Document:

Exhibit
10.3

 

APN
#: See Attached

 

Recorded
at the request of, and

when
recorded, return to:

 

Barrick
Gold of North America Inc.

310
S. Main Street, Suite 1150

Salt
Lake City, Utah 84101

Attention:
Orson Tingey

 

With
a copy to:

 

Barrick
Gold of North America Inc.

310
S. Main Street, Suite 1150

Salt
Lake City, Utah 84101

Attention:
Kari Herron

 

Mail
Tax Statement to: N/A

 

Space
above for County Recorder’s Use

 

Affirmation
Statement: The undersigned affirms that this document does not contain any social security numbers or other personal information
of any person (per NRS 239B.030).

 

INDEMNITY
DEED

 

THIS
INDEMNITY DEED is made and entered into as of this 26th day of October 2020 (the “Effective Date”),
by and among Homestake Mining Company of California, a California corporation (“Homestake”) and Lac Minerals
(USA) LLC, a Delaware limited liability company ( “Lac Minerals” and together with Homestake, the “Indemnitees”);
and Bullfrog Gold Corp., a Delaware corporation (the “Indemnitor”) and Bullfrog Mines LLC, a Delaware limited
liability company (the “Company”). Homestake shall act as the “Administrative Agent” for
the Indemnitees under this Deed. Homestake, Lac Minerals, Indemnitor and Company sometimes may be referred to in this Deed individually
as a “Party,” and collectively as the “Parties.”

 

RECITALS

 

A.
Pursuant to a Membership Interest Purchase Agreement dated as of October 9, 2020 (the “MIPA”), the Indemnitor
purchased from the Indemnitees all of the outstanding equity interests in the Company. The Company is the owner or, as applicable,
the holder, of the Property Rights (as defined herein) and the Operating Permits (as defined herein).

 

    	 	 	 

     

    

 

B.
The Indemnitor has agreed: (i) to conduct, or have conducted, Mining Operations (as defined herein) at the Mine (as defined herein)
in accordance with Mining Industry Best Practices (as defined herein) and the Operating Parameters (as defined herein) and (ii)
to indemnify, defend and hold harmless the Indemnified Parties (as defined herein) from and against any and all Claims (as defined
herein) and Losses (as defined herein) arising directly or indirectly from the conduct of Mining Operations at the Mine, all upon
the terms and subject to the conditions set forth in this Deed.

 

C.
The Indemnitees will realize benefits and economic advantages arising from the conduct of Mining Operations at the Mine.

 

AGREEMENT

 

NOW,
THEREFORE, for and in consideration of the mutual promises and covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which hereby are acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

 

Article
I.

DEFINITIONS

 

1.1
Certain Defined Terms. For purposes of this Deed, except where the context otherwise requires, the following capitalized
terms have the following meanings:

 

“Administrative
Agent” has the meaning set forth in the Preamble.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one of more intermediaries, controls,
is controlled by, or is under common control with, such Person. For purposes of this definition, “control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise.

 

“Backfill
Parameters” has the meaning set forth in Section 2.2(b)(iv).

 

“BLM”
means the United States Department of the Interior Bureau of Land Management.

 

“Business
Day” means from the hours of 9:00 a.m. (Eastern Time) through 5:00 p.m. (Eastern Time) of any day except Saturday, Sunday
or any other day on which commercial banks located in Vancouver, British Columbia, Toronto, Ontario or Denver, Colorado are closed
for business.

 

“Claim”
means any action, arbitration, cause of action, claim, counterclaim, demand, dispute, grievance, mediation, injunction, investigation,
notice of violation, obligation, order, stay, suit or other proceeding.

 

    	 	2	 

     

    

 

“Commercial
Production” means the day on which Mining Operations at the Mine are capable of and have achieved a rate through the
processing plant of the Mine in tons per day that is at least 90% of the design capacity of the processing plant with at least
90% of design recovery being achieved for a period of 30 consecutive days within a three month period.

 

“Company”
has the meaning set forth in the Preamble.

 

“Corporate
Reorganization” has the meaning set forth in Section 3.1(a).

 

“Cure
Period” has the meaning set forth in Section 2.5(a).

 

“Deed”
means this Indemnity Deed and any exhibits, schedules and addenda referenced herein or attached hereto, as the same may be amended
or modified from time to time as set forth herein.

 

“Default
Cure Plan” has the meaning set forth in Section 2.5(a).

 

“Effective
Date” has the meaning set forth in the Preamble.

 

“Environmental
Law” means all applicable Laws relating to the protection of human health and safety, the environmental or hazardous
or toxic substances or wastes, pollutants or contaminants (including Hazardous Materials).

 

“Event
of Default” has the meaning set forth in Section 2.5.

 

“Governmental
Authority” means: (a) any domestic or foreign government, whether national, federal, provincial, state, territorial,
municipal or local (whether administrative, legislative, executive or otherwise); (b) any agency, authority, ministry, department,
regulatory body, court, central bank, bureau, board or other instrumentality having legislative, judicial, taxing, regulatory,
prosecutorial or administrative powers or functions of, or pertaining to, government; (c) any court, commission, individual arbitrator,
arbitration panel or other body having adjudicative, regulatory, judicial, quasi-judicial, administrative or similar functions;
or (d) any other body or entity created under the authority of or otherwise subject to the jurisdiction of any of the foregoing,
including any stock or other securities exchange or professional association.

 

“Governmental
Filings” has the meaning set forth in Section 2.1(c).

 

“Hazardous
Material” means any pollutant, contaminant, constituent, chemical, mixture, raw material, intermediate product, finished
product or by-product, hydrocarbon or any fraction thereof, or industrial, solid, toxic, radioactive, infectious, disease-causing
or hazardous substance, material, waste or agent, including all substances, materials, or wastes, the presence and amount of which
is regulated by any Governmental Authority under any Environmental Law, or which may threaten life, health or property or adversely
affect the environment.

 

“Homestake”
has the meaning set forth in the Preamble.

 

    	 	3	 

     

    

 

“Indemnifiable
Claim” has the meaning set forth in Section 4.1(b).

 

“Indemnification
Obligations” has the meaning set forth in Section 4.1(a).

 

“Indemnification
Period” has the meaning set forth in Section 4.1(b).

 

“Indemnified
Parties” means the Indemnitees and their Affiliates (including Homestake in its capacity as Administrative Agent), and
their respective members, shareholders, directors, officers and employees, and “Indemnified Party” means any
one of them.

 

“Indemnitee
Regulatory Rights” has the meaning set forth in Section 2.4(b).

 

“Indemnitees”
has the meaning set forth in the Preamble.

 

“Indemnitor”
has the meaning set forth in the Preamble.

 

“Indemnitor
Parties” means, collectively, the Indemnitor, the Company and their respective Affiliates and “Indemnitor Party”
means any one of them; provided that, for the avoidance of doubt, Augusta Investments Inc., a shareholder in Indemnitor,
shall not be deemed to be an Indemnitor Party unless and until it merges, consolidates or amalgamates with or into, or otherwise
becomes a successor to Indemnitor, the Company or any of their respective Affiliates, or acquires, directly or indirectly, all
or substantially all of the assets of the Company.

 

“Inspection
Right” has the meaning set forth in Section 2.4(a).

 

“Lac
Minerals” has the meaning set forth in the Preamble.

 

“Laws”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, formal interpretation,
or other requirement or rule of law of any Governmental Authority.

 

“Loss”
means, in respect of any matter, all claims, demands, proceedings, losses, damages, liabilities, deficiencies, fines, costs and
expenses (including reasonable legal and other professional fees and disbursements, interest, penalties and amounts paid in settlement
but excluding punitive, exemplary, aggravated damages, lost opportunity damages and loss of profits), injuries and judgments arising
directly or indirectly as a consequence of such matter.

 

“Mine”
means the area, including the TSF, within the circumambient boundaries of the Mining Claims, commonly known as the Bullfrog mine,
as depicted on the Mine Map.

 

“Mine
Map” means the map as of the Effective Date, attached as Exhibit B, and includes the descriptions of the Mining
Claims.

 

    	 	4	 

     

    

 

“Mining
Claims” means the patented mining claims, unpatented lode and placer claims, and the millsites set forth in Parts
I and II of Exhibit A to this Deed, together with any appurtenant rights.

 

“Mining
Industry Best Practices” means the best practices; methods; specifications; licensing requirements; standards of care,
skill, diligence, safety and performance; environmental health and safety standards (including the use of certified or third party
verified environmental management systems and adherence to the Canadian Dam Association guidelines and the TSM Guiding Principles
of the Mining Association of Canada, or such other established industry standards as may be agreed in writing by the Parties from
time to time); and acts generally engaged in or observed by recognized and experienced international mining companies, as in effect
from time to time for Mining Operations, which are consistent with good judgment, reliability, and safety, all in compliance with
applicable Permits (including Operating Permits) and applicable Laws.

 

“Mining
Operations” means any mining, extracting, producing, handling, milling, leaching, beneficiation or other processing
of ores; activities directed toward ascertaining the existence, location, quantity, quality or commercial value of mineral deposits,
including drilling required after discovery of potentially commercial mineralization; any preparation for the removal and recovery
of minerals, in-fill drilling, preparation of order of magnitude studies, pre-feasibility studies, feasibility studies, pre-production
stripping, stripping and the construction or installation of any mill, leach facilities, or any other improvements to be used
for the mining, extracting, producing, handling, milling, leaching, beneficiation or other processing of ores; actions performed
during or after the foregoing to comply with the requirements of all Environmental Laws or contractual commitments related to
reclamation of the Mining Claims or other compliance with Environmental Laws; and the attendant reclamation and remediation and
closure upon completion of the foregoing, including obligations or responsibilities that are reasonably expected to or actually
continue or arise, such as, without limitation, future monitoring, management, treatment or stabilization.

 

“MIPA”
has the meaning set forth in Recital A.

 

“NDEP”
means the Nevada Department of Environmental Protection.

 

“Notice
of Claim” has he meaning set forth in Section 4.3(a).

 

“Operating
Parameters” has the meaning set forth in Section 2.2(b).

 

“Operating
Permits” means the Permits set forth in Exhibit C.

 

“Operating
Records” has the meaning set forth in Section 2.1(b).

 

“Operational
Default” has the meaning set forth in Section 2.5(a).

 

“Parties”
has the meaning set forth in in the Preamble.

 

“Party”
has the meaning set forth in the Preamble.

 

    	 	5	 

     

    

 

“Permit
Modification Notice” has the meaning set forth in Section 2.3.

