Document:

EX-10.1

 Exhibit 10.1 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED. 
 FIRST AMENDED AND RESTATED PROMISSORY NOTE 

September 19, 2022 
 Principal Amount:
$400,000.00 
 GigInternational1, Inc., a Delaware corporation and blank check company (the “Maker”), promises to pay to the order of
GigInternational1 Sponsor, LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of Four Hundred Thousand Dollars ($400,000.00) in lawful money of
the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from
time to time designate by written notice in accordance with the provisions of this Note. 
 1. Principal. The principal balance of this Note shall be
payable by the Maker on the earlier of: (i) the date on which Maker consummates its initial business combination or (ii) the date that the winding up of the Maker is effective (such date, the “Maturity Date”). The
principal balance may be prepaid at any time, at the election of Maker. Under no circumstances shall any individual, including but not limited to any executive officer, director, employee or stockholder of the Maker, be obligated personally for any
obligations or liabilities of the Maker hereunder. 
 2. Interest. No interest shall accrue on the unpaid principal balance of this Note. 

3. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this
Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

4. Events of Default. The following shall constitute an event of default (“Event of Default”): 

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the
date specified above. 
 (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial
part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in
an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or
ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days. 

 5. Remedies. 

(a) Upon the occurrence and during the continuance of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all
of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 
 (b) Upon the
occurrence and during the continuance of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and
payable, in all cases without any action on the part of Payee. 
 6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note
waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might
accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any
such writ in whole or in part in any order desired by Payee. 
 7. Unconditional Liability. Maker hereby waives all notices in connection with the
delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any
indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other
provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. 

8. Notices. All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered:
(i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such
party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated
in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or
electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

9. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF. 
 10. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 11. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all
right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account (the “Trust Account”) to be established in connection with Maker’s initial public offering, and
hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever; provided however that upon the consummation of the initial business combination, Maker shall repay the
principal balance of this Note out of the proceeds released to Maker from the Trust Account. 
 12. Amendment; Waiver. Any amendment hereto or
waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee. 

 13. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder
may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void. 

14. Restatement. This Note amends, restates, supersedes and replaces that certain Promissory Note dated as of August 19, 2022, made in
the original principal amount of Two Hundred Thousand Dollars ($200,000.00) by Maker, payable to Payee, as amended (the “Prior Note”); provided, however, that the execution and delivery by the undersigned of this Note shall not, in
any manner or circumstance, be deemed to be a payment of, a novation of or to have terminated, extinguished or discharged any of Maker’s indebtedness evidenced by the Prior Note, all of which indebtedness shall continue under and shall
hereinafter be evidenced and governed by this Note. Any inconsistency between the terms of this Note and the Prior Note shall be controlled by the terms hereof. 

[Signature page follows] 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly
executed by the undersigned as of the day and year first above written. 
  

	
	GIGINTERNATIONAL1, INC.
	
	 /s/ Dr. Raluca Dinu

	Dr. Raluca Dinu, Chief Executive Officer, President, Secretary, and DirectorExhibit 10.1

 

AUGUSTA GOLD CORP.

 

SECURED PROMISSORY
NOTE PURCHASE AGREEMENT

 

This
Secured Promissory Note Purchase Agreement (the “Agreement”) is effective as of September 13, 2022 (the
 “Effective Date”) and executed by and among Augusta Gold Corp., a Delaware corporation (the “Company”),
and Augusta Investments Inc., a British Virgin Islands corporation (the “Purchaser”).

 

Recital

 

WHEREAS,
to provide the Company with additional working capital to conduct its business and to timely complete the payment of the Second Payment
and the Deferred Payment pursuant to that certain membership interest purchase agreement dated June 13, 2022 (the “CR Reward
Agreement”) by and between the Company and Waterton Nevada Splitter, LLC (the “Waterton”), the Purchaser
is willing to loan to the Company up to an aggregate amount of $22,232,560.80 subject to the conditions set forth herein.

