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BE Resources Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

AGENCY AGREEMENT 

June 18, 2010 

BE Resources Inc. 
107 Hackney Circle 
Elephant Butte,
New Mexico 
87935 

Attention: Mr. David Q. Tognoni, President and Chief
Executive Officer

Dear Sir: 

The undersigned, MGI Securities Inc. (the “Agent”)
understands that BE Resources Inc. (the “Corporation”) proposes to
create, issue and sell units (“Units”) of the Corporation, subject to the
terms and conditions set out below. 

Upon and subject to the terms and conditions set forth herein,
the Corporation hereby appoints the Agent, and the Agent hereby agrees to act,
as Agent to the Corporation to effect the sale of up to 10,000,000 Units at a
price of $0.30 per Unit (the “Purchase Price”) on behalf of the
Corporation on a commercially reasonable best efforts agency basis to Purchasers
(as hereinafter defined) in the Designated Provinces (as hereinafter defined)
and in such other jurisdictions consented to by the Corporation where the Units
may be lawfully sold pursuant to the terms and conditions hereof (the
“Offering”). The Corporation acknowledges and agrees that the Agent shall
not be under any obligation whatsoever to purchase any of the Units, although
the Agent may subscribe for Units if it so desires. 

Each Unit shall be comprised of one Common Share (as
hereinafter defined) and one-half of one Common Share purchase warrant (each
whole Common Share purchase warrant, a “Warrant”). Each Warrant shall
entitle the holder thereof to purchase one Common Share (a “Warrant
Share”) at an exercise price of $0.50 at any time before 5:00 p.m. (Toronto
time) on the day that is twenty-four (24) months following the Closing Date (as
hereinafter defined) (the “Original Warrant Expiration Date”), subject to
adjustments in certain events. Notwithstanding the foregoing, if at any time
after four months and one day following the Closing Date, the closing price of
the Corporation’s Common Shares on the TSXV (as hereinafter defined) (or such
other stock exchange on which the Common Shares are listed and where a majority
of trading volume occurs) equals or exceeds $0.75 for a period of ten (10)
consecutive trading days, the Corporation may, within five (5) days after the
last day of such ten day period, notify the holders of the Warrants of the early
expiry of the Warrants (an “Early Expiration Notice”) and thereafter,
such Warrants will expire on the earlier of: (i) 3:30 p.m. (Toronto time) on the
date which is twenty-one (21) days after the date of the Early Expiration
Notice; and (ii) the Original Warrant Expiration Date. The description of the
Warrants herein is a summary only and is subject to the specific attributes and
detailed provisions of the Warrants to be set forth in the Warrant Certificates (as hereinafter defined). In case of any
inconsistency between the description of the Warrants in this Agreement (as
hereinafter defined) and the terms of the Warrants as set forth in the Warrant
Certificates, the provisions of the Warrant Certificates shall govern. 

In consideration of the services to be rendered by the Agent
hereunder and all other matters in connection with the issue and sale of the
Units, the Agent shall be entitled to receive at the Closing (as hereinafter
defined) a cash commission (the “Commission”) equal to 8% of the gross
proceeds realized by the Corporation in respect of the sale of the Units. The
obligation of the Corporation to pay the Commission shall arise at the Closing
and the Commission shall be fully earned by the Agent at the Closing Time (as
hereinafter defined). 

As additional compensation for the services to be rendered by
the Agent hereunder, the Corporation will issue to the Agent non-transferrable
compensation options (the “Compensation Options”) to purchase such number
of Units (the “Optioned Units”) as is equal to 10% of the number of Units
sold pursuant to the Offering at an exercise price equal to the Purchase Price
at any time before 5:00 p.m. (Toronto time) on the date that is 24 months
following the Closing Date. At the Closing Time, the Corporation shall execute
and deliver to the Agent (or its agents, as the case may be) certificates
evidencing the Compensation Options (the “Compensation Option
Certificates”) to which the Agent is entitled in a form to be agreed upon by
the Agent and the Corporation, acting reasonably. The Agent agrees, however,
that the Compensation Options will not be offered and will not be issued by the
Corporation except to a Person who makes the representations and warranties to
the Corporation in Sections 3(b) and (c). 

The Agent shall be entitled to appoint a soliciting dealer
group consisting of other registered dealers acceptable to the Corporation
(each, a “Selling Firm”) for the purposes of arranging for purchasers of
the Units. The Agent shall ensure that any Selling Firm shall agree with the
Agent to comply with all applicable laws (including applicable Securities Laws
(as hereinafter defined)) and with the covenants and obligations of the Agent
herein. Any fee payable to a Selling Firm shall be for the account of the Agent
and shall be negotiated between the Agent and the Selling Firm, but shall not
exceed the Commission equal to 8%. Without limiting the foregoing, the parties
hereby agree that Canaccord Genuity Corp. (“Canaccord”) shall be
appointed as a Selling Firm in respect of up to 3,666,666 Units (the
“Canaccord Designated Units”). As a Selling Firm, Canaccord shall be
entitled to receive from the Agent a proportionate share of the Commission equal
to 8% of the gross proceeds realized by the Corporation in respect of the sale
of the Canaccord Designated Units. In addition, Canaccord shall be entitled to
receive a proportionate share of the Compensation Options equal to 10% of the
number of Canaccord Designated Units sold pursuant to the Offering and the Agent
hereby directs that the Compensation Options be registered accordingly. 

The parties acknowledge that the Units, the Compensation
Options and the Underlying Securities (as hereinafter defined) have not been and
will not be registered under the U.S. Securities Act (as hereinafter defined)
and may not be offered or sold in the United States (as hereinafter defined) or
to, or for the account or benefit of, U.S. Persons (as hereinafter defined), nor
may the Compensation Options, the Warrants or the Optioned Warrants (as
hereinafter defined) be exercised in the United States or by or on behalf of a
U.S. Person. 

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3 

DEFINITIONS 

In this Agreement, in addition to the terms defined above or
elsewhere in this Agreement, the following terms shall have the following
meanings: 

“affiliate”, “associate”,
“distribution”, “misrepresentation”, “material fact”
and “material change”, shall have the respective meanings
ascribed thereto in the Securities Act (Ontario); 

“Agreement” means this agreement
resulting from the acceptance by the Corporation of the offer made by the Agent
hereby, including all schedules hereto, as amended or supplemented from time to
time; 

“Business Day” means a day which
is not a Saturday, Sunday or statutory or civic holiday in the City of Toronto,
Ontario, Canada; 

“Claim” shall have the meaning
ascribed thereto in subsection 9(c); 

“Closing” means the closing on
the Closing Date of the transaction of purchase and sale of the Units as
contemplated by this Agreement and the Subscription Agreements; 

“Closing Date” means June
18, 2010 or such other date as the Corporation and the Agent may agree; 

“Closing Time” means 8:30 a.m.
(Toronto time) on the Closing Date or such other time on the Closing Date as the
Corporation and the Agent may agree; 

“Common Shares” means the common
shares of the Corporation which the Corporation is authorized to issue as
constituted on the date hereof; 

“Corporation’s Auditors”
means McGovern, Hurley, Cunningham, LLP, or such other firm of chartered
accountants as the Corporation may have appointed or may from time to time
appoint as auditors of the Corporation; 

“Designated Provinces” means,
collectively, the provinces of Canada in which Purchasers are resident; 

“Disclosure Documents” means all
publicly available press releases, material change reports, financial
statements, information circulars, business acquisition reports, technical
reports and other documents that have been disclosed by the Corporation to the
public and filed with the Securities Regulators pursuant to applicable
Securities Laws; 

“Encumbrance” means any
encumbrance, lien, charge, pledge, mortgage, title retention agreement, security
interest of any nature, adverse claim, exception, reservation, easement,
restriction, right of occupation, any matter capable of registration against
title, option, right of pre-emption, privilege or any contract to create any of
the foregoing; 

“Engagement Letter” means the
letter agreement dated as of May 5, 2010 between the Corporation and the Agent
relating to the Offering; 

4 

“Environmental Laws” means all
applicable federal, state, municipal or local laws, regulations, orders,
governmental decrees or ordinances with respect to environmental, health or
safety matters; 

“GAAP” means generally accepted
accounting principles in the United States; 

“Governmental Authority” means
and includes, without limitation, any national or federal government, province,
state, municipality or other political subdivision of any of the foregoing, any
entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government and any corporation or other entity
owned or controlled (through stock or capital ownership or otherwise) by any of
the foregoing; 

“Indemnified Party” shall have
the meaning ascribed thereto in subsection 9(a); 

“Material Adverse Effect” when
used herein means any change (including a decision to implement such a change
made by the board of directors or by senior management who believe that
confirmation of the decision of the board of directors is probable), event,
violation, inaccuracy, circumstance or effect that is, or will result in, a
material change that is materially adverse to the business, assets (including
intangible assets), capitalization, financial condition or results of operations
of the Corporation; 

“New Mexico Beryllium Project”
means the interest in leases, mineral leases and claims covering an area of
approximately 20,000 acres in Socorro and Sierra counties in the State of New
Mexico, United States, in which the Corporation has an interest, together with
690 additional lode claims staked by the Corporation in May 2008, excluding the
5 additional lode claims subsequently dropped; 

“NI 45-102” means National
Instrument 45-102 – Resale of Securities; 

“NI 45-106” means National
Instrument 45-106 – Prospectus and Registration Exemptions; 

“NI 51-102” means National
Instrument 51-102 – Continuous Disclosure Obligations; 

“Optioned Shares” means the
Common Shares issuable upon exercise of the Compensation Options; 

“Optioned Warrants” means the
Warrants issuable upon exercise of the Compensation Options; 

“Optioned Warrant Shares” means
the Common Shares issuable upon exercise of the Optioned Warrants; 

“Person” shall mean any
individual, company, corporation, partnership, limited partnership, joint
venture, sole proprietorship, association, trust, trustee or other legal entity;

5 

“Purchasers” means the Persons
(which may include the Agent) who, as purchasers, acquire the Units by duly
completing, executing and delivering the Subscription Agreements; 

“Securities Laws” means, unless
the context otherwise requires, the U. S. Securities Act and all applicable
securities laws and regulations of each of the Designated Provinces, together
with all written instruments, rules and orders having the force of law of the
securities regulatory authorities in such jurisdictions; 

“Securities Regulators” means,
collectively, the securities regulators or other securities regulatory
authorities in the Designated Provinces; 

“Subscription Agreements” means,
collectively, the subscription agreements in the form agreed upon by the Agent
and the Corporation pursuant to which Purchasers agree to subscribe for and
purchase Units as contemplated herein and shall include, for greater certainty,
all schedules and exhibits thereto; 

“Subsidiary” shall have the
meaning ascribed thereto in the Business Corporations Act (Ontario) 

“Technical Report” means the
technical report posted on SEDAR identified as Technical Report No. 143a and
entitled “Technical Report on the Warm Springs Beryllium Property, Soccoro
County, New Mexico USA”, dated 05 June 2009 and prepared for the Corporation by
P&E Mining Consultants Inc., Mr. F.H. Brown, CPG, Pr. Sci. Nat and Ms. Tracy
Armstrong, P. Geo.;

“TSXV” means the TSX Venture
Exchange Inc.; 

“Underlying Securities” means,
collectively, the Warrant Shares issuable upon exercise of the Warrants, the
Optioned Shares and Optioned Warrants issuable upon exercise of the Compensation
Options and the Optioned Warrant Shares issuable upon exercise of the Optioned
Warrants;

“United States” means the
United States as defined in Rule 902(l) of Regulation S of the U.S. Securities
Act; 

“U.S. Person” means a U.S.
person as that term is defined in Rule 902(k) of Regulation S of the U.S.
Securities Act; 

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

“Warrant Certificates” means the
certificates to be dated as of and issued on the Closing Date representing the
Warrants in a form to be agreed upon by the Corporation and the Agent, each
acting reasonably. 

6 

TERMS AND CONDITIONS 

1.(a)

 Sale on Exempt Basis. The Agent shall use
commercially reasonable best-efforts to arrange for the purchase of the Units:

	 	(i) 	
      in the Designated Provinces in compliance with all the
      Securities Laws on a private placement basis; and

	 	 	 
	 	(ii) 	
      subject to the approval of the Corporation, in other
      jurisdictions (other than the United States) on a private placement basis
      in compliance with all applicable securities laws of such other
      jurisdictions.

(b) 

 Filings. The Corporation undertakes to file
or cause to be filed all forms or undertakings required to be filed by the
Corporation in connection with the purchase and sale of the Units so that
the distribution of the Units may lawfully occur without the necessity of filing
a prospectus, a registration statement or an offering memorandum in Canada (but
on terms that will permit Common Shares and Warrants comprising the Units
acquired by the Purchasers in the Designated Provinces to be sold to such
Purchasers in the Designated Provinces subject to, and in compliance with
applicable hold periods and other restrictions under applicable Securities
Laws), and the Agent undertakes to use commercially reasonable efforts to cause
Purchasers to complete any forms required by Securities Laws or other applicable
securities laws and by the TSXV. All fees payable in connection with such
filings under all applicable Securities Laws shall be at the expense of the
Corporation. 

(c) 

 No Offering Memorandum. Neither the Corporation nor
the Agent shall: (i) provide to prospective Purchasers any document or other
material or information that would constitute an offering memorandum within the
meaning of Securities Laws; or (ii) engage in any form of general solicitation
or general advertising in connection with the offer and sale of the Units,
including but not limited to, causing the sale of the Units to be advertised in
any newspaper, magazine, printed public media, printed media or similar medium
of general and regular paid circulation, broadcast over radio, television or
telecommunications, including electronic display, or conduct any seminar or
meeting relating to the offer and sale of the Units whose attendees have been
invited by general solicitation or advertising. 

2. 

