Document:

Exhibit 4.5

ARRANGEMENT AGREEMENT

THIS AGREEMENT made as of the 11th day of May, 2015.

BETWEEN:

ALMADEN MINERALS LTD., a company incorporated under the laws of the Province of British Columbia,

("Almaden")

AND:

ALMADEX MINERALS LIMITED., a company incorporated under the laws of the Province of British Columbia,

("Spinco")

WHEREAS Almaden and Spinco wish to effect a statutory plan of arrangement under section 288 of the Business Corporations Act (British Columbia) on the terms and conditions set out in this Agreement and the Plan of Arrangement annexed hereto as Exhibit A.

NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the premises and the covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the Parties to the other, the Parties covenant and agree as follows:

 

ARTICLE 1 

INTERPRETATION

1.1     Definitions

In this Agreement the following terms have the following meanings, respectively:

"Agreement" means this arrangement agreement entered into between the Parties as first referenced above, including Exhibit A hereto and all amendments made hereto;

"Almaden Common Shares" means the common shares in the authorized share structure of Almaden; "Almaden Securityholders" means Almaden Shareholders and the holders of Almaden Stock Options; "Almaden Shareholders" means the holders of Almaden Common Shares;

"Almaden Stock Option" means an option to acquire Almaden Common Shares granted pursuant to Almaden Stock Option Plan;

"Almaden Stock Option Plan" means the Almaden stock option plan approved by Almaden Shareholders on June 28, 2011;

"Almaden Warrants" means common share purchase warrants of Almaden exercisable to acquire Almaden Common Shares;

"Arrangement Resolution" means the special resolution of Almaden Shareholders authorizing and approving the Plan of Arrangement;

"Authority" means any: (i) multinational, federal, provincial, state, municipal, local or foreign governmental or public department, court, or commission, domestic or foreign; (ii) subdivision or authority of any of the foregoing; or (iii) quasi-govemmental or self-regulatory organization exercising any regulatory, expropriation or taxing authority under or for the account of its members or any of the above;

"Business Day" means a day which is not a Saturday, Sunday or a day when commercial banks are not open for business in Vancouver, British Columbia;

 

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"Circular" means the information circular, together with all appendices, distributed by Almaden in connection with the Meeting;

"Closing" means the completion of the transactions contemplated by this Agreement;

"Court" means the Supreme Court of British Columbia;

"Dissent Rights" has the meaning attributed to that term in Section 3.1 in the Plan of Arrangement;

"Effective Date" means the second Business Day after the date upon which the Parties have confirmed in writing (such confirmation not to be unreasonably withheld or delayed) that all conditions to the completion of the Plan of Arrangement have been satisfied or waived in accordance with Article 4 of the Arrangement Agreement and all documents and instruments required under the Arrangement Agreement, the Plan of Arrangement and the Final Order have been delivered;

"Effective Time" means 12:01 a.m. on the Effective Date;

"Encumbrance" means a mortgage, charge, pledge, lien, hypothec, security interest, encumbrance, adverse claim or a right of third parties to acquire or restrict the use of property;

"Final Order" means the order made after application to the Court pursuant to section 291 of the Business Corporations Act (British Columbia) approving the Plan of Arrangement as such order may be amended by the Court (with the consent of the Parties, acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended (with the consent of the Parties, acting reasonably) on appeal, which order shall include a statement to the following effect: "The terms and conditions of the Plan of Arrangement are procedurally and substantially fair to Almaden Shareholders and are hereby approved by the Court. This Order will serve as a basis of a claim to an exemption pursuant to section 3(a)( 10) of the United States Securities Act of 1933, as amended, from the registration requirements otherwise imposed by that Act regarding the issuance of securities under the Plan of Arrangement";

"Interim Order" means the order made after application to the Court pursuant to section 291 of the Business Corporations Act (British Columbia), providing for, among other things, the calling and holding of the Meeting, as such order may be amended, supplemented or varied by the Court (with the consent of the Parties, acting reasonably);

"Meeting" means the annual general and special meeting of Almaden Shareholders scheduled to be held on June 18, 2015 and any adjoumment(s) or postponement(s) thereof, to be called to consider, and if deemed advisable, approve the Almaden Resolution;

"Parties" means, together, Almaden and Spinco and "Party" means any one of them;

"Plan of Arrangement" means the plan of arrangement set out as Exhibit A hereto as the same may be amended from time to time in accordance with the terms thereof and hereof;

"Representative" means any director, officer, employee, agent, advisor or consultant of either Party;

"Securities Act" means the Securities Act (British Columbia) together with all rules and regulations promulgated thereunder or with respect thereto;

"Securities Legislation" means the Securities Act and the equivalent law in the other applicable provinces and territories of Canada, and the published policies, instruments, rules, judgments, orders and decisions of any Authority administering those statutes, as well as the rules, regulations, by-laws and policies of the Toronto Stock Exchange and the TSX Venture Exchange, as applicable;

"Spinco Common Shares" means the common shares in the authorized share structure of Spinco; and

 

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"Transferred Assets" means the assets to be transferred to Spinco prior to the completion of the Plan of Arrangement, which assets include: (a) a 2% net smelter returns royalty in respect of production from the Mor project, the Cabin Lake project, the Caribou Creek project, the Goz Creek project, the Meister River project, the Tim project, the Ram project and the Prospector Mountain project, which are located in the Yukon; (b) a 2% net smelter returns royalty in respect of production from the Erika project, the La Bufa project, the El Pulpo project, the San Pedro Fraccion 1 project, the San Pedro Fraccion 2 project, the Yago/Gallo de Oro project, the Mezquites project, the Llano Grande project, the San Pedro project and the Ixtaca/Tuligtic project located in Mexico; (c) a 2% net smelters return royalty in respect of production from the Prospect Valley project, the Elk project and the Dill project located in British Columbia; (d) a 2% net smelter returns royalty in respect of production from the BP project and the Blackjack Springs project located in Nevada; (e) a 1.5% net smelter returns royalty in respect of production from the Caballo Blanco project located in Mexico; (f) Almaden's interest in the Tropico project joint venture; (g) Almaden's interests in its wholly-owned Canadian subsidiaries, Pangeon Holdings Ltd., Ixtaca Precious Metals Inc. and Republic Resources Inc.; (h) Almaden's interests in its wholly-owned American subsidiary, Almaden America Inc.; (i) Almaden's interests in its Mexican subsidiaries, Compania Minera Zapata, S.A. de C.V., Almaden de Mexico, S.A. de C.V. and Minera Gavilan, S.A. de C.V.; (j) Almaden's interests in ATW Resources Inc., and Almaden's interests in the ATW project joint venture; (k) Almaden's gold inventory and certain marketable securities, including Almaden's interest in Gold Mountain Mining Corp.; (1) Canadian mineral tenures in respect of the Ponderosa project, the Nicoamen River project, the Merit project, the Munro Lake project, the Skoonka Creek project and the Logan project; (m) reclamation deposits related to the Ponderosa project, the Nicoamen project, the Merit project and the Willow project; and (n) an initial investment of working capital in an amount to be agreed to by Almaden and Spinco, acting reasonably.

 

1.2    Exhibits

Exhibit A - Plan of Arrangement is attached to this Agreement and forms part hereof.

1.3    Construction

In this Agreement, unless otherwise expressly stated or the context otherwise requires:

		(a)	
referencesto "herein", "hereby", "hereunder", "hereof' and similar expressions are referencesto this Agreement and not to any particular Article, Section, Subsection or Exhibit;

 

		(b)	
referencesto an "Article", "Section", "Subsection" or "Exhibit" are references to an Article, Section, Subsection or Exhibit of or to this Agreement;

 

		(c)	words importing the singular shall include the plural and vice versa, words importing gender shall include the masculine, feminine and neuter genders, and references to a "person" or "persons" shall include individuals, corporations, partnerships, associations, bodies politic and other entities, all as may be applicable in the context;

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		(d) 	
the use of headings is for convenience of reference only and shall not affect the construction or interpretation hereof;

		(e) 	
the word "including", when following any general term or statement, is not to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement; and

 

		(f) 	
reference to a statute or code includes every regulation made pursuant thereto, all amendments to the statute or code or to any such regulation in force from time to time, and any statute, code or regulation which supplements or supersedes such statute, code or regulation.

