgage shall be filed for record,
among other places, in the official real property records of each county in
which any portion of the real property covered by the Lands described in or
referred to in EXHIBIT A hereto is situated, and, when filed in such counties,
shall be effective as a financing statement covering Fixtures (including all
property identified on EXHIBIT B hereto) and As-Extracted Collateral located
thereon (including all Ore). The owner of record of an interest in the Lands is
identified on EXHIBIT A hereto. At the option of the Mortgagee, a carbon,
photographic or other reproduction of this Mortgage or of any financing
statement covering the Mortgaged Property or any portion thereof shall be
sufficient as a financing statement and may be filed as such.

            SECTION
8.19.        Notices.
Except as otherwise provided herein, all notices, certificates or other
communications hereunder shall be sufficiently given and shall be deemed given
upon receipt by hand delivery, prepaid mail, overnight delivery by a nationally
recognized express transportation company, telecopy or other means, with proper
address as indicated below.

	 	To the Mortgagor: 	Uranerz Energy Corporation 
	 	  	1701 East “E” Street 
	 	  	P.O. Box 50850 
	 	  	Casper, Wyoming 82605 
	 	  	Attn: Glenn Catchpole 
	 	  	gcatchpole@uranerz.com
  

  	#6 - Mortgage 	-42- 	 

	 	With a copy to: 	Uranerz Energy Corporation 
	 	  	Administrative Office 
	 	  	1410 - 800 West Pender Street
  
	 	  	Vancouver, B.C. 
	 	  	Canada 
	 	  	Attn: Sandra MacKay 
	 	  	smackay@uranerz.com 
	 	  	  
	 	To the Mortgagee: 	UMB BANK, n.a. 
	 	  	1670 Broadway 
	 	  	Denver Colorado 80202 
	 	  	Attn: Leigh Lutz 
	 	  	Leigh.Lutz@umb.com 
	 	  	  
	 	To the Purchaser: 	Wyoming State Treasurer 
	 	  	Capitol Building 
	 	  	200 West 24th Street, Room 122
  
	 	  	Cheyenne, Wyoming 82002 
	 	  	Attn: Deputy State Treasurer
  

           A
duplicate copy of each notice, certificate, or other communication given
hereunder by the Mortgagor or the Mortgagee shall also be given to the
Purchaser. The Mortgagor, the Mortgagee and the Purchaser may, by written notice
given hereunder, designate any further or different addresses to which
subsequent notices, certificates or other communications shall be sent.

            SECTION
8.20.        Request for
Notice. The Mortgagor hereby requests a copy of any notice of default,
and further requests that any notice of sale hereunder be mailed to it at the
address above.

            SECTION
8.21.        Statement by
the Mortgagor. The Mortgagor, within ten (10) days after being given
notice by mail, will furnish to the Mortgagee a written statement stating the
unpaid Collateralized Obligations and any other amounts secured by this Mortgage
and stating whether any offset or defense exists against such principal and
interest.

            SECTION
8.22.        Mortgagee
Appointed Attorney-in-Fact. The Mortgagor hereby irrevocably appoints
the Mortgagee the Mortgagor’s attorney-in-fact, with full authority in the place
and stead of the Mortgagor and in the name of the Mortgagor or otherwise, from
time to time in the Mortgagee’s discretion, to take any action (including any
action under the Post-Production Contracts that the Mortgagor is entitled to
take) and to execute any instrument which the Mortgagee may deem necessary or
advisable to accomplish the purposes of this Mortgage, including:

            (a)       
to ask, demand, collect, sue for, recover, compromise, receive and give
acquittance and receipts for moneys due and to become due under or in connection
with the Post-Production Contracts;

            (b)       
to receive, indorse and collect any drafts or other instruments or documents in
connection with clause (a);

            (c)       
to file any claims or take any action or institute any proceedings which the
Mortgagee may deem to be necessary or desirable for the collection thereof or to
enforce the rights of the Mortgagee with respect to any of the Post-Production
Contracts or to enforce compliance with the terms and conditions of the
Post-Production Contracts; and

	#6 - Mortgage 	-43- 	 

           
(d)        to perform the affirmative
obligations of the Mortgagor hereunder.

            The
Mortgagor hereby acknowledges, consents and agrees that the power of attorney
granted pursuant to this Section is irrevocable and coupled with an
interest.

            SECTION
8.23.        Principal
Amount of Debt. The obligations secured by this Mortgage (exclusive of
interest and the cost, expenses and all other obligations of Mortgagor to
Mortgagee which are not required to be stated as part of the total principal
amount of the indebtedness secured) shall not exceed at any one time
$20,000,000.00 U.S., which shall also be deemed the stated principal amount of
this Mortgage.

            SECTION
8.24.        Governing Law,
Entire Agreement. THIS MORTGAGE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND
GOVERNED BY THE LAWS OF THE STATE OF WYOMING. THIS MORTGAGE AND ALL EXHIBITS
HERETO SHALL CONSTITUTE THE SOLE AND ENTIRE AGREEMENT OF MORTGAGOR AND
MORTGAGEE, AND SHALL SUPERSEDE ANY AND ALL PRIOR OR CONTEMPORANEOUS ORAL
NEGOTIATIONS, REPRESENTATIONS OR UNDERSTANDING.

            SECTION
8.25.        Waiver of Jury
Trial. THE MORTGAGEE AND THE MORTGAGOR HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH,
THIS MORTGAGE OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF THE MORTGAGOR AND THE MORTGAGEE. THIS PROVISION
IS A MATERIAL INDUCEMENT FOR THE MORTGAGEE ENTERING INTO THIS
MORTGAGE.

	#6 - Mortgage 	-44- 	 

TABLE OF CONTENTS FOR EXHIBITS

	EXHIBIT
      A 	Lands
      Subject to Unpatented Mining Claims. 	A
      
	 	 	 
	EXHIBIT
      B 	Listing
      of Titled Equipment 	B
      
	 	 	 
	EXHIBIT
      C 	Licenses
      and Permits 	C
      
	 	 	 
	EXHIBIT
      D 	Permitted
      Encumbrances. 	D
      
	 	 	 
	EXHIBIT
      E 	Product
      Sales Contracts and Processing Agreement 	E
      
	 	 	 
	EXHIBIT
      F 	Environmental
      Disclosures. 	F
      

      	#6 - Mortgage 	-46- 	 

EXHIBIT A to MORTGAGE

LANDS SUBJECT TO UNPATENTED MINING CLAIMS

(Lands upon which the Nichols Ranch ISR Processing Facility
and the Goods, General Intangibles and Fixtures Described in EXHIBIT B are
Located)

The Nichols Ranch ISR Processing Facility is located on the
following described Campbell County, Wyoming and Johnson County, Wyoming,
Lands:

	 	Nichols Ranch: 	Township 43 North, Range 76 West    
	 	  	       
           Section 7:	SE/4SE/4 
	 	  	       
           Section 8:	S/2 
	 	  	       
           Section 17:	All 
	 	  	       
           Section 18:	E/2NE/4, NE/4SE/4 
	 	  	       
           Section 20:	N/2N/2 
	 	  	  	  
	 	Jane Dough: 	Township 43 North, Range 76 West    
	 	  	       
           Section 19:	E/2SE/4 
	 	  	       
           Section 20:	S/2, SE/4NW/4, S/2NE/4 
	 	  	       
           Section 21:	S/2NW/4, SW/4, SW/4SE/4 
	 	  	       
           Section 28:	All 
	 	  	       
           Section 29:	All 
	 	  	       
           Section 30:	SE/4 
	 	  	       
           Section 31:	E/2E/2 
	 	  	       
           Section 32:	All 
	 	  	       
           Section 33:	W/2NW/4 
	 	  	  	  
	 	Reno Creek: 	Township 43 North, Range 73 West    
	 	  	       
           Section 21:	S/2 
	 	  	       
           Section 22:	SW/4 
	 	  	       
           Section 28:	E/2 
	 	  	       
           Section 29:	NE/4 
	 	  	       
           Section 31:	NE/4 
	 	  	       
           Section 33:	SW/4 

	#6 - Mortgage 	A-1	 

(Lands Subject to Unpatented Mining Claims)