 

“Permit
Modifications” has the meaning set forth in Section 2.3.

 

“Permits”
means any permit, license, approval, consent, ruling, authorization, certification, concession, exemption, variance, notification,
waiver, clearance or registration by or with a Governmental Authority or other third parties in connection with the Mine, including
Mining Operations and the Operating Parameters.

 

“Person”
means any individual, corporation or company with or without share capital, partnership, joint venture, association, trust, unincorporated
organization, trustee, executor, administrator or other legal personal representative, Governmental Authority or entity however
designated or constituted.

 

“Property
Rights” means the Mining Claims, the rights-of-way set forth in Part III of Exhibit A to this Deed, and
the water rights set forth in Part IV of Exhibit A to this Deed.

 

“Release”
means any spill, discharge, leak, emission, injection, escape, dumping, leaching, dispersal, disposal, emanation, migration or
release of any Hazardous Materials into the environment, including abandonment or discard of barrels, containers, tanks or other
receptacles containing or previously containing any Hazardous Materials, or the recycling of Hazardous Materials.

 

“Transfer”
means to, directly or indirectly, sell, transfer, assign, convey, dispose or otherwise grant a right, title or interest (including
a joint venture interest or an expropriation or other transfer required or imposed by Law or any Governmental Authority, whether
voluntary or involuntary), or to abandon, surrender or otherwise relinquish a right, title or interest.

 

“Trust
Deed” means the deed of trust in the form attached as Exhibit D.

 

“TSF”
means the tailings storage facility for the Mine as of the Effective Date, identified as such on the Mine Map.

 

“Waste
Rock Encapsulation” has the meaning set forth in Section 2.2(b)(ii).

 

1.2
Rules of Construction.

 

(a)
In this Deed:

 

(i)
unless the context otherwise clearly requires, (A) references to the plural include the singular, and references to the singular
include the plural, (B) references to one gender include the other gender, (C) the words “include,” “includes,”
and “including” do not limit the preceding terms or words and shall be deemed to be followed by the words “without
limitation,” (D) the terms “hereof,” “herein,” “hereunder,” “hereto,” and
similar terms refer to this entire Deed and not to any particular provision of this Deed, unless the provision otherwise provides,
(E) “or” is used in the inclusive sense of “and/or,” (F) if a word or phrase is defined, then its other
grammatical or derivative forms have a corresponding meaning; (G) a reference to Law or a statute, code, act, legislation, or
to a provision thereof includes a modification, amendment, or substitution thereof or any successor Law, the rules and regulations
promulgated thereunder, and the formal interpretations issued in accordance therewith; and (H) unless otherwise specified, the
terms “day” and “days” mean and refer to calendar day(s);

 

    	 	6	 

     

    

 

(ii)
unless otherwise specified, any reference to any document, instrument or agreement (including a reference to this Deed) (A) includes
and incorporates all exhibits, schedules, and other attachments thereto, (B) includes and incorporates all documents, instruments,
deeds, or agreements issued or executed in connection therewith or in replacement thereof, and (C) means such document, instrument,
deed, or agreement, or replacement or predecessor thereto, as amended, modified, or supplemented from time to time in accordance
with its terms and in effect at any given time (except to the extent prohibited by this Deed or such other agreement or document);

 

(iii)
unless otherwise specified, all references to articles, sections, schedules and exhibits are to the Articles, Sections, Schedules,
and Exhibits of this Deed; and

 

(iv)
the headings of this Deed are for reference purposes only and shall not affect in any way the meaning or interpretation of this
Deed.

 

(b)
The Parties acknowledge that they and their respective legal counsel have reviewed and participated in negotiating and settling
the terms of this Deed and agree that no inference shall be drawn in favor of or against any Party by virtue of the fact that
they or their respective legal counsel were or were not principally responsible for drafting this Deed.

 

Article
II.

MINING
OPERATIONS

 

2.1
Indemnitor Responsibilities.

 

(a)
The Indemnitor Parties are solely responsible and liable for all Mining Operations at the Mine, and an Indemnitor Party shall
at all times be the operator under applicable Laws. No Indemnified Party is, or shall be considered to be, an operator under applicable
Laws or otherwise involved in any Mining Operations at the Mine. Indemnitor shall not, and shall cause the Indemnitor Parties
not to, bring any Claim against any one or more of the Indemnified Parties alleging that any one or more of such Indemnified Parties
is an operator of the Mine based on any activities undertaken by one or more of the Indemnified Parties pursuant to this Deed,
or under applicable Laws.

 

(b)
The Indemnitor Parties shall maintain complete and accurate records of Mining Operations at the Mine in accordance with Mining
Industry Best Practices (the “Operating Records”).

 

    	 	7	 

     

    

 

(c)
Indemnitor shall provide to the Administrative Agent promptly, and in any event within five Business Days of the triggering event
referred to below: (i) copies of material filings with all Governmental Authorities related to Mining Operations at the Mine;
and (ii) written notice of (A) any Release, or threatened Release; (B) any contamination or threat to the environment, or human
health and safety at the Mine that requires a notice or filing with a Governmental Authority, together with a copy of any such
filing; and (C) any Claims alleged by a Governmental Authority or Losses imposed by a Governmental Authority together with copies
of any documents related to such Claims or Losses (“Governmental Filings”).

 

2.2
Operating Parameters.

 

(a)
The Indemnitor Parties shall conduct Mining Operations at the Mine, or cause Mining Operations at the Mine to be conducted, in
accordance with Mining Industry Best Practices.

 

(b)
In addition to Mining Industry Best Practices, the Indemnitor Parties shall conduct Mining Operations, or cause Mining Operations
to be conducted, at the Mine in compliance with the following (the “Operating Parameters”):

 

(i)
The Indemnitor Parties shall obtain, maintain and comply with all necessary Permits (including Operating Permits), including maintaining
groundwater gradient sufficient to capture and control flow of Mine influenced groundwater or alternative water manager as approved
by applicable Governmental Authorities, including the NDEP.

 

(ii)
The Indemnitor Parties shall ensure that the potential acid generating waste rock encapsulated on the Phase V pit bottom (south
extension at approximately 952 meters amsl) at the Mine, as designated on the Mine Map, remains undisturbed (the “Waste
Rock Encapsulation”).

 

(iii)
The Indemnitor Parties shall not conduct any Mining Operations, or seek to conduct any Mining Operations, that could be reasonably
likely to disturb the TSF, and shall ensure that the TSF remains undisturbed.

 

(iv)
The Indemnitor Parties shall ensure that the backfill placed in the current pit at the Mine will leave a minimum of 10 acres at
an elevation of < 940 meters amsl, to be able to demonstrate to the satisfaction of the applicable Governmental Authorities,
including the NDEP and the BLM, that a hydrological sink will be retained in the vicinity of the pit at the Mine (the “Backfill
Parameters”).

 

(v)
The Indemnitor Parties shall exercise due care consistent with Mining Industry Best Practices in the handling, management, acquisition,
disposal, generation, recycling, use and sale of Hazardous Materials.

 

    	 	8	 

     

    

 

2.3
Modification of Operating Parameters. Subject to the Indemnitee Regulatory Rights and the Indemnitor Parties’ compliance
with their obligations relating to the Permit Modification Notice and the Inspection Rights, the Indemnitor Parties may apply
for additional Permits, or seek approval to modify or amend the Operating Permits related to the Waste Rock Encapsulation and
the Backfill Parameters, from Government Authorities (including the NDEP and BLM) having jurisdiction over the Mining Operations
at the Mine, including the Waste Rock Encapsulation and the Backfill Parameters (the “Permit Modifications”);
provided that Indemnitor shall provide the Administrative Agent not less than 30 days’ written notice (the “Permit
Modification Notice”) prior to the submission of any request for Permit Modifications, which Permit Modification Notice
shall include a copy of the proposed submission(s) to the relevant Governmental Authorities requesting approval of the Permit
Modifications.

 

2.4
Indemnitee Rights.

 

(a)
Any one or more of the Indemnified Parties shall have the right, but not the obligation, to access the Operating Records in order
to verify that Mining Operations at the Mine comply with the Mining Industry Best Practices and the Operating Parameters, and
to exercise their respective Indemnitee Regulatory Rights (the “Inspection Right”). The Indemnitor Parties
shall ensure that the Indemnified Parties are able to exercise the Inspection Right during normal operating hours on working days
at the expense of the Indemnified Parties, provided that the Indemnified Parties shall deliver five days’ prior notice to
the Indemnitor Parties before exercising the Inspection Right. In addition, any Inspection Right related to the Mining Operations
at the Mine and the Operating Parameters will be conducted in accordance with applicable Mine health and safety standards.

 

(b)
Any one or more of the Indemnified Parties shall have the unfettered right to make submissions to the relevant Governmental Authorities
in respect of each application for additional Permits and each request for a Permit Modification, and exercise any other rights
available to such Indemnified Parties under applicable Law (including injunctive rights), as applicable, in their sole and absolute
discretion (the “Indemnitee Regulatory Rights”). Indemnitor shall not assert, and shall cause the Indemnitor
Parties not to assert, that any Indemnified Party owes any duty to Indemnitor, any of the Indemnitor Parties or any other Person,
or otherwise is restricted or prohibited in any way from exercising the Indemnitee Regulatory Rights or otherwise acting in the
best interests of any such Indemnified Party in connection with the exercise of any of the Indemnitee Regulatory Rights.

 

(c)
The Indemnified Parties may use any non-public information obtained pursuant to the Inspection Rights to confirm compliance by
the Indemnitor Parties under this Deed and in furtherance of the exercise of the Indemnitee Regulatory Rights, and shall not use
such non-public information for any other purpose.