 

 

ARTICLE 2

REPRESENTATIONS AND WARRANTIES

2.1    Mutual Representations and Warranties of Spinco and Almaden

 

Each of Spincoand Almaden represents and warrants to the other as follows and acknowledges that the other Party is relying upon such representations and warranties in connection with the matters contemplated by this Agreement:

 

		(a)	the execution and delivery of this Agreement by it and the completion by it of the transactions contemplated herein and in the Plan of Arrangement do not and will not:

		(i)	result in the breach of, or violate any term or provision of, its articles or notice of articles;

		(ii)	conflict with, result in the breach of, constitute a default under, or accelerate or permit the acceleration of the performance required by, any agreement, instrument, licence or permit to which it is a party or by which it is bound and which is material to it, or to which any material property of such Party is subject, or result in the creation of any Encumbrance upon any of its material assets under any such agreement, instrument, licence or permit or give to others any material interest or right, including rights of purchase, termination, cancellation or acceleration, under any such agreement, instrument, licence or permit; or

		(iii)	violate any provision of law or administrative regulation or any judicial or administrative award, judgment, order or decree applicable and known to it, the breach of which would have a material adverse effect on it;

		(b)	there are no actions, suits, proceedings or investigations commenced, contemplated or threatened against or affecting it, at law or in equity, before or by any Authority nor are there any existing facts or conditions which may reasonably be expected to form a proper basis for any actions, suits, proceedings or investigations, which, in any case, would prevent or hinder the consummation of the transactions contemplated by this Agreement;

		(c)	no dissolution, winding up, bankruptcy, liquidation or similar proceeding has been commenced or is pending or proposed in respect of it; and

		(d)	the execution and delivery of this Agreement, and the completion of the transactions contemplated herein and in the Plan of Arrangement have been duly approved by its board of directors and this Agreement constitutes a valid and binding obligation of such Party enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other laws affecting the enforcement of creditors' rights generally and to general principles of equity and limitations upon the enforcement of indemnification for fines or penalties imposed by law.

 

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2.2    Representations and Warranties of Spinco

Spinco represents and warrants to and in favour of Almaden as follows, and acknowledges that Almaden is relying upon such representations and warranties in connection with the matters contemplated by this Agreement:

		(a) 	
Spinco is a corporation duly incorporated and validly existing underthe laws of the Province of British Columbia, is duly qualified to carry on its business in each jurisdiction where its business is currently conducted and is presently proposed to be conducted, or the ownership, leasing or operation of its property and assets requires such qualification, and has all requisite corporate power and authority to carry on its business and to enter into and perform its obligations under this Agreement;

 

		(b)	
Spinco is authorized to issue an unlimited number of Spinco Common Shares of which 100 Spinco Common Shares are issued and outstanding as of the date of this Agreement, as fully-paid and non-assessable; and

 

		(c)	
at the date hereof, no person holds any securities convertible into Spinco Common Shares or any other securities of Spinco or has any agreement, warrant, option or any other right capable of becoming an agreement, warrant or option for the purchase or other acquisition of any unissued Spinco Common Shares

 .

2.3    Representations and Warranties of Almaden

Almaden represents and warrants to and in favour of Spinco as follows, and acknowledges that Spinco is relying on such representations and warranties in connection with the matters contemplated in this Agreement:

		(a) 	
Almaden is a corporation duly incorporated and validly existing under the laws of the Province of British Columbia, is duly qualified to carry on its business in each jurisdication where its business is currently conducted and is presently proposed to be conducted, or the ownership, leasing or operation of property and assets requires such qualification, and has all requisite corporate power and authority to carry on its business and to enter into and perform its obligations under this Agreement;

		(b) 	
Spinco is a corporation duly incorporated and validly existing underthe laws of the Province of British Columbia, is duly qualified to carry on its business in each jurisdiction where its business is currently conducted and is presently proposed to be conducted, or the ownership, leasing or operation of its property and assets requires such qualification, and has all requisite corporate power and authority to carry on its business and to enter into and perform its obligations under this Agreement;

		(c) 	
Spinco is a corporation duly incorporated and validly existing underthe laws of the Province of British Columbia, is duly qualified to carry on its business in each jurisdiction where its business is currently conducted and is presently proposed to be conducted, or the ownership, leasing or operation of its property and assets requires such qualification, and has all requisite corporate power and authority to carry on its business and to enter into and perform its obligations under this Agreement;

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2.4    Survival of Representations and Warranties 

The representations and warranties of each of the Parties contained herein will survive the execution and delivery of this Agreement and will terminate on the earlier of the termination of this Agreement in accordance with its terms and the Effective Time.

ARTICLE 3

COVENANTS

3.1  Mutual Covenants of Spinco and Almaden

Each of Spinco and Almaden covenants with the other Party that it will:

		(a)	use commercially reasonable efforts and do all things reasonably required of it to cause the Plan of Arrangement to become effective on or before August 31, 2015;

		(b)	do and perform all such acts and things, and execute and deliver all such agreements, assurances, notices and other documents and instruments as may reasonably be required, both prior to and after the Effective Date, to facilitate the carrying out of the intent and purposes of this Agreement;

		(c)	use commercially reasonable efforts to cause each of the conditions precedent set forth in Article 4, which are within its control, to be satisfied on or prior to June 30, 2015; and

		(d)	indemnify and save harmless the other Party from and against any and all liabilities, claims, demands, losses, costs, damages and expenses to which such Party or any of its Representatives may be subject or may suffer, in any way caused by, or arising, directly or indirectly, from or in consequence of:

	(i) 		any misrepresentation or alleged misrepresentationin  any information includedin the Circular that is provided by the other Party for the purpose of inclusion in the Circular; and

 

	(ii)		indemnify and save harmless the other Party from and against any and all liabilities, claims, demands, losses, costs, damages and expenses to which such Party or any of its Representatives may be subject or may suffer, in any way caused by, or arising, directly or indirectly, from or in consequence of:

 

3.2  Covenants of Almaden

Almaden hereby covenants and agrees with Spinco that it will:

		(a)	until the Effective Date, not perform any act or enter into any transaction which interferes or is inconsistent with the completion of the Plan of Arrangement;

 

		(b)	apply to the Court for the Interim Order;

		(c)	solicit proxies to be voted at the Meeting in favour of the Arrangement Resolution and prepare, as soon as practicable, the Circular and proxy solicitation materials and any amendments or supplements thereto as required by, and in compliance with, the Interim Order, and applicable law, and, subject to receipt of the Interim Order, convene the Meeting as ordered by the Interim Order and conduct the Meeting in accordance with the Interim Order and as otherwise required by law;

 

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		(d)	
in a timely and expeditious manner, filethe Circular in all jurisdictions where the same is required to be filed by it and mail the same to the holders of Almaden Shares in accordance with the Interim Order and applicable law;

 

		(e)	
ensure that the information set forth in the Circular relating to Almaden and its

subsidiaries, and their respective businesses and properties and the effect of the Plan of Arrangement thereon will be true, correct and complete in all material respects and will not contain any untrue statement of any material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading in light of the circumstances in which they are made;

 

		(f)	
without limiting the generality of any of the foregoing covenants, until the Effective Date, except as required to effect the Plan of Arrangement or with the consent of Spinco, will not:

 

		(i)	issue any additional Almaden Common Shares or other securities of Almaden except pursuant to the exercise of Almaden Stock Options or Almaden Warrants outstanding prior to the date hereof or in connection with the Plan of Arrangement or transactions required in order to effect the Plan of Arrangement;

		(ii)	issue or enter into any agreement or agreements to issue or grant options, warrants or rights to purchase any Almaden Common Shares or other securities of Almaden;

		(iii)	alter or amend its constating documents as the same exist at the date of this Agreement except as specifically provided for hereunder;

		(g)	
prior to the Effective Date, make application to the applicable regulatory authorities for such orders under applicable securities and/or corporate laws as may be necessary or desirable in connection with the Plan of Arrangement; and

		(h)	
perform the obligations required to be performed by it under the Plan of Arrangement and

do all such other acts and things as may be necessary or desirable and are within its power and control in order to carry out and give effect to the Plan of Arrangement, including using commercially reasonable efforts to obtain:

		(i)	the approval of Almaden Shareholders required for the implementation of the Plan of Arrangement;

		(ii)	the consent to the Plan of Arrangement of the holders of Almaden Stock Options;

		(iii)	the Interim Order and, subject to the obtaining of all required consents, orders, rulings and approvals (including required approval of Almaden Shareholders), the Final Order;

		(iv)	such other consents, orders, rulings or approvals and assurances as are necessary or desirable for the implementation of the Plan of Arrangement, including those referred to in Article 4; and

 

		(v)	satisfaction of the conditions precedent referred to in Article 4.