 

Agreement

 

Now,
Therefore, in
consideration of the foregoing, and the representations, warranties, covenants and conditions set forth below, the Company and the Purchaser,
intending to be legally bound, hereby agree as follows:

 

		1.	Amount and Terms of the Loan

 

1.1      The Loan. Subject to the terms of this Agreement, the Purchaser agrees to lend to the Company at the Closing (as hereinafter
defined) the amount of 22,232,560.80 (the “Loan Amount”) against the issuance and delivery by the Company of a secured
promissory note for such amount, in the form attached hereto as Exhibit A
(the “Note”), with the Note to be secured by a first priority, perfected security interest in all the property of the
Company pursuant to the guaranty and security agreement in the form attached hereto as Exhibit B
(the “Security Agreement”) and such Deeds of Trust, Assignment of Leases, Rents and Contracts (each a ”Deed
of Trust”) over the Company’s real property, mining claims and mining leases encompassing each of the Company’s
Bullfrog Gold Project and Reward Gold Project to be filed by the Company within 5 days of the Closing Date, in such form as reasonable
satisfactory to the Purchaser.

 

		2.	Closing and Delivery

 

2.1      Closing. The sale and purchase of the Note (the “Closing”) shall be held on the Effective Date or at such
other date and time as the Company and Purchaser may mutually agree (such date is hereinafter referred to as the “Closing Date”).

 

2.2      Delivery. At the Closing: (a) the Purchaser shall deliver to the Company a certified check or wire transfer of immediately
available funds in the amount of the Loan Amount less an origination fee of $111,162.80 (the “Origination Fee”); and
(b) the Company shall issue and deliver to the Purchaser the Note and the Security Agreement in favor of the Purchaser payable in
the principal amount of the Loan Amount.

 

 

    	 	1	 

     

    

 

2.3        Closing Conditions.

 

(a)      Company Closing Conditions. The obligations of the Company to sell the Notes and enter into the Security Agreement are subject
to the following conditions:

 

(i)     the Company having obtained all required corporate, regulatory, stock exchange and third party consents necessary for the execution
and delivery of the Note and the Security Agreement;

 

(ii)    the purchase of the Note by the Purchaser shall be legally permitted by all applicable laws to which the Company and the Purchaser,
each of their respective subsidiaries, are subject, and all authorizations, approvals or permits of, or filings with, any governmental
body that are required by applicable law in connection with the lawful sale and issuance of the Note by the Company shall have been duly
obtained by the Company and shall be effective; and

 

(iii)    the representations and warranties of the Purchaser contained herein shall be true and correct at the Closing Date and the Purchaser
shall have performed and complied with all terms, covenants, agreements and conditions to be performed or complied with by it at or prior
to the Closing Date.

 

The foregoing conditions are
for the exclusive benefit of the Company, provided that any of the said conditions may be waived in writing in whole or in part by the
Company without prejudice to the Company’s right of rescission in the event of the non-fulfilment and/or non-performance of any
other conditions, any such waiver to be binding on the Company only if in writing.

 

(b)      Purchaser Closing Conditions. The obligations of the Purchaser to purchase the Notes and pay the Loan Amount to the Company
are subject to the following conditions:

 

(i)     the Company shall have completed all necessary steps and all necessary proceedings shall have been taken to authorize the issuance
of the Notes and the execution and delivery of the Security Agreement;

 

(ii)    the purchase of the Note by the Purchaser shall be legally permitted by all applicable laws to which the Company and the Purchaser,
each of their respective subsidiaries, are subject, and all authorizations, approvals or permits of, or filings with, any governmental
body that are required by applicable law in connection with the lawful sale and issuance of the Note by the Company shall have been duly
obtained by the Company and shall be effective;

 

(iii)   the representations and warranties of the Company contained herein shall be true and correct at the Closing Date and the Company
shall have performed and complied with all terms, covenants, agreements and conditions to be performed or complied with by it at or prior
to the Closing Date; and

 

(iv)   the Security Agreement shall have been executed and delivered by each subsidiary of the Company required to execute and deliver
such document.

 

The foregoing conditions are
for the exclusive benefit of the Purchaser, provided that any of the said conditions may be waived in writing in whole or in part by the
Purchaser without prejudice to the Purchaser’s right of rescission in the event of the non-fulfilment and/or non-performance of
any other conditions, any such waiver to be binding on the Purchaser only if in writing.

 

    	 	2	 

     

    

 

		3.	Representations, Warranties the Company

 

The Company hereby represents
and warrants to the Purchaser as of the Closing as follows:

 

3.1      Organization, Good Standing and Qualification. The Company is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware. Each subsidiary of the Company required to execute and deliver the Security Agreement
(the “Subsidiaries”) is an entity duly incorporated or organized, as the case may be, validly existing and in good
standing under the laws of the jurisdiction of such incorporation or organization. The Company and each Subsidiary has the requisite corporate
or company power to own and operate its properties and assets and to carry on its business as now conducted and as proposed to be conducted.
The Company and each Subsidiary is duly qualified and is authorized to do business and is in good standing as a foreign corporation or
company in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification
necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or its business.

