Document:

Exhibit 10.2

 

Execution
Copy

 

WESTERN
URANIUM CORPORATION

TERM
PROMISSORY NOTE

 

	US $ 100,000	TORONTO,
ONTARIO

 

DATE:
February 22, 2016

 

	1.	Promise
    to Pay

 

FOR
VALUE RECEIVED the undersigned (the
"Borrower") unconditionally promises to pay to The Siebels Hard Asset Fund,
Ltd (the "Lender"), its successors (including any successor by
reason of amalgamation) and assigns, or to its order, at its offices at Ugland House, South Church Street, George Town,
KYI-1) 04. Cayman Islands (or at such other address as the Lender shall notify the Borrower), in United States Dollars , the
amount of One Hundred Thousand Dollars (US $100,000) (the "Principal Amount")
together with interest on the Principal Amount outstanding from time to time. The Principal Amount shall be due and be paid
on April 22. 2016 (the "Maturity Date").

 

	2.	Interest

 

The
Principal Amount outstanding at any time, and from time to time, and any overdue interest, shall bear interest at the rate
equal to eighteen per cent (18%) per annum from the Effective Date until the Maturity Date before and after demand, default,
and judgment. For the sake of clarity, total interest payable will be in the amount of Three Thousand Dollars and Zero Cents
(US $3,000.00).

 

	3.	Prepayment

 

When
not in default under this Note, the Borrower shall be entitled to prepay all or any portion of the Principal Amount
outstanding without notice, bonus or penalty,

 

	4.	Application
    of Payments

 

Any
payments in respect of amounts due under this Note shall be applied first in satisfaction of any accrued and unpaid interest,
and then to the Principal Amount outstanding.

 

	5.	Waiver
    by the Borrower

 

The
Borrower waives demand, presentment for payment, notice of non-payment, notice of dishonour, notice of acceleration, and notice
of protest of this Note. The Borrower also waives the benefit of any days of grace, the right to assert in any action or proceeding
with regard to this Note any setoffs or counterclaims which the Borrower may have against the Lender.

 

    

     

    

 

	6.	No
    Waiver by the Lender

 

Neither
the extension of time for making any payment which is due and payable under this Note at any time or times, nor the failure,
delay, or omission of the Lender to exercise or enforce any of its rights or remedies under this Note, shall constitute a
waiver by the Lender of its right to enforce any such rights and remedies subsequently. The single or partial exercise of any
such right or remedy shall not preclude the Lender's further exercise of such right or remedy or any
 other
right or remedy.

 

	7.	Governing
    Law and Successors

 

This
Note is made under and shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal
laws of Canada applicable in the Province of Ontario, and shall enure to the benefit of the Lender and its successors and assigns,
and shall be binding on the Borrower and its success.

 

	 	WESTERN URANIUM CORPORATION
	 	 	 
	 	By:	/s/ Michael Skutezky
	 	Name:	Michael R. Skutezky
	 	Title:	Chairman
	 	 	 
	 	THE SIEBELS HARD ASSET FUND, LTD
	 	 	 
	 	By:	/s/ Christopher Rogers
	 	Name:	Christopher Rogers
	 	Title:	Chief Operating OfficerExhibit 10.3

 

Promissory
Note

Pinon Ridge Mining LLC to Energy
Fuels Holdings Corp.

 

	U.S. $500,000.00	Nucla, CO August 18, 2014

 

1.               FOR
VALUE RECEIVED, the undersigned, Pinon Ridge Mining LLC, a Delaware limited liability company ("Borrower")
promises to pay Energy Fuels Holdings Corp. ("Lender") or its assignees or designees, the Principal Sum of
(US$500,000.00), together with interest thereon at a rate of 3.0% per annum until paid in full. Interest on said indebtedness
shall be payable annually on or before the 18th day of August, 2015 and on the same date in each year thereafter
until paid in full. The Principal Sum shall be due and payable in full on August 18, 2018 if not paid sooner. Payments shall
be payable at Lender's address or at such other place as Lender may designate by written notice to Borrower. If Borrower
fails to make any payment in full as and when due, the entire balance of this note shall immediately become due and payable
without notice or further action by Lender and all amounts still outstanding shall thereafter bear interest at the rate of
18% until the same are fully repaid.