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3.3 Covenants of Spinco

Spinco hereby covenants and agrees with Almaden that it will:

		(a)	until the Effective Date, not perform any act or enter into any transaction whichinterferes

or is inconsistent with the completion of the Plan of Arrangement;

		(b)	cooperate with and support Almaden in its application for the Interim Order and preparation of the Circular;

		(c)	without limiting the generality of any of the foregoing covenants, until theEffective

Date, except as required to effect the Plan of Arrangement or with the consent of Almaden, not:

		(i)	issue any additional Spinco Common Shares or other securities of Spinco other than in connection with the Plan of Arrangement or transactions required in order to effect the Plan of Arrangement;

		(ii)	issue or enter into any agreement or agreements to issue or grant options, warrants or rights to purchase any Spinco Common Shares or other securities of Spinco; and

		(iii)	alter or amend its constating documents as the same exist at the date of this Agreement except as specifically provided for hereunder; and

		(d)	perform the obligations required to be performed by it under the Plan of Arrangement and do all such other acts and things as may be necessary or desirable and are within its power and control in order to carry out and give effect to the Plan of Arrangement, including using commercially reasonable efforts to obtain:

		(i)	such consents, orders, rulings or approvals and assurances as are necessary or desirable for the implementation of the Plan of Arrangement, including those referred to in Article 4, and

		(ii)	satisfaction of the conditions precedent referred to in Article 4.

3.4 Interim Order

As soon as practicable after the date hereof, Almaden shall apply to the Court for the Interim Order providing for, among other things, the calling and holding of the Meeting.

3.5 Final Order

If the Interim Order and all securityholder approvals required in respect of the Plan of Arrangement are obtained, Almaden shall promptly thereafter take the necessary steps to submit the Plan of Arrangement to the Court and apply for the Final Order in such fashion as the Court may direct, and as soon as practicable following receipt of the Final Order, and subject to the satisfaction or waiver of the other conditions provided for in Article 4 hereof, Almaden and Spinco shall complete the Plan of Arrangement on the Effective Date pursuant to the Final Order.

 

ARTICLE 4 

CONDITIONS

4.1 Mutual Conditions Precedent

The respective obligations of the Parties to complete the transactions contemplated by this Agreement and otherwise to give effect to the Plan of Arrangement shall be subject to the satisfaction of the following conditions:

 

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	(a)	the Interim Order shall not have been set aside or modified in a manner unacceptable to any of the Parties, acting reasonably, on appeal or otherwise;

	(b)	the Arrangement Resolution shall have been approved by the required number of votes cast by Almaden Shareholders at the Meeting;

	(c)	the Court shall have determined that the terms and conditions of the exchange of Almaden Common Shares for Spinco Common Shares in the Plan of Arrangement are procedurally and substantively fair to Almaden Shareholders, and the Final Order shall have been obtained in form and substance satisfactory to all Parties, each acting reasonably, not later than August 31, 2015 or such later date as the Parties may agree;

	(d)	the consent to the Plan of Arrangement of the holders of Almaden Stock Options shall have been obtained in form and substance satisfactory to the Parties;

	(e)	the transfer of the Transferred Assets from Almaden to Spinco shall have been completed to the satisfaction of the Parties, acting reasonably;

	(f)	the TSX Venture Exchange shall have given conditional acceptance to the listing thereon of the Spinco Common Shares to be distributed pursuant to the Plan of Arrangement, subject to compliance with the usual requirements of the TSX Venture Exchange;

	(g)	all material consents, orders, rulings, approvals and assurances, including regulatory and judicial approvals and orders, required for the completion of the transactions provided for in this Agreement and the Plan of Arrangement shall have been obtained or received from the Authorities, including applicable orders, rulings, no action letters and registrations pursuant to the Securities Act and the comparable securities legislation of the other applicable provinces and territories of Canada to permit the Spinco Common Shares to be distributed pursuant to the Plan of Arrangement;

	(h)	no action shall have been instituted and be continuing on the Effective Date for an injunction to restrain, a declaratory judgment in respect of, or damages on account of, or relating to, the Plan of Arrangement and there shall not be in force any order or decree restraining or enjoining the consummation of the transactions contemplated by this Agreement and no cease trading or similar order with respect to any securities of any of the Parties shall have been issued and remain outstanding;

	(i)	none of the consents, orders, rulings, approvals or assurances required for the implementation of the Plan of Arrangement shall contain terms or conditions or require undertakings or security deemed unsatisfactory or unacceptable by any of the Parties, acting reasonably;

	(j)	no law, regulation or policy shall have been proposed, enacted, promulgated or applied  which interferes or is inconsistent with the completion of the Plan of Arrangement, including any material change to the income tax laws of Canada, which would have a material adverse effect upon Almaden Securityholders if the Plan of Arrangement is completed;

 

	(k)	this Agreement shall not have been terminated under Article 5; and

	(1)	no more than 5% of Almaden Shareholders, in the aggregate, shall have exercised their Dissent Rights.

 

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4.2  Additional Conditions toObligations of Each Party

The obligation of each Party to complete the transactions contemplated by this Agreement is further subject to the condition, which may be waived by such Party without prejudice to its right to rely on any other condition in its favour, that the covenants of the other Party to be performed on or before the Effective Date pursuant to the terms of this Agreement shall have been duly performed by it and that the representations and warranties of the other Party shall be true and correct in all material respects as at the Effective Date (except for representations and warrants made as of the specified date, the accuracy of which shall be determined as at that specified date), with the same effect as if such representations and warranties had been made at, and as of, such time and each such Party shall receive a certificate, dated the Effective Date, of a senior officer of each other Party confirming the same.

4.3  Merger of Conditions

The conditions set out in Article 4 shall be conclusively deemed to have been satisfied, waived or released on the Arrangement becoming effective.

 

ARTICLE 5 

AMENDMENT AND TERMINATION

5.1  Amendment and Waiver

This Agreement may, at any time and from time to time before and after the holding of the Meeting, but not later than the Effective Date, be amended by the written agreement of the Parties without, subject to applicable law, further notice to or authorization on the part of their respective shareholders. Without limiting the generality of the foregoing, any such amendment may:

		(a)	waive compliance with or modify any of the covenants contained herein or waive or modify performance of any of the obligations of the Parties or satisfaction of any of the conditions precedent set forth in Article 4 of this Agreement;

		(b)	waive any inaccuracies or modify any representation contained herein or in any document to be delivered pursuant hereto;

		(c)	change the time for performance of any of the obligations, covenants or other acts of the Parties; or

		(d)	make such alterations in this Agreement as the Parties may consider necessary or desirable in connection with the Interim Order or otherwise.

5.2  Termination

This Agreement may, at any time prior to the Plan of Arrangement becoming effective under the provisions of the Business Corporations Act (British Columbia) and without approval of Almaden Securityholders, be terminated by the mutual agreement of the Parties.

ARTICLE 6 

GENERAL

6.1  Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule, law, or public policy, all other conditions and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any Party. Upon any determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated by this Agreement are fulfilled to the fullest extent possible.

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6.2  Enurement

This Agreement will be binding upon and enure to the benefit of the Parties and their respective successors and permitted assigns from time to time.

6.3  Assignment

This Agreement may not be assigned by any Party without the prior written consent of each of the other Parties.

Notwithstanding anything to the contrary contained herein, each Party shall have the right, without being released, to transfer or assign this Agreement to any third party as security for any bona fide financing or as security for any guarantee granted by such transferor in respect of the obligations of its affiliates to such third party for any bona fide financing.

6.4  Governing Law

This Agreement will be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

Each Party agrees that any action or proceeding arising out of or relating to this Agreement may be instituted in the courts of British Columbia, waives any objection which it may have now or later to the venue of that action or proceeding, irrevocably submits to the non-exclusive jurisdiction of those courts in that action or proceeding and agrees to be bound by any judgement of those courts.

6.5  Time of Essence

Time is of the essence in respect of this Agreement.

6.6  Entire Agreement

This Agreement, the Plan of Arrangement and the other agreements contemplated hereby and thereby constitute the entire agreement between the Parties pertaining to the subject matter hereof. There are no warranties, conditions, or representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter, except as specifically set forth or referred to in this Agreement or as otherwise set out in writing and delivered at Closing. No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made by any Party or its directors, officers, employees or agents, to any other Party or its directors, officers, employees or agents, except to the extent that the same has been reduced to writing and included as a term of this Agreement. Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent aforesaid.

6.7  Further Assurances

Each of the Parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other Party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all such steps as may reasonably be within its power to implement to their full extent the provisions of this Agreement.

 

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6.8  Language

The Parties to this Agreement confirm their express wish that this Agreement and all documents and agreements directly or indirectly relating thereto be drawn up in the English language. Les Parties reconnaissent leur volonte express que la presente Entente ainsi que tous les documents et contrats s'y rattachant directement ou indirectement soient rediges en anglais.