 

    	 	9	 

     

    

 

2.5
Default. The occurrence of any one or more of the following events shall constitute a default under this Deed (as applicable,
an “Event of Default”):

 

(a)
the Indemnitor Parties fail to conduct, or fail to have conducted, Mining Operations at the Mine in accordance with Mining Industry
Best Practices and the Operating Parameters in all material respects (an “Operational Default”) and such failure
continues for a period of 30 days after receipt of written notice of such failure from the Administrative Agent (the “Cure
Period”); provided that, if the Indemnitor Parties, using diligent efforts, cannot cure any such Operational
Default within the Cure Period, then the Indemnitor Parties promptly shall take meaningful steps to attempt to cure such Operational
Default as quickly as possible and provide the Administrative Agent during the Cure Period with a written plan acceptable to the
Administrative Agent, acting reasonably, as to the steps the Indemnitor Parties will take to cure such Operational Default and
the time period in which such Operational Default will be cured (the “Default Cure Plan”);

 

(b)
the Indemnitor Parties fail to cure an Operational Default in accordance with the applicable Default Cure Plan;

 

(c)
any of the Indemnitor Parties seeks to prohibit any of the Indemnified Parties from exercising its Indemnitee Regulatory Rights;

 

(d)
Indemnitor undertakes, or attempts to undertake, a Corporate Reorganization in contravention of Section 3.1(a);

 

(e)
the Company undertakes, or attempts to undertake, a Corporate Reorganization in contravention of Section 3.1(b);

 

(f)
the Company transfers all or any portion of the Property Rights in contravention of Section 3.2;

 

(g)
the Company abandons, or takes action to abandon, any Mining Claims in contravention of Section 3.3;

 

(h)
the Administrative Agent, acting reasonably, determines that the Indemnitor Parties are unable or unwilling to perform any one
or more of their Indemnification Obligations; or

 

(i)
(i) any one or more of the Indemnitor Parties seeks voluntary relief under any applicable federal or state debtor relief laws;
(ii) an involuntary case is commenced against any one or more of the Indemnitor Parties under any applicable federal or state
debtor relief laws and such case is not dismissed with prejudice within 60 days after its filing; (iii) any one or more of the
Indemnitor Parties is declared insolvent or unable to pay its debts as the same become due; (iv) any one or more of the Indemnitor
Parties commences dissolution or liquidation proceedings; or (v) a receiver, liquidator, judicial manager, sequestrator, trustee,
custodian or other officer having similar powers is appointed with respect to such Indemnitor Party or its assets.

 

Upon
the occurrence and during the continuance of an Event of Default, each of the Indemnitees, in addition to any rights to foreclose
on the Property Rights under the Trust Deed, may seek any and all remedies available to it at law or in equity.

 

2.6
Relationship of the Parties. Nothing in this Deed shall create or be deemed to create a relationship of employer and employee,
joint venture or partnership between the Indemnified Parties or the Indemnitor Parties for any purpose whatsoever. Nothing in
this Deed shall create a relationship of principal and agent between the Indemnified Parties or the Indemnitor Parties. Nothing
in this Deed shall be construed to allege that any Indemnified Party is an operator of the Mine under applicable Laws. No Party
shall have the authority to bind or obligate the other Parties in any manner as a result of the relationship created hereby.

 

    	 	10	 

     

    

 

Article
III.

TRANSFER
AND ABANDONMENT

 

3.1
Preservation of Corporate Structure.

 

(a)
Subject to Section 3.3, Indemnitor shall not consolidate, amalgamate with, or merge with or into, or Transfer all or substantially
all of its assets to, or reorganize, reincorporate or reconstitute into or as another entity (each a “Corporate Reorganization”)
without the prior written consent of the Administrative Agent unless at the time of such Corporate Reorganization, the resulting,
surviving or transferee entity: (i) assumes in favor of the Indemnified Parties all the obligations of Indemnitor under this Deed
in an instrument in writing satisfactory to the Administrative Agent, acting reasonably; and (ii) has the financial capability
to satisfy the obligations of the Indemnitor pursuant to this Deed, as determined to the satisfaction of the Administrative Agent,
acting reasonably.

 

(b)
The Company shall not undertake a Corporate Reorganization without the prior written consent of the Administrative Agent unless
at the time of such Corporate Reorganization: (i) the resulting, surviving or transferee entity assumes in favour of Indemnified
Parties all the obligations of the Company under this Deed and the Trust Deed in instruments in writing satisfactory to the Administrative
Agent, acting reasonably; (ii) the conditions in Sections 3.2(a) and 3.2(c) are satisfied by the resulting, surviving
or transferee entity; and (iii) Indemnitor acknowledges, confirms and agrees in favor of Indemnified Parties in an instrument
in writing satisfactory to the Administrative Agent, acting reasonably, that Indemnitor’s obligations under this Deed continue
in full force and effect despite such Corporate Reorganization.

 

3.2
Limitations on Transfer. The Indemnitor Parties shall not Transfer, in whole or in part, the Property Rights without the
prior written consent of Administrative Agent, unless the Person to whom or to which such Property Rights are Transferred: (a)
agrees to conduct Mining Operations at the Mine pursuant to Mining Industry Best Practices and in accordance with the Operating
Parameters; (b) assumes in favor of the Indemnified Parties all or its proportionate share thereof based on its relative interest
in the Mining Claims of the obligations of the Company under this Deed and the Trust Deed in instruments in writing satisfactory
to the Administrative Agent, acting reasonably; (c) has the financial capability to conduct Mining Operations at the Mine pursuant
to Mining Industry Best Practices and in accordance with the Operating Parameters and to satisfy its obligations under this Deed
and the Trust Deed, as determined to the reasonable satisfaction of the Administrative Agent; and (d) the parent of such transferee
assumes in favor of the Indemnified Parties all or its proportionate share of the obligations of Indemnitor Parties under this
Deed based on its relative interest in the Mining Claims. Any Transfer of all or any portion of the Property Rights in contravention
of this Section 3.2 shall be void ab initio.

 

    	 	11	 

     

    

 

3.3
Abandonment. Subject to Section 6.1, the Indemnitor Parties may abandon any Mining Claims that no longer are deemed
beneficial for Mining Operations at the Mine upon not less than 30 days’ prior written notice to the Administrative Agent;
provided that the Indemnitor Parties shall not abandon any Mining Claims related to the TSF.

 

Article
IV.

INDEMNITY

 

4.1
Indemnity.

 

(a)
Subject to Section 4.1(b), the Indemnitor Parties hereby unconditionally and irrevocably agree to jointly and severally
indemnify, defend, and hold harmless the Indemnified Parties from and against any and all Claims and Losses (including prejudgment
interest, lost profits, and consequential and exemplary damages) directly or indirectly arising from any and all Claims of any
Person (including any Governmental Authority) relating to any one or more of (i) Mining Operations at the Mine conducted by any
Person on or following the Effective Date (including any failure or alleged failure to conduct Mining Operations at the Mine in
accordance with Mining Industry Best Practices or the Operating Parameters) and (ii) allegations that any one or more of the Indemnified
Parties is or was an operator of the Mine under applicable Law: (A) on or following the Effective Date, and (B) prior to the Effective
Date, subject to Section 4.1(c) (collectively, the “Indemnification Obligations”).

 

(b)
The obligation of the Indemnitor Parties to indemnify, defend and hold harmless the Indemnified Parties from and against any and
all Claims and Losses related to any Indemnification Obligations (an “Indemnifiable Claim”) shall commence
on the Effective Date and shall continue for a period commencing on the Effective Date and expiring on the date that is 10 years
following the date on which Commercial Production is achieved, as certified by a senior officer of Indemnitor and notified promptly
in writing to the Administrative Agent (the “Indemnification Period”).

 

(c)
In the event that one or more of the Indemnified Parties seeks indemnification from the Indemnitor Parties pursuant to Section
4.1(a)(ii)(B), the Parties shall negotiate in good faith to allocate among the Parties responsibility for such Claims and
Losses relating to periods prior to the Effective Date. If the Parties are unable to mutually agree to an allocation of such Claims
and Losses within 30 days after the Indemnitor’s receipt of a Notice of Claim (or within such other period as the Parties
may mutually agree), the Indemnitor Parties shall indemnify the Indemnified Parties for such Claims and Losses pursuant to Section
4.1(a); provided that, if a court of competent jurisdiction finally determines that any applicable Claim or Loss arose
principally from the actions of an Indemnified Party as an operator of the Mine under applicable Law prior to the Effective Date,
then the Indemnified Parties shall reimburse the Indemnitor Parties for amounts paid by the Indemnitor Parties pursuant to any
such Claim or Loss pursuant to Section 4.1(a) up to the aggregate total amount of US$1,756,661.

 

    	 	12	 

     

    

 

4.2
Indemnification Covenant. The Indemnitor covenants and agrees that the Indemnitor shall not assert or make, and the Indemnitor
shall cause the Indemnitor Parties not to assert or make, in any circumstance any Claim or other request for payment or compensation
for any Loss in respect of any fact, matter, circumstance, action, event or otherwise that relates to Mining Operations at the
Mine.

 

4.3
Notice of Indemnifiable Claim.

 

(a)
An Indemnified Party seeking indemnification pursuant to an Indemnifiable Claim during the Indemnification Period shall give written
notification to the Indemnitor of such Indemnifiable Claim (a “Notice of Claim”) promptly upon becoming aware
of the Claim or Loss. The Notice of Claim shall specify with reasonable particularity, to the extent that the information is available,
the factual basis for the Indemnifiable Claim and the amount of the Indemnifiable Claim.

 

(b)
If an Indemnified Party fails to provide the Indemnitor with a Notice of Claim promptly as required by Section 4.4(a),
the Indemnitor Parties shall be relieved of the obligation to pay damages to the extent they can show that they were prejudiced
in the defense of the Indemnifiable Claim or in proceeding against a third party who would have been liable to them but for the
fact of the delay, but the failure to provide such Notice of Claim promptly shall not otherwise release the Indemnitor Parties
from their obligations under this Article 4.

 

(c)
Subject to compliance in all material respects by the Indemnitor with its obligations under Sections 2.1(c) and 2.4(a),
if the Indemnification Period has expired without any Notice of Claim having been given to the Indemnitor, then the related Indemnifiable
Claim shall be forever extinguished, notwithstanding that the Indemnified Parties did not know, and in the exercise of reasonable
care could not have known, of the existence of the Indemnifiable Claim during the Indemnification Period. Notwithstanding the
foregoing, if, before the close of business on the last day of the Indemnification Period, an Indemnitor Party shall have been
notified in writing of an Indemnifiable Claim the basis for which arose during the Indemnification Period, such Indemnifiable
Claim shall continue to survive and shall remain a basis for indemnity hereunder until such Indemnified Claim is finally resolved
or disposed of in accordance with the terms hereof.

 

4.4
Indemnification Procedure.

 

(a)
Subject to Section 4.4(d), upon receiving a Notice of Claim, the Indemnitor may participate in the investigation and defense
of the Indemnifiable Claim, and may also elect to assume the investigation and defense of the Indemnifiable Claim with counsel
satisfactory to the Indemnified Party, acting reasonably; provided that the Indemnitor shall not have the right to assume
such investigation and defense, and shall pay the fees and expenses of counsel retained by the Indemnified Party, if the Indemnifiable
Claim involves a Claim that, in the good faith judgment of the Indemnified Party, the Indemnitor failed or is failing to vigorously
prosecute or defend. The Indemnified Party shall have the right, at its own cost and expense, to participate in the defense of
any Indemnifiable Claim with counsel selected by it subject to the Indemnitor’s right to control the defense thereof.