All Unpatented Mining Claims of Uranerz Energy Corporation and
Arkose Mining Venture relating to the following described Campbell County,
Wyoming and Johnson County, Wyoming, Lands:

	  	Claim 	Claim 	  	Location 	 Township
    	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	  	  	  	  	  	  	  	  	  
	Uranerz Claims 	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	Nichols Ranch 	EB 	67 	277010 	1/27/2006 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	68 	277011 	1/27/2006 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	77 	274590 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	78 	274591 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	79 	274592 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	80 	274593 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	82 	274594 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	84 	274595 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	86 	274596 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	94 	274597 	2/6/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	95 	274598 	2/6/2006 	43 	76 	7,8,17,18 	Johnson 
	Nichols Ranch 	EB 	96 	274599 	2/6/2006 	43 	76 	8,17 	Johnson 
	Nichols Ranch 	EB 	97 	277012 	1/28/2006 	43 	76 	7,8 	Johnson 
	Nichols Ranch 	EB 	98 	274600 	1/28/2006 	43 	76 	8 	Johnson 
	Nichols Ranch 	EB 	99 	274601 	1/28/2006 	43 	76 	7,8 	Johnson 
	Nichols Ranch 	EB 	100 	274602 	1/28/2006 	43 	76 	8 	Johnson 
	Nichols Ranch 	EB 	69 	7681 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	70 	7682 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	71 	7683 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	73 	7685 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	81 	7693 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	83 	7695 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	85 Am 	7697 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	87 Am 	7699 	9/19/1968 	43 	76 	17,18 	Johnson 
	Nichols Ranch 	EB 	88 	7700 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	89 Am 	7701 	9/19/1968 	43 	76 	17,18 	Johnson 
	Nichols Ranch 	EB 	90 	7702 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	91 Am 	7703 	9/19/1968 	43 	76 	17,18 	Johnson 
	Nichols Ranch 	EB 	92 	7704 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	93 Am 	7705 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	102 	290876 	9/26/2007 	43 	76 	17 	Campbell

	#6 - Mortgage 	A-2	 

	  	Claim 	Claim 	  	Location 	 Township 	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	Nichols Ranch 	EB 	103 	290877 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	104 	290878 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	105 	290879 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	106 	290880 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EEB 	1 	297963 	8/11/2009 	43 	76 	18 	Johnson 
	  	  	  	  	  	  	  	  	  
	Jane Dough 	DS 	25 	281348 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	26 	281349 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	28 	281351 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	30 	281353 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	32 	281355 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 
	DS 
	34 
	281357 
	12/10/2006 
	43 
	76 
	20 
	[Campbell] 
Johnson 
	Jane Dough 	DS 	35 	281358 	12/10/2006 	43 	76 	20 	Johnson 
	Jane Dough 	DS 	36 	281359 	12/10/2006 	43 	76 	20 	Johnson 
	Jane Dough 	EB 	43 	274582 	2/6/2006 	43 	76 	20,21 	Campbell 
	Jane Dough 	EB 	44 	274583 	2/6/2006 	43 	76 	21 	Campbell 
	Jane Dough 	EB 	45 	274584 	2/6/2006 	43 	76 	20,21 	Campbell 
	Jane Dough 	EB 	46 	274585 	2/6/2006 	43 	76 	21 	Campbell 
	Jane Dough 	EB 	40 	14314 	9/17/1968 	43 	76 	21 	Campbell 
	Jane Dough 	EB 	42 	14316 	9/17/1968 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	102 	284595 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	103 	284596 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	104 	284597 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	105 	284598 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	106 	284599 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	109 	284600 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	110 	284601 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	111 	284602 	3/2/2007 	43 	76 	21 	Campbell 
	  	  	  	  	  	  	  	  	  
	Reno Creek 	BFR 	1 	274577 	3/3/2006 	43 	73 	30,31 	Campbell 
	Reno Creek 	BFR 	2 	274578 	3/3/2006 	43 	74 	31 	Campbell 
	Reno Creek 	BFR 	3 	274579 	3/3/2006 	43 	74 	31 	Campbell 
	  	  	  	  	  	  	  	  	  
	Arkose Claims 	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	Jane Dough 	W C 	319 	275263 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	320 	275264 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	321 	275265 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	322 	275266 	2/22/2006 	43 	76 	32 	Campbell

	#6 - Mortgage 	A-3	 

	  	Claim 	Claim 	  	Location 	 Township
    	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	Jane Dough 	W C 	323 	275267 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	324 	275268 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	325 	275269 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	326 	275270 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	327 	275271 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	328 	275272 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	365 	275309 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	366 	275310 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	367 	275311 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	368 	275312 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	369 	275313 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	370 	275314 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	371 	275315 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	372 	275316 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	373 	275317 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	374 	275318 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	RK 	453 	274943 	2/8/2006 	43 	76 	33 	Campbell 
	Jane Dough 	RK 	454 	274944 	2/8/2006 	43 	76 	33 	Campbell 
	Jane Dough 	RK 	455 	274945 	2/8/2006 	43 	76 	33 	Campbell 
	Jane Dough 	RK 	456 	274946 	2/8/2006 	43 	76 	33 	Campbell 
	Jane Dough 	RK 	457 	274947 	2/8/2006 	43 	76 	33 	Campbell 
	Jane Dough 	RK 	458 	274948 	2/8/2006 	43 	76 	33 	Campbell 
	Jane Dough 	TR 	229 	275174 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	230 	275175 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	231 	275176 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	232 	275177 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	233 	275178 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	234 	275179 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	235 	275180 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	236 	275181 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	237 	275182 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	238 	275183 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	239 	275184 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	240 	275185 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	241 	275186 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	242 	275187 	2/24/2006 	43 	76 	20,29 	Campbell 
	Jane Dough 	TR 	243 	275188 	2/24/2006 	43 	76 	20,29 	Campbell 
	Jane Dough 	TR 	244 	275189 	2/24/2006 	43 	76 	20 	Campbell 
	Jane Dough 	TR 	245 	275190 	2/24/2006 	43 	76 	20 	Campbell