IN WITNESS WHEREOF the Parties hereto have executed this Agreement as of the date first written above.

	 	
ALMADEN MINERALS LTD.

 

 

	 	
Per:                                                                                                        

Name:

 Title:

 

 

	 	
ALMADEN MINERALS LIMITED

 

 

	 	
Per:                                                                                                         

Name:

 Title:

 

 

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EXHIBIT A

 

PLAN OF ARRANGEMENT 

UNDER SECTION 288 OF THE BUSINESS CORPORATIONS ACT (BRITISH COLUMBIA) 

 

ARTICLE 1 DEFINITIONS AND INTERPRETATION

1.1 Definitions

In this Plan of Arrangement, unless there is something in the subject matter or context inconsistent therewith, the following terms shall have the respective meanings set forth below:

"5 Day VWAP" at any particular time in respect of a security means the volume weighted average price of the security on the principal exchange on which the security is traded for the five day period beginning at that time;

"Almaden" means Almaden Minerals Ltd., a company incorporated under the laws of the Province of British Columbia;

"Almaden Common Shares" means the Common shares in the authorized share structure of Almaden whose identifying name is changed to "Class A Common shares" pursuant to this Plan of Arrangement;

"Almaden Class B Common Shares" means the Class B Common shares in the authorized share structure of Almaden created pursuant to this Plan of Arrangement;

"Almaden Replacement Stock Option" means an option to acquire an Almaden Class B Common Share granted by Almaden to a holder of an Almaden Stock Option pursuant to an Option Exchange, with the exercise price of each such Almaden Replacement Stock Option determined in accordance with this Plan of Arrangement and the other terms and conditions of each such Almaden Replacement Stock Option determined in accordance with the Almaden Stock Option Plan and any agreements thereunder including, where necessary, appropriate adjustments to any performance-based or other vesting conditions, as such plan and agreements may be amended by the board of directors of Almaden or a committee thereof;

"Almaden Replacement Warrant" means a warrant to acquire an Almaden Class B Common Share to be issued by Alamden to a holder of an Almaden Warrant pursuant a Warrant Exchange, with the exercise price of each such Almaden Replacement Warrant determined in accordance with this Plan of Arrangement and the other terms and conditions of the Almaden Replacement Warrant being those of the Almaden Warrant, mutatis mutandis, subject to such reasonable adjustment as may be necessary in the circumstances and are approved by the Board of Directors of Almaden;

"Almaden Resolution" means the special resolution of Almaden Shareholders approving the Plan of Arrangement;

"Almaden Shareholder" means, at a particular time, a holder of one or more Almaden Common Shares;

"Almaden Stock Option" means an option granted pursuant to the Almaden Stock Option Plan exercisable to acquire an Almaden Common Share;

"Almaden Stock Option Plan" means the Almaden stock option plan approved by Almaden Shareholders on June 28, 2011;

"Almaden Warrant" means a common share purchase warrant of Almaden exercisable to acquire an Almaden Common Share;

 

A-1

"Arrangement Agreement" means the agreement dated May 11, 2015 between Almaden and Spinco to which this Plan of Arrangement is attached as Exhibit A, as it may be supplemented or amended from time to time;

"Business Day" means a day which is not a Saturday, Sunday, or a day when commercial banks are not open for business in Vancouver, British Columbia;

"Court" means the Supreme Court of British Columbia;

"Computershare" means Computershare Trust Company of Canada;

"Dissent Rights" has the meaning attributed to that term in Section 3.1 of this Plan of Arrangement;

"Dissent Share" has the meaning attributed to that term in Subsection 2.2(a) of this Plan of Arrangement;

"Dissenting Shareholder" means a registered Almaden Shareholder that has duly exercised its Dissent Rights and has not withdrawn or been deemed to have withdrawn such exercise of Dissent Rights, but only in respect of the Almaden Common Shares in respect of which Dissent Rights are validly exercised by such Almaden Shareholder;

"Effective Date" means the second Business Day after the date upon which the Parties have confirmed in writing (such confirmation not to be unreasonably withheld or delayed) that all conditions to the completion of the Plan of Arrangement have been satisfied or waived in accordance with Article 5 of the Arrangement Agreement and all documents and instruments required under the Arrangement Agreement, the Plan of Arrangement and the Final Order have been delivered;

"Effective Time" means 12:01 a.m. on the Effective Date;

"Eligible Dividend" has the meaning attributed to that tenn in subsection 89(1) of the Income Tax Act (Canada);

"Final Order" means the order made after application to the Court pursuant to section 291 of the Business Corporations Act (British Columbia) approving the Plan of Arrangement as such order may be amended by the Court (with the consent of the Parties, acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended (with the consent of the Parties, acting reasonably) on appeal, which order shall include a statement to the following effect: "The terms and conditions of the Plan of Arrangement are procedurally and substantially fair to Almaden Shareholders and are hereby approved by the Court. This Order will serve as a basis of a claim to an exemption pursuant to section 3(a)(10) of the United States Securities Act of 1933, as amended, from the registration requirements otherwise imposed by that Act regarding the issuance of securities under the Plan of Arrangement";

"Fractional Share Amount" means, in respect of an Almaden Shareholder, the aggregate number of Spinco Common Shares that the Almaden Shareholder would be entitled to receive on the Share Exchange in the absence of the Round Down Provision, less the aggregate number of Spinco Common Shares that the Almaden Shareholder is entitled to receive on the Share Exchange having regard to the Round Down Provision;

"In the Money Amount" at a particular time with respect to an Almaden Stock Option, Almaden Replacement Stock Option, or Spinco Replacement Stock Option means the amount, if any, by which the fair market value of the relevant underlying security exceeds the exercise price of the relevant option at the particular time;

A-2

"Interim Order" means the order made after application to the Court pursuant to section 291 of the Business Corporations Act (British Columbia), providing for, among other things, the calling and holding of the Meeting, as such order may be amended, supplemented or varied by the Court (with the consent of the Parties, acting reasonably);

"Meeting" means the annual general and special meeting of Almaden Shareholders scheduled to be held on June 18, 2015 and any adjoumment(s) or postponement(s) thereof, to be called to consider, and if deemed advisable, approve the Almaden Resolution;

"Option Exchange" has the meaning attributed to that term in Subsection 2.2(d) of this Plan of Arrangement;

"Parties" means Almaden and Spinco;

"Plan of Arrangement, "hereof', "herein", "hereunder" and similar expressions means this plan of arrangement, including the appendices hereto, and any amendments, variations or supplements hereto made in accordance with the terms hereof and the terms of the Arrangement Agreement or made at the direction of the Court in the Final Order;

"Round Down Provision" has the meaning attributed to that term in of Section 2.3 of this Plan of Arrangement;

"Share Exchange" has the meaning attributed to that term in Subsection 2.2(f) of this Plan of Arrangement;

"Spinco" means Almadex Minerals Limited, a company incorporated under the laws of the Province of British Columbia;

"Spinco Common Shares" means the common shares in the authorized share structure of Spinco;

"Spinco Replacement Stock Option" means an option to acquire .6 of a Spinco Common Share granted by Spinco to a holder of an Almaden Stock Option pursuant to an Option Exchange, with the exercise price of each such Spinco Replacement Stock Option determined in accordance with this Plan of Arrangement and the other terms and conditions of each such Spinco Replacement Stock Option determined in accordance with the Spinco Stock Option Plan and any agreements thereunder and including, where necessary, appropriate adjustments to any performance-based or other vesting conditions, as such plan or agreements may be amended by the board of directors of Spinco or a committee thereof;

"Spinco Replacement Warrant" means a warrant to acquire .6 of a Spinco Common Share issued by Spinco to a holder of an Almaden Warrant pursuant to a Warrant Exchange, with the exercise price of each such Spinco Replacement Warrant determined in accordance with this Plan of Arrangement and the other terms and conditions of the Spinco Replacement Warrant being those of the Almaden Warrant, mutatis mutandis, subject to such reasonable adjustment as may be necessary in the circumstances and are approved by the Board of Directors of Spinco;

"Spinco Stock Option Plan" means the Spinco stock option plan;

"Subdivision" has the meaning attributed to that term in Subsection 2.2(c) of this Plan of Arrangement; and

"Warrant Exchange" has the meaning attributed to that term in Subsection 2.2(e) of this Plan of Arrangement.

1.2 Number and Gender

In this Plan of Arrangement, unless the context otherwise requires, words importing the singular number include the plural and vice versa, and words importing any gender include all genders.

 

 

A-3

1.3 Interpretation Not Affected by Headings, etc.

The division of this Plan of Arrangement into Articles, Sections and other parts and the insertion of headings are for convenience only and shall not affect the construction or interpretation of this Plan of Arrangement.