 

    	 	13	 

     

    

 

(b)
In order to assume the investigation and defense of an Indemnifiable Claim, the Indemnitor must give the Indemnified Party written
notice of its election within 20 days of the Indemnitor’s receipt of the Notice of Claim.

 

(c)
Subject to Section 4.4(d), if the Indemnitor assumes the investigation and defense of an Indemnifiable Claim:

 

(i)
the Indemnitor Parties will pay for all reasonable costs and expenses of the investigation and defense of the Indemnifiable Claim
except that the Indemnitor Parties will not, so long as it diligently conducts such defense, be liable to the Indemnified Party
for any fees of other counsel or any other expenses with respect to the defense of the Indemnifiable Claim, incurred by the Indemnified
Party after the date the Indemnitor validly exercised its right to assume the investigation and defense of the Indemnifiable Claim;

 

(ii)
the Indemnitor Parties will reimburse the Indemnified Party for all reasonable costs and expenses incurred by the Indemnified
Party in connection with the investigation and defense of the Indemnifiable Claim prior to the date the Indemnitor validly exercised
its right to assume the investigation and defense of the Indemnifiable Claim; and

 

(iii)
if the Indemnitor thereafter fails to defend the Indemnifiable Claim within a reasonable time, the Indemnified Party shall be
entitled to assume such defense at the Indemnitor Parties’ cost and expense and the Indemnitor shall be bound by the results
obtained by the Indemnified Party with respect to the Indemnifiable Claim.

 

(d)
Where the named parties to any Indemnifiable Claim include the Indemnified Party as well as any Indemnitor Party and the Indemnified
Party determines in good faith, based on advice from legal counsel, that joint representation would be inappropriate due to the
actual or potential differing interests between them or there may be one or more legal defenses available to the Indemnified Party
which are different from or in addition to those available to the Indemnitor Parties, and the Indemnified Party notifies the Indemnitor
in writing that they elect to retain separate counsel, the Indemnitor shall not have the right to assume the defense of such Indemnifiable
Claim on behalf of the Indemnified Party but shall be liable to pay the reasonable fees and expenses of counsel of the Indemnified
Party. In no event, however, shall the Indemnitor Parties be liable hereunder to pay the fees and disbursements of more than one
counsel in any one jurisdiction acting as counsel on behalf of all Indemnified Parties.

 

(e)
If the Indemnified Party undertakes the defense of the Indemnifiable Claim, the Indemnitor Parties will not be bound by any compromise
or settlement of the Indemnifiable Claim effected without the consent of the Indemnitor Parties (which consent may not be unreasonably
withheld, conditioned or delayed).

 

    	 	14	 

     

    

 

(f)
Neither of the Indemnitor Parties will be permitted to compromise and settle or to cause a compromise and settlement of a Indemnifiable
Claim without the prior written consent of the Indemnified Party, which consent may not be unreasonably withheld, conditioned
or delayed; provided, however, that no such consent shall be required if:

 

(i)
the terms of the compromise and settlement require only the payment of money for which the Indemnified Party is entitled to full
indemnification under this Deed and the Indemnitor Parties agree to timely pay such amount in full; and

 

(ii)
the Indemnified Party is not required to admit any wrongdoing, take or refrain from taking any action, acknowledge any rights
of the Person making the Indemnifiable Claim or waive any rights that the Indemnified Party may have against the Person making
the Indemnifiable Claim.

 

(g)
No Party shall be liable to pay any amount in discharge of a Claim under this Deed unless and until the liability in respect of
which the Claim is made has become due and payable.

 

4.5
Nature of Indemnity.

 

(a)
The Indemnification Obligations given hereunder are freely and voluntarily given and the Parties acknowledge and represent that
they have fully reviewed the terms contained herein, that they are fully informed with respect to the legal effect of the Indemnification
Obligations, and that they have voluntarily chosen to accept the terms and conditions.

 

(b)
The Indemnification Obligations shall be read liberally to give the Indemnified Parties the broadest possible protection.

 

4.6
Trust Deed. The Parties acknowledge and agree that Indemnitees have an interest to ensure that Indemnitor Parties fulfill
their respective obligations under this Deed. The Company hereby grants to Indemnitees a security interest in the Property Rights
and the Operating Permits pursuant to the Trust Deed. Indemnitees may exercise their rights under the Trust Deed at any time upon
an Event of Default.

 

Article
V.

REPRESENTATIONS

 

Each
Party, severally and not jointly, hereby represents to the other Parties as of the Effective Date that:

 

5.1
Existence. It is a corporation or limited liability company, as applicable, duly organized, validly existing and in good
standing in the jurisdiction of its organization and has the power and authority to carry on its business as currently conducted
and as contemplated to be conducted under this Deed and the Trust Deed, to the extent a party thereto.

 

5.2
Authority. It has full right, power and authority to enter into and be bound by the terms and conditions of this Deed and
the Trust Deed, to the extent a party thereto, and to carry out their respective obligations under this Deed and the Trust Deed,
to the extent a party thereto, without the approval or consent of any other individual, corporation, partnership, association,
trust or other entity or organization, including a governmental or political subdivision or any agency or instrumentality thereof.

 

    	 	15	 

     

    

 

5.3
Enforceability. It has duly authorized the Deed and the Trust Deed, to the extent a party thereto, by all requisite company
action. To the extent a party thereto, the Deed and the Trust Deed have been duly executed and delivered and constitute a the
legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally and
by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

5.4
Validity. The entering into this Deed and the Trust Deed, to the extent a party thereto, and the carrying out of their
respective obligations hereunder and thereunder are not prohibited, restricted or otherwise limited by any contract, agreement
or understanding entered into by them, or by which any of them is bound, with any other Person.

 

5.5
No Conflict. The execution, delivery and performance of this Deed and the Trust Deed, to the extent a party thereto, do
not: (i) conflict with or result in a violation or breach of any provision of its constating documents; or (ii) violate in any
material respect any Law applicable to it.

 

5.6
Governmental Actions. There is no Claim pending or currently threatened against it which, if adversely determined, would
restrict or limit its right to enter into this Deed and the Trust Deed, to the extent a party thereto, or carry out its obligations
under this Deed and the Trust Deed, to the extent a party thereto.

 

Article
VI.

MISCELLANEOUS

 

6.1
Real Property Interest. The Parties intend that the obligations of the Indemnitor Parties to conduct Mining Operations
at the Mine in accordance with Mining Industry Best Practices and the Operating Parameters constitute a valuable right, shall
continue during the conduct of Mining Operations at the Mine by the Indemnitor Parties, and shall constitute a presently vested
interest in and a covenant running with the Property Rights which shall inure to the benefit of and be binding upon the Indemnitor
Parties and Indemnitees and their respective, successors and assigns. The obligations of the Indemnitor Parties to conduct Mining
Operations at the Mine in accordance with Mining Industry Best Practices and the Operating Parameters shall attach to any amendments,
relocations or conversions of any Property Rights, or to any renewals or extensions thereof. If the Indemnitor Parties or any
successor or assignee of the Indemnitor Parties surrenders, allows to lapse or otherwise relinquishes or terminates its interest
in any of the Property Rights, and reacquires a direct or indirect interest in the land or minerals covered by the former Property
Rights, then from and after the date of such reacquisition such reacquired properties shall be included in the Property Rights
and the obligations of the Indemnitor Parties to conduct Mining Operations at the Mine in accordance with Mining Industry Best
Practices and the Operating Parameters shall apply to such interest so acquired. Indemnitor shall give written notice to the Administrative
Agent within 30 days of any acquisition or reacquisition of an interest in the Property Rights. The Parties do not intend that
there be any violation of the rule against perpetuities. Accordingly, any right that is subject to such rule shall be exercised
within the maximum time periods permitted under applicable Law.

 

    	 	16	 

     

    

 

6.2
Registration. To the extent the Indemnitees are able to do so under applicable Law, the Indemnitees shall be entitled from
time to time and at their sole cost and expense to register or record notice of their interest in the Deed and the Trust Deed
against title to the Property Rights or elsewhere, and the Indemnitor Parties shall cooperate with the Indemnitees to effect such
reasonable registrations and recordings and provide their written consent, acting reasonably, to any documents in connection therewith
and do such other things, at the cost and expense of the Indemnitees, as soon as reasonably practicable, as are reasonably necessary
to effect any such registrations or recordings.

 

6.3
Expenses. Except as otherwise set forth in this Deed, all costs and expenses, including, without limitation, fees and disbursements
of counsel, financial advisors and accountants, incurred in connection with this Deed shall be paid by the Party incurring such
costs and expenses.

 

6.4
Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt), (b) when received by
the addressee if sent by a nationally recognized overnight courier (receipt requested), (c) on the date sent by facsimile or e-mail
of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business
day if sent after normal business hours of the recipient, or (d) when received by the addressee if mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses
(or at such other address for a Party as shall be specified in a notice given in accordance with this Section 6.3):

 

	 	If to Indemnitees:	Administrative Agent
	 	 	c/o Barrick Gold Corporation
	 	 	Brookfield Place
	 	 	TD Canada Trust Tower
	 	 	161 Bay Street, Suite 3700
	 	 	P.O. Box 212
	 	 	Toronto, Canada M5J 2S1
	 	 	Attention: General Counsel
	 	 	email: 
	 	 	Fax:
	 	 	 
	 	With a copy to:	Barrick Gold of North America Inc.
	 	 	310 S. Main Street, Suite 1150
	 	 	Salt Lake City, Utah 84101
	 	 	Attention: Michael McCarthy
	 	 	General Counsel (North America)
	 	 	email:
	 	 	Fax:

 

    	 	17	 

     

    

 

	 	If to Indemnitor or the Company:
	 	 
	 	 	Bullfrog Gold Corp.
	 	 	Suite 555 – 999
	 	 	Vancouver, British Columbia V6C 3E1
	 	 	Attention: Purni Parikh
	 	 	email:
	 	 	Fax:

 

6.5
Severability. If any provision of this Deed is determined by a court of competent jurisdiction to be invalid, illegal or
unenforceable in any respect, all other provisions of this Deed shall nevertheless remain in full force and effect so long as
the economic or legal substance of the transactions contemplated hereby is not affected in a manner materially adverse to a Party.