 

3.2      Company Power. The Company has all requisite corporate power to execute and deliver this Agreement, to issue the Note and to
execute and deliver the Security Agreement and the Deeds of Trust (collectively, the “Loan Documents”) and to carry
out and perform its obligations under the terms of the Loan Documents. Each Subsidiary has all requisite corporate or company power to
execute and deliver the Security Agreement and the Deeds of Trust to which it is a party and to carry out and perform its obligations
under the terms of the Security Agreement and such Deeds of Trust.

 

3.3      Authorization. All corporate action on the part of the Company, its directors and its stockholders necessary for the authorization
of the Loan Documents and the execution, delivery and performance of all obligations of the Company under the Loan Documents, including
the issuance and delivery of the Note and the execution and delivery of the Security Agreement and the Deeds of Trust and payment of the
Origination Fee, has been taken. The Loan Documents, when executed and delivered by the Company, shall constitute valid and binding obligations
of the Company enforceable in accordance with their terms, subject to laws of general application relating to bankruptcy, insolvency,
the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws. All corporate or company
action on the part of each Subsidiary, its directors and its stockholders necessary for the authorization of the Security Agreement and
Deeds of Trust required to be executed and delivered by such entity and the execution, delivery and performance of all obligations of
such Subsidiary under the Security Agreement and such Deeds of Trust has been taken. The Security Agreement and the Deeds of Trust when
executed and delivered by such Subsidiary, shall constitute valid and binding obligations of such Subsidiary enforceable in accordance
with their terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors and, with respect to
rights to indemnity, subject to federal and state securities laws.

 

3.4      Consents. All consents, approvals, orders, or authorizations of, or registrations, qualifications, designations, declarations,
or filings with, any third parties or governmental authority, required on the part of the Company and each Subsidiary in connection with
the valid execution and delivery of this Agreement, the offer, sale or issuance of the Note, the execution and delivery of the Security
Agreement and the Deeds of Trust or the consummation of any other transaction contemplated hereby will have been obtained and will be
effective at such time as required by such third party or governmental authority.

 

3.5       Compliance with Laws. To its knowledge, the Company and each Subsidiary is not in violation of any applicable statute, rule,
regulation, order or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct
of its business or the ownership of its properties, which violation would materially and adversely affect the business, assets, liabilities,
financial condition or operations of the Company or such Subsidiary.

 

    	 	3	 

     

    

 

3.6      Compliance with Other Instruments. The Company and each Subsidiary is not in violation or default of any term of its certificate
of incorporation or organization, or bylaws or operating agreement, or of any provision of any mortgage, indenture or contract to which
it is a party and by which it is bound or of any judgment, decree, order or writ, other than such violations that would not individually
or in the aggregate have a material adverse effect on the Company and the Subsidiaries taken as a whole. The execution, delivery and performance
of the Loan Documents, and the consummation of the transactions contemplated by the Loan Documents will not result in any such violation
or be in conflict with, or constitute, with or without the passage of time and giving of notice, either a default under any such provision,
instrument, judgment, decree, order or writ or an event that results in the creation of any lien, charge or encumbrance upon any assets
of the Company or the Subsidiaries or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license,
authorization or approval applicable to the Company or the Subsidiaries, their business or operations or any of their assets or properties.
The issuance of the Note are not and will not be subject to any preemptive rights or rights of first refusal that have not been properly
waived or complied with.

 

3.7      Offering. Assuming the accuracy of the representations and warranties of the Purchaser contained in Section 4 hereof,
the offer, issue, and sale of the Note are and will be exempt from the registration and prospectus delivery requirements of the United
States Securities Act of 1933, as amended (the “Securities Act”), and have been registered or qualified (or are exempt
from registration and qualification) under the registration, permit, or qualification requirements of all applicable state securities
laws.

 

3.8      Use of Proceeds. The Company shall use the proceeds of sale and issuance of the Note to timely pay the Second Payment and the
Deferred Payment under the CR Reward Agreement and any remainder for the operation of its business.

 

3.9      No Bad Actor Events. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) under the Securities
Act is applicable to the Company or any owner, manager or officer of the Company.