	#6 - Mortgage 	A-4	 

	  	Claim 	Claim 	  	Location 	 Township
    	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	Jane Dough 	DS 	3 	281326 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	4 	281327 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	5 	281328 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	6 	281329 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	7 	281330 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	8 	281331 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	9 	281332 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	10 	281333 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	11 	281334 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	12 	281335 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	13 	281336 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	14 	281337 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	15 	281338 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	16 	281339 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	17 	281340 	12/10/2006 	43 	76 	28,29 	Campbell 
	Jane Dough 	DS 	18 	281341 	12/10/2006 	43 	76 	20,21,28,29 	Campbell 
	Jane Dough 	DS 	19 	281342 	12/10/2006 	43 	76 	29 	Campbell 
	Jane Dough 	DS 	20 	281343 	12/10/2006 	43 	76 	20,29 	Campbell 
	Jane Dough 	DS 	21 	281344 	12/10/2006 	43 	76 	29 	Campbell 
	Jane Dough 	DS 	22 	281345 	12/10/2006 	43 	76 	20,29 	Campbell 
	Jane Dough 	DS 	23 	281346 	12/10/2006 	43 	76 	29 	Campbell 
	Jane Dough 	DS 	24 	281347 	12/10/2006 	43 	76 	20,29 	Campbell 
	Jane Dough 	DS 	27 	281350 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	29 	281352 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	31 	281354 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 
	DS 
	33 
	281356 
	12/10/2006 
	43 
	76 
	20 
	[Campbell] 
Johnson 
	Jane Dough 	DS 	37 	281360 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	38 	281361 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	39 	281362 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	100 	284593 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	101 	284594 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	TR 	246 	275191 	2/23/2006 	43 	76 	31 	Johnson 
	Jane Dough 	TR 	247 	275192 	2/23/2006 	43 	76 	31 	Johnson 
	Jane Dough 	TR 	248 	275193 	2/23/2006 	43 	76 	31 	Johnson 
	Jane Dough 	TR 	249 	275194 	2/23/2006 	43 	76 	31 	Johnson 
	Jane Dough 	TR 	250 	275195 	2/23/2006 	43 	76 	31 	Johnson 
	Jane Dough 	TR 	251 	275196 	2/23/2006 	43 	76 	31 	Johnson 
	Jane Dough 	TR 	252 	275197 	2/23/2006 	43 	76 	31 	Johnson 
	Jane Dough 	TR 	253 	275198 	2/23/2006 	43 	76 	31 	Johnson

	#6 - Mortgage 	A-5	 

	  	Claim 	Claim 	  	Location 	 Township
    	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	Jane Dough 	TR 	254 	275199 	2/23/2006 	43 	76 	31 	Johnson 
	Jane Dough 	TR 	255 	275200 	2/23/2006 	43 	76 	30,31 	Johnson 
	Jane Dough 	TR 	256 	275201 	2/23/2006 	43 	76 	30 	Johnson 
	Jane Dough 	TR 	257 	275202 	2/23/2006 	43 	76 	30 	Johnson 
	Jane Dough 	TR 	258 	275203 	2/23/2006 	43 	76 	30 	Johnson 
	Jane Dough 	TR 	259 	275204 	2/23/2006 	43 	76 	30 	Johnson 
	Jane Dough 	TR 	260 	275205 	2/23/2006 	43 	76 	30 	Johnson 
	Jane Dough 	TR 	261 	275206 	2/23/2006 	43 	76 	30 	Johnson 
	Jane Dough 	TR 	262 	275207 	2/23/2006 	43 	76 	30 	Johnson 
	Jane Dough 	TR 	263 	275208 	2/23/2006 	43 	76 	30 	Johnson 
	Jane Dough 	TR 	264 	275209 	2/23/2006 	43 	76 	30 	Johnson

MINING LEASES AND SURFACE AGREEMENTS, ETC.

(URANERZ Properties - Nichols Ranch, Jane Dough, Reno
Creek
Mining Leases and Surface Agreements, etc.)

Nichols Ranch Project:

	1. 	
      Mining Lease dated April 24, 2007 between Donald and
      Betty Payne and Uranerz Energy Corporation covering the SE/4SE/4 Section
      7; E/2NE/4, SW/4NE/4, NW/4SE/4 Section 18, Township 43 North, Range 76
      West, 6th PM.

	 	 
	2. 	
      Mining Lease dated April 24, 2007 between Constance Zorns
      and Lawrence Zink and Uranerz Energy Corporation covering the SE/4SE/4
      Section 7; E/2NE/4, SW/4NE/4, NW/4SE/4 Section 18, Township 43 North,
      Range 76 West, 6th PM.

	 	 
	3. 	
      Option Agreement dated December 9, 2005 between Excalibur
      Industries and Uranerz Energy Corporation covering portions of Sections 7,
      8, 17, 18, 20 and 21, Township 43 North, Range 76 West, 6th
      PM.

	 	 
	4. 	
      Surface Use Agreement dated June 13, 2006 between T-Chair
      Land Company and Uranerz Energy Corporation covering Sections 8, 17, 18,
      20, 21, Township 43 North, Range 76 West, 6th
  PM.

North Reno Creek Project:

	1. 	
      Mining Lease dated April 11, 2006 between the Sinadin
      Family Trust and Uranerz Energy Corporation covering the Lots 5, 11, and
      12, Section 31, Township 43 North, Range 73 West, 6th
  PM.

  	#6 - Mortgage 	A-6	 

(URANERZ Properties - Nichols Ranch, Jane Dough, Reno
Creek
Mining Leases and Surface Agreements, etc.)

	2. 	
      Mining Lease dated April 4, 2006 between the Larry Ickes
      Trust and Uranerz Energy Corporation covering the S/2 Section 21; NE/4
      Section 29, Township 43 North, Range 73 West, 6th PM.

	 	 
	3. 	
      Mining Lease dated April 4, 2006 between the Yvonne
      Phillips Trust and Uranerz Energy Corporation covering the S/2 Section 21;
      NE/4 Section 29, Township 43 North, Range 73 West, 6th PM.

	 	 
	4. 	
      Mining Lease dated April 20, 2006 between Yvonne Phillips
      and Uranerz Energy Corporation covering the S/2 Section 21; NE/4 Section
      29, Township 43 North, Range 73 West, 6th PM.

	 	 
	5. 	
      Mining Lease dated February 20, 2006 between June Thielen
      et. al. and Uranerz Energy Corporation covering the S/2 Section 21; NE/4
      Section 29, Township 43 North, Range 73 West, 6th PM.

	 	 
	6. 	
      Mining Lease dated April 6, 2006 between Larry Ickes and
      Uranerz Energy Corporation covering the S/2 Section 21; NE/4 Section 29,
      Township 43 North, Range 73 West, 6th PM.

	 	 
	7. 	
      Mining Lease dated April 28, 2006 between Douglas Ickes
      and Uranerz Energy Corporation covering the S/2 Section 21; NE/4 Section
      29, Township 43 North, Range 73 West, 6th PM.

	 	 
	8. 	
      Mining Lease dated May 10, 2006 between Jennifer Hanlin
      and Uranerz Energy Corporation covering the S/2 Section 21; NE/4 Section
      29, Township 43 North, Range 73 West, 6th PM.

	 	 
	9. 	
      Mining Lease dated May 1, 2006 between Timothy Ickes and
      Uranerz Energy Corporation covering the S/2 Section 21; NE/4 Section 29,
      Township 43 North, Range 73 West, 6th PM.

	 	 
	10. 	
      Mining Lease dated June 29, 2007 between Hancock
      Enterprises and Uranerz Energy Corporation covering the S/2 Section 21;
      NE/4 Section 29, Township 43 North, Range 73 West, 6th
    PM.

	 	 
	11. 	
      Mining Lease dated September 25, 2008 between the Blanche
      Willard Trust and Uranerz Energy Corporation covering the SW/4 Section 22;
      E/2 Section 28; and the SW/4 Section 33, Township 43 North, Range 73 West,
      6th PM.

	 	 
	12. 	
      Mining Lease dated September 18, 2008 between Bernice
      Groves and Uranerz Energy Corporation covering the N/2 Section 29,
      Township 43 North, Range 73 West, 6th PM.