 

6.6
Entire Agreement. This Deed (including the Trust Deed) is an essential element of the transactions contemplated in the
MIPA; this Deed (including the Trust Deed) constitutes valuable consideration under the MIPA; and Indemnitees will realize benefits
and economic advantages from this Deed (including the Trust Deed). Subject to the foregoing, this Deed (including the Trust Deed)
constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein and supersedes all
prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with respect to such
subject matter.

 

6.7
Waiver. No waiver of any provision of this Deed shall be of any force or effect unless such waiver is in writing, expressly
stating to be a waiver of a specified provision of this Deed, and is signed by the Party to be bound thereby. A Party’s
waiver of any breach of this Deed or failure to enforce any of the provisions of this Deed, at any time, shall not in any way
limit or waive that Party’s right thereafter to enforce or compel strict compliance with this Deed or any portion or provision
or right under this Deed.

 

6.8
Successors and Assigns. This Deed shall be binding upon and shall inure to the benefit of the Parties hereto and their
respective successors and permitted assigns. Except as provided in Section 3.2, no Party may assign its rights or obligations
hereunder without the prior written consent of the other Parties.

 

6.9
Beneficiaries. This Deed includes rights and benefits for the Indemnitor Parties and the Indemnified Parties, and the Parties
will exercise their respective rights and obligations under this Deed with due consideration for the rights and benefits of the
Indemnitor Parties and the Indemnified Parties. Subject to the foregoing, this Deed is for the sole benefit of the Parties and
their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon
any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Deed.

 

    	 	18	 

     

    

 

6.10
Amendment and Modification; Waiver. This Deed may only be amended, modified or supplemented by an agreement in writing
signed by each Party hereto or, in the case of the Indemnitees, by the Administrative Agent. No waiver by any Party of any of
the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving or, in the
case of the Indemnitees, by the Administrative Agent. No waiver by any Party shall operate or be construed as a waiver in respect
of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character,
and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or
privilege arising from this Deed shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege.

 

6.11
Governing Law; Submission to Jurisdiction.

 

(a)
This Deed shall be governed by and construed in accordance with the internal laws of the State of Nevada without giving effect
to any choice or conflict of law provision or rule (whether of the State of Nevada or any other jurisdiction).

 

(b)
Any Claim arising out of or based upon this Deed or the interpretation thereof may be instituted in the state courts of Nevada
or the federal courts of the United States, in each case located in Reno, Nevada, and each Party irrevocably submits to the exclusive
jurisdiction of such courts in any such Claim. Service of process, summons, notice or other document by mail to such Party’s
address set forth herein shall be effective service of process for any Claim brought in any such court. The Parties irrevocably
and unconditionally waive any objection to the laying of venue of any Claim in such courts and irrevocably waive and agree not
to plead or claim in any such court that any such Claim brought in any such court has been brought in an inconvenient forum.

 

(c)
EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A JURY TRIAL IN ANY ACTION, SUIT, OR PROCEEDING OF ANY KIND DIRECTLY OR INDIRECTLY
ARISING OUT OF OR IN ANY WAY RELATING TO THIS DEED. THE JURY TRIAL WAIVER CONTAINED IN THIS DEED IS INTENDED TO APPLY, TO THE
FULLEST EXTENT PERMITTED BY LAW, TO ANY AND ALL DISPUTES AND CONTROVERSIES THAT ARISE OUT OF OR IN ANY WAY RELATE TO ANY OR ALL
OF THE MATTERS DESCRIBED IN THE PRECEDING SENTENCE, INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT CLAIMS, AND ALL OTHER COMMON
LAW AND STATUTORY CLAIMS OF ANY KIND. THIS DEED MAY BE FILED WITH ANY COURT OF COMPETENT JURISDICTION AS A PARTY’S WRITTEN
CONSENT TO SUCH PARTY’S WAIVER OF A JURY TRIAL.

 

    	 	19	 

     

    

 

6.12
Specific Performance. The Parties hereby agree that irreparable damage would occur in the event that any provision of this
Deed is not performed in accordance with its specific terms or is otherwise breached, and that money damages or other legal remedies
would not be an adequate remedy for any such damages. Accordingly, the Parties acknowledge and hereby agree that in the event
of any breach or threatened breach by any Party of any of its covenants or obligations set forth in this Deed, the other Parties
shall be entitled to injunctive relief to prevent or restrain breaches or threatened breaches of this Deed by the other, and to
specifically enforce the terms and provisions of this Deed to prevent breaches or threatened breaches of, or to enforce compliance
with, the covenants and obligations of the other under this Deed. Each of the Parties hereby agrees not to raise any objections
to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches of
this Deed by it, and to specifically enforce the terms and provisions of this Deed to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Deed.

 

6.13
Further Assurances. The Parties shall each do, or cause to be done, any such further acts, or execute and deliver, or cause
to be executed and delivered, such further documents as may be reasonably necessary for their respective performance under this
Deed and the Trust Deed.

 

6.14
Administrative Agent. Indemnitees hereby appoint Homestake as the Administrative Agent of Indemnitees under this Deed,
and each Indemnitee hereby authorizes Homestake to act on behalf of each such Indemnitee as its Administrative Agent in accordance
with the terms of this Deed. Homestake hereby agrees to act as the Administrative Agent of Indemnitees as set forth in this Deed.
The Indemnitor Parties hereby acknowledge and agree that Homestake is acting as the Administrative Agent of Indemnitees under
this Deed. Indemnitees may replace the Administrative Agent upon written notice to Indemnitor.

 

6.15
Actions by Indemnitor. The Company hereby authorizes and appoints Indemnitor to act on its behalf in accordance with the
terms of this Deed. Indemnitor hereby agrees to act on behalf of the Company as set forth in this Deed. The Indemnitees hereby
acknowledge and agree that Indemnitor is acting on behalf of the Indemnitor Parties under this Deed.

 

6.16
Counterparts. This Deed may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall be deemed to be one and the same agreement. A signed copy of this Deed delivered by facsimile, e-mail or other means of
electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Deed.

 

[REMAINDER
OF PAGE LEFT BLANK]

 

    	 	20	 

     

    

 

 

IN
WITNESS WHEREOF, the parties hereto have executed this Deed as of the Effective Date.

 

	 	INDEMNITEES:
	 	 
	 	Homestake
    Mining Company of California, a California corporation
	 	 	 
	 	By:	                             
	 	Name:	 
	 	Title:	 

 

	 	Lac Minerals (USA) LLC, a Delaware limited liability company
	 	 	 
	 	By:	                                               
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	INDEMNITOR:
	 	 
	 	Bullfrog
    Gold Corp, a Delaware corporation
	 	 	 
	 	By:	                          
	 	Name:	 
	 	Title:	 

 

	 	COMPANY:
	 	 
	 	Bullfrog
    Mines LLC, a Delaware limited liability company
	 	 	 
	 	By:	                     
	 	Name:	 
	 	Title:	 

 

    	 	21	 

     

    

 

	State of Utah	)
	 	) ss.
	County of Salt Lake	)

 

This
instrument was acknowledged before me on October ___, 2020, by ___________ as _________ of Homestake Mining Company of California.

 

	 	 
	 	Notary Public in and for the State of Utah
	 	Residing
    at: ________________________
	 	Commission Expires: _________________

 

	State of Utah	)
	 	) ss.
	County of Salt Lake	)

 

This
instrument was acknowledged before me on October ___, 2020, by ______________ as __________ of Lac Minerals (USA) LLC.

 

	 	 
	 	Notary Public in and for the State of Utah
	 	Residing
    at: ________________________
	 	Commission Expires: _________________

 

	State of Utah	)
	 	) ss.
	County of Salt Lake	)

 

This
instrument was acknowledged before me on October ____, 2020, by _______________ as ______________ of Lac Minerals (USA) LLC.

 

	 	 
	 	Notary Public in and for the State of Utah
	 	Residing
    at: ________________________
	 	Commission Expires: _________________

 

	State of 	)
	 	) ss.
	County of 	)

 

This
instrument was acknowledged before me on October ___, 2020, by ___________ as _______________ of Bullfrog Gold Corp.

 

	 	 
	 	Notary
        Public in and for the State of Colorado

        

	 	Residing
    at: ________________________
	 	Commission Expires: _________________

 

	State of Utah	)
	 	) ss.
	County of Salt Lake	)

 

This
instrument was acknowledged before me on October ___, 2020, by ______________ as _____________ of Bullfrog Mines LLC.

 

	 	 
	 	Notary Public in and for the State of Utah
	 	Residing
    at: ________________________
	 	Commission Expires: _________________

 

    	 	22Exhibit
10.4

 

APN
#: See Attached

N/A
(mineral royalty interest)

 

Recorded
at the request of, and

when
recorded, return to:

 

Barrick
Gold of North America Inc.

310
S. Main Street, Suite 1150

Salt
Lake City, Utah 84101

Attention:
Orson Tingey

 

With
a copy to:

 

Barrick
Gold of North America Inc.

310
S. Main Street, Suite 1150

Salt
Lake City, Utah 84101

Attention:
Kari Herron

 

Mail
Tax Statement to: N/A

(mineral
royalty interest)

 

 

Space
above for County Recorder’s Use

 

Affirmation
Statement: The undersigned affirms that this document does not contain any social security numbers or other personal information
of any person (per NRS 239B.030).

 

NET
SMELTER RETURNS ROYALTY DEED

 

This
Net Smelter Returns Royalty Deed (this “Deed”), executed to be effective as of October 26, 2020 (“Effective
Date”) is from Bullfrog Mines LLC, a Delaware limited liability company (“Grantor”), the address
of which is Suite 555 – 999 Canada Place, Vancouver, British Columbia V6C 3E1, Canada, to Homestake Mining Company of California,
California corporation (“Homestake”), the address of which is 310 S. Main Street, Suite 1150, Salt Lake City,
Utah 84101 and Lac Minerals (USA) LLC, a Delaware limited liability company (“Lac Minerals”), the address of
which is 310 S. Main Street, Suite 1150, Salt Lake City, Utah 84101. Homestake and Lac Minerals collectively are referred to as
the “Grantees.” Homestake shall act as the “Administrative Agent” under this Deed. Homestake,
Lac Minerals and Grantor are sometimes referred to in this Deed individually as a “Party” and collectively
as the “Parties.”