 Covenants. The Corporation hereby covenants to the
Agent and to the Purchasers, and acknowledges that each of them is relying on
such covenants in purchasing the Units, that the Corporation shall: 

	 	(i) 	
      allow the Agent and its representatives to conduct all
      due diligence regarding the Corporation which the Agent may reasonably
      require to be conducted prior to the Closing Date;

	 	 	 
	 	(iii) 	
      for a period of 12 months after the Closing Date, use
      commercially reasonable efforts to maintain its status as a “reporting
      issuer” under Securities Laws of the provinces of British Columbia,
      Alberta and Ontario not in default of any requirement of such Securities
      Laws;

7 

	 	(iv) 	
      for a period of 12 months after the Closing Date, use
      commercially reasonable efforts to maintain the listing of the Common
      Shares on the TSXV or such other recognized stock exchange or quotation
      system as the Agent may approve, acting reasonably;

	 	 	 
	 	(v) 	
      duly execute and deliver the Subscription Agreements
      (which have been accepted by the Corporation and duly completed and
      executed by the Purchasers), the certificates representing the Common
      Shares partially comprising the Units, the Warrant Certificates and the
      Compensation Option Certificates at the Closing Time, and comply with and
      satisfy all terms, conditions and covenants therein contained to be
      complied with or satisfied by the Corporation;

	 	 	 
	 	(vi) 	
      use commercially reasonable efforts to fulfil or cause to
      be fulfilled, at or prior to the Closing Date, each of the conditions
      required to be fulfilled by it set out in Section 5;

	 	 	 
	 	(vii) 	
      ensure that at the Closing Time the Common Shares
      partially comprising the Units shall be duly issued as fully paid and
      non-assessable shares in the capital of the Corporation on payment of the
      purchase price therefor;

	 	 	 
	 	(viii) 	
      ensure that at the Closing Time the Warrants shall be
      validly created and shall have attributes corresponding in all material
      respects to the description thereof set forth in this Agreement and the
      Subscription Agreements;

	 	 	 
	 	(ix) 	
      ensure that at all times prior to the expiry of the
      Warrants, a sufficient number of Warrant Shares are allotted and reserved
      for issuance upon the due exercise of the Warrants in accordance with
      their terms;

	 	 	 
	 	(x) 	
      ensure that the Warrant Shares, upon the due exercise of
      the Warrants, shall be duly issued as fully paid and non-assessable shares
      in the capital of the Corporation on payment of the purchase price
      therefor;

	 	 	 
	 	(xi) 	
      ensure that at the Closing Time the Compensation Options
      shall be validly created and shall have attributes corresponding in all
      material respects to the description set forth in this
Agreement;

	 	 	 
	 	(xii) 	
      ensure that at all times prior to the expiry of the
      Compensation Options, a sufficient number of Optioned Shares and Optioned
      Warrants are allotted and reserved for issuance upon the due exercise of
      the Compensation Options in accordance with their terms and a sufficient
      number of Optioned Warrant Shares are allotted and reserved for issuance
      upon due exercise of the Optioned Warrants in accordance with their
      terms;

	 	 	 
	 	(xiii) 	
      ensure that upon due exercise of the Compensation Options
      in accordance with their terms, the Optioned Warrants shall be validly
      created and shall have attributes corresponding in all material respects
      to the description set forth in this Agreement;

8 

	 	(xiv) 	
      ensure that the Optioned Shares and the Optioned Warrant
      Shares, upon the due exercise of the Compensation Options and Optioned
      Warrants, respectively, shall be duly issued as fully paid and
      non-assessable shares in the capital of the Corporation on payment of the
      purchase price therefor;

	 	 	 
	 	(xv) 	
      use commercially reasonable efforts to ensure that the
      Common Shares partially comprising the Units, the Warrant Shares, the
      Optioned Shares and the Optioned Warrant Shares are, when issued, listed
      and posted for trading on the TSXV upon their respective dates of
      issuance;

	 	 	 
	 	(xvi) 	
      subject to applicable law, obtain the prior approval of
      the Agent as to the content and form of any press release relating to the
      Offering;

	 	 	 
	 	(xvii) 	
      use the net proceeds of the Offering to fund drilling
      activities at the Warm Springs property as identified in the Technical
      Report and for general working capital purposes; and

	 	 	 
	 	(xviii) 	
      execute and file with the Securities Regulators all
      forms, notices and certificates relating to the Offering required to be
      filed pursuant to the Securities Laws in the time required by applicable
      Securities Laws, including, for greater certainty, all forms, notices and
      certificates set forth in the opinions delivered to the Agent pursuant to
      this Agreement required to be filed by the
Corporation.

3. 

(a) 

 Representations and Warranties of the
Corporation. The Corporation represents and warrants to the Agent and to the
Purchasers, and acknowledges that each of them is relying upon such
representations and warranties in purchasing the Units, that: 

	 	(i) 	
      the Corporation is a corporation duly incorporated,
      continued or amalgamated and validly existing under the laws of the State
      of Colorado, U.S.A;

	 	 	 
	 	(ii) 	
      the Corporation has all requisite corporate power,
      authority and capacity to enter into this Agreement and to perform the
      transactions contemplated herein, including, without limitation, to issue
      the Units, and the Corporation has the requisite corporate power,
      authority and capacity to own, lease and operate its properties and assets
      and carry on its business as described in the Disclosure Documents and no
      steps or proceedings have been taken by any Person, voluntary or
      otherwise, requiring or authorizing its dissolution or
  winding-up;

	 	 	 
	 	(iii) 	
      the Corporation has no material direct or indirect
      subsidiaries or any investment or proposed investment in any
  Person;

	 	 	 
	 	(iv) 	
      the Corporation is conducting its business in compliance
      in all material respects with all applicable laws, rules and regulations
      in each jurisdiction in which its business is carried on and holds all
      requisite licences, registrations, qualifications, permits and consents
      necessary or appropriate for carrying on its business as currently carried
      on and all such licences, registrations, qualifications, permits and
      consents are valid and subsisting and in good standing in all material
      respects;

9 

	 	(v) 	
      the Corporation is a reporting issuer under the
      Securities Laws of the provinces of British Columbia, Alberta and Ontario,
      is not in default of any requirement of the Securities Laws and is not
      included on a list of defaulting reporting issuers maintained by the
      Securities Regulators of such provinces;

	 	 	 
	 	(vi) 	
      at the Closing Time, all consents, approvals, permits,
      authorizations or filings as may be required to be made or obtained by the
      Corporation under the Securities Laws necessary for the execution and
      delivery of this Agreement, the Subscription Agreements, the certificates
      representing the Common Shares partially comprising the Units, the Warrant
      Certificates and the Compensation Option Certificates and the consummation
      of the transactions contemplated hereby and thereby, will have been made
      or obtained, as applicable (other than the filing of reports required
      under applicable Securities Laws within the prescribed time periods and
      the filing of standard documents with the TSXV, which documents shall be
      filed as soon as practicable after the Closing Date and, in any event,
      within 10 Business Days of the Closing Date or within such other deadline
      imposed by applicable Securities Laws or the TSXV);

	 	 	 
	 	(vii) 	
      the Common Shares partially comprising the Units, the
      Warrant Shares, the Optioned Shares and the Optioned Warrant Shares have
      been authorized and allotted for issuance to the Purchasers or the Agent
      (as the case may be) and, upon the due exercise of the Warrants,
      Compensation Options and Optioned Warrants in accordance with the
      respective provisions thereof, and payment of the purchase price therefor,
      the Warrant Shares, Optioned Shares and Optioned Warrant Shares,
      respectively, will be validly issued as fully paid and non- assessable
      shares in the capital of the Corporation;

	 	 	 
	 	(viii) 	
      the Warrants have been authorized and created for
      issuance to the Purchasers and, upon the due exercise of the Compensation
      Options in accordance with the respective provisions thereof, the Optioned
      Warrants will be validly issued and created;

	 	 	 
	 	(ix) 	
      the Common Shares are listed and posted for trading on
      the TSXV and all necessary notices and filings have been made with, and
      all necessary consents, approvals and authorizations have been obtained by
      the Corporation from, the TSXV to ensure that the Common Shares partially
      comprising the Units, the Warrant Shares issuable upon exercise of the
      Warrants, the Optioned Shares issuable upon exercise of the Compensation
      Options and the Optioned Warrant Shares issuable on exercise of the
      Optioned Warrants will be listed and posted for trading on the TSXV upon
      their issuance;

	 	 	 
	 	(x) 	
      the Units and the Underlying Securities will not be
      subject to a restricted period or to a statutory hold period in Canada
      under the Securities Laws or to any resale restriction under the policies
      of the TSXV which extends beyond four months and one day after the Closing
      Date, subject to the conditions set forth in Section 2.5 of NI
    45-102;

10 

	 	(xi) 	
      the execution and delivery of this Agreement, the
      Subscription Agreements, the Warrant Certificates and the Compensation
      Option Certificates, the performance by the Corporation of its obligations
      hereunder or thereunder, including the issuance and sale of the Units and
      the issuance of the Compensation Options, does not and will not conflict
      with or result in a material breach or violation of any of the terms or
      provisions of, or constitute a default under, (whether after notice or
      lapse of time or both), (A) any law, statute, rule or regulation
      applicable to the Corporation including, without limitation, Securities
      Laws and the policies, rules and regulations of the TSXV; (B) the
      constating documents, by- laws or resolutions of the Corporation which are
      in effect at the date hereof; (C) any mortgage, note, indenture, contract,
      agreement, joint venture, partnership, instrument, lease or other document
      to which the Corporation is a party or by which it is bound; or (D) any
      judgment, decree or order binding the Corporation or the property or
      assets of the Corporation;

	 	 	 
	 	(xii) 	
      the Corporation is in compliance in all material respects
      with its continuous disclosure obligations under Securities Laws of the
      provinces of British Columbia, Alberta and Ontario and the policies, rules
      and regulations of the TSXV and, without limiting the generality of the
      foregoing, there has not occurred any material adverse change, financial
      or otherwise, in the assets, liabilities (contingent or otherwise),
      business, financial conditions, capital or prospects of the Corporation
      since December 31, 2009, which has not been publicly disclosed on a
      non-confidential basis and, except as may have been corrected by
      subsequent disclosure, the statements set forth in the Disclosure
      Documents did not contain any misrepresentation as of the date of such
      statements and the Corporation has not filed any confidential material
      change reports since the date of such statements which remain confidential
      as at the date hereof;

	 	 	 
	 	(xiii) 	
      except as has been publicly disclosed in the Disclosure
      Documents, the Corporation has not approved, has not entered into any
      agreement in respect of, and has no knowledge
of:

	 	(A) 	
      the purchase of any material property or assets or any
      interest therein or the sale, transfer or other disposition of any
      material property or assets or any interest therein currently owned,
      directly or indirectly, by the Corporation, whether by asset sale,
      transfer of shares or otherwise;

	 	 	 
	 	(B) 	
      any change in control (by sale, transfer or other
      disposition of shares or sale, transfer, lease or other disposition of all
      or substantially all of the property and assets of the Corporation) of the
      Corporation; or

	 	 	 
	 	(C) 	
      a proposed or planned disposition of shares by any
      shareholder who owns, directly or indirectly, 10% or more of the
      outstanding shares of the Corporation, other than Great Western
      Exploration, LLC, which has indicated a desire to sell certain of the
      Common Shares owned by it upon the release of such shares from the escrow
      agreement governing such shares as required under applicable Securities Laws in
connection with the Corporation’s initial public offering;

11 

	 	(xiv) 	
      the audited comparative financial statements of the
      Corporation as at and for the year ended December 31, 2009 (the
      “Audited Financial Statements”) and the unaudited financial
      statements of the Corporation as at and for the three-month period ended
      March 31, 2010 (the “Unaudited First Quarter Financial Statements”)
      have been prepared in accordance with GAAP (except that the Unaudited
      First Quarter Financial Statements do not include all footnotes that would
      be required by GAAP) and present fairly, in all material respects, the
      financial condition of the Corporation as at the dates thereof and the
      results of the operations and cash flows of the Corporation for the
      periods then ended and contain and reflect adequate provisions or
      allowance for all reasonably anticipated liabilities, expenses and losses
      of the Corporation that are required to be disclosed in such financial
      statements and there has been no material change in accounting policies or
      practices of the Corporation since December 31, 2009, except as has been
      publicly disclosed in the Disclosure Documents;

	 	 	 
	 	(xv) 	
      there are no material liabilities of the Corporation
      whether direct, indirect, absolute, contingent or otherwise required to be
      disclosed in the Audited Financial Statements which are not disclosed or
      reflected in the Audited Financial Statements, except those disclosed in
      the Disclosure Documents or those incurred in the ordinary course of
      business since December 31, 2009;

	 	 	 
	 	(xvi) 	
      all taxes (including income tax, capital tax, payroll
      taxes, employer health tax, workers’ compensation payments, property
      taxes, sales taxes, custom and land transfer taxes), duties, royalties,
      levies, imposts, assessments, reassessments, deductions, charges or
      withholdings and all liabilities with respect thereto including any
      penalty and interest payable with respect thereto (collectively,
      “Taxes”) due and payable by the Corporation have been paid or
      accrued, except where the failure to pay such taxes would not constitute
      an adverse material fact in respect of the Corporation or have a Material
      Adverse Effect. All tax returns, declarations, remittances and filings
      required to be filed by the Corporation have been filed with all
      appropriate Governmental Authorities and all such returns, declarations,
      remittances and filings are complete and accurate and no material fact or
      facts have been omitted therefrom which would make any of them misleading,
      except where the failure to file such documents would not constitute an
      adverse material fact or material change in respect of the Corporation or
      have a Material Adverse Effect. To the knowledge of the Corporation, no
      examination of any tax return of the Corporation is currently in progress
      and there are no issues or disputes outstanding with any Governmental
      Authority respecting any taxes that have been paid, or may be payable, by
      the Corporation, in any case except where such examinations, issues or
      disputes would not constitute an adverse material fact in respect of the
      Corporation or have a Material Adverse Effect;

12 

	 	(xvii) 	
      the Corporation’s Auditors who audited the Audited
      Financial Statements and who provided their audit report thereon, are
      independent public accountants as required under applicable Securities
      Laws and are a registered public accounting firm as defined by the Public
      Company Accounting Oversight Board (“PCAOB”), whose registration
      has not, to the knowledge of the Corporation, been suspended or revoked
      and who has not, to the knowledge of the Corporation, requested such
      registration be withdrawn and there has never been a reportable event
      (within the meaning of NI 51-102) between the Corporation and the
      Corporation’s Auditors;

	 	 	 
	 	(xviii) 	
      except as contemplated by this Agreement or as disclosed
      in the Disclosure Documents, no holder of outstanding shares in the
      capital of the Corporation is entitled to any pre-emptive or any similar
      rights to subscribe for any Common Shares or other securities of the
      Corporation and no rights, warrants or options to acquire from the
      Corporation, or instruments convertible into or exchangeable for, any
      shares in the capital of the Corporation are outstanding;

	 	 	 
	 	(xix) 	
      there is no agreement in force or effect which in any
      manner affects or will affect the voting or control of any of the
      securities of the Corporation;

	 	 	 
	 	(xx) 	
      other than as set out in the Disclosure Documents, none
      of the directors, officers or employees of the Corporation, any Person who
      owns, directly or indirectly, more than 10% of any class of securities of
      the Corporation or securities of any Person exchangeable for more than 10%
      of any class of securities of the Corporation, or any associate or
      affiliate of any of the foregoing, had or has any material interest,
      direct or indirect, in any transaction or any proposed transaction
      (including, without limitation, any loan made to or by any such Person)
      with the Corporation which, as the case may be, materially affects, is
      material to or will materially affect the Corporation;

	 	 	 
	 	(xxi) 	
      no legal or governmental proceedings or inquiries are
      pending to which the Corporation is a party or to which its property is
      subject that would result in the revocation or modification of any
      material certificate, authority, permit or license necessary to conduct
      the business now owned or operated by the Corporation which, if the
      subject of an unfavourable decision, ruling or finding would have a
      Material Adverse Effect and to the knowledge of the Corporation, no such
      legal or governmental proceedings or inquiries have been threatened
      against or are contemplated with respect to the Corporation or any of its
      assets;

	 	 	 
	 	(xxii) 	
      there are no actions, suits, judgments, investigations,
      inquires or proceedings of any kind whatsoever outstanding (whether or not
      purportedly on behalf of the Corporation), pending or, to the knowledge of
      the Corporation, threatened against or affecting the Corporation, or any
      of it directors or officers, at law or in equity or before or by any
      commission, board, bureau or agency of any kind whatsoever and, to the
      knowledge of the Corporation, there is no basis therefor and the
      Corporation is not subject to any judgment, order, writ, injunction,
      decree, award, rule, policy or regulation of any Governmental Authority
      which, either separately or in the aggregate, may have a
      Material Adverse Effect or would adversely affect the ability of the
      Corporation to perform its obligations under this Agreement;

13 

	 	(xxiii) 	
      Except as disclosed in the Disclosure Documents, (i) the
      Corporation’s ownership interest in its material properties described in
      the Disclosure Documents is held free and clear of all Encumbrances, (ii)
      the Corporation has no Subsidiaries; and (iii) the Corporation does not
      own any securities or ownership interest in any other person which is
      material to the Company, taken as a whole;