	 	 
	13. 	
      Surface Use Agreement dated September 18, 2008 between
      the Bernice Groves Trust and Uranerz Energy Corporation covering the SW/4
      Section 22; E/2 Section 28; and the SW/4 Section 33, Township 43 North,
      Range 73 West 6th PM.

      	#6 - Mortgage 	A-7	 

(URANERZ Properties - Nichols Ranch, Jane Dough, Reno
Creek
Mining Leases and Surface Agreements, etc.)

	14. 	
      Surface Use Agreement dated September 17, 2008 between
      the Drake Family Trust and Uranerz Energy Corporation covering the N/2
      Section 29, Township 43 North, Range 73 West, 6th PM.

	 	 
	15. 	
      Surface Use Agreement dated March 12, 2009 between June
      Thielen and Uranerz Energy Corporation covering the S/2 Section 21,
      Township 43 North, Range 73 West 6th PM.

	 	 
	16. 	
      Mining Lease dated February 13, 2009 between Robert
      Townsend III and Uranerz Energy Corporation covering the S/2 Section 21;
      NE/4 Section 29, Township 43 North, Range 73 West, 6th
    PM.

	 	 
	17. 	
      Mining Lease dated February 16, 2009 between Diana
      Morehouse and Uranerz Energy Corporation covering the S/2 Section 21; NE/4
      Section 29, Township 43 North, Range 73 West, 6th PM.

	 	 
	18. 	
      Mining Lease dated April 14, 2009 between Judith Ickes
      and Uranerz Energy Corporation covering the S/2 Section 21; NE/4 Section
      29, Township 43 North, Range 73 West, 6th PM.

	 	 
	19. 	
      Mining Lease dated April 16, 2009 between Cannon Wyoming
      Investment LLC and Uranerz Energy Corporation covering the S/2 Section 21;
      NE/4 Section 29, Township 43 North, Range 73 West, 6th
    PM.

	 	 
	20. 	
      Mining Lease dated April 22, 2009 between Melissa Fry and
      Uranerz Energy Corporation covering the S/2 Section 21; NE/4 Section 29,
      Township 43 North, Range 73 West, 6th PM.

	 	 
	21. 	
      Mining Lease dated May 18, 2009 between William Randolph
      Townsend and Uranerz Energy Corporation covering the S/2 Section 21; NE/4
      Section 29, Township 43 North, Range 73 West, 6th PM.

	 	 
	22. 	
      Mining Lease dated June 15, 2009 between Fortin
      Enterprises, Inc. and Uranerz Energy Corporation covering the S/2 Section
      21; NE/4 Section 29, Township 43 North, Range 73 West, 6th
      PM.

(Balance of this page intentionally left blank.)

	#6 - Mortgage 	A-8	 

(ARKOSE Properties - Jane Dough
Mining
Leases and Surface Agreements, etc.)

Jane Dough Project:

	1. 	
      Mining Lease dated April 27, 2007 between Ray Taylor and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008, covering the S/2 Section 28; N/2 Section 32, Township 43
      North, Range 76 West, 6th PM.

	 	 
	2. 	
      Mining Lease dated May 11, 2007 between Donnelle J.
      Schlicht and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008, covering the S/2 Section 28; N/2 Section
      32, Township 43 North, Range 76 West, 6th PM.

	 	 
	3. 	
      Mining Lease dated June 21, 2007 between Laura L. Day and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008, covering the S/2 Section 28; N/2 Section 32, Township 43
      North, Range 76 West, 6th PM.

	 	 
	4. 	
      Mining Lease dated April 13, 2006 between Nelroy LLC and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008, covering the S/2 Section 28; N/2 Section 32, Township 43
      North, Range 76 West, 6th PM.

	 	 
	5. 	
      Mining Lease dated July 17, 2006 between The Trautwein
      Family, LLC and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008, covering the S/2 Section 28; N/2 Section
      32, Township 43 North, Range 76 West, 6th PM.

	 	 
	6. 	
      Mining Lease dated July 3, 2007 between H. Howard Cooper
      and Uranerz Energy Corporation as Manager of the Arkose Mining Venture
      dated January 15, 2008, covering the S/2 Section 28; N/2 Section 32,
      Township 43 North, Range 76 West, 6th PM.

	 	 
	7. 	
      Mining Lease dated July 3, 2007 between George and Dana
      Clay and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008, covering the S/2 Section 28; N/2 Section
      32, Township 43 North, Range 76 West, 6th PM.

	 	 
	8. 	
      Mining Lease dated May 3, 2007 between FCN, Inc. and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008, covering the S/2 Section 28; N/2 Section 32, Township 43
      North, Range 76 West, 6th PM.

	 	 
	9. 	
      Mining Lease dated September 20, 2007 between Diana K.
      Woods and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008, covering the S/2 Section 28; N/2 Section
      32, Township 43 North, Range 76 West, 6th PM.

	 	 
	10. 	
      Mining Lease dated September 20, 2007 between Judy and
      Lawrence Kolz and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008, covering the S/2 Section 28; N/2
      Section 32, Township 43 North, Range 76 West, 6th
  PM.

	#6 - Mortgage 	A-9	 

(ARKOSE Properties - Jane Dough
Mining
Leases and Surface Agreements, etc.)

	11. 	
      Mining Lease dated September 20, 2007 between Matthew
      Lawrence Kolz and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008, covering the S/2 Section 28; N/2
      Section 32, Township 43 North, Range 76 West, 6th PM.

	 	
       

	12. 	
      Mining Lease dated September 20, 2007 between Matsuda
      Trust and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008, covering the S/2 Section 28; N/2 Section
      32, Township 43 North, Range 76 West, 6th PM.

	 	
       

	13. 	
      Mining Lease dated September 30, 2007 between Blackgold
      Enterprises, LLC and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008, covering the S/2 Section 28; N/2
      Section 32, Township 43 North, Range 76 West, 6th PM.

	 	
       

	14. 	
      Mining Lease dated August 20, 2008 between Pax Irvine
      Mineral Trust and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 covering SW/4 Section 20; W/2
      Section 29; W/2SE/4, NW/4NE/4 Section 31, Township 43 North, Range 76
      West, 6th PM.

	 	
       

	15. 	
      Mining Lease dated December 3, 2008 between Iberlin
      Mineral Partnership and Uranerz Energy Corporation as Manager of the
      Arkose Mining Venture dated January 15, 2008, covering the S/2 Section 28;
      N/2 Section 32, Township 43 North, Range 76 West, 6th
  PM.

	 	
       

	16. 	
      Mining Lease dated November 24, 2009 between Pamela
      Campbell et. al. and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008, covering the W/2 Section 29,
      Township 43 North, Range 76 West, 6th PM.

	 	
       

	17. 	
      Surface Use Agreement dated June 13, 2006 between T-Chair
      Land Company and Uranerz Energy Corporation covering Sections 20 and 21,
      Township 43 North, Range 76 West, 6th PM.

	 	
       

	18. 	
      Surface Use Agreement dated August 13, 2008 between Dry
      Fork Land & Livestock and Uranerz Energy Corporation as Manager of the
      Arkose Mining Venture dated January 15, 2008 covering the SW/4NW/4, SW/4
      Section 20; W/2, W/2E/2, E/2SE/4 Section 29; E/2 Section 30; E/2E/2,
      W/2SE/4, NW/4NE/4 Section 31, Township 43 North, Range 76, West 6 th
      PM.