 

RECITALS

 

A.
Grantor owns fee lands, patented and unpatented mining claims and patented and unpatented millsites (collectively, the “Properties”)
located in Nye County, Nevada. The Properties are more particularly described in Exhibit A to this Deed.

 

    	 

    	 

    

 

B.
Pursuant to that certain Membership Interest Purchase Agreement made and entered into as of October 9, 2020 (the “Agreement”),
by and among Homestake, Lac Minerals, and Bullfrog Gold Corp., a Delaware corporation and the parent of Grantor (“BFGC”),
Homestake, Lac Minerals and BFGC agreed to cause Grantor to execute, acknowledge and deliver to the Administrative Agent an instrument
granting to Grantees a Net Smelter Returns Royalty on all gold and other minerals of any type produced from the Properties, including
all gold and other minerals of any type produced from dumps or stockpiles located on the Properties, from and after the Effective
Date.

 

C.
Grantor executes and delivers this Deed to the Administrative Agent as agent for Grantees pursuant to the terms of the Agreement.

 

CONVEYANCE

 

1.
Grant of Royalty.

 

(a)
Royalty Percentage. For good and valuable consideration, the receipt and sufficiency of which are acknowledged by the Parties,
Grantor hereby grants, sells, assigns and conveys to Grantees, and their successors and assigns, forever, a Net Smelter Returns
Royalty equal to 2.0% (the “Royalty Percentage”) of Net Smelter Returns (as defined below), as hereinafter
computed, for all gold and other minerals of any type produced from the Properties, including all gold and other minerals of any
type produced from dumps or stockpiles located on or in respect of the Properties, from and after the Effective Date (the “Royalty”);
provided that, subject to Section 1(b), the Royalty Percentage shall be reduced to the extent necessary so that
royalties burdening any individual parcel or claim included in the Properties on the Effective Date, inclusive of the Royalty,
will not exceed 5.5% in the aggregate.

 

(b)
Limitation. Notwithstanding Section 1(a), the Royalty Percentage in respect of any parcel or claim included in the
Properties shall never be less than 0.5%, even if the royalties burdening a parcel or claim included in the Properties would exceed
5.5%.

 

(c)
No Buy Down. Grantor will not have the right to buy down all or any portion of the Royalty.

 

2.
Representations and Warranties.

 

(a)
Full Authority. Grantor represents and warrants that it has all authority necessary for it to execute and deliver this
Deed.

 

(b)
No Encumbrances. Grantor represents and warrants that neither it nor any of its Affiliates (as defined below) has taken
any action by which the Properties or dumps or stockpiles located on the Properties will be subject to a lien or other encumbrance
that will in any way impair or adversely impact the Royalty.

 

(c)
Grantees’ Acceptance. Grantees acknowledge and agree that this Deed is accepted by Grantees in satisfaction of Grantor’s
obligation to deliver this Deed pursuant to the Agreement.

 

    	2

    	 

    

 

3.
Definition of Net Smelter Returns.

 

(a)
For Gold Bullion. “Net Smelter Returns,” for gold produced from the Properties or from dumps or stockpiles
located on the Properties, and refined by or for Grantor to a form that meets good delivery standards in the London Bullion Market
or comparable terminal market (“Gold Bullion”), will be determined by multiplying (i) the gross number of troy
ounces of Gold Bullion produced from the Properties or dumps or stockpiles located on or in respect of the Properties, and returned
to or credited to Grantor or purchased and paid for by a smelter, refiner, processor, purchaser or other recipient of such bullion
during a calendar quarter, by (ii) the arithmetic average of the London Bullion Market Association P.M. Fixing Price (in United
States dollars) reported on its website for Gold Bullion for the calendar quarter (or should such quotation cease, another similar
quotation acceptable to the Administrative Agent, acting reasonably) calculated by summing the quoted prices reported for each
day of the calendar quarter and dividing the sum by the number of days for which such prices were reported, and (iii) by deducting
from the product of (i) times (ii), the Allowable Deductions permitted in Section 4(a) below.

 

(b)
For Other Products. For gold and other minerals of any type produced from the Properties or dumps or stockpiles located
on or in respect of the Properties, and sold in a crude or intermediate form other than as Gold Bullion (“Other Products”),
Net Smelter Returns will be equal to (i) the actual sales price for the minerals contained in such Other Products received by
Grantor from a smelter, refiner, processor, purchaser or other recipient of such products during a calendar quarter, less (ii)
the Allowable Deductions permitted in Section 4(b) below.

 

(c)
Affiliate Transactions. If Gold Bullion or Other Products are delivered in kind or sold to an entity which, under the broadest
definition, directly or indirectly controls, is controlled by, or is under common control with Grantor (an “Affiliate”),
and are sold by such Affiliate with or without further processing, Net Smelter Returns will be calculated based on the value of
Gold Bullion sold by or credited or returned to the Affiliate (calculated pursuant to Subsection 3(a)), or the proceeds actually
received by such Affiliate in an arm’s length transaction for sale of Other Products, less Allowable Deductions actually
incurred by the Affiliate, and the Gold Bullion or Other Products will be deemed to have been sold by Grantor, the proceeds will
be deemed to have been received by Grantor and the Allowable Deductions will be deemed to have been made by Grantor for purposes
of calculating Net Smelter Returns, in each case as if Grantor had sold (or received or was credited with) such Gold Bullion or
Other Products in an arm’s length transaction.

 

(d)
Insurance Proceeds. In the event Grantor receives insurance proceeds for gold in Gold Bullion or for gold or other minerals
in Other Products lost or damaged, Net Smelter Returns will equal any such insurance proceeds that are received by Grantor for
such loss.

 

    	3

    	 

    

 

4.
Allowable Deductions.

 

(a)
For Gold Bullion. For gold produced and sold as Gold Bullion, “Allowable Deductions” means, to the extent
actually incurred:

 

(i)
charges imposed by a smelter or refinery for refining Gold Bullion from doré or concentrates produced in Grantor’s
mill or other processing plant; however, charges incurred by Grantor for processing raw or crushed ore or other preliminary products
in Grantor’s mill or other processing plant shall not be subtracted in determining Net Smelter Returns;

 

(ii)
penalty substance, assaying, and sampling charges imposed on or incurred by Grantor for refining Gold Bullion contained in such
production;

 

(iii)
charges and costs, if any, for transportation and insurance of doré or concentrates produced in Grantor’s mill or
other processing plant to places where such doré or concentrates are smelted, refined and/or sold or otherwise disposed
of; and

 

(iv)
all taxes paid on production of Gold Bullion, except income tax, including but not limited to, production, severance, sales and
privilege taxes and all local, state and federal taxes that are based on the production of Gold Bullion.

 

(b)
For Other Products. For gold and other minerals of any type produced and sold in Other Products, “Allowable Deductions”
means, to the extent actually incurred:

 

(i)
charges imposed by the smelter, refiner or other processor for smelting, refining or processing gold and other minerals of any
type contained in Other Products, but excluding any and all charges and costs related to Grantor’s mill or other processing
plant constructed for the purpose of milling or processing Other Products;

 

(ii)
penalty substance, assaying, and sampling charges imposed by a smelter, refiner or other processor for smelting, refining, or
processing gold and other minerals of any type contained in Other Products, but excluding any and all charges and costs of or
related to Grantor’s mill or other processing plant constructed for the purpose of milling or processing Other Products;

 

(iii)
charges and costs, if any, for transportation and insurance of the gold and other minerals of any type contained in Other Products
and the beneficiated products thereof from Grantor’s mill or other processing plant to places where such Other Products
or the beneficiated products thereof are smelted, refined and/or sold or otherwise disposed of; and

 

(iv)
all taxes paid on production of the gold and other minerals of any type contained in Other Products, except income tax, including
but not limited to, production, severance, sales and privilege taxes and all local, state and federal taxes that are based on
the production of gold contained in Other Products.

 

(c)
Custom Facilities. In the event Grantor carries out smelting, refining or other processing operations to produce Gold Bullion
or gold and other minerals of any type contained in Other Products in facilities owned or controlled, in whole or in part, by
Grantor or its Affiliate, then charges, costs and penalties for such smelting, refining or processing shall mean the amount Grantor
would have incurred as “Allowable Deductions” under Section 4(a)(i) or Section 4(b)(i) above
if such smelting, refining or other processing operations were carried out at facilities not owned or controlled by Grantor or
its Affiliate, but in no event will such Allowable Deductions be greater than actual costs incurred by Grantor with respect to
such smelting, refining or other processing.

 

    	4

    	 

    

 

5.
Calculating and Paying Royalty; Reporting.

 

(a)
Calculation. The dollar amount of the Royalties due to Grantees for a calendar quarter will be the product of the sum of
the Net Smelter Returns for Gold Bullion plus the Net Smelter Returns for the gold and other minerals of any type contained in
Other Products for such quarter multiplied by the Royalty Percentage.

 

(b)
Payment. All payments of the Royalties will be made by Grantor to the Administrative Agent, on behalf of the Grantees.
Payment of Royalties for a calendar quarter will be due by the last day of the month following the end of each calendar quarter
in which Gold Bullion or Other Products containing gold and other minerals of any type are sold or returned or credited to Grantor
(the “Payment Date”). If, for any reason, all information necessary to calculate and make a payment on the
Payment Date is not available, Grantor will make a provisional payment on the Payment Date based on the available information
and provide a final reconciliation for such payment promptly after all needed information becomes available to Grantor. In the
event Grantees have been underpaid in any provisional payment, Grantor will promptly pay the difference to the Administrative
Agent in cash or other readily available funds and if Grantees have been overpaid in any provisional payment, the Administrative
Agent will promptly pay to Grantor the difference in cash or other readily available funds. The Administrative Agent, in its sole
and absolute discretion, will allocate the Royalties between the Grantees. All payments of the Royalties will be made free of
any and all withholding taxes.

 

(c)
Late Payment. In the event that any Royalty payment required to be made to the Administrative Agent hereunder is not made
when due, such payment will bear interest at a rate of 1.5% per annum, calculated and compounded monthly in arrears from the date
on which payment was first due, until such payment and accrued interest is paid in full.

 

(d)
Detailed Statement. All payments of Royalty will be accompanied by a detailed statement explaining the calculation thereof
together with any available settlement sheets received by Grantor from the smelter, refiner or other purchaser of Gold Bullion
or gold and other minerals of any type contained in Other Products. Where commingling has occurred, such statement shall also
include details of how the allocation of metals was made between materials from the Property and materials from other properties
during the applicable calendar quarter.