	 	 	 
	 	(xxiv) 	
      The New Mexico Beryllium Project is the only material
      mineral project of the Corporation and is the Corporation’s only material
      asset except for cash; except as described in the Disclosure Documents,
      all agreements by which the Corporation holds an interest in the New
      Mexico Beryllium Project are in good standing according to their terms,
      the New Mexico Beryllium Project is in compliance with all applicable laws
      of the jurisdiction in which it is situated and all filings and work
      commitments required to maintain the New Mexico Beryllium Project have
      been properly recorded and filed in a timely manner with the appropriate
      regulatory body; except as disclosed in the Disclosure Documents, all
      mineral licenses or other interests in the New Mexico Beryllium Project
      are either leased by the Corporation or held directly by the Corporation,
      who holds good and marketable title, and the underlying mineral licences
      are in good standing, are valid and enforceable, are free and clear of any
      Encumbrances and, except as disclosed in the Disclosure Documents, no
      royalty is payable in respect of any of them, and no other property rights
      are currently necessary for the conduct of the Corporation’s business;
      there are no restrictions on the ability of the Corporation to use,
      transfer or otherwise exploit any such property rights except as set out
      in the Disclosure Documents, and the Corporation does not know of any
      claim or basis for a claim that may adversely affect such
rights;

	 	 	 
	 	(xxv) 	
      the Corporation is in material compliance with National
      Instrument 43-101 – Standards of Disclosure for Mineral Projects
      (“NI 43-101”) in connection with the disclosure in the
      Disclosure Documents of scientific or technical information made by the
      Corporation concerning each mineral project on a property material to the
      Corporation and the Technical Report complies with NI 43-101 and the
      authors thereof, Fred Brown, CPG, Pr. Sci. Nat. and Tracy Armstrong, P.
      Geo., are independent qualified persons within the meaning of NI
      43-101;

	 	 	 
	 	(xxvi) 	
      the Corporation has made available to the author of the
      Technical Report, prior to the issuance thereof, for the purpose of
      preparing the Technical Report, all information requested, and to the
      knowledge and belief of the Corporation at the time the information was
      provided, such information did not contain any material
      misrepresentation;

	 	 	 
	 	(xxvii) 	
      the Corporation has conducted and is conducting its
      business in material compliance with all applicable laws and regulations
      of each jurisdiction in which it carries on business (including, without limitation,
      all applicable Environmental Laws) and has not received a notice of
      non-compliance, or knows of, or has reasonable grounds to know of, any
      facts that could give rise to a notice of non- compliance with any such
      laws or regulations which would have a Material Adverse Effect on the
      Corporation;

14 

	 	(xxviii) 	
      except to the extent that any violation or other matter
      referred to in this subsection does not have a Material Adverse Effect on
      the Corporation:

	 	(A) 	
      the Corporation is not in violation of any Environmental
      Laws;

	 	 	 
	 	(B) 	
      to the best of its knowledge, the Corporation has
      operated its business at all times and has received, handled, used,
      stored, treated, shipped and disposed of all contaminants without
      violation of Environmental Laws;

	 	 	 
	 	(C) 	
      there have been no material spills, releases, deposits or
      discharges of hazardous or toxic substances, contaminants or wastes into
      the earth, air or into any body of water or any municipal or other sewer
      or drain water systems by the Corporation that have not been
    remedied;

	 	 	 
	 	(D) 	
      no orders, rulings, directions or notices have been
      issued and remain outstanding or to the best of its knowledge are pending
      or threatened against it under or pursuant to any Environmental
    Laws;

	 	 	 
	 	(E) 	
      the Corporation has no knowledge of, and has not received
      any notice of, any claim, judicial or administrative proceeding, pending
      or threatened against it which may materially adversely affect the
      Corporation as a whole relating to or alleging any material violation of
      Environmental Laws and the Corporation is not aware of any facts which
      could give rise to any such claim or judicial or administrative proceeding
      and the Corporation is not, to the best of the Corporation’s knowledge,
      the subject of any investigation, evaluation, audit or review by any
      Governmental Authority to determine whether any material violation of
      Environmental Laws has occurred or is occurring or whether any remedial
      action is needed;

	 	 	 
	 	(F) 	
      to the best of the Corporation’s knowledge, it has not
      failed to report to the proper Governmental Authority the occurrence of
      any event which is required to be so reported by any Environmental Law;
      and

	 	 	 
	 	(G) 	
      the Corporation holds all licences, permits and approvals
      required under any Environmental Laws in connection with the operation of
      its business and the ownership and use of its assets, all
  such licences, permits and approvals are in full force and effect,
and the Corporation has not received any notification pursuant to any
Environmental Laws that any work, repairs, constructions or capital expenditures
are required to be made by it as a condition of continued compliance with any
Environmental Laws, or any license, permit or approval issued pursuant thereto,
or that any license, permit or approval referred to above is about to be
reviewed, made subject to limitations or conditions, revoked, withdrawn or
terminated; 

15 

	 	(xxix) 	
      the Corporation is not in violation of its articles or
      by-laws or in default in the performance or observance of any material
      obligation, agreement, covenant or condition contained in any material
      contract, indenture, trust deed, mortgage, loan agreement, note, lease or
      other agreement or instrument to which it is a party or by which it or its
      property may be bound except where such violation or default in
      performance would not have a Material Adverse Effect;

	 	 	 
	 	(xxx) 	
      to the knowledge of the Corporation, no counterparty to
      any material obligation, agreement, covenant or condition contained in any
      material contract, indenture, trust deed, mortgage, loan agreement, note,
      lease or other agreement or instrument to which the Corporation is a party
      is in default in the performance or observance thereof, except where such
      violation or default in performance would not have a Material Adverse
      Effect;

	 	 	 
	 	(xxxi) 	
      the Corporation owns or has the right to use under
      licence, sub-licence or otherwise all material intellectual property used
      by the Corporation in its business, including copyrights, industrial
      designs, trademarks, trade secrets, know how and proprietary rights, free
      and clear of any and all Encumbrances;

	 	 	 
	 	(xxxii) 	
      at the Closing Time, each of this Agreement, the
      Subscription Agreements, the Warrant Certificates and the Compensation
      Option Certificates shall have been duly authorized and executed and
      delivered by the Corporation and upon such execution and delivery each
      shall constitute a valid and binding obligation of the Corporation and
      each shall be enforceable against the Corporation in accordance with its
      terms, except as enforcement thereof may be limited by bankruptcy,
      insolvency, reorganization, moratorium and other laws relating to or
      affecting the rights of creditors generally and except as limited by the
      application of equitable principles when equitable remedies are sought,
      and by the fact that rights to indemnity, contribution and waiver, and the
      ability to sever unenforceable terms, may be limited by applicable
    law;

	 	 	 
	 	(xxxiii) 	
      no order, ruling or determination having the effect of
      suspending the sale or ceasing the trading in any securities of the
      Corporation has been issued by any regulatory authority and is continuing
      in effect and no proceedings for that purpose have been instituted or, to
      the knowledge of the Corporation, are pending, contemplated or threatened
      by any regulatory authority;

16 

	 	(xxxiv) 	
      the authorized capital of the Corporation consists of
      10,000,000 shares of preferred stock with no par value (the “Preferred
      Shares”) and 250,000,000 Common Shares, of which, immediately prior to
      the Closing Time, no Preferred Shares and 32,945,000 Common Shares were
      issued and outstanding as fully paid and non-assessable shares in the
      capital of the Corporation. In addition, immediately prior to the Closing
      Time, options exercisable to acquire an aggregate of 5,560,000 Common
      Shares with a weighted average exercise price of US$0.26 per share, and
      warrants exercisable to acquire an aggregate of 575,000 Common Shares at
      an exercise price of $0.30 per share were outstanding.

	 	 	 
	 	(xxxv) 	
      except as disclosed in the Disclosure Documents, the
      Corporation has not made any loans to or guaranteed the obligations of any
      Person;

	 	 	 
	 	(xxxvi) 	
      except as disclosed in the Disclosure Documents or as
      incurred in the ordinary course of business, the Corporation is not
      indebted to any Person;

	 	 	 
	 	(xxxvii) 	
      with respect to each premises of the Corporation which is
      material to the Corporation and which the Corporation occupies as tenant
      (the “Leased Premises”), the Corporation occupies the Leased
      Premises and has the exclusive right to occupy and use the Leased Premises
      and each of the leases pursuant to which the Corporation occupies the
      Leased Premises is in good standing and in full force and
effect;

	 	 	 
	 	(xxxviii) 	
      the Corporation is in compliance with all laws respecting
      employment and employment practices, terms and conditions of employment,
      pay equity and wages, except where non-compliance with such laws could not
      reasonably be expected to have a Material Adverse Effect, and has not and
      is not engaged in any unfair labour practice;

	 	 	 
	 	(xxxix) 	
      there has not been in the last two years and there is not
      currently any labour disruption or conflict between the Corporation and
      the employees of the Corporation which could reasonably be expected to
      have a Material Adverse Effect;

	 	 	 
	 	(xl) 	
      Registrar and Transfer Company, at its principal offices
      in Cranford, New Jersey has been duly appointed as registrar and transfer
      agent for the Common Shares and Equity Transfer and Trust Company, at its
      principal offices in Toronto, Ontario has been duly appointed as
      co-transfer agent for the Common Shares;

	 	 	 
	 	(xli) 	
      the minute books and records of the Corporation for the
      period from the date of its incorporation to the date hereof are all of
      the minute books and records of the Corporation and contain copies of all
      proceedings (or certified copies thereof or drafts thereof pending
      approval) of the shareholders, the directors and all committees of
      directors of the Corporation to the date of review of such corporate
      records and minute books and there have been no other meetings,
      resolutions or proceedings of the shareholders, directors or any
      committees of the directors of the Corporation during such period not
      reflected in such minute books and other records, other than those in
      respect of this Offering or which are not material to the
    Corporation;

17 

	 	(xlii) 	
      There is and has been no failure on the part of the
      Corporation and any of the Corporation’s directors or officers, in their
      capacities as such, to comply with any applicable provisions of the
      Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated
      therewith (the “Sarbanes-Oxley Act”) and the Securities Exchange
      Act of 1934, as amended (the “Exchange Act”). The Corporation
      maintains a system of internal controls, including, but not limited to,
      disclosure controls and procedures, internal controls over accounting
      matters and financial reporting, and legal and regulatory compliance
      controls (collectively, “Internal Controls”) that comply with the
      Sarbanes-Oxley Act, the Exchange Act and the Securities Laws and are
      sufficient to provide reasonable assurances that (i) transactions are
      executed in accordance with management’s general or specific
      authorizations, (ii) transactions are recorded as necessary to permit
      preparation of financial statements in conformity with GAAP and to
      maintain accountability for assets, (iii) access to assets is permitted
      only in accordance with management’s general or specific authorization and
      (iv) the recorded accountability for assets is compared with the existing
      assets at reasonable intervals and appropriate action is taken with
      respect to any differences. The Internal Controls are overseen by the
      Audit Committee (the “Audit Committee”) of the Board in accordance
      with applicable Securities Laws, the Exchange Act and rules of the TSXV.
      The Corporation has not publicly disclosed or reported to the Audit
      Committee or the Board, and does not reasonably expect to publicly
      disclose or report to the Audit Committee or the Board, a significant
      deficiency, material weakness, change in Internal Controls or fraud
      involving management or other employees who have a significant role in
      Internal Controls (each, an “Internal Control Event”), any
      violation of, or failure to comply with, the Securities Laws that, if
      determined adversely, would be reasonably expected to result in a Material
      Adverse Effect;

	 	 	 
	 	(xliii) 	
      the Corporation has not withheld and will not withhold
      from the Agent prior to the Closing Time, any material facts relating to
      the Corporation or the Offering;

	 	 	 
	 	(xliv) 	
      The Corporation has established disclosure controls and
      procedures (as defined in Rules 13a-14 and 15d-14 of the Exchange Act) to
      ensure that material information relating to the Corporation is made known
      to the certifying officers by others, particularly during the periods in
      which the Corporation’s annual report on Form 10-K and quarterly reports
      on Form 10-Q are to be prepared;

	 	 	 
	 	(xlv) 	
      The Corporation, and, to the Corporation’s knowledge, any
      of its officers, directors, supervisors, managers, agents, or employees,
      and each of its affiliates, has not violated and its participation in the
      Offering will not violate, any of the following laws: (a) anti-bribery
      laws, including but not limited to, any applicable law, rule, or
      regulation of any locality, including but not limited to any law, rule, or
      regulation promulgated to implement the OECD Convention on
  Combating Bribery of Foreign Public Officials in International
      Business Transactions, signed December 17, 1997, including the U.S.
      Foreign Corrupt Practices Act of 1977 or any other law, rule or regulation
      of similar purpose and scope, (b) anti- money laundering laws, including
      but not limited to, applicable federal, state, international, foreign or
      other laws, regulations or government guidance regarding anti-money
      laundering, including, without limitation, Title 18 U.S. Code Section 1956
      and 1957, the Patriot Act, the Bank Secrecy Act, and international
      anti-money laundering principles or procedures by an intergovernmental
      group or organization, such as the Financial Action Task Force on Money
      Laundering, of which the United States is a member and with which
      designation the United States representative to the group or organization
      continues to concur, all as amended, and any executive order, directive,
      or regulation pursuant to the authority of any of the foregoing, or any
      orders or licenses issued thereunder or (c) laws and regulations imposing
      U.S. economic sanctions measures, including, but not limited to, the
      International Emergency Economic Powers Act, the Trading with the Enemy
      Act, the United Nations Participation Act, and the Syria Accountability
      and Lebanese Sovereignty Act, all as amended, and any executive order,
      directive, or regulation pursuant to the authority of any of the
      foregoing, including the regulations of the United States Treasury
      Department set forth under 31 CFR, Subtitle B, Chapter V, as amended, or
      any orders or licenses issued thereunder. The Corporation has adopted an
      ethics policy relating to the conduct of business by its officers,
      directors and employees. The Corporation has not at any time during the
      last five years (i) used any corporate funds for any unlawful contribution
      to any candidate for public office; or (ii) made any payment to any
      federal or state government officer or official or other person charged
      with similar public duties, other than payments required or permitted by
      the laws of the United States or any jurisdiction thereof;

18 

	 	(xlv) 	
      to the knowledge of the Corporation, neither the
      Corporation, nor any of its officers or directors is aware of any
      circumstances presently existing under which liability is or would
      reasonably be expected to be incurred under Part XXIII.1 – Civil Liability
      for Secondary Market Disclosure of the Securities Act (Ontario) or
      comparable legislation under the applicable Securities Laws of the
      Designated Provinces; and

	 	 	 
	 	(xlvi) 	
      other than the Agent and any Selling Firms, there is no
      Person acting or purporting to act at the request or on behalf of the
      Corporation that is entitled to any brokerage or finder’s fee or other
      compensation in connection with the transactions contemplated by this
      Agreement.