	 	
       

	19. 	
      Surface Use Agreement dated August 13, 2008 between
      Iberlin Ranch Ltd and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 covering the S/2 Section 28; All
      Section 32; NW/4 Section 33, Township 43 North, Range 76 West, 6th
      PM.

      	#6 - Mortgage 	A-10	 

(ARKOSE Properties - Jane Dough
Mining
Leases and Surface Agreements, etc.)

	20. 	
      Option Agreement dated December 9, 2005 between Excalibur
      Industries and Uranerz Energy Corporation covering portions of Sections 28
      and 29 Township 43 North, Range 76 West, 6th PM.

	 	 
	21. 	
      Quitclaim Deed from WYOCAD LLC to Nammco, a Wyoming
      Partnership dated October 16, 2006, pertaining to the WC claims a reserved
      overriding royalty interest of 1⁄4 of 1% of 8/8ths.

(Balance of this page intentionally left blank.)

	#6 - Mortgage 	A-11	 

EXHIBIT A - Schedule I

 

	#6 - Mortgage 	A-12	 

EXHIBIT B to MORTGAGE

LISTING OF TITLED EQUIPMENT

	Date Acquired 	Asset Description 	VIN 	 	Cost 	 
	01/01/2012 	1986 Mac Concrete
      Ready Mix Truck 	1M2B126CXGA012675
    	$	 9,450.00
    	 
	01/10/2012 	1989 Peterbuilt Ready Mix Truck -
      10YD 	1XPAL59X1KN270870 	$	 22,539.52 	 
	01/01/2012 	Grouting Truck,
      1999 Ford F550 	1FDAF57F2XEC86050
    	$	 38,483.92
    	 
	01/01/2012 	Grouting Truck, 2000 Ford F550
	1FDAF57F3YED73750 	$	 38,664.47 	 
	11/16/2012 	Resin Trailer 	1P9VN3620CK359064
    	$	 79,647.75
    	 
	11/16/2012 	Resin Trailer 	1P9VN3622CK359065 	$	 79,647.75 	 
	03/02/2012 	Miller EZE -Load
      Trailer 	1Z9BS1213CG138488
    	$	 5,390.84
    	 
	03/02/2012 	Miller EZE -Load Trailer 	1Z9BS1213CG138489 	$	 5,390.84 	 
	03/02/2012 	Miller EZE -Load
      Trailer 	1Z9BS1212CG138490
    	$	 5,390.84
    	 
	05/15/2012 	Flatbed Trailer #14000 TR -38 	49TFG242751072753 	$	 4,200.00 	 
	  	 	 	 	  	 
	Total Cost, Title Equipment 	 	 	$	 288,805.93 	 

	#6 - Mortgage 	B-1	 

EXHIBIT C to MORTGAGE

LICENSES AND PERMITS

	Permit,
      License, or Approval Name 	 	Agency 	 	Status 	 	Comment 
	 	 	 	 	 	 	 
	Sources Material License 	 	NRC 	 	Received SUA-1597 7/19/2011 	 	Must be renewed
      every ten years 
	 	 	 	 	 	 	 
	Permit to mine 	 	W DEQ -LQD 	 	Received Permit to Mine No. 778
      12/29/2010 	 	  
	 	 	 	 	 	 	 
	Permit to Appropriate Groundwater 	 	SEO 	 	All permits for wells are
      approved and in hand 	 	  
	 	 	 	 	 	 	 
	DEQ Drilling Permit 	 	W DEQ -LQD 	 	In Possession, No. 336DN and
      378DN 	 	  
	 	 	 	 	 	 	 
	BLM Drilling Permit 	 	BLM 	 	W -169662 was terminated in
      2011 	 	  
	 	 	 	 	 	 	 
	W ellfield Authorization Permit 	 	W DEQ -LQD 	 	Nichols Ranch PA#1 in review
      with NRC 	 	DEQ Approved June
      4, 2013 
	 	 	 	 	 	 	 
	Deep Disposal W ell Permits 	 	W DEQ -W QD 	 	Received Permit 10-392
      10/22/2012 	 	Must be renewed
      every ten years 
	 	 	 	 	 	 	 
	W YPDES 	 	W DEQ -W QD 	 	N/A 	 	  
	 	 	 	 	 	 	 
	11(e)2 Byproduct/W aste Disposal
      Agreement 	 	N/A 	 	Agreement in place 	 	  
	 	 	 	 	 	 	 
	Septic Leach Field 	 	County 	 	Obtained permit from Johnson
      County 01/17/2012 	 	  
	 	 	 	 	 	 	 
	Air Quality Permit 	 	W DEQ -AQD 	 	Received Permit CT -8644
      10/02/2009 	 	  
	 	 	 	 	 	 	 
	BLM Plan of Operations 		BLM 		Plan of Operations deemed
      complete (06/2012), draft Environmental Assessment under review. 		Applies to 280
      acres of BLM land at the Hank Unit 
	 	 	 	 	 	 	 
	Storm W ater Pollution Prevention Plan
		W DEQ -W QD 		Received authorization W
      YR104331 		Expires
      03/15/2016, but can be renewed 
	 	 	 	 	 	 	 
	EPA Public W ater System 	 	EPA 	 	Received - Permit No. W
      Y5601665 	 	 
  

	Notes: 	NRC - Nuclear Regulatory
      Commission 
	  	W DEQ -LQD - W yoming Department
      of Environmental Quality Land Quality Division 
	  	W DEQ -W QD - W yoming Department
      of Environmental Quality W ater Quality Division 
	  	W DEQ -AQD - W yoming Department
      of Environmental Quality Air Quality Division 
	  	SEO - State Engineer’s Office
  
	  	BLM - Bureau of Land Management
    

    	#6 - Mortgage 	C-1	 

EXHIBIT D to MORTGAGE

PERMITTED ENCUMBRANCES

Permitted Encumbrances

Subject to the terms of the Financing Agreement, the Bond
Purchase Agreement, the Indenture, the Security Documents and the Arkose Mining
Venture Agreement, the Collateral and the Mortgaged Property (other than the
Arkose Mining Venture property set forth in EXHIBIT A of this Mortgage) securing
the Bond shall be the sole and exclusive property of, and title thereto shall
continue to be vested in, the Mortgagor.