 

3.10    Security Documents.

 

(a)     The Security Agreement will, upon execution and delivery thereof, be effective to create in favor of the Purchaser, legal, valid
and enforceable first-priority liens on, and security interests in, the collateral described therein to the extent intended to be created
thereby, and (1) when financing statements and other filings in appropriate form are filed in each applicable filing office for each applicable
jurisdiction and (2) upon the taking of possession or control by the Purchaser of such collateral with respect to which a security interest
may be perfected only by possession or control (which possession or control shall be given to the Purchaser to the extent possession or
control by the Purchaser is required by the Security Agreement), the liens created by the Security Agreement shall constitute fully perfected
first-priority liens on, and security interests in (to the extent intended to be created thereby), all right, title and interest of the
grantors in such collateral to the extent perfection can be obtained by filing financing statements or the taking of possession or control,
in each case subject to no liens other than permitted liens and the liens in favor of Waterton, with the liens in favor of Waterton to
be promptly removed pursuant to Section 5.6 hereof.

 

(b)     Upon recording thereof in the appropriate recording office, each Deed of Trust is effective to create, in favor of the Trustee,
for its benefit and the benefit of the Purchaser as beneficiary, legal, valid and enforceable perfected first-priority liens on, and security
interest in, all of the Company’s right, title and interest in and to the subject real property, mining claims and leases and the
proceeds thereof, subject only to permitted liens and the liens in favor of Waterton, with the liens in favor of Waterton to be promptly
removed pursuant to Section 5.6 hereof.

 

    	 	4	 

     

    

 

		4.	Representations and Warranties of the Purchaser

 

4.1        Organization, Good Standing and Qualification. The Purchaser is a corporation duly incorporated, validly existing and in good
standing under the laws of the British Virgin Islands.

 

4.2        Company Power. The Purchaser has all requisite corporate power to execute and deliver this Agreement, to purchase the Note
and to carry out and perform its obligations under the terms of the Loan Documents.

 

4.3        Authorization. All corporate action on the part of the Purchaser, its directors and its stockholders necessary for the authorization
of the Loan Documents and the execution, delivery and performance of all obligations of the Purchaser under the Loan Documents has been
taken. The Loan Documents, when executed and delivered by the Purchaser, shall constitute valid and binding obligations of the Purchaser
enforceable in accordance with their terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors
and, with respect to rights to indemnity, subject to federal and state securities laws.

 

4.4        Consents. All consents, approvals, orders, or authorizations of, or registrations, qualifications, designations, declarations,
or filings with, any third parties or governmental authority, required on the part of the Purchaser in connection with the valid execution
and delivery of this Agreement, the purchase of the Note or the consummation of any other transaction contemplated hereby will have been
obtained and will be effective at such time as required by such third party or governmental authority.

 

4.5        Compliance with Laws. To its knowledge, the Purchaser is not in violation of any applicable statute, rule, regulation, order
or restriction of any domestic or foreign government or any instrumentality or agency thereof which violation would prevent the consummation
of the transactions contemplated in the Loan Documents.

 

4.6        Purchase for Own or Account. The Purchaser represents that it: (a) is acquiring the Note solely for its own account and beneficial
interest for investment and not for sale or with a view to distribution of the Note or any part thereof; (b) has no present intention
of selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same; and (c)
does not presently have reason to anticipate a change in such intention.

 

4.7        Information and Sophistication. Without lessening or obviating the representations and warranties of the Company set forth
in Section 3, the Purchaser hereby: (a) acknowledges that it has received all the information that it has requested from the Company and
that it considers necessary or appropriate for deciding whether to acquire the Note; and (b) represents that it has had an opportunity
to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Note and to obtain any
additional information necessary to verify the accuracy of the information given to the Purchaser.

 

4.8        Ability to Bear Economic Risk. The Purchaser acknowledges that investment in the Note involves a high degree of risk and represents
that it is able, without materially impairing its financial condition, to hold the Note for its duration and to suffer a complete loss
of its investment. The Purchaser acknowledges that the Purchaser may suffer a complete loss of its investment in the Company.