(b) 

 Representations, Warranties and Covenants of the Agent.
The Agent hereby represents, warrants and covenants to the Corporation, and
acknowledges that the Corporation is relying upon such representations,
warranties and covenants, that: 

19 

	 	(i) 	
      it will not, and will require any Selling Firm to agree
      not to, offer or sell any Units to a U.S. Purchaser or any Person acting
      or acquiring the Units on behalf of any U.S. Purchaser;

	 	 	 
	 	(ii) 	
      it will not, and will require any Selling Firm to agree
      not to, accept any subscriptions from a Person who, either directly or on
      behalf of any other Person, at the time the buy order for the Units was
      originated, was in the United States, or accept any Subscription Agreement
      executed or delivered in the United States;

	 	 	 
	 	(iii) 	
      it will not, and will require any Selling Firm to agree
      not to, engage in any directed selling efforts (as that term is defined by
      Regulation S) in the United States, which would include any activity (such
      as placing an advertisement in a publication with general circulation in
      the United States that refers to the Units) undertaken for the purpose of,
      or that could reasonably be expected to have the effect of, conditioning
      the market in the United States for any of the Units;

	 	 	 
	 	(iv) 	
      the current structure of this transaction and all
      transactions and activities contemplated hereunder is not a scheme to
      evade the registration requirements of the U.S. Securities Act;

	 	 	 
	 	(v) 	
      it will not, and will require any Selling firm to agree
      not to, make any sales of any Units otherwise than pursuant to the
      provisions of the Subscription Agreements;

	 	 	 
	 	(vi) 	
      it will, and will require any Selling Firm to agree to,
      conduct its activities in connection with the proposed Offering in
      compliance with all Securities Laws and all applicable laws of the
      jurisdictions outside Canada in which they offer Units;

	 	 	 
	 	(vii) 	
      it will not, and will require any Selling Firm to agree
      not to, engage in or authorize, any form of general solicitation or
      general advertising in connection with or in respect of the Units in any
      newspaper, magazine, printed media of general and regular paid circulation
      or any similar medium, or broadcast over radio or television or by means
      of the Internet or otherwise or conduct any seminar or meeting concerning
      the offer or sale of the Units whose attendees have been invited by any
      general solicitation or general advertising;

	 	 	 
	 	(viii) 	
      it will not, and will require any Selling Firm to agree
      not to, directly or indirectly, offer, sell, solicit offers to purchase or
      sell the Units so as to require the filing of a prospectus, registration
      statement or offering memorandum or similar document with respect thereto
      or the provision of a contractual right of action (as defined in Ontario
      Securities Commission Rule 14-501 – “Definitions”) or a statutory right of
      action under the laws of any jurisdiction;

	 	 	 
	 	(ix) 	
      it will not, and will require any Selling Firm to agree
      not to, solicit subscriptions for Units except in accordance with the
      terms and conditions of this Agreement;

20 

	 	(x) 	
      it will use commercially reasonable efforts to obtain a
      duly completed and executed Subscription Agreement from each Purchaser
      along with all other applicable forms, reports, undertakings and/or
      documentation required under applicable Securities Laws;

	 	 	 
	 	(xi) 	
      it is a valid and subsisting corporation under the laws
      of the jurisdiction in which it was incorporated;

	 	 	 
	 	(xii) 	
      it will be acquiring the Compensation Options (and Units,
      if any) as principal for its own account; and

	 	 	 
	 	(xiii) 	
      it is not a U.S. Person, did not receive the offer to
      purchase the Compensation Options (and Units, if any) in the United
      States, did not execute this Agreement and did not and will not receive
      the Compensation Options (and Units, if any) in the United States and is
      not acquiring the Compensation Options (and Units, if any) for the account
      or benefit of a U.S. Person or person in the United
  States.

	(c) 	
      The Agent further represents and warrants that it is,
      and, to the best of its knowledge, each Selling Firm, if any, is properly
      registered as a “dealer” (as such term is defined under applicable
      Securities Laws) in the Designated Provinces in which the Agent or Selling
      Firm, as applicable, solicits or procures subscriptions for the Units. For
      the avoidance of doubt, the Agent and each Selling Firm, if any, is an
      “accredited investor” (as such term is defined in NI
  45-106).

4. 

 Closing Deliveries. The purchase and sale of the
Units shall be completed at the Closing Time at the offices of Fraser, Milner
Casgrain LLP at Suite 3900, 1 First Canadian Place, 100 King Street West,
Toronto ON M5X 1B2 or at such other place(s) as the Agent and the Corporation
may agree. At or prior to the Closing Time, the Corporation shall duly and
validly deliver to the Agent certificates in definitive form representing the
Common Shares partially comprising the Units, the Warrant Certificates and the
Compensation Option Certificates, in each case registered as directed by the
Agent in writing, against payment at the direction of the Corporation, in lawful
money of Canada by certified cheque, banker’s draft or wire transfer payable at
par in Toronto, Ontario of an amount equal to the aggregate Purchase Price for
the Units being issued and sold hereunder less the Commission and all of the
estimated out-of-pocket expenses of the Agent and fees, disbursements and
applicable taxes of Agent’s counsel payable by the Corporation to the Agent in
accordance with Section 11. 

5. 

 Closing Conditions. Each Purchaser’s obligation to
purchase the Units at the Closing Time shall be conditional upon the fulfilment
at or before the Closing Time of the following conditions: 

(a) 

the Agent shall
have received a certificate, dated as of the Closing Date, signed by the
President and Chief Executive Officer of the Corporation (in their capacities as
such and with no personal liability to such officer), or such other officer of
the Corporation as the Agent may agree, certifying for and on behalf of the
Corporation, to the best of the knowledge, information and belief of the person
so signing, that: 

21 

	 	(i) 	
      no order, ruling or determination having the effect of
      suspending the sale or ceasing the trading in any securities of the
      Corporation has been issued by any regulatory authority and is continuing
      in effect and no proceedings for that purpose have been instituted or are
      pending or, to the knowledge of such officers, contemplated or threatened
      by any regulatory authority;

	 	 	 
	 	(ii) 	
      since December 31, 2009, (A) there has been no material
      adverse change, financial or otherwise, in the assets or liabilities
      (contingent or otherwise), business, financial condition, capital or
      prospects of the Corporation as of the date of this Agreement that has not
      been generally disclosed, and (B) no material transactions have been
      entered into by the Corporation other than in the ordinary course of
      business, except as has been disclosed in the Disclosure
  Documents;

	 	 	 
	 	(iii) 	
      the Corporation has duly complied with all the terms,
      covenants and conditions of this Agreement on its part to be complied with
      up to the Closing Time; and

	 	 	 
	 	(iv) 	
      the representations and warranties of the Corporation
      contained in this Agreement are true and correct as of the Closing Time
      with the same force and effect as if made at and as of the Closing
      Time.

(b) 

the Agent shall have received at the Closing Time a
certificate dated the Closing Date, signed by an appropriate officer or officers
of the Corporation addressed to the Agent, with respect to the constating
documents of the Corporation, all resolutions of the Corporation’s board of
directors relating to this Agreement, and the transactions contemplated hereby
and thereby, the incumbency and specimen signatures of signing officers and such
other matters as the Agent may reasonably request; 

(c) 

the Agent shall have received satisfactory evidence that
all requisite approvals of the TSXV have been obtained by the Corporation in
order to complete the Offering; 

(d) 

the Common Shares partially comprising the Units, the
Warrant Shares issuable upon the exercise of the Warrants, the Optioned Shares
issuable upon exercise of the Compensation Options and the Optioned Warrant
Shares issuable upon exercise of the Optioned Warrants shall have been
conditionally approved for listing on the TSXV; 

(e) 

the Subscription
Agreements, the certificates representing the Common Shares partially comprising
the Units, the Warrant Certificates and the Compensation Option Certificates
shall have been executed and delivered by the Corporation in form and substance
satisfactory to the Agent, acting reasonably; 

(f) 

the Agent shall
have received a certificate from Registrar and Transfer Company or Equity
Transfer and Trust Company as to the number of Common Shares issued and
outstanding as at a date not more than two Business Days prior to the Closing
Date; 

(g) 

the Agent shall have received from Comeau, Maldegen,
Templeman & Indall, LLP, attorneys at law, their written opinion, as counsel
to the Corporation, addressed to the Agent and dated June 16, 2010, in form and
substance reasonably satisfactory to the Agent. 

22 

(h) 

the Agent shall have received favourable legal opinions
addressed to the Agent, in form and substance satisfactory to the Agent, acting
reasonably, dated as of the Closing Date, from Dufford and Brown, P.C. United
States counsel for the Corporation, which counsel in turn may rely, as to
matters of fact, on certificates of public officials and officers of the
Corporation, as appropriate, with respect to the following matters: 

	 	(i) 	
      as to the valid existence of the Corporation, and as to
      the requisite corporate power of the Corporation to carry out its
      obligations under this Agreement, the Subscription Agreements, the Warrant
      Certificates and the Compensation Option Certificates and to issue the
      Common Shares and Warrants comprising the Units and the Underlying
      Securities;

	 	 	 
	 	(ii) 	
      as to the authorized and issued capital of the
      Corporation;

	 	 	 
	 	(iii) 	
      the Corporation has all requisite corporate power and
      authority under the laws of the State of Colorado to carry on its business
      as presently carried on and to own, lease and operate its properties and
      assets;

	 	 	 
	 	(iv) 	
      none of the execution and delivery of this Agreement, the
      Subscription Agreements, the Warrant Certificates and the Compensation
      Option Certificates by the Corporation, the performance by the Corporation
      of its obligations hereunder and thereunder, will conflict with the
      constating documents of the Corporation;

	 	 	 
	 	(v) 	
      each of this Agreement, the Subscription Agreements, the
      Warrant Certificates and the Compensation Option Certificates has been
      duly authorized and executed and delivered by the Corporation;

	 	 	 
	 	(vi) 	
      the form and terms of the definitive certificates
      representing the Common Shares have been approved by the board of
      directors of the Corporation and the certificates representing the Common
      Shares comply in all material respects with all applicable requirements of
      the articles of incorporation and by-laws of the Corporation and the
      Colorado Business Corporation Act;

	 	 	 
	 	(vii) 	
      the Common Shares, the Warrant Shares, the Optioned
      Shares and the Optioned Warrant Shares have been duly authorized and, in
      the case of the Warrant Shares, the Optioned Shares and the Optioned
      Warrant Shares reserved for issuance;

	 	 	 
	 	(viii) 	
      the Common Shares partially comprising the Units have
      been and, upon the due exercise of the Warrants, the Compensation Options
      and the Optioned Warrants in accordance with the respective provisions
      thereof, the Warrant Shares, the Optioned Shares and the Optioned Warrant
      Shares will be, validly issued as fully paid and non-assessable shares in
      the capital of the Corporation;

	 	 	 
	 	(ix) 	
      the Warrants partially comprising the Units have been
      and, upon the exercise of the Compensation Options in accordance with the
      provisions thereof, the Optioned Warrants will be, validly issued and
      created;

23 

	 	(x) 	
      assuming compliance by the Agent and the Selling Firms
      with all of the terms of this Agreement, the issuance and sale by the
      Corporation of the Units to the Purchasers and the issuance of the
      Compensation Options to the Agent are exempt from the registration
      requirements of the U.S. Securities Act and no documents are required to
      be filed (other than specified forms accompanied by requisite filing
      fees), proceedings taken or approvals, permits, consents or authorizations
      obtained under the U.S. Securities Act or applicable Colorado state
      securities or blue sky laws to permit such issuance and sale;
and

	 	 	 
	 	(xi) 	
      the issuance of the Warrant Shares upon exercise of the
      Warrants by the original purchasers who are outside the United States at
      the time of exercise, the issuance of the Optioned Shares and Optioned
      Warrants upon the exercise of the Compensation Options and the issuance of
      the Optioned Warrant Shares upon the exercise of the Optioned Warrants
      will be exempt from the registration requirements of the U.S. Securities
      Act and applicable Colorado state securities or blue sky
  laws.

(i) 

the Agent shall have received favourable legal opinions
addressed to the Agent, in form and substance satisfactory to the Agent, acting
reasonably, dated as of the Closing Date, from Fraser Milner Casgrain LLP,
Canadian counsel for the Corporation, and where appropriate, counsel in the
other Designated Provinces, which counsel in turn may rely, as to matters of
fact, on certificates of public officials and officers of the Corporation, as
appropriate, with respect to the following matters: 

	 	(i) 	
      each of this Agreement, the Subscription Agreements, the
      Warrant Certificates and the Compensation Option Certificates constitutes
      a valid and legally binding agreement of the Corporation enforceable
      against it in accordance with its terms, except as enforcement thereof may
      be limited by bankruptcy, insolvency, liquidation, reorganization,
      moratorium or similar laws affecting the rights of creditors generally and
      except as limited by the application of equitable principles when
      equitable remedies are sought, and the qualification that the
      enforceability of rights of indemnity, contribution and waiver and the
      ability to sever unenforceable terms may be limited by applicable
    law;

	 	 	 
	 	(ii) 	
      the issuance and sale by the Corporation of the Units to
      the Purchasers and the issuance of the Compensation Options to the Agent
      are exempt from the prospectus requirements of applicable Securities Laws
      of the Designated Provinces and no documents are required to be filed
      (other than specified forms accompanied by requisite filing fees),
      proceedings taken or approvals, permits, consents or authorizations
      obtained under the applicable Securities Laws of the Designated Provinces
      to permit such issuance and sale;

	 	 	 
	 	(iii) 	
      the issuance of the Warrant Shares upon exercise of the
      Warrants, the issuance of the Optioned Shares and Optioned Warrants upon
      the exercise of the Compensation Options and the issuance of the Optioned
      Warrant Shares upon the exercise of the Optioned Warrants will be exempt
      from the prospectus requirements of applicable Securities Laws of the
      Designated Provinces;

24 

	 	(iv) 	
      the first trade by the Purchasers or the Agent (as
      applicable) of the Common Shares and the Warrants comprising the Units,
      the Warrant Shares, the Optioned Shares, the Optioned Warrants and the
      Optioned Warrant Shares in the Designated Provinces will be a distribution
      subject to the prospectus requirements under the Securities Laws of the
      Designated Provinces unless:

	 	(A) 	
      the Corporation is and has been a reporting issuer in a
      jurisdiction of Canada for the four months immediately preceding the
      trade;

	 	 	 
	 	(B) 	
      at the time of such trade, at least four months have
      elapsed from the “distribution date” (as defined under NI 45-102) of the
      Common Shares and Warrants comprising the Units and the Compensation
      Options, as the case may be;

	 	 	 
	 	(C) 	
      the certificates representing the Common Shares partially
      comprising the Units, the Warrant Certificates, the Compensation Option
      Certificates, the certificates representing the Optioned Shares, the
      certificates representing the Optioned Warrants and the certificates
      representing the Optioned Warrant Shares, as applicable, were issued with
      a legend stating the prescribed restricted period in accordance with
      section 2.5 of NI 45-102;

	 	 	 
	 	(D) 	
      such trade is not a “control distribution” (as defined in
      the NI 45-102);

	 	 	 
	 	(E) 	
      no unusual effort is made to prepare the market or to
      create a demand for the securities that are the subject of such
    trade;

	 	 	 
	 	(F) 	
      no extraordinary commission or consideration is paid to a
      person or corporation in respect of such trade; and

	 	 	 
	 	(G) 	
      if the selling securityholder is an insider or officer of
      the Corporation, the selling securityholder has no reasonable grounds to
      believe that the Corporation is in default of “securities legislation” (as
      defined in National Instrument 14-101 – Definitions and
      Interpretation);

	 	(v) 	
      the TSXV has conditionally accepted the Offering as
      outlined in the TSXV letter;

	 	 	 
	 	(vi) 	
      such other matters as the Agent’s legal counsel may
      reasonably request prior to the Closing
Time.