1.4  Date of Any Action

If any date on which any action is required to be taken hereunder by any Party is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day.

1.5 Time

Time shall be of the essence in every matter or action contemplated hereunder. All times expressed herein are local time in Vancouver, British Columbia unless otherwise stipulated herein.

1.6 Currency

All references to currency in this Plan of Arrangement are to Canadian dollars, being lawful money of the Canada.

1.7 Statutory References

Unless otherwise expressly provided herein, any reference in this Plan of Arrangement to a statute includes all regulations made thereunder, all amendments to such statute or regulations in force from time to time, and any statute or regulation that supplements or supersedes such statute or regulations.

 

ARTICLE 2 

THE ARRANGEMENT

2.1 Effectiveness

Subject to the terms of the Arrangement Agreement, the Arrangement will become effective at the Effective Time and be binding at and after the Effective Time on: (i) Spinco, (ii) Almaden, (iii) Almaden Shareholders, (iv) holders of Almaden Stock Options, and (v) holders of Almaden Warrants.

2.2 The Arrangement

Commencing at the Effective Time, the events and transactions set out in Subsections (a) to (g) inclusive will occur and be deemed to occur in the order set out below without any further act or formality, and with each event or transaction occurring and being deemed to occur immediately after the occurrence of the immediately preceding event or transaction:

		(a)	Each Almaden Common Share in respect of which an Almaden Shareholder has exercised Dissent Rights and for which the Almaden Shareholder is ultimately entitled to be paid fair value (each a "Dissent Share") shall be deemed to have been repurchased by Almaden for cancellation in consideration for a debt-claim against Almaden to be paid the fair value of such Dissent Share in accordance with Article 3 of this Plan of Arrangement, net of any applicable withholding tax, and such Dissent Share shall thereupon be cancelled;

		(b)	The authorized share structure of Almaden shall be reorganized and altered by

		(i)	changing the identifying name of the issued and unissued Almaden Common Shares from "Common shares" to "Class A Common shares" and amending the special rights and restrictions attached to such shares to provide the holders thereof with two votes in respect of each share held, and

 

		(ii)	creating a new class of shares without par value issuable in an unlimited number with the identifying name "Class B Common shares" having special rights and restrictions identical to those attaching to the Almaden Common Shares prior to the amendments described in paragraph (b)(i) above;

 

A-4

	(c)	The issued and outstanding Spinco Common Shares shall be subdivided into that number of Spinco Common Shares (the "Subdivision") determined by the following formula:

A-B

where

A is the number of issued and outstanding Almaden Common Shares at that time (i.e., for greater certainty, excluding all Dissent Shares) multiplied by 0.6, and

B is the aggregate of all amounts each of which is a Fractional Share Amount in respect of an Almaden Shareholder (but, for greater certainty, excluding a Fractional Share Amount in respect of a Dissent Share),

such that following the Subdivision, the number of issued and outstanding Spinco Common Shares shall be equal to the aggregate number of Spinco Common Shares distributable to the Almaden Shareholders on the Share Exchange having regard to the Round Down Provision;

	(d)	Each holder of an Almaden Stock Option will dispose of and be deemed to dispose of the Almaden Stock Option and in consideration therefor will concurrently receive

		(i)	one Almaden Replacement Stock Option having an exercise price equal to the product obtained by multiplying: (A) the exercise price of the Almaden Stock Option by (B) the quotient obtained by dividing the 5 Day VWAP of an Almaden Class B Common Share for the period beginning immediately after the conclusion of the Arrangement steps by the aggregate of the 5 Day VWAP of an Almaden Class B Common Share and the product of .6 multiplied by the 5 Day VWAP of a Spinco Common Share for that period, rounded to the nearest whole cent and subject to adjustment as set out below, and

		(ii)	one Spinco Replacement Stock Option having an exercise price equal to the product obtained by multiplying: (A) the quotient obtained by dividing the exercise price of the Almaden Stock Option by .6; by (B) the quotient obtained by dividing the product of .6 multiplied by the 5 Day VWAP of a Spinco Common Share for the period beginning immediately after the conclusion of the Arrangement steps by the aggregate of the 5 Day VWAP of an Almaden Class B Common Share and the product of .6 multiplied by the 5 Day VWAP of a Spinco Common Share for that period, rounded to the nearest whole cent and subject to adjustment as set out below,

and nothing more and all Almaden Stock Options will thereupon be cancelled (each such disposition, receipt, and cancellation, collectively, an "Option Exchange"), provided that the exercise prices of each Almaden Replacement Stock Option and each Spinco Replacement Stock Option issued pursuant to an Option Exchange shall be and be deemed to be automatically adjusted such that the aggregate In the Money Amounts thereof immediately after the Option Exchange does not exceed the In the Money Amount of the exchanged Almaden Stock Option determined immediately before the Option Exchange, with the intention that that subsection 7(1.4) of the Income Tax Act (Canada) will apply to each Option Exchange;

A-5

	(e)	Each Almaden Warrant will be and be deemed to be exchanged for

		(i)	one Almaden Replacement Warrant having an exercise price equal to the product obtained by multiplying: (A) the exercise price of the Almaden Warrant; by (B) by the quotient obtained by dividing the 5 Day VWAP of an Almaden Class B Common Share for the period beginning immediately after the conclusion of the Arrangement steps by the aggregate of the 5 Day VWAP of an Almaden Class B Common Share and the product of .6 multiplied by the 5 Day VWAP of a Spinco Common Share for that period, rounded to the nearest whole cent, and

		(ii)	one Spinco Replacement Warrant having an exercise price equal to the product obtained by multiplying: (A) the quotient obtained by dividing the exercise price of the Almaden Warrant by .6; by (B) the quotient obtained by dividing the product of .6 multiplied by the 5 Day VWAP of a Spinco Common Share for the period beginning immediately after the conclusion of the Arrangement steps by the aggregate of the 5 Day VWAP of an Almaden Class B Common Share and the product of .6 multiplied by the 5 Day VWAP of a Spinco Common Share for that period, rounded to the nearest whole cent,

(each such exchange, a "Warrant Exchange"), and the Almaden Warrants will thereupon be cancelled;

	(f)	Each Almaden Shareholder shall dispose of all of his, her or its Almaden Common Shares held to Almaden and in consideration therefor Almaden will issue or distribute to the Almaden Shareholder

		(i)	the same number of Almaden Class B Common Shares, and

		(ii)	that number of Spinco Common Shares equal to the product of the number of Almaden Common Shares held and 0.6, less the Fractional Share Amount, if any, in respect of that Almaden Shareholder (the "Share Exchange"),

and, in respect thereof,

		(iii)	the name of each Almaden Shareholder shall be removed from the central securities register for the Almaden Common Shares and added to the central securities register for the Almaden Class B Common Shares and the Spinco Common Shares as the holder of the number of Almaden Class B Common Shares and Spinco Common Shares, respectively, received pursuant to the Share Exchange,

		(iv)	the Almaden Common Shares shall be cancelled and the capital in respect of such shares shall be reduced to nil, and

		(v)	an amount equal to the capital of the Almaden Common Shares immediately before the Share Exchange less the aggregate fair market value of the Spinco Common Shares distributed on the Share Exchange shall be added to the capital in respect of the Almaden Class B Common Shares issued on the Share Exchange; and

 

A-6

		(g)	The authorized share structure of Almaden shall be reorganized and altered by

		(i)	eliminating the Almaden Common Shares from the authorized share structure of Almaden; and

		(ii)	changing the identifying name of the issued and unissued Almaden Class B Common Shares from "Class B Common shares" to "Common shares".

2.3 No Fractional Shares

No fractional Spinco Common Shares shall be distributed by Almaden to an Almaden Shareholder on the Share Exchange. To the extent that Almaden would otherwise be required to distribute to an Almaden Shareholder on the Share Exchange an aggregate number of Spinco Common Shares that is not a round number, the number of Spinco Common Shares so distributed to the Almaden Shareholder shall be rounded down to the next lesser whole number of Spinco Common Shares (the "Round Down Provision") and the Almaden Shareholder shall not receive any compensation in respect thereof.

2.4 Completion Time Procedures

On or immediately prior to the Effective Date, Almaden shall deliver or arrange to be delivered to Computershare certificates representing the Spinco Common Shares required hereunder, which certificates shall be distributed to Almaden Shareholders in accordance with Article 4 hereof.