 

6.
Other Provisions Related to Payment.

 

(a)
Hedging Transactions. All profits and losses resulting from Grantor’s engaging in any commodity futures trading,
option trading, or metals trading, or any combination thereof, and any other hedging transactions including trading transactions
designed to avoid losses and obtain possible gains due to metal price fluctuations (collectively, “Trading Activities”)
shall not in any manner be taken into account in the calculation of the Royalty and shall in no way affect the payments due to
Grantees, whether in connection with the determination of price, the date of sale, or the date any Royalty payment is due. All
Trading Activities and the profits and losses associated with such activities shall be to the sole account of Grantor.

 

    	5

    	 

    

 

(b)
Commingling. Grantor will have the right to commingle, either underground, at the surface, in stockpiles or at a mill,
autoclave, roaster or other processing facility used by Grantor, ore or concentrates, minerals and other material mined and removed
from the Properties or dumps or stockpiles located on or in respect of the Properties, with ore, concentrates, minerals and other
material mined and removed from other property; provided, however, that before commingling, Grantor shall calculate
from representative samples the metal content, the average grade of the metal content, amenability of recovery, moisture content,
and other measures as are appropriate, and shall weigh (or calculate weight by volume) the material before commingling, in each
case using procedures widely accepted in the mining and metallurgical industry and which Grantor certifies are suitable for the
type of mining and processing activity being conducted. In addition, comparable procedures may be used by Grantor to apportion
among the commingled materials all penalty and other charges and deductions, if any, imposed by the smelter, refiner, or purchaser
of products that include commingled material. Grantor shall use the same procedures for each separate ore or other source of material
before commingling and shall retain representative samples and the written records of assays, amenability, moisture content, weights
(or volumes as the case may be) and the content and nature of penalty substances and any other measures made for not less than
24 months after receipt by Grantees of the applicable royalty payment. At least 90 days before any materials produced from the
Properties or dumps or stockpiles located on or in respect of the Properties, are commingled, Grantor will provide to the Administrative
Agent a copy of Grantor’s commingling methodology for Grantees’ comment and approval, such approval not to be unreasonably
withheld. If Grantor subsequently intends to modify the commingling methodology it shall submit such modifications to the Administrative
Agent for Grantees’ comment and approval, such approval not to be unreasonably withheld. For the avoidance of doubt, Grantor
shall not proceed with any commingling or modification to the commingling methodology without the prior approval of the Administrative
Agent on behalf of the Grantees, not to be unreasonably withheld.

 

(c)
No Obligation to Mine or Process. Subject to this Deed, Grantor will have sole discretion to determine the extent of its
operations on or for the benefit of the Properties and the time or the times for development, mining, stockpiling, processing
and selling products produced from the Properties and the suspension or resumption of any operation with respect thereto. Grantor
will have no obligation to Grantees (in their capacity as the holders of this Royalty) or otherwise to mine or to conduct any
other operation on any of the Properties.

 

7.
Books, Records, Inspections and Confidentiality.

 

(a)
Inspection of Books and Records. The Administrative Agent will have the right, upon reasonable notice to Grantor, to inspect
and copy all books, records, technical data, information and materials (the “Data”) pertaining to calculation
of Royalty payments, including those with respect to commingling; provided that such inspections will not unreasonably interfere
with Grantor’s operations.

 

    	6

    	 

    

 

(b)
Audit. The Administrative Agent will have the right to audit the books and records pertaining to production from the Properties
and the calculation of the Royalty and to contest payments of Royalty for a period of 24 months following receipt by the Administrative
Agent of each Royalty payment. Each Royalty payment will be deemed conclusively correct unless the Administrative Agent objects
to it in writing within 24 months after receipt of such payment, setting forth in detail the basis for the Administrative Agent’s
objection. If it is finally determined, through agreement by the Parties or following completion of the dispute as set out in
Section 7(c) below, that Grantees have been underpaid in any such payment, Grantor will promptly pay to the Administrative
Agent the underpaid amount. In addition, if it is finally determined, through agreement by the Parties or following completion
of the dispute as set out in Section 7(c) below, that Royalty payments for any calendar quarter are underpaid by more than
5%, then Grantor will reimburse Grantees for their reasonable costs incurred in auditing the books and records of Grantor, with
reimbursement being made to the Administrative Agent.

 

(c)
Dispute Resolution.

 

(i)
If the Administrative Agent objects to a Royalty payment in a timely manner as set out in Section 7(b) above, then the
Parties will meet within 30 days of Grantor’s receipt of the Administrative Agent’s objection and seek to resolve
the dispute. If the Parties fail to resolve the dispute within 30 days of the initial meeting or if they fail to meet within 30
days of the Grantor’s receipt of the Administrative Agent’s objection, the dispute will be referred to the respective
chief executive officers (or persons holding analogous positions) of the Parties who will attempt to resolve the dispute within
21 days of such referral. If the chief executive officers of the Parties are unable to resolve the matter within such 21-day period,
then either Party may submit the dispute to a court as provided in Section 7(c)(iii) below.

 

(ii)
If any Party objects to the performance by the other Parties of any obligation arising under this Deed or of its interpretation,
the Parties will meet within 30 days of the receipt by the other Party of the objecting Party’s written notice of objection
and seek to resolve the dispute. If the Parties fail to resolve the dispute within 30 days of the initial meeting or if they fail
to meet within 30 days of receipt of the notice of objection, the dispute will be referred to the respective chief executive officers
(or persons holding analogous positions) of the Parties who will attempt to resolve the dispute within 21 days of such referral.
If the chief executive officers of the Parties are unable to resolve the matter within such 21-day period, then either Party may
submit the dispute to a court as provided in Section 7(c)(iii) below.

 

(iii)
Subject to compliance with Sections 7(c)(i) and 7(c)(ii), as applicable, any dispute arising out of or based upon
this Deed or a Royalty payment may be instituted in the state courts of Nevada or the federal courts of the United States, in
each case located in Reno, Nevada, and each Party irrevocably submits to the exclusive jurisdiction of such courts. In any event,
the dispute will be decided by a judge in a bench trial without a jury. Service of process, summons, notice or other document
delivered by mail to such Party’s address set forth herein shall be effective service of process for dispute brought in
any such court. The Parties irrevocably and unconditionally waive any objection to the laying of venue of any dispute in such
courts and irrevocably waive and agree not to plead or claim in any such court that any such dispute brought in any such court
has been brought in an inconvenient forum.

 

    	7

    	 

    

 

(iv)
EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A JURY TRIAL IN ANY ACTION, SUIT, OR PROCEEDING OF ANY KIND DIRECTLY OR INDIRECTLY
ARISING OUT OF OR IN ANY WAY RELATING TO THIS DEED. THE JURY TRIAL WAIVER CONTAINED IN THIS DEED IS INTENDED TO APPLY, TO THE
FULLEST EXTENT PERMITTED BY LAW, TO ANY AND ALL DISPUTES AND CONTROVERSIES THAT ARISE OUT OF OR IN ANY WAY RELATE TO ANY OR ALL
OF THE MATTERS DESCRIBED IN THE PRECEDING SENTENCE, INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT CLAIMS, AND ALL OTHER COMMON
LAW AND STATUTORY CLAIMS OF ANY KIND. THIS DEED MAY BE FILED WITH ANY COURT OF COMPETENT JURISDICTION AS A PARTY’S WRITTEN
CONSENT TO SUCH PARTY’S WAIVER OF A JURY TRIAL.

 

(v)
Except as otherwise specified herein, in the event that a dispute arising under this Deed is submitted to court, the prevailing
Party will be entitled to payment of its reasonable attorneys’ fees and costs in litigating the dispute.

 

(d)
Inspection of Facilities. The Administrative Agent will have the right, from time to time and upon reasonable notice, to
inspect the facilities associated with the Properties to the extent necessary to confirm Grantor’s proper performance of
its obligations in this Deed. Such inspection will be at the sole risk of the Administrative Agent, and Grantees will indemnify
Grantor from any liability caused by Administrative Agent’s exercise of inspection rights, unless such liability is caused
by the gross negligence or intentional acts of Grantor or its employees or agents.

 

(e)
Confidentiality.

 

(i)
Subject to Sections 7(e)(ii) and 7(e)(iii), no Party (including the Administrative Agent) shall, without the express
written consent of the other Parties, which consent may be withheld for any purpose, disclose any non-public information generated
or received under this Deed relating to the calculation of Net Smelter Returns or Grantor’s operations on the Properties
or other property (“Confidential Information”), other than to its Affiliates and to directors, officers, employees,
agents, advisors or consultants of the receiving Party or its Affiliates (collectively, “Representatives”)
in respect of the administration or enforcement of its rights hereunder; provided that (A) each such Representative to
whom Confidential Information is disclosed is advised of the confidentiality of such information and is directed to abide by the
terms of this Section 7(e)(i), and (B) the disclosing Party shall be liable for any breach of this Section 7(e)(i)
by its Representatives.

 

(ii)
Any Party (including the Administrative Agent) may disclose Confidential Information received from another Party (A) to a prospective
lender to whom or to which the Party may, in good faith, grant a security interest in its interest in the Properties, or (B) to
a prospective purchaser of all or part of a Party’s interest in the Royalty or the Properties (whether direct or indirect),
but only, in each case, if the prospective recipient of Confidential Information has executed a confidentiality agreement that
includes confidentiality provisions substantially similar to this Section 7(e).

 

    	8

    	 

    

 

(iii)
Confidential Information may also be disclosed if such disclosure is required for compliance with applicable laws, rules, regulations
or orders of any governmental agency or stock exchange having jurisdiction over a Party or any of its Affiliates; provided,
however, that notice shall have been given to the non-disclosing Party or Parties (recognizing that such notice shall be
given to the Administrative Agent in respect of Grantees) of such disclosure as far in advance of such disclosure as is reasonably
practicable. If the other Party does not respond to a request for comments within 48 hours or such shorter period of time as the
disclosing Party has determined is necessary in the circumstances, acting reasonably and in good faith, the disclosing Party shall
be entitled to issue the announcement without the input of the other Party. The disclosing Party shall disclose, or permit the
disclosure of, only that portion of Confidential Information required to be disclosed by applicable securities legislation or
any other applicable law. The final text of the announcement and the timing, manner and mode of release shall be the sole responsibility
of the disclosing Party.

 

8.
General Provisions.

 

(a)
Transfers.