 

    	 	5	 

     

    

 

4.9        Restricted Securities. The Purchaser acknowledges that the Note must be held indefinitely for its duration unless subsequently
registered under the Securities Act or an exemption from such registration is available. The Purchaser acknowledges that it has been advised
that the Note is deemed to be a “restricted security” as defined in Rule 144(a)(3) of the Securities Act and the Note will
bear a legend in substantially the following form:

 

THE SECURITY REPRESENTED
HEREBY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITY, AGREES FOR THE BENEFIT OF THE COMPANY
THAT SUCH SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AND, IF REQUESTED BY THE COMPANY,
THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE
COMPANY TO SUCH EFFECT.

 

The Note will also bear a legend
in substantially the following form:

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE JANUARY 14, 2023.

 

4.10      Accredited Investor Status. The Purchaser is an “accredited investor” as such term is defined in Rule 501 under
the Securities Act.

 

4.11      No Registration. The Purchaser understands that the Note, has not been, and will not be, registered under the Securities Act
by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among
other things, the bona fide nature of the investment intent of the Purchaser and the accuracy of the Purchaser’s representations
as expressed herein or otherwise made pursuant hereto. The Purchaser acknowledges and understands that the Company is under no obligation
to register the Notes.

 

4.12      No General Solicitation or General Advertising. The Purchaser acknowledges that the Note was not offered to the Purchaser by
means of any form of “general solicitation” or “general advertising” (as such terms are used in Regulation D under
the Securities Act), or publicly disseminated advertisements or sales literature, including, but not limited to: (a) any advertisement,
article, notice or other communication published in any newspaper, magazine, or similar media, or broadcast over television or radio or
the internet; or (b) any seminar or meeting to which the Purchaser was invited by any of the foregoing means of communications. The Purchaser,
in making the decision to purchase the Note, has relied upon independent investigation made by it and has not relied on any information
or representations made by third parties.

 

    	 	6	 

     

    

 

4.13     Investment Experience. The Purchaser has substantial experience in evaluating and investing in companies similar to the Company
and acknowledges that: (a) it can protect its own interests; and (b) it has such knowledge and experience in financial and business matters
such that it is capable of evaluating the merits and risks of its investment in the Company, whether by reason of its own business and
financial expertise, the business and financial expertise of certain professional advisors unaffiliated with the Company with whom such
Purchaser may have consulted, or such Purchaser’s preexisting business or personal relationship with the Company or any of its officers,
managers or controlling persons.

 

4.14     No Public Market. The Purchaser understands and acknowledges that no public market now exists for the Note issued by the Company
and that the Company has made no assurances that a public market will ever exist for the Note.

 

4.15     No Offering Memorandum. The Purchaser has not received and has not been provided with documents that may be construed as an
 “offering memorandum” under applicable securities legislation, and that the decision to enter into this Agreement and purchase
the Note has not been based upon any oral or written representation as to fact or otherwise made by or on behalf of the Company except
as set forth in this Agreement.

 

4.16     PATRIOT Act. The Purchaser represents that the funds representing its purchase of the Note hereunder that will be advanced
by such Purchaser to the Company hereunder are not proceeds of crime as defined in the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the “PATRIOT Act”) and the Purchaser acknowledges
that the Company may in the future be required by law to disclose the Purchaser’s name and other information relating to this Agreement
and the Purchaser’s purchase hereunder, on a confidential basis, pursuant to the PATRIOT Act. To the best of the Purchaser’s
knowledge (a) none of the funds to be provided by the Purchaser hereunder (i) have been or will be derived from or related to any activity
that is deemed criminal under the law of the United States of America or any other jurisdiction, or (ii) are being tendered on behalf
of a person or entity who has not been identified to the Purchaser, and (b) the Purchaser shall promptly notify the Company if the Purchaser
discovers that any of such representations ceases to be true and provide the Company with appropriate information in connection therewith.

 

4.17     Tax Advisors; Tax Elections. The Purchaser has reviewed with the Purchaser’s own tax advisors the federal, state, local
and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Purchaser is relying solely on
such advisors and not on any statements or representations of the Company or any of its agents. The Purchaser understands that the Purchaser
(and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.

 

		5.	Covenants of the Company

 

5.1       Securities Filings. The Company will, within the required time, file with any applicable securities agency, any documents,
reports and information, in the required form, required to be filed by applicable securities laws in connection with the issuance of the
Note, together with any applicable filing fees and other materials.

 

5.2       Reporting Issuer. The Company will continue to be a reporting issuer in good standing in British Columbia, and the Company
will cause its Common Shares to continue to be listed for trading on the TSX or quoted on the OTC.