(j) 

the Agent shall
have received a certificate of status with respect to the jurisdiction in which
the Corporation is incorporated.

6. 

 Termination Events. The Agent shall be entitled to
terminate their obligations hereunder by written notice to that effect given to
the Corporation at or prior to the Closing Time if: 

	(a) 	
      there is, in the sole opinion of the Agent, acting
      reasonably, a material change or change in a material fact or new material
      fact or an undisclosed material fact or material
change which might be expected to have a Material Adverse Effect
      on the condition (financial or otherwise), property, assets, operations,
      business, affairs, profitability or prospects of the
Corporation;

25 

	(b) 	
      (i) any inquiry, action, suit, proceeding or
      investigation (whether formal or informal) in relation to the Corporation
      or any of the directors or officers of the Corporation (including matters
      of regulatory transgression or unlawful conduct), is commenced, announced
      or threatened or any order made by any federal, provincial, state,
      municipal or other governmental department, commission, board, bureau,
      agency or instrumentality including, without limitation, the TSXV or any
      securities regulatory authority, or any law or regulation is enacted or
      changed which in the opinion of the Agent, acting reasonably, operates to
      prevent or restrict the trading of the Units or any other securities of
      the Corporation or materially and adversely affects or will materially and
      adversely affect the market price or value of the Units or any other
      securities of the Corporation; or (ii) if there should develop, occur or
      come into effect or existence any event, action, state, condition or major
      financial occurrence of national or international consequence (including
      terrorism) or any new law or regulation or a change thereof which in the
      reasonable opinion of the Agent materially adversely affects, or involves,
      or will, or could reasonably be expected to, materially adversely affect,
      or involve, the financial markets or the business, operations or affairs
      of the Corporation;

	 	 
	(c) 	
      the state of the financial markets is such that, in the
      sole opinion of the Agent, acting reasonably, it would be unprofitable to
      offer or continue to offer for sale the Units;

	 	 
	(d) 	
      any order to cease or suspend trading in any securities
      of the Corporation is made, threatened or announced by any securities
      regulatory authority; or

	 	 
	(e) 	
      the Corporation is in breach of any material term,
      condition, covenant or agreement contained in this Agreement or any
      representation or warranty given by the Corporation in this Agreement is
      or becomes untrue, false or misleading.

7. 

 Exercise of Termination Right. The right of the Agent
to terminate its obligations under this Agreement is in addition to such other
remedies as it may have in respect of any default, act or failure to act of the
Corporation in respect of any of the matters contemplated by this Agreement. If
this Agreement is terminated by the Agent pursuant to Section 6, there shall be
no further liability on the part of the Agent or of the Corporation to the
Agent, except in respect of any liability which may have arisen or thereafter
arise under Sections 9, 10 and 11.

8. 

 Survival of Representations and Warranties. All
representations and warranties herein contained or contained in any documents
delivered pursuant to this Agreement and in connection with the transactions
herein contemplated shall survive the purchase and sale of the Units for a
period of two years after the Closing Date, regardless of the Closing of the
Offering and regardless of any investigations which may be carried out by the
Agent or on their behalf and shall not be limited or prejudiced by any
investigation made by or on behalf of the Agent in connection with the purchase
and sale of the Units or otherwise. In this regard, the Agent shall act as
trustee for the Purchasers and accept these trusts and shall hold and enforce
such rights on behalf of the Purchasers. Without any limitation of the
foregoing, the provisions contained in this Agreement in any way related to indemnification or
contribution obligations shall survive and continue, in full force and effect,
indefinitely. 

26 

9. 

(a) 

 Indemnity. The Corporation shall indemnify and
save harmless the Agent and any of its affiliates and Selling Firms (if any) and
the directors, officers, employees, partners, shareholders and agents of the
Agent and/or their affiliates and Selling Firms (if any) (collectively, the
“Indemnified Parties” and each, an “Indemnified Party”) from and
against all liabilities, claims, actions, suits, proceedings, losses (other than
loss of profits), costs, damages and expenses whether joint or several
(including the aggregate amount paid in reasonable settlement of any actions,
suits, proceedings or claims) to which the Indemnified Party may become subject
or otherwise involved in any capacity under any statute or common law or
otherwise insofar as such expenses, losses, claims, damages, liabilities or
actions arise out of or are based, directly or indirectly, upon the performance
of professional services rendered to the Corporation by the Agent or any
Indemnified Party hereunder or otherwise in connection with the Offering,
including, without limitation: 

	 	(i) 	
      any breach of any representation or warranty made by the
      Corporation herein;

	 	 	 
	 	(ii) 	
      any information or statement (except any information or
      statement relating solely to the Indemnified Party) contained in any
      certificate of the Corporation delivered under this Agreement or pursuant
      to this Agreement which at the time and in the light of the circumstances
      under which it was made contains or is alleged to contain a
      misrepresentation;

	 	 	 
	 	(iii) 	
      any omission or alleged omission to state in any
      certificate of the Corporation delivered under this Agreement or pursuant
      to this Agreement any material fact (except facts relating solely to and
      based solely upon information provided by the Indemnified Party), required
      to be stated in such document or necessary to make any statement in such
      document not misleading in light of the circumstances under which it was
      made;

	 	 	 
	 	(iv) 	
      any order made or enquiry, investigation or proceedings
      commenced or threatened by any securities regulator or other competent
      authority based upon any untrue statement or omission or alleged untrue
      statement or alleged omission or any misrepresentation or alleged
      misrepresentation (except a statement or omission or alleged statement or
      omission relating solely to and based solely upon information provided by
      the Indemnified Party) based upon any failure to comply with the
      Securities Laws (other than any failure or alleged failure to comply by
      the Indemnified Party), preventing or restricting the trading in or the
      sale or distribution of the Units in any of the Designated Provinces;
      or

	 	 	 
	 	(v) 	
      the non-compliance or alleged non-compliance by the
      Corporation with any of the Securities Laws, including the Corporation’s
      non-compliance with any statutory requirement to make any document
      available for inspection,

provided, however, that this indemnity shall not apply to the
extent that a court of competent jurisdiction in a final judgement that has
become non-appealable shall determine that: 

27 

	 	(i) 	
      an Indemnified Party has been grossly negligent or
      dishonest or has committed any fraudulent act or wilful misconduct in the
      course of such performance; and

	 	 	 
	 	(ii) 	
      the expenses, losses, claims, damages or liabilities, as
      to which indemnification is claimed, were directly caused by the gross
      negligence, dishonesty, fraud or wilful misconduct referred to in (i)
      immediately above.

	(b) 	
      Repayment. If the indemnity does not apply
      pursuant to subparagraphs (i) and (ii) immediately above, each such
      Indemnified Party shall immediately reimburse any funds advanced by the
      Corporation to such party pursuant to this
indemnity.

(c) 

 Notification of Claims. If any matter or thing
contemplated by this Section 9 (any such matter or thing being referred to as a
“Claim”) is asserted against an Indemnified Party, such Indemnified Party
will notify the Corporation as soon as possible of the nature of such Claim and
the Corporation shall be entitled (but not required) to assume the defence of
any suit brought to enforce such Claim; provided, however, that the defence
shall be conducted through legal counsel acceptable to the Indemnified Party,
acting reasonably, and that no settlement of any such Claim may be made by the
Corporation or the Indemnified Party without the prior written consent of the
other party, such consent not to be unreasonably withheld or delayed, and the
Corporation shall not be liable for any settlement of any such Claim unless it
has consented in writing to such settlement. 

(d) 

 Right of Indemnity in Favour of Others. With respect
to any Indemnified Party who is not a party to this Agreement, the Agent shall
obtain and hold the rights and benefits of this Section 9 and Section 10 in
trust for and on behalf of such Indemnified Party. 

(e) 

 Retaining Counsel. In any such Claim, the
Indemnified Party shall have the right to retain other counsel to act on behalf
of the Indemnified Party and to participate in the defence thereof, provided
that the fees and disbursements of such counsel shall be paid by the Indemnified
Party unless: (i) the Corporation and the Indemnified Party shall have mutually
agreed to the retention of the other counsel; (ii) the Corporation fails to
assume the defence of such Claim on behalf of the Indemnified Party within a
reasonable period of time of receiving written notice to assume the defence of
such Claim; or (iii) the named parties to any such Claim (including any added
third party) include both the Indemnified Party and the Corporation and the
Indemnified Party shall have been advised by counsel that representation of the
Indemnified Party by counsel for the Corporation is inappropriate as a result of
potential or actual differing interests of those represented; in each of which
cases the Corporation shall not have the right to assume the defence of such
Claim on behalf of the Indemnified Party but the Corporation shall be liable to
pay the reasonable fees and disbursements of counsel to the Indemnified Party,
subject as hereinafter provided. Where more than one Indemnified Party is
entitled to retain separate counsel in the circumstances described in this
Section 9(e), all Indemnified Parties shall be represented by one separate
counsel and the fees and disbursements of only one separate counsel for all
Indemnified Parties shall be paid by the Corporation unless otherwise agreed to
by the Corporation. 

10. 

(a) 

 Contribution. In order to provide for a just and
equitable contribution in circumstances in which the indemnity provided in
Section 9 would otherwise be available in accordance with its terms but is, for any reason, held to be
unavailable to or unenforceable by the Agent or enforceable otherwise than in
accordance with its terms, the Corporation and the Agent shall contribute to the
aggregate of all claims, expenses, costs and liabilities (including any legal
expenses reasonably incurred by the Indemnified Party in connection with any
claim which is the subject of this section) and all losses (other than loss of
profits) of a nature contemplated in Section 9 in such proportions as are
appropriate to reflect not only the relative benefits received by the
Corporation on the one hand and the Agent on the other hand, but also the
relative fault of the Corporation and the Agent, as well as any relevant
equitable consideration. However, no party who has engaged in any fraud,
fraudulent misrepresentation, wilful misconduct or negligence shall be entitled
to claim contribution from any Person who has not engaged in such fraud,
fraudulent misrepresentation, wilful misconduct or negligence. 

28 

(b) 

 Right of Contribution in Addition to Other Rights.
The rights to contribution provided in this Section 10 shall be in addition to
and not in derogation of any other right to contribution which the Agent may
have by statute or otherwise at law. 

(c) 

 Calculation of Contribution. In the event that the
Corporation may be held to be entitled to contribution from the Agent under the
provisions of any statute or at law, the Corporation shall be limited to
contribution in an amount not exceeding the lesser of: 

	 	(i) 	
      the portion of the full amount of the loss or liability
      giving rise to such contribution for which the Agent is responsible, as
      determined in subsection 10(a) above; and

	 	 	 
	 	(ii) 	
      the amount of the aggregate fee actually received by the
      Agent from the Corporation under this Agreement.

(d) 

 Notice. If the Agent has reason to believe that a
claim for contribution may arise, it shall give the Corporation notice of such
claim in writing, as soon as reasonably possible, but failure to notify the
Corporation shall not relieve the Corporation of any obligation which it may
have to the Agent under this subsection. 

11. 

 Expenses. The Corporation shall pay all of its own
expenses in connection with the Offering, including, without limitation, all
expenses of or incidental to the creation, issue, sale or distribution of the
Units, the fees and expenses of the Corporation’s counsel and all costs incurred
in connection with the preparation of documents or certificates relating to the
Offering. The Corporation shall also pay against invoices: (i) all reasonable
out-of-pocket costs incurred by the Agent in connection with the Offering, to a
maximum of $20,000 (excluding applicable taxes); and (ii) all fees,
disbursements and taxes of the Agent’s counsel, to a maximum of $30,000
(excluding disbursements and applicable taxes), in each case whether or not the
Offering is completed. With respect to the fees, disbursements and taxes of the
Agent’s counsel, the Agent acknowledges receipt from the Corporation of a
non-refundable work fee in the amount of $10,000 and agrees that such amount may
be credited against any amounts otherwise owing to the Agent by the Corporation
in respect of such fees, disbursements and taxes under this Section 11.

29 

12. 

 Advisory Services. The Corporation (on its own
behalf and on behalf of any of its Subsidiaries) hereby grants to the Agent and
Canaccord the exclusive right to provide (or to have any of their respective
Subsidiaries or affiliates provide) any and all investment banking/financial
advisory services of a nature customarily provided by an investment banking firm
(the “Advisory Services”) which the Corporation (or any of its
Subsidiaries, as applicable) determines that it requires during the period of
twenty-four (24) months following the Closing Date (the “Exclusivity
Period”). During the Exclusivity Period, the Corporation shall promptly
notify the Agent in writing of its requirements for Advisory Services from time
to time and the Corporation shall negotiate in good faith with the Agent and
Canaccord, the financial terms and any other terms and conditions on which such
Advisory Services are to be provided, all of which shall be set forth in a
separate advisory services agreement among the Corporation, the Agent and
Canaccord. During the Exclusivity Period, the Corporation shall not engage any
party other than the Agent and Canaccord to provide Advisory Services without
the express written consent of the Agent.

13. 

 Advertisements. The Corporation acknowledges that
the Agent shall have the right after Closing, subject always to subsections 1(a)
and (c) and 3(b) of this Agreement, at their own expense, subject to the prior
consent of the Corporation, such consent not to be unreasonably withheld or
delayed, to place such advertisement or advertisements relating to the purchase
and sale of the Units contemplated herein as the Agent may consider desirable or
appropriate and as may be permitted by applicable law. The Corporation
and the Agent each agree that they will not make or publish any advertisement in
any media whatsoever relating to, or otherwise publicize, the transaction
provided for herein so as to result in any exemption from the prospectus and
registration or other similar requirements under applicable securities
legislation in any of the provinces of Canada or any other jurisdiction in which
the Units shall be offered and sold being unavailable in respect of the sale of
the Units to prospective purchasers. 

14. 

 Notices. Unless otherwise expressly provided in this
Agreement, any notice or other communication to be given under this Agreement (a
“notice”) shall be in writing addressed as follows: 

(a) 

if to the
Corporation, to: 

BE Resources Inc. 
107 Hackney
Circle 
Elephant Butte, New Mexico 
U.S.A. 87935 

Attention: David Q. Tognoni

Facsimile: (575) 744-5801 

with a copy to (which shall not
constitute notice hereunder): 

Fraser Milner Casgrain LLP 
1 First
Canadian Place 
100 King Street West 
Toronto, Ontario M5X 1B2 

30 

Attention: Jenny Chu Steinberg

Facsimile: (416) 863-4592 

(e) 

if to the Agent,
to: 

MGI Securities Inc. 
26 Wellington
Street East, Suite 900 
Toronto, Ontario M5E 1S2 

Attention: James Andrews, Chief
Financial Officer 
Facsimile: (416) 864-6485 

with a copy to (which shall not
constitute notice hereunder): 

Wildeboer Dellelce LLP

8th Floor, 365 Bay Street 
Toronto, Ontario M5H 2V1 

Attention: Peter Simeon 
Facsimile:
(416) 361-1790 

or to such other address as any of the parties may designate by
notice given to the others. 

Each notice shall be personally delivered to the addressee or
sent by facsimile transmission to the addressee and: (i) a notice which is
personally delivered shall, if delivered on a Business Day, be deemed to be
given and received on that day and, in any other case, be deemed to be given and
received on the first Business Day following the day on which it is delivered;
and (ii) a notice which is sent by facsimile transmission shall be deemed to be
given and received on the first Business Day following the day on which it is
sent. 

15. 

 Confidentiality. The Agent will establish reasonable
procedures to hold in confidence all information received by it from the
Corporation which has not been generally disclosed to the public and will not
knowingly disclose such information, except as required in its opinion, acting
reasonably, to discharge its obligations under this Agreement or under
applicable law or regulatory policy. 