 

(i)
Grantor may freely transfer all or any portion of its interest in the Properties so long as such transfer is expressly made subject
to the Royalty. Prior to the transfer by Grantor of all or any portion of its interest in the Properties, Grantor will obtain
from the transferee a written acknowledgement and assumption of the obligations of Grantor under this Deed with respect to the
interest so transferred (in a form acceptable to the Administrative Agent activing reasonably), and promptly provide evidence
of such acknowledgement and assumption to Grantees. Upon obtaining and delivering such acknowledgment and assumption to Grantees
together with evidence of the transfer of its interest in the Properties, Grantor will thereupon be relieved of all liability
for payment of the Royalty with respect to the Properties transferred, except with respect to any Royalty payments made or due
prior to the date of transfer, which will continue to be governed by this Deed.

 

(ii)
In the event Grantor desires to mortgage, pledge, encumber or otherwise create a security interest in all or any portion of the
Properties or products produced from the Properties, Grantor will cause each agreement, indenture, bond, deed of trust, filing,
application or other instrument that creates or purports to create a lien, mortgage, security interest or other charge secured
by any interest in any of the Properties or such products to include an express agreement and acknowledgement by the parties to
such instrument, in form and substance reasonably satisfactory to the Administrative Agent, that the Royalty is (A) senior in
right of payment and collection from revenues to any and all obligations created thereby in respect of any of the Properties or
such products, and (B) that the Royalty is an independent interest in the Properties and is not subject to foreclosure pursuant
to such mortgage, encumbrance or other form of security interest.

 

(iii)
Grantees may freely transfer, mortgage, pledge, encumber or otherwise create a security interest in all or any portion of the
Royalty, provided that Grantor will have no obligation to make payments of Royalty to a transferee until receipt of written notice
of the transfer and a copy of the transferring document.

 

    	9

    	 

    

 

(b)
Multiple Royalty Holders. Any transfer of the right to receive any Royalty payments shall in no event require Grantor to
make payments to more than one person or entity. The Parties acknowledge and agree that as and from the date hereof, the Administrative
Agent shall be entitled to act for, and receive payments on behalf of, the Grantees and any assignee(s) thereof. The Grantees
may change the Administrative Agent by providing written Notice signed by all the Grantees notifying the Grantor of the change
in Administrative Agent. Where the Administrative Agent is changed in accordance with this section, such change to the Administrative
Agent shall not be binding upon Grantor until the first day of the month following the date on which Grantor receives the Notice.
Thereafter, the Grantor will make, and be entitled without further enquiry to make, payments due under this Deed in respect of
a Royalty to that Administrative Agent and to otherwise deal with that agent and trustee as if it were the sole holder of a Royalty.

 

(c)
Administrative Agent. Grantees hereby appoint Homestake as the Administrative Agent of Grantees under this Deed, and each
Grantee hereby authorizes Homestake to act on behalf of each such Grantee as its Administrative Agent in accordance with the terms
of this Deed. Homestake hereby agrees to act as the Administrative Agent of Grantees as set forth in this Deed. Grantor hereby
acknowledges and agrees that, subject to Section 8(b), Homestake is acting as the Administrative Agent of Grantees under
this Deed. The Administrative Agent shall not be responsible or liable to Grantor for any actions or failures to act by the Administrative
Agent in its capacity of Administrative Agent.

 

(d)
No Partnership or Special Relationship. The relationship of Grantor and Grantees with respect to the Royalty will not be
construed to create, expressly or by implication, a joint venture, mining partnership, commercial partnership, or other partnership
relationship. Grantor will have no fiduciary or other special relationship with Grantee, other than the duty of good faith and
fair dealing, in performing its obligations under this Deed.

 

(e)
Certain Definitions. As used in the Deed, the term “Grantees” with respect to each of Homestake and
Lac Minerals will include all of the successors-in-interest to each of the Grantees and the term “Grantor”
will include all of Grantor’s successors-in-interest.

 

(f)
Tailings and Other Waste Material. All tailings, residues, waste rock, spoiled leach materials, and other materials resulting
from Grantor’s operations and activities with respect to the Properties shall be the sole property of Grantor but if Grantor
processes such materials in the future, all gold and other minerals produced from such materials will be subject to the Royalty
and the terms of this Deed.

 

(g)
Real Property Interest. Grantor and Grantees intend that the Royalty will be perpetual and will constitute a presently
vested interest in and a covenant running with the Properties which will inure to the benefit of and be binding upon the Parties
and their respective successors and assigns so long as Grantor or any successor or assign of Grantor holds any rights or interests
in the Properties. The Royalty shall attach to any amendments, relocations or conversions of any mining claim, license, or lease,
concession, permit, patent or other tenure comprising the Properties, or to any renewals or extensions thereof. If Grantor or
any affiliate or successor or assignee of Grantor surrenders, allows to lapse or otherwise relinquishes or terminates its interest
in any of the Properties, and reacquires a direct or indirect interest in the land or minerals covered by the former Properties,
then from and after the date of such reacquisition such reacquired properties shall be included in the Properties and the Royalty
will apply to such interest so acquired. Grantor will give written Notice to the Administrative Agent within 30 days of any acquisition
or reacquisition of an interest in the Properties. The Parties do not intend that there be any violation of the rule against perpetuities.
Accordingly, any right that is subject to such rule shall be exercised within the maximum time periods permitted under applicable
law.

 

    	10

    	 

    

 

(h)
Registration. To the extent it is able to do so under applicable law, the Grantees shall be entitled from time to time
and at their sole cost and expense to register or record notice of their interest in the Royalty against title to the Properties
or elsewhere, and the Grantor shall cooperate with the Grantees to effect such reasonable registrations and recordings and provide
its written consent, acting reasonably, to any documents in connection therewith and do such other things, at the cost and expense
of the Grantees, as soon as reasonably practicable, as are reasonably necessary to effect any such registrations or recordings.

 

(i)
Notices. Any notice, demand or other communication under this Deed (“Notice”) required or permitted
to be given or made under this Deed will be in writing and shall be given to a Party at the address below (i) by courier or recognized
overnight delivery service, or (ii) by registered or certified mail, return receipt requested. All Notices shall be effective
and will be deemed delivered (A) if by courier or recognized overnight delivery service on the date of delivery, (B) if solely
by mail on the day delivered as shown on the actual receipt. A Party may change its address for purposes of Notices from time-to-time
by Notice to the other Party.

 

If
to Grantor:

 

Bullfrog
Mines LLC

Suite
555 – 999 Canada Place

Vancouver,
British Columbia V6C 3E1

Canada

Attn:
Purni Parikh

Email:

Fax:

 

If
to Grantees:

 

Administrative
Agent

c/o
Barrick Gold Corporation

Brookfield
Place

TD
Canada Trust Tower

161
Bay Street, Suite 3700

P.O.
Box 212

Toronto,
Canada M5J 2S1

Attn:
General Counsel

Email:

Fax:

 

With
a copy to:

 

Barrick
Gold of North America Inc.

301
S. Main Street, Suite 1150

Salt
Lake City, Utah 84101

Attn:
Michael McCarthy, General Counsel (North America)

Email:

Fax:

 

    	11

    	 

    

 

(j)
Section Headings. The section headings contained in this Deed are inserted for convenience only and do not affect in any
way the meaning or interpretation of this Deed.

 

(k)
Amendment. No amendment of any provision of this Deed will be valid with respect to any Party unless the same shall be
in writing and signed by each Party. No waiver by any Party of any default or covenant hereunder, whether intentional or not,
will be deemed to extend to any prior or subsequent default or covenant or affect in any way any rights arising by virtue of any
prior or subsequent occurrence.

 

(l)
Invalidity. If any term or provision of this Deed is invalid or unenforceable in any situation in any jurisdiction it will
not affect the validity or enforceability of the remaining terms and provisions.

 

(m)
Governing Law. This Deed will be governed by and construed in accordance with the laws of the State of Nevada without giving
effect to any choice or conflicts of law provision or rule (whether of the State of Nevada or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of Nevada.

 

(n)
Interpretation. The Parties have participated jointly in the negotiation and drafting of this Deed. In the event an ambiguity
or question of intent or interpretation arises, this Deed will be construed as if drafted jointly by the parties and no presumption
or burden of proof will arise favoring or disfavoring either Party by virtue of the authorship of any of the provisions of this
Deed.

 

(o)
Counting. If the final day of any period or any date of performance under this Deed falls on a Saturday, Sunday or legal
holiday in Nevada, then the final day of the period or the date of performance will be extended to the next day that is not a
Saturday, Sunday or legal holiday in Nevada. For purposes of computing the time for performance of any obligation hereunder, however,
Saturday, Sundays and legal holidays will be included.

 

Executed
by Grantor and Grantees to be effective as of the Effective Date.

 

[Signature
Page Follows]

 

    	12

    	 

    

 

	 	GRANTOR:
	 	 	 
	 	Bullfrog
    Mines LLC, a Delaware limited liability company
	 	 	           
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	GRANTEES:
	 	 	 
	 	Homestake
    Mining Company of California, a California corporation
	 	 	 
	 	By:
    	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Lac
    Minerals (USA) LLC, a Delaware limited liability company
	 	 	 
	 	By:
    	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By:
    	 
	 	Name:	 
	 	Title:	 

 

	State of 	)
	 	) ss.
	County of 	)

 

This
instrument was acknowledged before me on October ___, 2020, by ___________ as _______________ of Bullfrog Mines LLC.

 

	 	 
	 	Notary
        Public in and for the State of _________________

        

	 	Residing
    at: ________________________
	 	Commission Expires: _________________

 

    	13

    	 

    

 

	State of Utah	)
	 	) ss.
	County of Salt Lake	)

 

This
instrument was acknowledged before me on October ____, 2020, by _______________ as ______________ of Homestake Mining Company of California.

 

	 	 
	 	Notary Public in and for the State of Utah
	 	Residing
    at: ________________________
	 	Commission Expires: _________________

 

	State of Utah	)
	 	) ss.
	County of Salt Lake	)

 

This
instrument was acknowledged before me on October ___, 2020, by ______________ as __________ of Lac Minerals (USA) LLC.

 

	 	 
	 	Notary Public in and for the State of Utah
	 	Residing
    at: ________________________
	 	Commission Expires: _________________

 

	State of Utah	)
	 	) ss.
	County of Salt Lake	)

 

This
instrument was acknowledged before me on October ___, 2020, by ______________ as __________ of Lac Minerals (USA) LLC.

 

	 	 
	 	Notary Public in and for the State of Utah
	 	Residing
    at: ________________________
	 	Commission Expires: _________________

 

    	14

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