 

    	 	7	 

     

    

 

5.3       Books and Records. The Company will maintain and cause each Subsidiary to maintain, complete and accurate books and records,
permit, and cause each subsidiary to permit, the Purchaser to have access to such books and records permit, and cause each subsidiary
to permit, the Purchaser to have access to such books and records, and permit, and cause each subsidiary to permit, the Purchaser to inspect
the properties and operations of the Company and each subsidiary on reasonable advance notice and during normal business hours.

 

5.4       Maintenance of Properties. Except to the extent that failure to do so could not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, the Company and each Subsidiary shall (i) preserve, renew and maintain in full force and
effect its legal existence under the laws of the jurisdiction of its organization; (ii) take all reasonable action to maintain all rights,
privileges (including its good standing where applicable in the relevant jurisdiction), permits and franchises necessary or desirable
in the normal conduct of its business; and (iii) maintain, preserve and protect all of its material tangible or intangible properties
and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted
and fire, casualty or condemnation excepted. As used herein, “Material Adverse Effect” means any change, effect, event,
situation or condition that is materially adverse to the business, results or operations, properties or financial condition of the Company
and its subsidiaries taken as a whole; provided, however, that in determining whether there has been a “Material Adverse Effect”,
any adverse effect attributable to the following shall be disregarded: (a) events, changes, developments, conditions or circumstances
in worldwide, national or local conditions or circumstances (political, economic, regulatory or otherwise) that adversely affect the Company’s
industry generally unless there is a disproportionate adverse impact on Company or its subsidiaries, (b) an outbreak or escalation of
war, armed hostilities, acts of terrorism, political instability or other national calamity, crisis or emergency, or any governmental
response to any of the foregoing, in each case, whether occurring within or outside of Canada or the United States unless there is a disproportionate
adverse impact on Company or its subsidiaries, (c) any change in law or accounting policies (and any changes resulting therefrom) unless
there is a disproportionate adverse impact on Company or its subsidiaries or (d) any action or omission of the Company taken with the
prior written consent of the Purchaser.

 

5.5       Compliance with Laws. The Company shall comply with the requirements of all laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except if the failure to comply therewith could not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

5.6       Deeds of Trust. The Company will use its best efforts to (i) have Waterton file a deed of reconveyance and UCC-3 financing
statement to lift the leins and deed of trust filed by Waterton on the Company’s Reward project promptly following payment of the
Second Payment and Deferred Payment to Waterton and (ii) file the Deeds of Trust and UCC financing statements within 7 days of the Closing
Date.

 

5.7       Additional Collateral; Additional Guarantors. At the Company’s expense, take all action either necessary or as reasonably
requested by the Purchaser to ensure that the obligations under the Note continue to be secured by all of the assets of the Company and
its subsidiaries, including promptly having any new subsidiary duly execute and deliver the Security Agreement and making any amendments
to or filing any additional security documents as may be necessary to ensure that all real property, mining claims and leases and any
rents or other proceeds thereof are secured by an applicable Deed of Trust.

 

5.8       Indebtedness. Except for the Note issued pursuant to this Agreement, the Company shall not incur, create, assume, become or
be responsible in any manner, whether as debtor, obligor, guarantor, surety or otherwise, with respect to or permit to exist, or permit
any of its subsidiaries to incur, create, assume, become or be liable in any manner, whether as debtor, obligor, surety or otherwise,
with respect to or permit to exist, any indebtedness, except (i) debt existing prior to the Closing Date, and (iii) liabilities for trade
payables and expenses incurred in the ordinary course of business.

 

    	 	8	 

     

    

 

		6.	Further Agreements

 

Each party agrees and covenants
that at any time and from time to time it will promptly execute and deliver to the other party such further instruments and documents
and take such further action as the other party may reasonably require in order to carry out the full intent and purpose of this Agreement
and to comply with state or federal securities laws or other regulatory approvals.

 

		7.	Miscellaneous

 

7.1       Binding Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Nothing in this Agreement, expressed or implied, is intended to confer upon any third party any
rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

7.2       Governing Law. This Agreement shall be governed by and construed under the laws of the State of Delaware without giving effect
to conflicts of laws principles. FURTHER, BOTH THE COMPANY AND THE PURCHASER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION TO ENFORCE THIS
NOTE.

 

7.3       Counterparts. This Agreement may be executed concurrently in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterpart signatures of this Agreement that are delivered by
facsimile or other electronic means shall have the same force and effect as original signatures.