16. 

 Time of the Essence. Time shall, in all respects, be
of the essence hereof. 

17. 

 Canadian Dollars. All references herein to dollar
amounts are to lawful money of Canada. 

18. 

 Headings. The headings contained herein are for
convenience only and shall not affect the meaning or interpretation hereof. 

19. 

 Singular and Plural, etc. Where the context so
requires, words importing the singular number include the plural and vice versa,
and words importing gender shall include the masculine, feminine and neuter
genders. 

31 

20. 

 Entire Agreement. This Agreement constitutes the
only agreement between the parties with respect to the subject matter hereof and
shall supersede any and all prior negotiations and understandings, including,
without limitation, the Engagement Letter. This Agreement may be amended or
modified in any respect by written instrument only. 

21. 

 Severability. The invalidity or unenforceability of
any particular provision of this Agreement shall not affect or limit the
validity or enforceability of the remaining provisions of this Agreement. 

22. 

 Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the Province of Ontario and the
laws of Canada applicable therein. 

23. 

 Successors and Assigns. The terms and provisions of
this Agreement shall be binding upon and enure to the benefit of the
Corporation, the Agent and the Purchasers (as contemplated under the
Subscription Agreements) their respective executors, heirs, successors and
permitted assigns; provided that, this Agreement shall not be assignable by any
party without the prior written consent of the others. 

24. 

 Further Assurances. Each of the parties hereto shall
do or cause to be done all such acts and things and shall execute or cause to be
executed all such documents, agreements and other instruments as may reasonably
be necessary or desirable for the purpose of carrying out the provisions and
intent of this Agreement. 

25. 

 Effective Date. This Agreement is intended to and
shall take effect as of the date first set forth above, notwithstanding its
actual date of execution or delivery. 

26. 

 Language. The parties hereby acknowledge that they
have expressly required this Agreement and all notices, statements of account
and other documents required or permitted to be given or entered into pursuant
hereto to be drawn up in the English language only. Les parties reconnaissent
avoir expressment demandées que la présente convention ainsi que tout avis, tout
état de compte et tout autre document a être ou pouvant etre donné ou conclu en
vertu des dispositions des présentes, soient rédigés en langue anglaise
seulement. 

27. 

 Counterparts and Facsimile Copies. This Agreement
may be executed in any number of counterparts and by facsimile, which taken
together shall form one and the same agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

32 

If the Corporation is in agreement with the foregoing terms and
conditions, please so indicate by executing a copy of this Agreement where
indicated below and delivering the same to the Agent. 

Yours very truly, 

MGI SECURITIES INC. 

Per: /s/James
Andrews                 
 
        Authorized Signing
Officer 

The foregoing is hereby accepted on the terms and conditions
therein set forth. 

DATED as of the 18th day of June, 2010. 

BE RESOURCES INC. 

Per: /s/David
Tognoni                  
 
        Authorized Signing Officer 

33BE Resources Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

Exhibit 10.2 

WARRANT CERTIFICATE 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 19, 2010. 

THE SECURITIES REPRESENTED HEREBY AND ANY SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE SECURITIES MAY BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO BE RESOURCES INC. (THE
“COMPANY”), (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A
THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (E) IN A
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY
APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE,
FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION,
IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
SECURITIES ACT. 

EXERCISABLE ONLY PRIOR TO 5:00 P.M., TORONTO TIME, ON JUNE
18, 2012 UNLESS ACCELERATED IN ACCORDANCE WITH THE TERMS HEREOF, AFTER WHICH
TIME THESE WARRANTS SHALL BE NULL AND VOID 

SERIES 2010 – I 
WARRANT TO PURCHASE COMMON SHARES
OF BE RESOURCES INC. 

	  	Number of warrants 
	  	represented by this 
	Certificate Number ______________	certificate – _____ 

THIS CERTIFIES THAT, for
value received, ____________________ is entitled, at any time prior to the
Expiry Time, to purchase, at the Exercise Price, one Common Share in the capital
of the Company, for each Warrant evidenced hereby, by surrendering to the
Company at 50 Richmond Street East, Suite 101, Toronto ON M5C 1N7, this Warrant,
together with a Subscription Form in the form attached hereto as Schedule “A”,
duly completed and executed, and cash or a certified cheque, money order or bank
draft in lawful money of Canada payable to or to the order of the Company for
the amount equal to the Exercise Price per Common Share multiplied by the number
of Common Shares subscribed for, on and subject to the terms and conditions set
forth below. 

Nothing contained herein shall
confer any right upon the Holder to subscribe for or purchase any Common Shares
of the Company at any time after the Expiry Time, and from and after the Expiry
Time these Warrants and all rights hereunder shall be void and of no value. 

1 

These Warrants and the Common
Shares issuable upon the exercise of these Warrants have not been and will not
be registered under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”) or any state securities laws. These Warrants may
not be exercised in the United States or by a U.S. Person (as defined in
Regulation S under the U.S. Securities Act) unless the Warrants and the Common
Shares issuable upon exercise hereof have been registered under the U.S.
Securities Act and any applicable state securities laws or unless an exemption
from such registration is available and established as set forth in this Warrant
Certificate. Unless the Common Shares issuable upon exercise of the Warrants
have been registered under the U.S. Securities Act, the certificate representing
the Common Shares will bear a legend restricting transfer in accordance with
such Act upon exercise of the Warrant.

	1. 	
      Definitions

In this Warrant, including the
preamble, unless there is something in the subject matter or context
inconsistent therewith, the following expressions shall have the following
meanings namely: 

	(a) 	
      “Business Day” means a day which is not a
      Saturday, Sunday, or a civic or statutory holiday in the City of Toronto,
      Ontario Canada;

	 	 
	(b) 	
      “Common Shares” means the common shares of the
      Company as such shares were constituted on the date hereof, as the same
      may be reorganized, reclassified or redesignated pursuant to any of the
      events set out in Section 12 hereof;

	 	 
	(c) 	
      “Company” means BE Resources Inc., a corporation
      formed under the laws of the State of Colorado, U.S.A. and its successors
      and assigns;

	 	 
	(d) 	
      “Current Market Price” at any date, means the
      weighted average of the sale prices per Common Share at which the Common
      Shares have traded on the TSX Venture Exchange, or, if the Common Shares
      in respect of which a determination of Current Market Price is being made
      are not listed thereon, on such stock exchange on which such shares are
      listed as may be selected for such purpose by the directors, or, if the
      Common Shares are not listed on any stock exchange, then on the
      over-the-counter market, for 20 consecutive trading days ending 5 trading
      days before such date, or in the event that at any date the Common Shares
      are not listed on any exchange or on the over-the-counter market, the
      Current Market Price shall be as determined by the directors or such firm
      of independent chartered accountants as may be selected by the directors
      acting reasonably and in good faith in their sole discretion; for these
      purposes, the weighted average price for any period shall be determined by
      dividing the aggregate sale prices during such period by the total number
      of Common Shares sold during such period;

	 	 
	(e) 	
      “Equity Shares” means the Common Shares and any
      shares of any other class or series of the Company which may from time to
      time be authorized for issue if by their terms such shares confer on the
      holders thereof the right to participate in the distribution of assets
      upon the voluntary or involuntary liquidation, dissolution or winding up
      of the Company beyond a fixed sum or a fixed sum plus accrued
      dividends;

2 

	
      (f) 
	
      “Exercise Price” means Cdn$0.50 per Common Share,
      unless such price shall have been adjusted in accordance with the
      provisions of Section 12, in which case it shall mean the adjusted price
      in effect at such time; 

	  	  
	(g) 	
    “Expiry Time” means 5:00 p.m., Toronto
      time, on June 18, 2012, provided that if the closing price of the Common Shares on the TSX Venture
      Exchange (or such other stock exchange on which the Common Shares are
      listed and where a majority of trading volume occurs) equals or exceeds
      Cdn$0.75 for a period of ten consecutive Trading Days, the Company may,
      within five days of the last day of any such ten day period, notify the
      Holder of the early expiry of the Warrants (“Early Expiration Notice”) and
      thereafter, such Warrants will expire on the earlier of: (i) 3:30 p.m.,
      Toronto time, on the date which is twenty-one days after the date of the
      Early Expiration Notice; and (ii) 5:00 p.m., Toronto time, on June 18,
      2012; in which case the “Expiry Time” shall thereafter mean the time and
      date specified in such notice; 

	  	  
	(h) 	“Form of Transfer” means the form of
      transfer annexed hereto as Schedule “B”; 
	  	  
	(i) 	“Holder” means the registered holder of
      this Warrant; 
	  	  
	
      (j) 
	
      “person” means an individual, corporation,
      partnership, unincorporated syndicate, unincorporated organization, trust,
      trustee, executor, administrator, or other legal representative, or any
      group or combination thereof; 

	  	  
	(k) 	“Subscription Form” means the form of
      subscription annexed hereto as Schedule “A”; 
	  	  
	
      (l) 
	
      “this Warrant”, “Warrant”, “herein”,
      “hereby”, “hereof”, “hereto”, “hereunder” and
      similar expressions mean or refer to this Warrant certificate and any deed
      or instrument supplemental or ancillary hereto and any schedules hereto or
      thereto and not to any particular article, section, subsection, clause,
      subclause or other portion hereof or thereof; and 

	  	  
	(m) 	“Trading Day” means a day on which the
      TSX Venture Exchange is open for business. 
	  	  
	2. 	Expiry Time 

After the Expiry Time, all rights
under any Warrants evidenced hereby, in respect of which the right of
subscription and purchase herein provided for shall not theretofore have been
exercised, shall wholly cease and terminate and such Warrants shall be void and
of no value or effect. 

	3. 	
      Exercise Procedure

The Holder may exercise the right
of purchase herein provided for by surrendering or delivering to the Company
prior to the Expiry Time at its principal office: 

	(a) 	
      this Warrant, with the Subscription Form duly completed
      and executed by the Holder, or by its legal representative or attorney
      duly appointed by an instrument in writing in form and manner satisfactory
      to the Company; and

3 

	(b) 	
      cash or a certified cheque, money order or bank draft
      payable to or to the order of the Company in lawful money of Canada in an
      amount equal to the Exercise Price multiplied by the number of Common
      Shares for which subscription is being made.

Any Warrant and cash, certified
cheque, money order or bank draft referred to in the foregoing clauses (a) and
(b) shall be deemed to be surrendered only upon delivery thereof to the Company
at its principal office in the manner provided in Section 27 hereof. 

	4. 	
      Entitlement to Certificate

Upon such delivery and payment as
aforesaid, the Company shall cause to be issued to the Holder hereof the Common
Shares subscribed for not exceeding those which such Holder is entitled to
purchase pursuant to this Warrant and the Holder hereof shall become a
shareholder of the Company in respect of such Common Shares with effect from the
date of such delivery and payment and shall be entitled to delivery of a
certificate or certificates evidencing such Common Shares and the Company shall
cause such certificate or certificates to be mailed to the Holder hereof at the
address or addresses specified in such subscription within three (3) Business
Days of such delivery and payment. 

	5. 	
      Register of Warrant Holders and Transfer of
      Warrants

The Company shall cause a
register to be kept in which shall be entered the names and addresses of all
holders of the Warrants and the number of Warrants held by them. No transfer of
Warrants shall be valid unless made by the Holder or its executors,
administrators or other legal representatives or its attorney duly appointed by
an instrument in writing in form and execution satisfactory to the Company, upon
compliance with such reasonable requirements as the Company may prescribe,
including compliance with all applicable securities legislation, and recorded on
the register of holders of Warrants maintained by the Company, nor until stamp
or governmental or other charges arising by reason of such transfer have been
paid. The transferee of a Warrant shall, after a Form of Transfer in the form
attached hereto as Schedule “B”, is duly completed and the Warrant is lodged
with the Company and upon compliance with all other reasonable requirements of
the Company or law, be entitled to have its name entered on the register as the
owner of such Warrant, free from all equities or rights of set-off or
counterclaim between the Company and the transferor or any previous holder of
such Warrant, save in respect of equities of which the Company is required to
take notice by statute or by order of a court of competent jurisdiction. The
Company may treat the registered holder of any Warrant certificate as the
absolute owner of the Warrants represented thereby for all purposes, and the
Company shall not be affected by any notice or knowledge to the contrary except
where the Company is required to take notice by statute or by order of a court
of competent jurisdiction. 

	6. 	
      Partial Exercise

The Holder may subscribe for and
purchase a number of Common Shares less than the number the Holder is entitled
to purchase pursuant to this Warrant. In the event of any such subscription and
purchase prior to the Expiry Time, the Holder shall in addition be entitled to
receive, without charge, a new Warrant certificate in respect of the balance of
the Common Shares of which he was entitled to purchase pursuant to this
certificate and which were then not purchased. 

4 

	7. 	
      No Fractional Shares

Notwithstanding any adjustments
provided for in Section 12 hereof or otherwise, the Company shall not be
required, upon the exercise of any Warrants, to issue fractional Common Shares
in satisfaction of its obligations hereunder. Where a fractional Common Share
would, but for this Section 7, have been issued upon exercise of a Warrant, the
Company shall be entitled to round down to the nearest whole number of Common
Shares and no amount shall be paid to the Holder for any fractional Common
Shares not issued. 

	8. 	
      Not a Shareholder

Nothing in this certificate or in
the holding of the Warrants evidenced hereby shall be construed as conferring
upon the Holder any right or interest whatsoever as a shareholder of the
Company. 

	9. 	
      No Obligation to Purchase

Nothing herein contained or done
pursuant hereto shall obligate the Holder to purchase or pay for, or the Company
to issue, any Common Shares except those Common Shares in respect of which the
Holder shall have exercised its right to purchase hereunder in the manner
provided herein. 

	10. 	
      Ranking of Warrants

All Series 2010-I warrants shall
rank pari passu, notwithstanding the actual date of the issue thereof. 

	11. 	Covenants 
	 	 
	(a) 	The Company covenants and agrees that:
  

	 	(i) 	
      so long as any Warrants evidenced hereby remain
      outstanding, it shall reserve and there shall remain unissued out of its
      authorized capital a sufficient number of Common Shares to satisfy the
      right of purchase herein provided for should the Holder determine to
      exercise its rights in respect of all the Common Shares for the time being
      called for by such outstanding Warrants; and

	 	 	 
	 	(ii) 	
      all Common Shares which shall be issued upon the exercise
      of the right to purchase herein provided for, upon payment therefor of the
      amount at which such Common Shares may at the time be purchased pursuant
      to the provisions hereof, shall be issued as fully paid and non-assessable
      Common Shares and the holders thereof shall not be liable to the Company
      or to its creditors in respect thereof.

5 

	
      (b) 
	
      The Company shall make all requisite filings under the
      Securities Act (Ontario) and the regulations made thereunder
      including those necessary to remain a reporting issuer not in default of
      any requirement of such act and regulations. 

	  	  
	
      (c) 
	
      The Company shall use all commercially reasonable efforts
      to preserve and maintain its corporate existence. 