 

2.               Borrower
may pre-pay the principal amount outstanding under this Note in whole or in part, at any time without
penalty.

 

3.               In
the event of default, Lender shall be entitled to recover from Borrower all of Lender's attorneys fees and costs incurred in obtaining
payment of this note.

 

4.               No
failure on the part of Lender or its assignees or designees to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver of such right nor shall any single or partial exercise by the Lender of any right hereunder
preclude the exercise of any other right.

 

5.               On
payment in full of this obligation by Borrower, Lender or the holder hereof shall immediately return this Note to Borrower,
endorsing thereon the fact of its payment in full.

 

6.               Borrower
hereby waives presentment for payment, demand, protest, notice of protest, notice of nonpayment, notice of dishonor, and notice
of acceleration of this note except as expressly provided herein.

 

7.               This
Note shall not be modified or changed except in writing signed by both Borrower and Lender. This Note shall be construed and interpreted
in accordance with the laws of the State of Colorado.

 

8.               This
Note shall be secured by a first lien on, upon and against certain real property and mining claims of Lender pursuant to various
deeds of trust being executed and delivered for recording concurrent with the execution of this Note.

 

{Remainder
of this page blank - signature on next page} 

 

    	 	1	 

     

    

 

IN
WITNESS WHEREOF, the Borrower has agreed to all of the foregoing terms, conditions and provisions.

 

Borrower:

Pinon
Ridge Mining LLC

 

	By:	/s/
George Glasier	 

 

STATE
OF :

COUNTY
OF :

 

On
August 18, 2014, George Glasier, the President and CEO of Pinon Ridge Mining LLC, personally appeared before me and acknowledged
the signing of the foregoing instrument. Witness my hand and seal. My commission expires 8/7/2017.

 

	/s/ Laura
    Beth Schiff	

 

Notary
Public

 

 

2Exhibit 10.4

  

SUBSTITUTE
PROMISSORY NOTE

U.S.
S1.125.72Q.Q0

 

This
Substitute Promissory Note is given to correct typographical errors contained in the form of Promissory Note provided as Exhibit
C of that certain Lease Sale/Purchase Agreement between Energy Fuels Resources Corporation and Nuclear Energy Corporation, LLC
signed and entered into on October 13, 2011.

 

	1.	For
                                                                                                                                                                                                                                                                                                value received, Energy Fuels Resources Corporation, a Colorado corporation whose address is 44 Union Blvd., Suite 600,
                                                                                                                                                                                                                                                                                                Lakewood, Colorado 80228 (the "Borrower") promises to pay Nuclear Energy Corporation LLC, a Colorado limited,
                                                                                                                                                                                                                                                                                                liability company, whose address is 18050 County Road G, Cortez, Colorado 81321 (the "Note Holder") or order, the
                                                                                                                                                                                                                                                                                                principal sum of One Million, One Hundred Twenty Five Thousand, Seven Hundred Twenty Dollars and Noll00 ($1,125,720.00) (the
                                                                                                                                                                                                                                                                                                "Principal") from October 12, 2011, until paid, at an interest rate of zero percent (0%) per annum. The Principal
                                                                                                                                                                                                                                                                                                shall be payable at the address of Note Holder designated above, or such other place as Note Holder may designate in writing
                                                                                                                                                                                                                                                                                                to Borrower, according the following payment schedule:

		a.	On
or before November 7, 2011; One Hundred Twenty Five Thousand Dollars and No/100 (US$125,000.00).
		b.	On
or before October 13, 2012: Two Hundred Fifty Thousand, One Hundred Eighty Dollars (US$250,180.00).
		c.	On
or before October 13, 2013: Two Hundred Fifty Thousand, One Hundred Eighty Dollars (US$250,180.00).
		d.	On
or before October 13, 2014: Two Hundred Fifty Thousand, One Hundred Eighty Dollars (US$250,180.00).
		e.	On
or before October 13, 2015: Two Hundred Fifty Thousand, One Hundred Eighty Dollars (US$250,180.00).
		f.	Such
payments shall continue until the entire indebtedness evidenced by this Note is fully paid; provided, however, if not sooner paid,
the entire principal amount outstanding shall be due and payable on October 13, 2015.

	2.	Borrower
                                                                                                                                                                                                                                                                                                shall pay to Note Holder a late charge of five percent (5%), at simple interest per annum, of any payment not received by
                                                                                                                                                                                                                                                                                                Note Holder within fifteen (15) days after the payment is due.

	3.	Payments
                                                                                                                                                                                                                                                                                                received for application to this Note shall, be applied first to the payment of late charges, if any, and second to the
                                                                                                                                                                                                                                                                                                reduction of the principal amount hereof.

	4.	If
                                                                                                                                                                                                                                                                                                any payment required by this Note is not paid when due, the Note Holder shall provide the Borrower with written notice of
                                                                                                                                                                                                                                                                                                default. If upon providing written notice of default to the Borrower, the Borrower has not paid to the Note Holder the late
                                                                                                                                                                                                                                                                                                Principal amounts (along with applicable late payments) within thirty (30) days of providing such notice, in the sole and
                                                                                                                                                                                                                                                                                                absolute discretion of Note Holder, the Note Holder shall have the option to either (i) require that the entire principal
                                                                                                                                                                                                                                                                                                amount outstanding be at once due and payable, or (ii) the Note Holder may demand that Borrower reassign to Note Holder that
                                                                                                                                                                                                                                                                                                certain Mineral Lease by and between J.H. Ranch, Inc. and the Louise Hicks Family Trust, as lessors, and Note Holder, as
                                                                                                                                                                                                                                                                                                lessee, dated October 10, 2011 (the "Lease"), and subsequently assigned to Borrower by that certain Assignment of
                                                                                                                                                                                                                                                                                                Mineral Lease by and between Note

Holder
and Borrower, dated October 13, 2011 (the "Assignment"), fat the event Note Holder elects to pursue option (ii) above,
the Note Holder shall surrender any right to receive any unpaid Principal balance then due hereunder, and the Borrower shall be
relieved of any obligations hereunder, monetary or otherwise.

 

	5.	Borrower
may prepay the principal amount outstanding under this Note, in whole or in part, at any time without penalty. Any partial prepayment
shall be applied against the Principal amount outstanding and shall not postpone the due date of any subsequent payments or change
the amount of such payments.

     

     

    

 

	6.	Any
notice to the Borrower provided for in this Note shall be in writing, shall be given at the address specified above, and be given
and be effective upon (a) delivery to the Borrower or (b) by mailing such notice by U.S. certified mail, return receipt requested,
addressed to the Borrower at Borrower's address stated below, or to such other address as the Borrower may designate by written
notice to the Note Holder. Any notice to the Note Holder shall be in writing, shall be given at the address specified above, and
shall be given and be effective upon (a) deliver to the Note Holder or (b) by mailing such notice by U.S. certified mail, return
receipt requested, to the Note Holder at the address stated in the first paragraph of this Note, or to such other address as the
Note Holder may designate by written notice to the Borrower.

	7.	Borrower
                                                                                                                                                                                                                                                                                              may assign this Note to a 3rd party without the prior written consent of Note "Holder, and Borrower shall
                                                                                                                                                                                                                                                                                              provide the Note Holder with written notice of any assignment; except however, that
                                                                                                                                                                                                                                                                                              the Borrower shall remain fully liable for all obligations hereunder unless the Note Holder provides written consent to the
                                                                                                                                                                                                                                                                                              assignment and assumption, which consent shall not be unreasonably withheld.