ARTICLE 3

DISSENT RIGHTS

3.1 Dissent Rights of Almaden Shareholders

		(1)	Each registered Almaden Shareholder may exercise dissent rights ("Dissent Rights")in

connection with the Arrangement with respect to the Almaden Shareholder's Almaden Common Shares pursuant to and in the manner set forth in the Interim Order, paragraph 238(l)(d) of the Business Corporations Act (British Columbia) and this Article, as the same may be modified by the Interim Order or the Final Order. Registered Almaden Shareholders who duly exercise such Dissent Rights and who:

		(a)	are ultimately entitled to be paid fair value for their Dissent Shares shall be deemed notto

have participated in the Share Exchange and such Dissent Shares shall be deemed to have been repurchased by Almaden for cancellation at the Effective Time in consideration for a debt-claim against Almaden to be paid the fair value of such Dissent Shares, which fair value shall be determined as of the close of business on the Business Day before the day on which the Final Order is made, and will not be entitled to any other payment or consideration, and the name of each such Dissenting Shareholder will thereupon be removed from the register of holders of Almaden Common Shares; or

		(b)	are ultimately not entitled, for any reason, to be paid fair value for their Almaden Common Shares shall be deemed to have participated in the Plan of Arrangement on the same basis as any non-dissenting Almaden Shareholder as at and from the Effective Time and will be treated in the same manner as such a holder, on the basis set out in this Plan of Arrangement.

		(2)	The aggregate of all amount paid to Almaden Shareholders by Almaden in respect of Dissent Shares in accordance with Subsection 3.1(l)(a) shall be deducted from the stated capital account maintained by Almaden for the Almaden Common Shares.

 

A-7

(3) The amount of any deemed dividend resulting from application of subsection 84(3) of the Income Tax Act (Canada) to the repurchase of Dissent Shares held by Dissenting Shareholders is hereby designated by Almaden as an Eligible Dividend.

(4) All payments made to a Dissenting Shareholder pursuant to this Article shall be subject to, and paid net of, all applicable withholding taxes.

3.2 General - Dissent Rights

For greater certainty, in addition to any other restrictions in section 238 of the Business Corporations Act (British Columbia), no person who has voted in favour of this Plan of Arrangement shall be entitled to dissent with respect to the Plan of Arrangement.

 

ARTICLE 4

 DELIVERY OF SECURITIES

4.1 Delivery of Securities

Upon completion of the Plan of Arrangement, Almaden shall deliver to each Almaden Shareholder a certificate representing the Spinco Common Shares to which such holder is entitled to receive hereunder.

 

ARTICLE 5

 AMENDMENTS

5.1 Amendments

Almaden, in its sole discretion, reserves the right to amend, modify and/or supplement this Plan of Arrangement from time to time at any time prior to the Effective Time provided that any such amendment, modification or supplement must be contained in a written document that is filed with the Court and, if made following the Meeting, approved by the Court.

5.2 Effectiveness of Amendments Made Prior to or at the Meeting

Any amendment, modification or supplement to this Plan of Arrangement may be proposed by Almaden at any time prior to or at the Meeting with or without any prior notice or communication, and if so proposed and accepted by the Almaden Shareholders voting at the Meeting, shall become part of this Plan of Arrangement for all purposes.

5.3 Effectiveness of Amendments Made Following the Meeting

Any amendment, modification or supplement to this Plan of Arrangement may be proposed by Almaden after the Meeting but prior to the Effective Time and any such amendment, modification or supplement

whichis approved by the Court following the Meeting shall be effective andshall become part of the Plan of Arrangement for all purposes.

 

A-8Exhibit 4.6

  

  

ADMINISTRATIVE SERVICES AGREEMENT BETWEEN

ALMADEN MINERALS LTD.

AND

ALMADEX MINERALS LIMITED

  

May 15,2015

  

Table of Contents

 

	
ARTICLE 1 INTERPRETATION

	
1

	
    1.1

	
Definitions

	
1

	
    1.2

	
Interpretation

	
3

	
    1.3

	
Choice of Law

	
4

	
    1.4

	
Currency

	
4

	
    1.5

	
Attornment

	
4

	
    1.6

	
Ambiguities

	
4

	
ARTICLE 2 APPOINTMENT AND DELEGATION

	
4

	
    2.1

	
Appointment as Manager and Delegation: Management Services

	
4

	
    2.2

	
Exclusivity

	
6

	
    2.3

	
Appointment of Agents

	
7

	
ARTICLE 3 CONCERNING MANAGER; REPRESENTATIONS AND WARRANTIES

	
7

	
    3.1

	
Standard of Care

	
7

	
    3.2

	
Representations and Warranties

	
8

	
    3.3

	
Liability of Manager

	
9

	
    3.4

	
Relationship of Manager and the Managed Entity

	
10

	
    3.5

	
Directors and Officers Liability Insurance

	
10

	
ARTICLE 4 PERSONNEL AND SHARED FACILITIES

	
11

	
    4.1

	
Personnel Expenses

	
11

	
    4.2

	
Use of Shared Facilities

	
11

	
ARTICLE 5 FEES AND PAYMENT

	
11

	
    5.1

	
Budgets Relating to Services

	
11

	
    5.2

	
Fees Payable by Managed Entity

	
11

	
    5.3

	
Change in Services

	
12

	
    5.4

	
Invoice

	
12

	
    5.5

	
Payment

	
12

	
    5.6

	
Interest

	
12

	
    5.7

	
Proration

	
12

	
    5.8

	
Payments in Respect of Taxes

	
12

	
    5.9

	
Excluded Services

	
13

	
ARTICLE 6 TERM AND TERMINATION

	
13

	
    6.1

	
Term of Agreement

	
13

	
    6.2

	
Termination of Agreement

	
13

	
    6.3

	
Conduct After Notice of Termination

	
14

 

Table of Contents

 

	
    6.4

	
Conduct After Termination

	
14

	
ARTICLE 7 RECORDS AND REPORTING

	
15

	
    7.1

	
Records and Reporting

	
15

	
    7.2

	
Audit Right

	
15

	
    7.3

	
Inspection Right of Manager

	
16

	
ARTICLE 8 INDEMNIFICATION

	
16

	
    8.1

	
Indemnification of Manager

	
16

	
ARTICLE 9 CONFIDENTIALITY AND NON-SOLICITATION

	
17

	
    9.1

	
Confidentiality

	
17

	
    9.2

	
Injunctive Relief

	
18

	
    9.3

	
Return of Confidential Information

	
19

	
    9.4

	
Non-Solicitation

	
19

	
    9.5

	
Survival

	
20

	
ARTICLE 10 FORCE MAJEURE

	
20

	
    10.1

	
Force Majeure

	
20

	
ARTICLE 11 GENERAL PROVISIONS

	
21

	
    11.1

	
Exchange Acceptance

	
21

	
    11.2

	
Further Assurances

	
21

	
    11.3

	
Assignment

	
21

	
    11.4

	
Enurement

	
21

	
    11.5

	
Entire Agreement

	
21

	
    11.6

	
Notice

	
22

	
    11.7

	
Amendment

	
22

	
    11.8

	
Severability

	
22

	
    11.9

	
Counterpart Execution

	
23

	
    11.10

	
Effective Date

	
23

	
    11.11

	
Arbitration

	
23

 

 

THIS ADMINISTRATIVE SERVICES AGREEMENT made effective as of the 15th  day of May, 2015.

BETWEEN:

ALMADEN MINERALS LTD., a company incorporated under the laws of the Province of British Columbia with an office at Suite 1103, 750 West Pender Street, Vancouver, British Columbia, V6C 2T8 ("Manager")

- and -

ALMADEX MINERALS LIMITED, a company incorporated under the laws of the Province of British Columbia with an office at Suite 1103, 750 West Pender Street, Vancouver, British Columbia, V6C 2T8 ("Managed Entity")

WHEREAS the Managed Entity requires office space, furnishings and equipment, communications facilities, accounting services, marketing services, secretarial services, and the administrative services and personnel necessary to fulfil the basic day-to-day responsibilities imposed on the Managed Entity, to carry out and ensure compliance with the requirements of a reporting issuer, and to generally carry on its business, and has no permanent staff to perform these duties;

AND WHEREAS Manager has the necessary space, equipment, personnel and expertise to provide all of the services and facilities required by the Managed Entity and the Managed Entity wishes to engage Manager to provide such services and facilities;

NOW THEREFORE, THIS AGREEMENT WITNESSETH that in consideration of the covenants herein contained and such other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged by the Parties), the Parties hereby agree as follows:

ARTICLE 1

INTERPRETATION

1.1 Definitions

In this Agreement, the following terms will have the meanings set out below unless the context otherwise requires:

"Affiliate" of a person (the "Subject Person") means any other person that directly or indirectly controls, is controlled by or is under common control with the Subject Person. For purposes of this definition, "control" of a person means (i) ownership of more than 50% of the issued shares or other equity interests of such person or (ii) the power to direct the management or policies of a person, whether through the ownership of more than 50% of the voting power of such person, through the power to appoint more than half of the members of the board of directors or similar governing body of such person, or through contractual or other arrangements;

"Annual Budget" means, in respect of any Fiscal Year, an annual budget estimating the costs, on a monthly basis, of providing the Services and access to, and use of the Personnel and assets contained in, the Shared Facilities, such budget to include a reasonable description of the method and basis for determining the costs to be allocated;

"Applicable Law" means, with respect to any person, property, transaction, event or other matter, any law, rule, statute, regulation, order, judgment, decree, treaty or other requirement having the force of law (collectively the "Law") relating or applicable to such person, property, transaction, event or other matter.  Applicable Law also includes, where appropriate, any interpretation of the Law (or any part) by any person having jurisdiction over it, or charged with its administration or interpretation;

"Confidential Information" means the confidential, secret or proprietary information of one Party or any of its Affiliates (the "Disclosing Party"), including data, technical information, financial information including prices, business information including business plans, strategies and practices, information relating to customers and prospective customers, trade secrets, know-how, methods, procedures, reports, budgets, computer tapes and other storage media, technology, files, documentation, and software of the Disclosing Party which has been or may hereafter be disclosed, directly or indirectly, to any other Party (the "Receiving Party") either orally, in writing, electronically or in any other material form or medium pursuant to and in conjunction with this Agreement, and includes all information relating to any arbitration proceeding under Section 11.11;

"Disclosing Party" has the meaning ascribed thereto in the definition of "Confidential Information" set out herein;

"Documentation" has the meaning ascribed thereto in Section 7.1;

"Exchange" means the TSX Venture Exchange and any other stock exchange which lists the Managed Entity's Securities as applicable;

"Fiscal Year" means a twelve month period proposed by the Manager and agreed to by the Managed Entity, acting reasonably;

"Force Majeure Event" has the meaning ascribed thereto in Section 10.1;

"G&A Overhead Charge" has the meaning ascribed thereto in Section 4.1;

"Governmental Authority" means any nation, federal government, province, state, municipality or other political subdivision of any of the foregoing, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing;

- 2 -

"Group Entity" means the Managed Entity and any other person that the Manager provides management services to pursuant to an agreement similar to this Agreement;

"including" means including, without limitation, and "includes" means includes, without limitation;

"Parties" means Manager and Managed Entity and "Party" means any one of them;

"Personnel" has the meaning ascribed thereto in Section 4.1;

"Receiving Party" has the meaning ascribed thereto in the definition of "Confidential Information";

"Services" has the meaning ascribed thereto in Section 2.1;

"Shared Facilities" has the meaning ascribed thereto in Section 4.2; and

"Taxes" includes all goods and services, sales, use, transfer, stamp, value added, gross receipts or excise tax or any similar taxes, fees, duties or imposts.

1.2 Interpretation

For the purposes of this Agreement, except as otherwise expressly provided:

		(a)	the headings in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or interpretation;

		(b)	words importing the singular number include the plural and vice versa and words importing gender include the masculine, feminine and neuter genders;

		(c)	"this Agreement" means this Agreement, including the Schedules hereto, and not any particular Section or other subdivision, recital or Schedule hereof, as the same may, from time to time, be supplemented or amended in accordance with the terms hereof;

		(d)	the words "hereof", "herein", "hereto" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision, recital or Schedule hereof;

		(e)	all references in this Agreement to a designated "Section" or other subdivision, recital or "Schedule" hereof are references to the designated Section or other subdivision, recital or Schedule to, this Agreement;

		(f)	a reference to a statute in this Agreement includes all regulations, rules, policies or instruments made thereunder, all amendments to the statute, regulations, rules, policies or instruments in force from time to time, and any statutes, regulations, rules, policies or instruments that supplement or supersede such statute, regulations, rules, policies or instruments;

- 3 -

		(g)	the word "or" is not exclusive;

		(h)	the word "including" is not limiting, whether or not non-limiting language (such as "without limitation" or "but not limited to" or words of similar import) is used with reference thereto; and

		(i)	all references to "approval", "authorization" or "consent" in this Agreement means written approval, authorization or consent, unless expressly stated to the contrary.

1.3 Choice of Law

This Agreement will be governed by the laws of the Province of British Columbia and the laws of Canada applicable therein and shall be construed, interpreted and performed in accordance therewith.

1.4 Currency

In this Agreement, all amounts are stated and payable in Canadian currency.

1.5 Attornment

Subject to Section 11.11, any legal action or proceedings with respect to this Agreement shall be brought in the courts of the Province of British Columbia and the courts of appeal therefrom. Each Party hereby attorns to and accepts for itself and in respect of its assets, irrevocably and unconditionally, the jurisdiction of such courts.

1.6 Ambiguities

Each of the Parties has participated in the drafting of this Agreement and any rule of construction to the effect that ambiguities are to be resolved against the drafting Party shall not apply to the interpretation of this Agreement.

ARTICLE 2

APPOINTMENT AND DELEGATION

2.1 Appointment as Manager and Delegation: Management Services

The Managed Entity hereby engages and appoints Manager as the sole and exclusive manager of the Managed Entity and delegates to Manager, and Manager hereby accepts such sole and exclusive engagement and appointment as well as the delegation of, authority to manage the assets, operations, business and administrative affairs of the Managed Entity. Manager hereby agrees to supply to the Managed Entity all services, staff and expertise as determined necessary by the Manager to properly and efficiently manage the assets, operations, business and administrative affairs of the Managed Entity. In particular, but without limitation, Manager agrees to provide, as may be required and at the specific request of the Managed Entity:

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		(a)	senior executive services, including, without limitation, business planning, support, guidance and policy making in respect of the Managed Entity;

		(b)	board of directors and general management services in respect of the business and affairs of the Managed Entity, including providing, as requested by the Managed Entity, individuals for such board of directors and executive positions as may be required by the Managed Entity;

		(c)	accounting and financial services, including coordination and management of the Managed Entity's accounting, treasury, information, income tax, reporting systems and internal controls;

		(d)	cash management and investment services, including arranging, assisting and negotiating banking and financing arrangements for the Managed Entity and assisting in the preparation of financial statements and other financial reports, coordinating external audits and financial planning and budgeting;

		(e)	reporting services to the Managed Entity's directors with respect to the business and affairs of the Managed Entity as may be requested by the Managed Entity's directors from time to time;

		(f)	corporate secretarial services, including, without limitation, assistance with the maintenance of corporate records and minutes of meetings;

		(g)	stock exchange and governmental relations services including, without limitation, assisting in the representation of the Managed Entity to the Exchange, securities commissions or other governmental and regulatory agencies;

		(h)	the coordination of such audit, legal, insurance and other third party professional or non-professional services in respect of the Managed Entity as determined necessary by Manager (it being understood and agreed that the fees and expenses of third parties will be expenses of the Managed Entity);

		(i)	incidental assistance with corporate communications programs, including investor relationship management, branding of the Managed Entity, and corporate brochures regarding the Managed Entity; provided that these services shall not constitute professional investor relations services under the rules of the Exchange, if applicable, or other securities regulatory policies;

		(j)	information technology services, including updating and maintenance of the Managed Entity's website;

		(k)	the coordination of risk management services including, without limitation, risk assessment, evaluation of insurance coverages, negotiation with insurance brokers, carriers and underwriters and processing and administration of insurance claims and including loss prevention services, health and safety advisory services and property risk management;

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		(l)	negotiation, on behalf of and in the name of the Managed Entity, of agreements with the Managed Entity's customers and other material contracts with third parties necessary for the proper operation of business and assets of the Managed Entity, including with respect to the items listed in this Section 2.1;

		(m)	human resources and staffing services including, without limitation, advisory and administration services relating to employee hiring, employee relations, compensation programs, employee benefit programs and personnel and industrial relations matters;

		(n)	assessment, negotiation and implementation, on behalf of and in the name of the Managed Entity, of major acquisitions and sales of subsidiaries, businesses or assets;

		(o)	the preparation and filing of all required tax returns for the Managed Entity and reports to governmental and regulatory agencies in compliance with all statutory regulations;

		(p)	the co-ordination and submission, on behalf of and in the name of the Managed Entity, of applications for all necessary permits, licenses or other required approvals from Governmental Authorities;

		(q)	the management of the defence and prosecution of litigation and other legal services furnished by independent counsel and providing advice and recommendations with respect thereto;

		(r)	oversight of joint ventures, options and similar arrangements, on behalf of and in the name of the Managed Entity, including representation by the Manager's personnel on technical or management committees;

		(s)	the management of community relations and communications with the various stakeholders including local communities and municipalities, aboriginal groups, ejidos and requisite government agencies and departments; and

		(t)	such other executive functions in connection with the management of the business and affairs of the Managed Entity as determined necessary or advisable by Manager,

(collectively, the "Services").