	  	  
	12. 	Adjustment to Exercise Price
  

The Exercise Price in effect at
any time is subject to adjustment from time to time in the events and in the
manner provided as follows: 

	(a) 	
      If and whenever at any time after the date hereof the
      Company:

	 	(i) 	
      issues Common Shares or securities exchangeable for or
      convertible into Common Shares to all or substantially all the holders of
      the Common Shares as a stock dividend; or

	 	 	 
	 	(ii) 	
      makes a distribution on its outstanding Common Shares
      payable in Common Shares or securities exchangeable for or convertible
      into Common Shares; or

	 	 	 
	 	(iii) 	
      subdivides its outstanding Common Shares into a greater
      number of shares; or

	 	 	 
	 	(iv) 	
      consolidates its outstanding Common Shares into a smaller
      number of shares;

	 	 	 
	 		
      (any of such events being called a “Common Share
      Reorganization”), then the Exercise Price will be adjusted effective
      immediately after the effective date or record date for the happening of a
      Common Share Reorganization, as the case may be, at which the holders of
      Common Shares are determined for the purpose of the Common Share
      Reorganization by multiplying the Exercise Price in effect immediately
      prior to such effective date or record date by a fraction, the numerator
      of which is the number of Common Shares outstanding on such effective date
      or record date before giving effect to such Common Share Reorganization
      and the denominator of which is the number of Common Shares outstanding
      immediately after giving effect to such Common Share Reorganization
      (including, in the case where securities exchangeable for or convertible
      into Common Shares are distributed, the number of Common Shares that would
      have been outstanding had all such securities been exchanged for or
      converted into Common Shares on such effective date or record
  date).

	(b) 	
      If and whenever at any time after the date hereof the
      Company fixes a record date for the issue of rights, options or warrants
      to the holders of all or substantially all of its outstanding Common
      Shares under which such holders are entitled to subscribe for or purchase
      Common Shares or securities exchangeable for or convertible into Common
      Shares, where:

	 	(i) 	
      the right to subscribe for or purchase Common Shares, or
      the right to exchange securities for or convert securities into Common
      Shares, expires not more than 45 days after the date of such issue (the period from the
      record date to the date of expiry being herein in this Section 12 called
      the “Rights Period”), and

6 

	 	(ii) 	
      the cost per Common Share during the Rights Period
      (inclusive of any cost of acquisition of securities exchangeable for or
      convertible into Common Shares in addition to any direct cost of Common
      Shares) (herein in this Section 12 called the “Per Share Cost”) is
      less than 95% of the Current Market Price of the Common Shares on the
      record date,

	 	 	 
	 		
      (any of such events being called a “Rights
      Offering”), then the Exercise Price will be adjusted effective
      immediately after the end of the Rights Period to a price determined by
      multiplying the Exercise Price in effect immediately prior to the end of
      the Rights Period by a fraction:

	 	(A) 	
      the numerator of which is the aggregate
  of:

	 	(1) 	
      the number of Common Shares outstanding as of the record
      date for the Rights Offering; and

	 	 	 
	 	(2) 	
      a number determined by dividing the product of the Per
      Share Cost and:

	 	(I) 	
      where the event giving rise to the application of this
      subsection 12(b) was the issue of rights, options or warrants to the
      holders of Common Shares under which such holders are entitled to
      subscribe for or purchase additional Common Shares, the number of Common
      Shares so subscribed for or purchased during the Rights Period,
  or

	 	 	 
	 	(II) 	
      where the event giving rise to the application of this
      subsection 12(b) was the issue of rights, options or warrants to the
      holders of Common Shares under which such holders are entitled to
      subscribe for or purchase securities exchangeable for or convertible into
      Common Shares, the number of Common Shares for which those securities so
      subscribed for or purchased during the Rights Period could have been
      exchanged or into which they could have been converted during the Rights
      Period,

by the Current Market Price of the
Common Shares as of the record date for the Rights Offering; and 

	 	(B) 	
      the denominator of which is:

	 	(1) 	
      in the case described in subparagraph 12(b)(A)(2)(I), the
      number of Common Shares outstanding, or

7 

	 	(2) 	
      in the case described in subparagraph 12(b)(A)(2)(II),
      the number of Common Shares that would be outstanding if all the Common
      Shares described in subparagraph 12(b)(A)(2)(II) had been
issued,

	 	 	 
	 		
      as at the end of the Rights
Period.

Any Common Shares owned by or held for
the account of the Company or any subsidiary or affiliate (as defined in the
Securities Act (Ontario)) of the Company will be deemed not to be
outstanding for the purpose of any such computation. 

If by the terms of the rights, options
or warrants referred to in this Section 12, there is more than one purchase,
conversion or exchange price per Common Share, the aggregate price of the total
number of additional Common Shares offered for subscription or purchase, or the
aggregate conversion or exchange price of the convertible securities so offered,
will be calculated for purposes of the adjustment on the basis of: 

	 	(I) 	
      the lowest purchase, conversion or exchange price per
      Common Share, as the case may be, if such price is applicable to all
      Common Shares which are subject to the rights, options or warrants,
    and

	 	 	 
	 	(II) 	
      the average purchase, conversion or exchange price per
      Common Share, as the case may be, if the applicable price is determined by
      reference to the number of Common Shares acquired.

To the extent that any adjustment in
the Exercise Price occurs pursuant to this Section 12 as a result of the fixing
by the Company of a record date for the distribution of rights, options or
warrants referred to in this Section 12, the Exercise Price will be readjusted
immediately after the expiration of any relevant exchange, conversion or
exercise right to the Exercise Price which would then be in effect based upon
the number of Common Shares actually issued and remaining issuable after such
expiration, and will be further readjusted in such manner upon expiration of any
further such right. 

If the Holder has exercised this
Warrant in accordance herewith during the period beginning immediately after the
record date for a Rights Offering and ending on the last day of the Rights
Period therefor, the Holder will, in addition to the Common Shares to which it
is otherwise entitled upon such exercise, be entitled to that number of
additional Common Shares equal to the result obtained when the Exercise Price in
effect immediately prior to the end of such Rights Offering pursuant to this
subsection is multiplied by the number of Common Shares received upon the
exercise of this Warrant during such period, and the resulting product is
divided by the Exercise Price as adjusted for such Rights Offering pursuant to
this subsection; provided that the provisions of Section 6 will be applicable to
any fractional interest in a Common Share to which such Holder might otherwise
be entitled. Such additional Common Shares will be deemed to have been issued to
the Holder immediately following the end of the Rights Period and a certificate for such additional Common Shares will be
      delivered to such Holder within ten (10) Business Days following the end
      of the Rights Period.

8 

	(c) 	
      If and whenever at any time after the date hereof the
      Company fixes a record date for the issue or the distribution to the
      holders of all or substantially all its Common Shares
of:

	 	(i) 	
      shares of the Company of any class other than Common
      Shares;

	 	 	 
	 	(ii) 	
      rights, options or warrants to acquire shares or
      securities exchangeable for or convertible into shares or property or
      other assets of the Company;

	 	 	 
	 	(iii) 	
      evidence of indebtedness; or

	 	 	 
	 	(iv) 	
      any property or other assets,

and if such issuance or distribution
does not constitute (A) a Common Share Reorganization, (B) a Rights Offering or
(C) the issue of rights, options or warrants to the holders of all or
substantially all of its outstanding Common Shares under which such holders are
entitled to subscribe for or purchase Common Shares or securities exchangeable
for or convertible into Common Shares, where: 

	 	(1) 	
      the right to subscribe for or purchase Common Shares, or
      the right to exchange securities for or convert securities into Common
      Shares, expires not more than 45 days after the date of such issue,
    and

	 	 	 
	 	(2) 	
      the cost per Common Share during the Rights Period,
      inclusive of the Per Share Cost, is 95% or more than the Current Market
      Price of the Common Shares on the record date

(any of such non-excluded events being
called a “Special Distribution”), the Exercise Price will be adjusted
effective immediately after such record date to a price determined by
multiplying the Exercise Price in effect on such record date by a fraction: 

	 	(A) 	
      the numerator of which is:

	 	(1) 	
      the product of the number of Common Shares outstanding on
      such record date and the Current Market Price of the Common Shares on such
      record date; less

	 	 	 
	 	(2) 	
      the aggregate fair market value (as determined by action
      by the directors of the Company, subject, however, to the prior written
      consent of the TSX Venture Exchange, where required) to the holders of the
      Common Shares of such securities or property or other assets so issued or
      distributed in the Special Distribution; and

9 

	 	(B) 	
      the denominator of which is the number of Common Shares
      outstanding on such record date multiplied by the Current Market Price of
      the Common Shares on such record date.

		
      Any Common Shares owned by or held for the account of the
      Company or any subsidiary or affiliate (as defined in the Securities
      Act (Ontario)) of the Company will be deemed not to be outstanding for
      the purpose of any such computation.

	 	 
	(d) 	
      If and whenever at any time after the date hereof there
      is a Common Share Reorganization, a Rights Offering, a Special
      Distribution, a reclassification or redesignation of the Common Shares
      outstanding at any time or change of the Common Shares into other shares
      or into other securities (other than a Common Share Reorganization), or a
      consolidation, amalgamation or merger of the Company with or into any
      other corporation or other entity (other than a consolidation,
      amalgamation or merger which does not result in any reclassification or
      redesignation of the outstanding Common Shares or a change of the Common
      Shares into other shares), or a transfer of the undertaking or assets of
      the Company as an entirety or substantially as an entirety to another
      corporation or other entity (any of such events being called a “Capital
      Reorganization”), the Holder, upon exercising this Warrant after the
      effective date of such Capital Reorganization, will be entitled to receive
      in lieu of the number of Common Shares to which such Holder was
      theretofore entitled upon such exercise, the aggregate number of shares,
      other securities or other property which such Holder would have been
      entitled to receive as a result of such Capital Reorganization if, on the
      effective date thereof, the Holder had been the registered holder of the
      number of Common Shares to which such Holder was theretofore entitled upon
      exercise of this Warrant. If determined appropriate by action of the
      directors of the Company, appropriate adjustments will be made as a result
      of any such Capital Reorganization in the application of the provisions
      set forth in this Section 12 with respect to the rights and interests
      thereafter of the Holder to the end that the provisions set forth in this
      Section 12 will thereafter correspondingly be made applicable as nearly as
      may reasonably be possible in relation to any shares, other securities or
      other property thereafter deliverable upon the exercise hereof. Any such
      adjustment must be made by and set forth in an amendment to this Warrant
      approved by action by the directors of the Company and will for all
      purposes be conclusively deemed to be an appropriate adjustment.

	 	 
	(e) 	
      If at any time after the date hereof and prior to the
      Expiry Time any adjustment in the Exercise Price shall occur as a result
      of:

	 	(i) 	
      an event referred to in subsection 12(a);

	 	 	 
	 	(ii) 	
      the fixing by the Company of a record date for an event
      referred to in subsection 12(b); or

	 	 	 
	 	(iii) 	
      the fixing by the Company of a record date for an event
      referred to in subsection 12(c) if such event constitutes the issue or
      distribution to the holders of all or substantially all of its outstanding
      Common Shares of (A) Equity Shares, or (B) securities exchangeable for or
      convertible into Equity Shares at an exchange or conversion price per Equity Shares less than the Current Market
Price on such record date or (C) rights, options or warrants to acquire Equity
Shares at an exercise, exchange or conversion price per Equity Share less than
the Current Market Price on such record date, 

10 

then, where required, the number of
Common Shares purchasable upon the subsequent exercise of this Warrant shall be
simultaneously adjusted by multiplying the number of Common Shares purchasable
upon the exercise of this Warrant immediately prior to such adjustment by a
fraction which shall be the reciprocal of the fraction employed in the
adjustment of the Exercise Price. To the extent any adjustment in subscription
rights occurs pursuant to this subsection 12(e) as a result of a distribution of
exchangeable or convertible securities other than Equity Shares referred to in
subsection 12(a) or as a result of the fixing by the Company of a record date
for the distribution of rights, options or warrants referred to in subsection
12(b), the number of Common Shares purchasable upon exercise of this Warrant
shall be readjusted immediately after the expiration of any relevant exchange,
conversion or exercise right to the number of Common Shares which would be
purchasable based upon the number of Common Shares actually issued and remaining
issuable immediately after such expiration, and shall be further readjusted in
such manner upon expiration of any further such right. To the extent that any
adjustment in subscription rights occurs pursuant to this subsection 12(e) as a
result of the fixing by the Company of a record date for the distribution of
exchangeable or convertible securities other than Equity Shares or rights,
options or warrants referred to in subsection 12(c), the number of Common Shares
purchasable upon exercise of this Warrant shall be readjusted immediately after
the expiration of any relevant exchange, conversion or exercise right to the
number of Common Shares which would be purchasable pursuant to this subsection
12(e) if the fair market value of such securities or such rights, options or
warrants had been determined for purposes of the adjustment pursuant to this
subsection 12(e) on the basis of the number of Equity Shares issued and
remaining issuable immediately after such expiration, and shall be further
readjusted in such manner upon expiration of any further such right. 

	13. 	Rules Regarding Calculation of Adjustment of
      Exercise Price 
	  	  
	
      (a) 
	
      The adjustments provided for in Section 12 are cumulative
      and will, in the case of adjustments to the Exercise Price, be computed to
      the nearest one-tenth of one cent and will be made successively whenever
      an event referred to therein occurs, subject to the following subsections
      of this Section 13. 

	  	  
	
      (b) 
	
      No adjustment in the Exercise Price is required to be
      made unless such adjustment would result in a change of at least 1% in the
      prevailing Exercise Price; provided, however, that any adjustments which,
      except for the provisions of this subsection, would otherwise have been
      required to be made, will be carried forward and taken into account in any
      subsequent adjustments. 

	  	  
	
      (c) 
	
      No adjustment in the Exercise Price will be made in
      respect of any event described in Section 12, other than the events
      referred to in clauses 12(a)(iii) and (iv), if the Holder is entitled to participate in such event on the same terms,
      mutatis mutandis, as if the Holder had exercised this Warrant prior
      to or on the effective date or record date of such event.

11 

	(d) 	
      No adjustment in the Exercise Price will be made under
      Section 12 in respect of the issue from time to time of Common Shares
      issuable from time to time as dividends paid in the ordinary course to
      holders of Common Shares who exercise an option or election to receive
      substantially equivalent dividends in Common Shares in lieu of receiving a
      cash dividend, and any such issue will be deemed not to be a Common Share
      Reorganization.

	 	 
	(e) 	
      If at any time a dispute arises with respect to
      adjustments provided for in Section 12, such dispute will be conclusively
      determined by such firm of independent chartered accountants as may be
      selected by action by the directors of the Company and any such
      determination, where required, will be binding upon the Company, the
      Holder and shareholders of the Company. The Company will provide such
      accountants with access to all necessary records of the Company.

	 	 
	(f) 	
      In case the Company after the date of issuance of this
      Warrant takes any action affecting the Common Shares, other than action
      described in Section 12, which in the opinion of the board of directors of
      the Company would materially affect the rights of the Holder, the Exercise
      Price will be adjusted in such manner, if any, and at such time, by action
      by the directors of the Company but subject in all cases to the prior
      written consent of the TSX Venture Exchange, where required, and any
      necessary regulatory approval.

	 	 
	(g) 	
      If the Company sets a record date to determine the
      holders of the Common Shares for the purpose of entitling them to receive
      any dividend or distribution or sets a record date to take any other
      action and, thereafter and before the distribution to such shareholders of
      any such dividend or distribution or the taking of any other action,
      decides not to implement its plan to pay or deliver such dividend or
      distribution or take such other action, then no adjustment in the Exercise
      Price will be required by reason of the setting of such record
  date.

	 	 
	(h) 	
      In the absence of a resolution of the directors of the
      Company fixing a record date for a Special Distribution or Rights
      Offering, the Company will be deemed to have fixed as the record date
      therefor the date on which the Special Distribution or Rights Offering is
      effected.