Permitted Encumbrances shall include: (a) any security interest
granted to or held by Johnson County, Wyoming (the “Issuer”), UMB BANK, n.a.
(the “Trustee”) or the State of Wyoming acting by and through the Wyoming state
Treasurer (the “Purchaser”) under the Loan Documents; (b) any other encumbrance
in favor of the Issuer, the Trustee or the Purchaser; (c) any encumbrance which
is approved in writing by the Purchaser; (d) any encumbrance created under the
agreement entitled the “Processing Agreement for Uranium Concentrates,” dated
November 28, 2011, entered into between the Borrower and a third party for the
processing of uranium resins produced by the Borrower, which contains an
obligation of the Borrower which might exceed $200,000 or more per period of 12
months if the Borrower does not tender for processing a specified minimum
quantity of resins to Power Resources in any of the calendar years 2013, 2014
and 2015; (e) any operating lease of personal property entered into in the
ordinary course of business and having a term (including renewals) of greater
than one year that is deemed to be an encumbrance under applicable law; (f) any
security interest in cash or cash equivalent on deposit with any person or
entity as collateral for reclamation obligations pertaining to the Properties
identified in the Mortgage; (g) any encumbrance for purchase money mortgages and
other security interests on equipment acquired, leased or held by Borrower
(including equipment held by Borrower as lessee under leveraged leases) in the
ordinary course of business to secure the purchase price of or rental payments
with respect to the equipment or to secure indebtedness incurred solely for the
purpose of financing the acquisition (including acquisition as lessee under
leveraged leases), construction or improvement of any of the equipment, as long
as the property secured by that encumbrance is limited to the relevant
equipment; (h) encumbrances of a collecting bank arising in the ordinary course
of business under Section 4-210 of the Uniform Commercial Code in effect in the
relevant jurisdiction; (i) any encumbrance arising by operation of law in the
ordinary course of business in good faith including (1) workman’s, contractor’s,
subscontractor’s, mechanic’s, materialman’s, supplier’s, solicitor’s or other
similar statutory liens, (2) liens in favor of any government agency, (3) liens
for taxes, assessments and governmental charges or levies not yet due and
payable, (4) the terms and conditions of mineral leases under which Borrower is
a lessee, and liens affecting the interests of any third party lessor as the
property owner under the relevant lease, (5) the terms and conditions of the
Leases, and (6) liens of pledges or deposits under workers’ compensation laws or
similar legislation, unemployment insurance or other types of social security or
to secure the performance of tenders, statutory obligations, surety and appeal
bonds, bids, leases, governmental contracts, performance and return of money
bonds and similar obligations; (j) any zoning or similar law or right reserved
to or vested in any government agency to control or regulate the use of any real
property; (k) registered restrictions, covenants, land use contracts, building
schemes, declarations of covenants, conditions and restrictions, servicing agreements
in favor of any government agency, easements, rights-of-ways, servitudes or
other similar rights in or with respect to real property (including open space
and conservation easements, restrictions or similar agreements and rights of way
and servitudes for railways, water, sewer, drainage, gas and oil pipelines,
electricity, light, power, telephone, telegraph, internet or cable television
services and utilities) granted to or reserved by third parties; and (l) any
right reserved to or vested in any government agency, by the terms of any
permit, license, certificate, order, grant, classification (including any zoning
laws and ordinances and similar legal requirements), registration or other
consent, approval or authorization acquired from any government agency, to
terminate any permit, license, certificate, order, grant, classification,
registration or other consent, approval, or authorization or to require annual
or other payments as a condition to the continuance of that right.

	#6 - Mortgage 	D-1	 

ROYALTY BURDENS

Without modifying the representations and warranties contained
within this Mortgage or any of the exceptions hereto, the following are
instruments under which third parties may currently have contractual or
statutory rights to the surface or sub-surface covered by the Unpatented Mining
Claims, and those and any similar existing or future instruments shall also
constitute Permitted Encumbrances:

(Royalty Burdens on URANERZ
Properties
Unpatented Mining Claims and Surface Use
Agreements)

Nichols Ranch Project:

	1. 	
      Mining Lease dated April 24, 2007 between Donald and
      Betty Payne and Uranerz Energy Corporation includes a royalty percentage
      of 6% when the fair market value of U308 is $45.00 or less; and 8% when
      the fair market value of U308 is greater than $45.00.

	 	 
	2. 	
      Mining Lease dated April 24, 2007 between Constance Zorns
      and Lawrence Zink and Uranerz Energy Corporation includes a royalty
      percentage of 6% when the fair market value of U308 is $45.00 or less; and
      8% when the fair market value of U308 is greater than $45.00

	 	 
	3. 	
      Option Agreement dated December 9, 2005 between Excalibur
      Industries and Uranerz Energy Corporation includes an overriding royalty
      interest of 6% of the quarterly average spot price for U308 of $45.00 or
      less; 8% of the quarterly average spot price for U308 is greater than
      $45.00.

North Reno Creek Project:

	1. 	
      Mining Lease dated April 11, 2006 between the Sinadin
      Family Trust and Uranerz Energy Corporation includes a royalty percentage
      of 6% when the fair market value of U308 is $45.00 or less; and 8% when
      the fair market value of U308 is greater than
$45.00.

	#6 - Mortgage 	D-2	 

(Royalty Burdens on URANERZ
Properties
Unpatented Mining Claims and Surface Use
Agreements)

	2. 	
      Mining Lease dated April 4, 2006 between the Larry Ickes
      Trust and Uranerz Energy Corporation includes a royalty percentage of 6%
      when the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	3. 	
      Mining Lease dated April 4, 2006 between the Yvonne
      Phillips Trust and Uranerz Energy Corporation includes a royalty
      percentage of 6% when the fair market value of U308 is $45.00 or less; and
      8% when the fair market value of U308 is greater than $45.00.

	 	 
	4. 	
      Mining Lease dated April 20, 2006 between Yvonne Phillips
      and Uranerz Energy Corporation includes a royalty percentage of 6% when
      the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	5. 	
      Mining Lease dated February 20, 2006 between June Thielen
      et.al. and Uranerz Energy Corporation includes a royalty percentage of 6%
      when the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	6. 	
      Mining Lease dated April 6, 2006 between Larry Ickes and
      Uranerz Energy Corporation includes a royalty percentage of 6% when the
      fair market value of U308 is $45.00 or less; and 8% when the fair market
      value of U308 is greater than $45.00.

	 	 
	7. 	
      Mining Lease dated April 28, 2006 between Douglas Ickes
      and Uranerz Energy Corporation includes a royalty percentage of 6% when
      the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	8. 	
      Mining Lease dated May 10, 2006 between Jennifer Hanlin
      and Uranerz Energy Corporation includes a royalty percentage of 6% when
      the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	9. 	
      Mining Lease dated May 1, 2006 between Timothy Ickes and
      Uranerz Energy Corporation includes a royalty percentage of 6% when the
      fair market value of U308 is $45.00 or less; and 8% when the fair market
      value of U308 is greater than $45.00.

	 	 
	10. 	
      Mining Lease dated June 29, 2007 between Hancock
      Enterprises and Uranerz Energy Corporation includes a royalty percentage
      of 6% when the fair market value of U308 is $45.00 or less; and 8% when
      the fair market value of U308 is greater than $45.00.

	 	 
	11. 	
      Mining Lease dated September 25, 2008 between the Blanche
      Willard Trust and Uranerz Energy Corporation includes a royalty percentage
      of 8% of the total gross proceeds from the sale of U308.

	 	 
	12. 	
      Mining Lease dated September 18, 2008 between Bernice
      Groves and Uranerz Energy Corporation includes a royalty percentage of 8%
      of the total gross proceeds from the sale of
U308.

	#6 - Mortgage 	D-3	 

(Royalty Burdens on URANERZ
Properties
Unpatented Mining Claims and Surface Use
Agreements)

	13. 	
      Mining Lease dated February 13, 2009 between Robert
      Townsend III and Uranerz Energy Corporation includes a royalty percentage
      of 6% when the fair market value of U308 is $45.00 or less; and 8% when
      the fair market value of U308 is greater than $45.00.

	 	 
	14. 	
      Mining Lease dated February 16, 2009 between Diana
      Morehouse and Uranerz Energy Corporation includes a royalty percentage of
      6% when the fair market value of U308 is $45.00 or less; and 8% when the
      fair market value of U308 is greater than $45.00.

	 	 
	15. 	
      Mining Lease dated April 14, 2009 between Judith Ickes
      and Uranerz Energy Corporation includes a royalty percentage of 6% when
      the fair market value of U308 is $45.00 or less; and 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	16. 	
      Mining Lease dated April 16, 2009 between Cannon Wyoming
      Investment LLC and Uranerz Energy Corporation includes a royalty
      percentage of 6% when the fair market value of U308 is $45.00 or less; and
      8% when the fair market value of U308 is greater than $45.00.