 

7.4       Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

7.5       Notices. All notices, payments, demands or communications required or permitted to be given by any provision of this Agreement
shall be in writing and shall be deemed to be delivered, given and received for all purposes (a) as of the date and time of actual
receipt, in the case of notices delivered personally; (b) one calendar day after deposit with a nationally recognized overnight delivery
service; (c) if sent by electronic mail or facsimile, upon confirmed receipt by recipient; or (d) five calendar days after deposit
in registered or certified United States mail return receipt requested, as applicable. If not emailed or faxed, such notices, payments,
demands or communications shall be delivered personally to the recipient or to an officer of the recipient to whom the same is directed,
or sent by registered or certified United States mail return receipt requested, or by nationally recognized overnight delivery service,
addressed at the addresses specified on the signature page hereto or to such other address as may be specified from time to time by notice
to parties hereto.

 

    	 	9	 

     

    

 

All notices, requests or other
communications required or permitted to be delivered hereunder shall be delivered in writing, in each case to the address specified below
or to such other address as such party may from time to time specify in writing in compliance with this provision:

 

		(i)	If to the Company:

 

Augusta Gold Corp.

Suite 555 – 999 Canada Place

Vancouver, British Columbia

V6C 3E1

 

Attention : Tom Ladner

E-mail :tladner@augustacorp.com

 

		(ii)	If to the Purchaser:

 

Augusta Investments Inc.

Suite 555 – 999 Canada Place

Vancouver, British Columbia

V6C 3E1

Attention : Yoana Thomas

Email:YThomas@augustacorp.com

 

7.6      Modification; Waiver. Any modification or waiver of any provision of this Agreement or consent to departure therefrom shall
be effective only upon the written consent of the Company and the Purchaser. Any provision of the Notes may be amended or waived by the
written consent of the Company and the Purchaser.

 

7.7      Expenses. The Company and the Purchaser shall each bear its respective expenses and legal fees incurred with respect to this
Agreement and the transactions contemplated herein.

 

7.8      Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to the Purchaser,
upon any breach or default of the Company under the Loan Documents shall impair any such right, power or remedy, nor shall it be construed
to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring;
nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.
It is further agreed that any waiver, permit, consent or approval of any kind or character by the Purchaser of any breach or default under
this Agreement, or any waiver by the Purchaser of any provisions or conditions of this Agreement must be in writing and shall be effective
only to the extent specifically set forth in writing and that all remedies, either under this Agreement, or by law or otherwise afforded
to the Purchaser, shall be cumulative and not alternative.

 

7.9      Interpretation. For purposes of this Agreement (a) the words “include,” “includes” and “including”
shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c)
the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to
this Agreement as a whole. The definitions given for any defined terms in this Agreement shall apply equally to both the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. Unless the context otherwise requires, references herein: (y) to an agreement, instrument or other document means such agreement,
instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof;
and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations
promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation
against the party drafting an instrument or causing any instrument to be drafted.

 

    	 	10	 

     

    

 

7.10     Entire Agreement. This Agreement, the exhibits hereto, and the other Loan Documents constitute the full and entire understanding
and agreement between the parties with regard to the subjects hereof and thereof and no party shall be liable or bound to any other party
in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein or therein.

 

7.11     Survival. The representations, warranties, covenants and agreements made herein shall survive the execution and delivery of
this Agreement.

 

[Signature Page Follows]

 

 

 

 

    	 	11	 

     

    

 

In
Witness Whereof, the parties have executed this Secured Promissory Note Purchase
Agreement as of the date first written above.

 

	 	Augusta Gold Corp.
	 	 	 
	 	By:	 /s/ Purni Parikh
	 	Name:	 Purni Parikh
	 	Title: 	 Sr. VP, Corp. Affairs & Corp. Secretary
	 	 	 
	 	 	 
	 	 	 
	 	Purchaser:
	 	 	 
	 	Augusta Investments Inc.:
	 	 	 
	 	 
	 	 	 
	 	By:	 /s/ Richard Warke
	 	Name:	 Richard Warke
	 	Title: 	 Director

 

 

[Signature
Page to Secured Promissory Note Purchase Agreement of Augusta Gold Corp.]

 

     

     

    

 

 

Exhibit
A

 

Note

 

 

 

 

     

     

    

 

Exhibit
B

 

Guaranty
and Security Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]