	 	 
	(i) 	
      As a condition precedent to the taking of any action
      which would require any adjustment to this Warrant, including the Exercise
      Price, the Company must take any corporate action which may be necessary
      in order that the Company have unissued and reserved in its authorized
      capital and may validly and legally issue as fully paid and non-assessable
      all the Common Shares or other securities which the Holder is entitled to
      receive on the full exercise thereof in accordance with the provisions
      hereof.

	 	 
	(j) 	
      The Company will from time to time, immediately after the
      occurrence of any event which requires an adjustment or readjustment as
      provided in Section 12, forthwith give notice to the Holder specifying the
      event requiring such adjustment or readjustment and the results thereof,
      including the resulting Exercise Price.

12 

	
      (k) 
	
      The Company covenants to and in favour of the Holder that
      so long as this Warrant remains outstanding, it will give notice to the
      Holder of its intention to fix a record date for any event referred to in
      subsections 12(a), (b) or (c) (other than the subdivision or consolidation
      of the Common Shares) which may give rise to an adjustment in the Exercise
      Price, and, in each case, such notice must specify the particulars of such
      event and the record date and the effective date for such event; provided
      that the Company is only required to specify in such notice such
      particulars of such event as have been fixed and determined on the date on
      which such notice is given. Such notice shall be given not less than 14
      days prior to each such applicable record date or effective date.
  

	  	  
	14. 	Consolidation and Amalgamation 
	  	  
	
      (a) 
	
      The Company shall not enter into any transaction whereby
      all or substantially all of its undertakings, property and assets would
      become the property of any other corporation (herein called a “successor
      corporation”) whether by way of reorganization, reconstruction,
      consolidation, amalgamation, merger, transfer, sale, disposition or
      otherwise, unless prior to or contemporaneously with the consummation of
      such transaction the Company and the successor corporation shall have
      executed such instruments and done such things as are necessary or
      advisable to establish that upon the consummation of such transaction:
    

	 	(i) 	
      the successor corporation will have assumed all the
      covenants and obligations of the Company under this Warrant; and

	 	 	 
	 	(ii) 	
      the Warrant will be a valid and binding obligation of the
      successor corporation entitling the Holder, as against the successor
      corporation, to all the rights of the Holder under this
  Warrant.

	(b) 	
      Whenever the conditions of subsection 14(a) shall have
      been duly observed and performed the successor corporation shall possess,
      and from time to time may exercise, each and every right and power of the
      Company under this Warrant in the name of the Company or otherwise and any
      act or proceeding by any provision hereof required to be done or performed
      by any director or officer of the Company may be done and performed with
      like force and effect by the like directors or officers of the successor
      corporation.

	 	 
	15. 	
      Representation and
Warranty

The Company hereby represents and
warrants with and to the Holder that the Company is duly authorized and has the
corporate and lawful power and authority to create and issue this Warrant and
the Common Shares issuable upon the exercise hereof and perform its obligations
hereunder and that this Warrant represents a valid, legal and binding obligation
of the Company enforceable in accordance with its terms. 

	16. 	
      If Share Transfer Books
Closed

The Company shall not be required
to deliver certificates for Common Shares while the share transfer books of the
Company are properly closed, prior to any meeting of shareholders or for the
payment of dividends or for any other purpose and in the event of the surrender
of any Warrant in accordance with the provisions hereof and the making
of any subscription and payment for the Common Shares called for thereby during
any such period delivery of certificates for Common Shares may be postponed for
a period not exceeding five (5) Business Days after the date of the re-opening
of said share transfer books. Provided however that any such postponement of
delivery of certificates shall be without prejudice to the right of the Holder,
if the Holder has surrendered the same and made payment during such period, to
receive such certificates for the Common Shares called for after the share
transfer books have been reopened. 

13 

	17. 	
      Protection of Shareholders, Officers and
      Directors

Subject as herein provided, all
or any of the rights conferred upon the Holder may be enforced by the Holder by
appropriate legal proceedings. No recourse under or upon any obligation,
covenant or agreement herein contained or in any of the Warrants represented
hereby shall be taken against any shareholder, officer or director of the
Company, either directly or through the Company, it being expressly agreed and
declared that the obligations under the Warrants evidenced hereby are solely
corporate obligations of the Company and that no personal liability whatever
shall attach to or be incurred by the shareholders, officers, or directors of
the Company or any of them in respect thereof, any and all rights and claims
against every such shareholder, officer or director being hereby expressly
waived as a condition of and as a consideration for the issue of the Warrants
evidenced hereby. 

	18. 	
      Lost Certificate

If the Warrant certificate
evidencing the Warrants issued hereby becomes stolen, lost, mutilated or
destroyed the Company may, on such terms, as it may in its discretion impose,
respectively issue and countersign a new warrant of like denomination, tenor and
date as the certificate so stolen, lost mutilated or destroyed. 

	19. 	
      Governing Law

This Warrant shall be governed
by, and construed in accordance with, the laws of the Province of Ontario and
the federal laws of Canada applicable therein but the reference to such laws
shall not, by conflict of laws rules or otherwise, require the application of
the law of any jurisdiction other than the Province of Ontario. The parties
hereto hereby irrevocably attorn to the non-exclusive jurisdiction of the Courts
of the Province of Ontario.

	20. 	
      Severability

If any one or more of the
provisions or parts thereof contained in this Warrant should be or become
invalid, illegal or unenforceable in any respect in any jurisdiction, the
remaining provisions or parts thereof contained herein shall be and shall be
conclusively deemed to be, as to such jurisdiction, severable therefrom and:

	 	(i) 	
      the validity, legality or enforceability of such
      remaining provisions or parts thereof shall not in any way be affected or
      impaired by the severance of the provisions or parts thereof severed;
      and

14 

	 	(ii) 	
      the invalidity, illegality or unenforceability of any
      provision or part thereof contained in this Warrant in any jurisdiction
      shall not affect or impair such provision or part thereof or any other
      provisions of this Warrant in any other
jurisdiction.

	21. 	
      Headings

The headings of the articles,
sections, subsections and clauses of this Warrant have been inserted for
convenience and reference only and do not define, limit, alter or enlarge the
meaning of any provision of this Warrant. 

	22. 	
      Numbering of Articles,
etc.

Unless otherwise stated, a
reference herein to a numbered or lettered article, section, subsection, clause, subclause or schedule refers to the article, section, subsection, clause,
subclause or schedule bearing that number or letter in this Warrant. 

	23. 	
      Gender

Whenever used in this Warrant,
words importing the singular number only shall include the plural, and vice
versa, and words importing the masculine gender shall include the feminine
gender. 

	24. 	
      Day not a Business Day

In the event that any day on or
before which any action is required to be taken hereunder is not a Business Day,
then such action shall be required to be taken on or before the requisite time
on the next succeeding day that is a Business Day. If the payment of any amount
is deferred for any period, then such period shall be included for purposes of
the computation of any interest payable hereunder. 

	25. 	
      Computation of Time Period

Except to the extent otherwise
provided herein, in the computation of a period of time from a specified date to
a later specified date, the word “from” means “from and including” and the words
“to” and “until” each mean “to but excluding”. 

	26. 	
      Binding Effect

This Warrant and all of its
provisions shall enure to the benefit of the Holder and his heirs, executors,
administrators, legal personal representatives, permitted assigns and successors
and shall be binding upon the Company and its successors and permitted assigns.

15 

	27. 	
      Notice

Any notice, document or
communication required or permitted by this Warrant to be given by a party
hereto shall be in writing and is sufficiently given if delivered personally, or
if sent by prepaid registered mail, or if transmitted by any form of recorded
telecommunication tested prior to transmission, to such party addressed as
follows: 

	 	(i) 	
      to the Holder, in the register to be maintained pursuant
      to Section 5 hereof; and

	 	 	 
	 	(ii) 	
      to the Company at:

	 	 	 
	 		
      50 Richmond Street East 
Suite 101 
Toronto
    ON

	 		
      M5C 1N7

	 	 	 
	 		
      Attention: David Q. Tognoni

	 	 	 
	 		
      Telefacsimile: (416) 848-0790

Notice so mailed shall be deemed
to have been given on the fifth (5th) Business Day after deposit in a
post office or public letter box. Neither party shall mail any notice, request
or other communication hereunder during any period in which applicable postal
workers are on strike or if such strike is imminent and may reasonably be
anticipated to affect the normal delivery of mail. Notice transmitted by a form
of recorded telecommunication or delivered personally shall be deemed given on
the day of transmission or personal delivery, as the case may be. Any party may
from time to time notify the other in the manner provided herein of any change
of address which thereafter, until change by like notice, shall be the address
of such party for all purposes hereof. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

16 

	28. 	
      Time of Essence

Time shall be of the essence hereof. 

IN WITNESS WHEREOF the
Company has caused this Warrant Certificate to be signed by its duly authorized
officer as of this ________ day of June, 2010. 

	BE RESOURCES INC. 
	 
	Per:                                                           
      
	        Authorized
      Signing Officer 

17 

SCHEDULE “A” 

SUBSCRIPTION FORM 

	TO: 	BE RESOURCES INC. 
	  	50 Richmond Street East 
	  	Suite 101, 
	  	Toronto ON 
	  	M5C 1N7 

The undersigned holder of the
within Warrant certificate hereby irrevocably subscribes for __________ Common
Shares of BE Resources Inc. (the “Company”) pursuant to the within
Warrant certificate at the Exercise Price per share specified in the said
Warrant certificate and encloses herewith cash or a certified cheque, money
order or bank draft payable to the order of the Company in payment of the
subscription price therefor. Capitalized terms used herein have the meanings set
forth in the within Warrant certificate. 

The capitalized terms used herein
have the meanings set forth on Appendix “A” to this Subscription Form. In
connection with the exercise of the Warrant Certificate, the undersigned
represents as follows: (Please check the ONE box applicable): 

	 [   ]	1. 	
      The undersigned hereby certifies that (i) it was the
      original purchaser in the Company’s private placement of the securities in
      which the Warrants were issued, (ii) it is an Accredited Investor and
      (iii) the representations and warranties made to the Company in connection
      with the acquisition of the securities remain true and correct on the date
      of this Subscription Form; or

	 	 	 
	 [   ]	2. 	
      The undersigned is delivering a written opinion of U.S.
      Counsel to the effect that the Warrants and the Common Shares to be
      delivered upon exercise hereof have been registered under the United
      States Securities Act of 1933 as amended (the “US Securities Act”)
      or are exempt from registration thereunder.

The undersigned holder understands that the certificate
representing the Common Shares issued upon exercise of this Warrant will bear
the following, or a substantially equivalent restrictive legend:

“THE SECURITIES REPRESENTED HEREBY AND ANY SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE SECURITIES MAY BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO BE RESOURCES INC. (THE
“COMPANY”), (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A
THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (E) IN A
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY
APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE,
FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION,
IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
SECURITIES ACT.” 

1 

provided, that if any such Securities are being sold in
compliance with the requirements of Rule 904 of Regulation S under the U.S.
Securities Act and in compliance with Canadian local laws and regulations, the
legend may be removed by providing a declaration to the Company’s registrar and
transfer agent and the Company in the form attached hereto as Appendix “B” (or
as the Company may prescribe from time to time); and provided, further, that, if
any such Securities are being sold pursuant to Rule 144 of the U.S. Securities
Act or a transaction that does not require registration under the U.S.
Securities Act or applicable state securities laws, the legend may be removed by
delivery to the registrar and transfer agent of the Company of an opinion of
counsel, of recognized standing reasonably satisfactory to the Company, to the
effect that such legend is no longer required under applicable requirements of
the U.S. Securities Act or applicable state securities laws; 

The undersigned hereby
acknowledges that the following legend will be placed on the certificates
representing the Common Shares being acquired if the Warrants are exercised
prior to October 19, 2010: 

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
OCTOBER 19, 2010.” 

DATED this ______ day of
___________ , 20____. 

	NAME: __________________________
	 
	Signature: __________________________
	  
	  
	Address:
__________________________

If any Warrants represented by
this certificate are not being exercised, a new Warrant certificate will be
issued and delivered with the Common Share certificates. 

2 

Appendix “A” to Subscription Form 

DEFINITIONS 

The following terms used in the
Subscription Form shall have the following meanings: 

“Accredited Investor” means “accredited investor” as
that term is defined in Rule 501(a) of Regulation D; 

“Foreign Issuer” means “foreign issuer” as that term is
defined in Regulation S; 

“Foreign Reporting Issuer” means a Foreign Issuer that
is a “reporting issuer” as that term is defined in Regulation S; 

“Off-Shore Transaction” means “off-shore transaction” as
that term is defined in Regulation S; 

“Regulation D” means Regulation D of the U.S. Securities
Act; 

“Regulation S” means Regulation S of the U.S. Securities
Act; 

“Substantial U.S. Market Interest” means “substantial
U.S. market interest” as that term is defined in Regulation S; 

“United States” means United States as that term is
defined in Regulation S; 

“U.S. Person” means U.S. Person as that term is defined
in Regulation S; and 

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

Appendix “B” to Subscription Form 

DECLARATION FOR REMOVAL OF LEGEND 

	To: 	The registrar and transfer agent for the
      Common Shares of BE Resources Inc. (the “Company”)

The undersigned (A) acknowledges that the sale of
_________________ , represented by certificate number ________________ , to
which this declaration relates, has been made in reliance on Rule 904 of
Regulation S under the United States Securities Act of 1933, as amended (the
“1933 Act”), and (B) certifies that (1) the undersigned is not an
“affiliate” (as defined in Rule 405 under the 1933 Act) of the Company; (2) the
offer of such securities was not made to a person in the United States and
either (a) at the time the buy order was originated, the buyer was outside the
United States, or the seller and any person acting on its behalf reasonably
believe that the buyer was outside the United States, or (b) the transaction was
or is being executed in, on or through the facilities of the Toronto Stock
Exchange, and neither the seller nor any person acting on its behalf knows that
the transaction was prearranged with a buyer in the United States; (3) neither
the seller nor any affiliate of the seller nor any person acting on any of their
behalf has engaged or will engage in any directed selling efforts in connection
with the offer and sale of such securities; (4) the sale is bona fide and
not for the purpose of “washing off” the resale restrictions imposed because the
securities are “restricted securities” (as such term is defined in Rule
144(a)(3) under the 1933 Act); (5) the seller does not intend to replace such
securities with fungible unrestricted securities; and (6) the contemplated sale
is not a transaction, or part of a series of transactions which, although in
technical compliance with Regulation S under the 1933 Act, is part of a plan or
scheme to evade the registration provisions of the 1933 Act. Terms used herein
have the meanings given to them by Regulation S under the 1933 Act. 

	By: ________________________________	Date: ________________________________
	       Signature 	  
	  	  
	Name (please print) ________________________________	  

SCHEDULE “B” 

FORM OF TRANSFER 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto (name) ________________________ (the
“Transferee”), of  ________________________ (residential
address)  ________________________ Warrants of BE Resources Inc. (the
“Company”) registered in the name of the undersigned on the records of
the Company represented by the within certificate, and irrevocably appoints the
Secretary of the Company as the attorney of the undersigned to transfer the said
securities on the books or register of transfer, with full power of
substitution. 

DATED the _____day of _______, 20__. 

	________________________  	_____________________________________  
	Signature Guaranteed 	(Signature of Warrant Holder, to be the same as
    
	  	appears on the face of this Warrant
      Certificate) 

- 3 -

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