	 	 
	17. 	
      Mining Lease dated April 22, 2009 between Melissa Fry and
      Uranerz Energy Corporation includes a royalty percentage of 6% when the
      fair market value of U308 is $45.00 or less; and 8% when the fair market
      value of U308 is greater than $45.00.

	 	 
	18. 	
      Mining Lease dated May 18, 2009 between William Randolph
      Townsend and Uranerz Energy Corporation includes a royalty percentage of
      6% when the fair market value of U308 is $45.00 or less; and 8% when the
      fair market value of U308 is greater than $45.00.

	 	 
	19. 	
      Mining Lease dated June 15, 2009 between Fortin
      Enterprises, Inc. and Uranerz Energy Corporation includes a royalty
      percentage of 6% when the fair market value of U308 is $45.00 or less; and
      8% when the fair market value of U308 is greater than
  $45.00.

(Royalty Burdens on ARKOSE Properties
Fee
Leases and Surface Use Agreements)

Jane Dough Project:

	1. 	
      Mining Lease dated April 27, 2007 between Ray Taylor and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008 includes a sliding scale royalty based on total gross
      proceeds from the sale of U308 of 2%-10%.

	 	 
	2. 	
      Mining Lease dated May 11, 2007 between Donnelle J.
      Schlicht and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes a sliding scale royalty based on
      total gross proceeds from the sale of U308 of
2%-10%.

	#6 - Mortgage 	D-4	 

(Royalty Burdens on ARKOSE Properties
Fee
Leases and Surface Use Agreements)

	3. 	
      Mining Lease dated June 21, 2007 between Laura L. Day and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008 includes a sliding scale royalty based on total gross
      proceeds from the sale of U308 of 2%-10%.

	 	 
	4. 	
      Mining Lease dated April 13, 2006 between Nelroy LLC and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008 includes a royalty percentage of 4% of the total gross
      proceeds from the sale of U308.

	 	 
	5. 	
      Mining Lease dated July 17, 2006 between The Trautwein
      Family, LLC and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes a sliding scale royalty based
      total gross proceeds from the sale of U308 of 2%-10%.

	 	 
	6. 	
      Mining Lease dated July 3, 2007 between H. Howard Cooper
      and Uranerz Energy Corporation as Manager of the Arkose Mining Venture
      dated January 15, 2008 includes a sliding scale royalty based on total
      gross proceeds from the sale of U308 of 4.5%-10%.

	 	 
	7. 	
      Mining Lease dated July 3, 2007 between George and Dana
      Clay and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes a sliding scale royalty based on
      total gross proceeds from the sale of U308 of 4.5%-10%.

	 	 
	8. 	
      Mining Lease dated May 3, 2007 between FCN, Inc. and
      Uranerz Energy Corporation as Manager of the Arkose Mining Venture dated
      January 15, 2008 includes a sliding scale royalty based on total gross
      proceeds from the sale of U308 of 4.5%-10%.

	 	 
	9. 	
      Mining Lease dated September 20, 2007 between Diana K.
      Woods and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes a sliding scale royalty based on
      total gross proceeds from the sale of U308 of 4.0%-10%.

	 	 
	10. 	
      Mining Lease dated September 20, 2007 between Judy and
      Lawrence Kolz and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a sliding scale royalty
      based on total gross proceeds from the sale of U308 of 4.0%-
10%.

	 	 
	11. 	
      Mining Lease dated September 20, 2007 between Matthew
      Lawrence Kolz and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a sliding scale royalty
      based on total gross proceeds from the sale of U308 of 4.0%-
10%.

	 	 
	12. 	
      Mining Lease dated September 20, 2007 between Matsuda
      Trust and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes a sliding scale royalty based on
      total gross proceeds from the sale of U308 of
4.0%-10%.

	#6 - Mortgage 	D-5	 

(Royalty Burdens on ARKOSE Properties
Fee
Leases and Surface Use Agreements)

	13. 	
      Mining Lease dated September 30, 2007 between Blackgold
      Enterprises, LLC and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a sliding scale royalty
      based on total gross proceeds from the sale of U308 of 4.5%-
10%.

	 	 
	14. 	
      Mining Lease dated August 20, 2008 between Pax Irvine
      Mineral Trust and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a royalty percentage of 6%
      when the fair market value of U308 is $45.00 or less; 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	15. 	
      Mining Lease dated November 24, 2009 between Pamela
      Campbell et. al. and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a royalty percentage of 6%
      when the fair market value of U308 is $45.00 or less; 8% when the fair
      market value of U308 is greater than $45.00.

	 	 
	16. 	
      Option Agreement dated December 9, 2005 between Excalibur
      Industries and Uranerz Energy Corporation as Manager of the Arkose Mining
      Venture dated January 15, 2008 includes an overriding royalty interest of
      6% of the quarterly average spot price for U308 of $45.00 or less; 8% of
      the quarterly average spot price for U308 is greater than
$45.00.

	 	 
	17. 	
      Surface Use Agreement dated August 13, 2008 between Dry
      Fork Land & Livestock and Uranerz Energy Corporation as Manager of the
      Arkose Mining Venture dated January 15, 2008 includes a Surface Extraction
      payment based on the total gross proceeds from the sale of U308 of 1% at
      $50.00 or less; and 2% at greater than $50.00.

	 	 
	18. 	
      Surface Use Agreement dated August 13, 2008 between
      Iberlin Ranch Ltd and Uranerz Energy Corporation as Manager of the Arkose
      Mining Venture dated January 15, 2008 includes a Surface Extraction
      payment based on the total gross proceeds from the sale of U308 of 1% at
      $50.00 or less; and 2% at greater than $50.00.

	 	 
	19. 	
      Mining Lease dated December 3, 2008 between Iberlin
      Mineral Partnership and Uranerz Energy Corporation as Manager of the
      Arkose Mining Venture dated January 15, 2008, includes a sliding scale
      royalty based on total gross proceeds from the sale of U308 of 2%-
    10%.

	 	 
	20. 	
      Quitclaim Deed from WYOCAD LLC to Nammco, a Wyoming
      Partnership dated October 16, 2006 pertaining to the WC claims and
      reserving an overriding royalty interest of 1⁄4 of 1% of
  8/8ths.

	#6 - Mortgage 	D-6	 

UNPATENTED MINING CLAIMS SUBJECT TO ROYALTY BURDENS

	  	Claim 	Claim 	  	Location 	 Township
    	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	  	  	  	  	  	  	  	  	  
	Uranerz Claims 	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	Nichols Ranch 	EB 	67 	277010 	1/27/2006 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	68 	277011 	1/27/2006 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	77 	274590 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	78 	274591 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	79 	274592 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	80 	274593 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	82 	274594 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	84 	274595 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	86 	274596 	1/27/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	94 	274597 	2/6/2006 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	95 	274598 	2/6/2006 	43 	76 	7,8,17,18 	Johnson 
	Nichols Ranch 	EB 	96 	274599 	2/6/2006 	43 	76 	8,17 	Johnson 
	Nichols Ranch 	EB 	97 	277012 	1/28/2006 	43 	76 	7,8 	Johnson 
	Nichols Ranch 	EB 	98 	274600 	1/28/2006 	43 	76 	8 	Johnson 
	Nichols Ranch 	EB 	99 	274601 	1/28/2006 	43 	76 	7,8 	Johnson 
	Nichols Ranch 	EB 	100 	274602 	1/28/2006 	43 	76 	8 	Johnson 
	Nichols Ranch 	EB 	69 	7681 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	70 	7682 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	71 	7683 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	73 	7685 	9/15/1968 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	81 	7693 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	83 	7695 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	85 Am 	7697 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	87 Am 	7699 	9/19/1968 	43 	76 	17,18 	Johnson 
	Nichols Ranch 	EB 	88 	7700 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	89 Am 	7701 	9/19/1968 	43 	76 	17,18 	Johnson 
	Nichols Ranch 	EB 	90 	7702 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	91 Am 	7703 	9/19/1968 	43 	76 	17,18 	Johnson 
	Nichols Ranch 	EB 	92 	7704 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	93 Am 	7705 	9/19/1968 	43 	76 	17 	Johnson 
	Nichols Ranch 	EB 	102 	290876 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	103 	290877 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	104 	290878 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	105 	290879 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EB 	106 	290880 	9/26/2007 	43 	76 	17 	Campbell 
	Nichols Ranch 	EEB 	1 	297963 	8/11/2009 	43 	76 	18 	Johnson 