ENERGY
FUELS RESOURCES CORPORATION

A
Colorado corporation

 

	By:	/s/
    Stephen P. Antony	 
	 	Stephen
    P. Antony, President	 

 

	 	ATTEST:
	 	 
	 	/s/
    Gary R. Steele
	 	Secretary

 

    	 	2	 

     

    

 

Pinon
Ridge Mining LLC

P.O.
Box 888

Nucla,
Colorado 81424

 

October
13, 2015

 

NUCLEAR
ENERGY CORPORATION LLC

18050
Road G

Cortez,
Colorado 81321

 

Gentlemen,

 

Pinon
Ridge Mining LLC, who has assumed that certain Promissory Note between Nuclear Energy Corporation LLC and Energy Fuels
Resources Corporation, requests that the payment due October 13, 2015 be delayed until January 13, 2016. In consideration for
such deferral, Pinon Ridge will add interest from the date of October 13, 2015, until the date paid at the annual rate of one
percent (1%).

 

Please
acknowledge your concurrences with this arrangement.

 

	 	Sincerely,
	 	 
	 	/s/
    George E. Glasier
	 	George
    E. Glasier, President

 

ACKNOWLEDGED
THIS ____ DAY OF OCTOBER 2015

 

	B MINING COMPANY  	 	KIMMERLE MINING LLC
	 	 	 	 	 
	By		 	By	
	 	Michael Moore	 	 	Kyle Kimmerle
	 	 	 	 	 
	ANDREWS RESOURCE LLC  	 	REARDON STEEL LLC
	 	 	 	 	 
	By		 	By	/s/ Michael Thompson
	 	David Andrews	 	 	Michael Thompson
	 	 	 	 	 
	COUGAR CANYON LTD.  	 	 	 
	 	 	 	 	 
	By	/s/ Kathleen A. Glasier	 	 	 
	 	Kathleen A. Glasier, President	 	 	 

 

    	 	3	 

     

    

 

Pinon
Ridge Mining LLC

P.O.
Box 888

Nucla, Colorado 81424

 

February
8, 2016

 

NUCLEAR
ENERGY CORPORATION, LLC

18050
Road G

Cortez,
Colorado 81321

 

Gentlemen,

 

Pinon
Ridge Mining LLC (“PRM”), who has assumed the attached Substitute Promissory Note (the “Note”) between
Nuclear Energy Corporation LLC (“NUECO”) and Energy Fuels Resources Corporation, requests that the payment which was
previously extended to January 13, 2016, by the attached letter agreement dated October 13, 2015, be delayed for an additional
five months until June 13, 2016. In consideration for the additional five-month deferral period, PRM agrees that the aggregate
principal amount, accrued interest and late fees outstanding under the Note of US$253,836 shall be increased by ten percent (10%)
to a total principal amount outstanding of US $279,220. In addition, PRM agrees to make an immediate payment to NUECO in the amount
of US$5,000, which payment shall not reduce the principal amount outstanding.

 

PRM
further agrees to continue to accrue at an annualized rate of six percent (6%) through the June 13, 2016 terminal date. For the
sake of clarity, the 6% rate shall represent the 5% late charge set forth in the Note plus the 1% additional extension fee established
in the attached letter agreement dated October 13, 2015; all accruals shall be payable on the June 13, 2016 terminal date.

 

Please
acknowledge your concurrences with this arrangement.

 

	 	Sincerely,
	 	 
	 	/s/ George E. Glasier
	 	George E. Glasier, President

 

ACKNOWLEDGE
THIS 11th DAY OF FEBRUARY 2016

 

NUCLEAR
ENERGY CORPORATION, LLC

 

	By	/s/ Michael Thompson	 
	Michael
    Thompson, Managing Member	 

  

 

4

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