    	#6 - Mortgage 	D-7	 

	  	Claim 	Claim 	  	Location 	 Township
    	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	Jane Dough 	DS 	25 	281348 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	26 	281349 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	28 	281351 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	30 	281353 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	32 	281355 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	34 	281357 	12/10/2006 	43 	76 	20 	[Campbell] 
	  	  	  	  	  	  	  	  	Johnson 
	Jane Dough 	DS 	35 	281358 	12/10/2006 	43 	76 	20 	Johnson 
	Jane Dough 	DS 	36 	281359 	12/10/2006 	43 	76 	20 	Johnson 
	Jane Dough 	EB 	43 	274582 	2/6/2006 	43 	76 	20,21 	Campbell 
	Jane Dough 	EB 	44 	274583 	2/6/2006 	43 	76 	21 	Campbell 
	Jane Dough 	EB 	45 	274584 	2/6/2006 	43 	76 	20,21 	Campbell 
	Jane Dough 	EB 	46 	274585 	2/6/2006 	43 	76 	21 	Campbell 
	Jane Dough 	EB 	40 	14314 	9/17/1968 	43 	76 	21 	Campbell 
	Jane Dough 	EB 	42 	14316 	9/17/1968 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	102 	284595 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	103 	284596 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	104 	284597 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	105 	284598 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	106 	284599 	3/2/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	109 	284600 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	110 	284601 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	111 	284602 	3/2/2007 	43 	76 	21 	Campbell 
	Arkose Claims 	  	  	  	  	  	  	  	  
	Jane Dough 	TR 	235 	275180 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	236 	275181 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	237 	275182 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	238 	275183 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	239 	275184 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	240 	275185 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	241 	275186 	2/24/2006 	43 	76 	29 	Campbell 
	Jane Dough 	TR 	242 	275187 	2/24/2006 	43 	76 	20,29 	Campbell 
	Jane Dough 	TR 	243 	275188 	2/24/2006 	43 	76 	20,29 	Campbell 
	Jane Dough 	TR 	244 	275189 	2/24/2006 	43 	76 	20 	Campbell 
	Jane Dough 	TR 	245 	275190 	2/24/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	3 	281326 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	4 	281327 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	5 	281328 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	6 	281329 	12/10/2006 	43 	76 	21,28 	Campbell

	#6 - Mortgage 	D-8	 

	  	Claim 	Claim 	  	Location 	 Township
    	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	Jane Dough 	DS 	7 	281330 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	8 	281331 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	9 	281332 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	10 	281333 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	11 	281334 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	12 	281335 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	13 	281336 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	14 	281337 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	15 	281338 	12/10/2006 	43 	76 	28 	Campbell 
	Jane Dough 	DS 	16 	281339 	12/10/2006 	43 	76 	21,28 	Campbell 
	Jane Dough 	DS 	17 	281340 	12/10/2006 	43 	76 	28,29 	Campbell 
	Jane Dough 	DS 	18 	281341 	12/10/2006 	43 	76 	20,21,28,29 	Campbell 
	Jane Dough 	DS 	19 	281342 	12/10/2006 	43 	76 	29 	Campbell 
	Jane Dough 	DS 	20 	281343 	12/10/2006 	43 	76 	20,29 	Campbell 
	Jane Dough 	DS 	21 	281344 	12/10/2006 	43 	76 	29 	Campbell 
	Jane Dough 	DS 	22 	281345 	12/10/2006 	43 	76 	20,29 	Campbell 
	Jane Dough 	DS 	23 	281346 	12/10/2006 	43 	76 	29 	Campbell 
	Jane Dough 	DS 	24 	281347 	12/10/2006 	43 	76 	20,29 	Campbell 
	Jane Dough 	DS 	27 	281350 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	29 	281352 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	31 	281354 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	33 	281356 	12/10/2006 	43 	76 	20 	[Campbell] 
	  	  	  	  	  	  	  	  	Johnson 
	Jane Dough 	DS 	37 	281360 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	38 	281361 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	39 	281362 	12/10/2006 	43 	76 	20 	Campbell 
	Jane Dough 	DS 	100 	284593 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	DS 	101 	284594 	3/1/2007 	43 	76 	21 	Campbell 
	Jane Dough 	W C 	319 	275263 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	320 	275264 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	321 	275265 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	322 	275266 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	323 	275267 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	324 	275268 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	325 	275269 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	326 	275270 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	327 	275271 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	328 	275272 	2/22/2006 	43 	76 	32 	Campbell 
	Jane Dough 	W C 	365 	275309 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	366 	275310 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	367 	275311 	2/22/2006 	43 	76 	32 	Johnson

	#6 - Mortgage 	D-9	 

	  	Claim 	Claim 	  	Location 	Township 	Range 	  	  
	Project 	Name 	No. 	W M C# 	Date 	North 	West 	Sec. 	County 
	Jane Dough 	W C 	368 	275312 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	369 	275313 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	370 	275314 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	371 	275315 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	372 	275316 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	373 	275317 	2/22/2006 	43 	76 	32 	Johnson 
	Jane Dough 	W C 	374 	275318 	2/22/2006 	43 	76 	32 	Johnson

	#6 - Mortgage 	D-10	 

EXHIBIT E to MORTGAGE

PRODUCT SALES CONTRACTS AND PROCESSING
AGREEMENT

Product Sales Contracts

	1. 	
      Agreement for the Sale and Purchase of Natural Uranium
      Concentrates dated July 20, 2009, between the Assignor and Exelon
      Generation Company LLC, as amended by agreement dated December 21,
    2012

	 	 
	2. 	
      Uranium Sales Agreement dated August 4, 2009, between the
      Assignor and Dominion Resources Services, Inc., on its own behalf and as
      agent for its affiliates Dominion Energy Kewaunee, Inc., Dominion Nuclear
      Connecticut, Inc. and Virginia Power Fuel Corporation, as amended by
      agreements dated September 8, 2011 and August 31, 2012

	 	 
	3. 	
      Agreement (No. 2) for the Sale and Purchase of Natural
      Uranium Concentrates dated January 25, 2013, between the Assignor and
      Exelon Generation Company LLC

Processing Agreement

	1. 	
      Processing Agreement for Uranium Concentrates dated
      November 28, 2011, between the Assignor and Power Resources, Inc., d/b/a
      Cameco Resources

      	#6 - Mortgage 	E-1	 

EXHIBIT F of MORTGAGE

ENVIRONMENTAL DISCLOSURES

 

NONE

	#6 - Mortgage 	F-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]