2.2 Exclusivity

The Managed Entity shall not engage or appoint any person other than the Manager to manage the Managed Entity or its assets, operations, business or administrative affairs, without the written prior consent of the Manager.

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2.3 Appointment of Agents

		(a)	Notwithstanding that the Managed Entity has engaged and appointed the Manager as the sole and exclusive manager of the Managed Entity pursuant to Section 2.1, Manager shall have the right to provide the Services, or any part thereof, through agents, affiliates or independent contractors; provided that Manager shall ensure that such agents, affiliates or independent contractors comply with the terms and conditions of this Agreement that are relevant to the performance of their assigned tasks.  Manager shall ensure that such agents, affiliates or independent contractors contractually are legally responsible for their conduct under the standards applicable to Manager pursuant to this Agreement.

		(b)	Manager may rely and act upon information or advice received from advisors, accountants, legal counsel and others, provided Manager satisfies the standard of care described in Section 3.1 in relying and acting upon information received from such person.

ARTICLE 3

CONCERNING MANAGER; REPRESENTATIONS AND WARRANTIES

3.1 Standard of Care

Manager shall provide the Services in a proper, workmanlike and efficient manner, in accordance with accepted mining industry and other relevant professional standards, practices and applicable laws, and shall exercise that degree of care, and skill that a reasonably prudent person would exercise in comparable circumstances.  The Manager shall not be in breach of its standard of care if its inability or failure to perform results from the actions of the Managed Entity or the failure of the Managed Entity to perform acts or to contribute amounts required of it by this Agreement.

For greater certainty, the foregoing standard of care by the Manager is qualified as follows:

		(a)	Manager shall not provide any services in respect of which a registration of the Manager in any capacity would be required under applicable securities laws or other Applicable Laws;

		(b)	the Managed Entity acknowledges that although during the course of providing the Services, Manager may provide the Managed Entity assistance with tax, accounting or legal matters, but the Managed Entity shall not be relying on Manager for professional advice or opinions on tax, accounting or legal matters;

		(c)	the Managed Entity specifically acknowledges Manager shall at no time provide the Managed Entity with any tax or accounting advice, opinion, analysis or similar services; and

		(d)	the Managed Entity specifically acknowledges Manager shall at no time provide the Managed Entity with any professional legal advice, opinion, analysis or similar services, including with respect to the interpretation or enforcement of any rights, obligations, duties or remedies that the Managed Entity may have in any matter and that any communication between the Managed Entity and Manager shall not necessarily be considered to be legally privileged.

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3.2 Representations and Warranties

		(a)	Manager represents and warrants to the Managed Entity, and acknowledges that the Managed Entity is relying thereon, that:

		(i)	it is a valid and subsisting corporation duly incorporated under the laws of its jurisdiction of incorporation and has full corporate power and capacity to execute and deliver this Agreement and to observe and perform its covenants and obligations hereunder and has taken all necessary corporate proceedings and obtained all necessary approvals in respect thereof and, upon execution and delivery of this Agreement by it, this Agreement will constitute a legal, valid and binding obligation of Manager enforceable against it in accordance with its terms except that:

		(A)	enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors' rights generally;

		(B)	equitable remedies, including the remedies of specific performance and injunctive relief, are available only in the discretion of an arbitrator or any court having jurisdiction; and

		(C)	a court may stay proceedings before them by virtue of equitable or statutory powers.

		(ii)	neither the execution of this Agreement nor the provision of Services hereunder conflict with, result in a breach of or accelerate the performance required by any agreement to which it, or any of its Affiliates, is a party;

		(iii)	neither the execution of this Agreement nor the consummation of the transactions contemplated hereby, result in a breach of the laws of any applicable jurisdiction or its, or any of its Affiliates constating documents; and

		(iv)	its articles permit the delegation of authority to manage the assets, operations, business and administrative affairs of the Managed Entity to the Manager pursuant to Section 2.1.

		(b)	Managed Entity represents and warrants to the Manager, and acknowledges that Manager is relying thereon, that:

		(i)	it is a valid and subsisting corporation duly incorporated under the laws of its jurisdiction of incorporation and has full corporate power and capacity to execute and deliver this Agreement and to observe and perform its covenants and obligations hereunder and has taken all necessary corporate proceedings and obtained all necessary approvals in respect thereof and, upon execution and delivery of this Agreement by it, this Agreement will constitute a legal, valid and binding obligation of Managed Entity enforceable against it in accordance with its terms except that:

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		(A)	enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors' rights generally;

		(B)	equitable remedies, including the remedies of specific performance and injunctive relief, are available only in the discretion of an arbitrator or any court having jurisdiction; and

		(C)	a court may stay proceedings before them by virtue of equitable or statutory powers.

		(ii)	neither the execution of this Agreement nor the consummation of the transactions contemplated hereby conflict with, result in a breach of or accelerate the performance required by any agreement to which it is a party; and

		(iii)	neither the execution of this Agreement nor the consummation of the transactions contemplated hereby, result in a breach of the laws of any applicable jurisdiction or its constating documents.

3.3 Liability of Manager

Manager shall not be liable for any error of judgment or for any loss suffered by the Managed Entity in connection with the matters to which this Agreement relates, except a loss resulting from fraud, wilful misconduct or Gross Negligence.  For purposes of this Agreement "Gross Negligence" means any wanton or reckless act or omission not justified by any special circumstances as amounts to a wilful and utter disregard for harmful and avoidable consequences, but shall not include any act or omission of an Manager done or omitted to be done, if resulting from:

		(a)	the direction of, or with the knowledge and concurrence, of the Managed Entity; or

		(b)	an action taken in good faith by an Manager to protect life, health or property.

Notwithstanding anything herein contained to the contrary, in no event whatsoever will the Manager, its directors, officers, employees, agents, contractors or affiliates, be liable for any claim for:

		(i)	punitive, exemplary or aggravated damages of any kind;

		(ii)	damages for loss of profits or revenue, decline in earnings, decline in production, loss of opportunities, or loss of goodwill;

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		(iii)	indirect or consequential losses or any other indirect damages or loss;

		(iv)	contribution, indemnity or set-off in respect of any claims against the Managed Entity by any third party; or

		(v)	any damages whatsoever relating to interruption, delays, errors or omissions.

		(vi)	Notwithstanding the provisions of any legislation in Canada or otherwise and whether or not advised of the possibility of those damages.

Without limiting the generality of the above Sections 3.3(a)-(b) and 3.3(i)-(vi), the maximum total liability of the Manager, and its suppliers, directors, officers, agents, representatives, shareholders and employees, for any claim whatsoever, under any circumstances, regardless of the cause of action and including without limitation claims for breach of contract, tort, negligence or otherwise, and the Managed Entity's sole remedy therefore, shall be strictly limited to an award not to exceed the greater of:

		(x)	$500,000; and

		(y)	the amount of fees actually paid by the Managed Entity to the Manager under the terms of this Agreement during the six (6) months prior to the date that the claim arose.

3.4 Relationship of Manager and the Managed Entity

		(a)	The provision by Manager of the Services under this Agreement shall be strictly as an independent contractor.  Nothing contained in this Agreement shall create or imply any agency relationship among or between any of the Parties or any of their Affiliates, nor shall this Agreement be deemed to constitute a joint venture or partnership between the Parties or any of their Affiliates, nor shall this Agreement create any fiduciary relationship between the Parties or any of their Affiliates.

		(b)	Unless otherwise agreed to between the Managed Entity and Manager, any directors, officers, consultants or employees of Manager or its Affiliates who are also directors, officers, consultants or employees of the Managed Entity or any of their Affiliates shall be paid by the Manager for serving in such capacity and shall not receive any remuneration from the Managed Entity therefore, except for stock options or other share based compensation granted by the Managed Entity in its sole discretion.

3.5 Directors and Officers Liability Insurance

During the term of this Agreement, the Managed Entity shall at all times maintain in good standing a Directors and Officers liability insurance with coverage acceptable to the directors and officers provided by the Manager.

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ARTICLE 4

PERSONNEL AND SHARED FACILITIES

4.1 Personnel Expenses

The Managed Entity shall have access to and use of the services by the personnel set out in Schedule 4.1 (the "Personnel").  The allocation of costs for the Personnel to the Managed Entity shall be thirty percent (30%) of the Manager's actual monthly costs of the Personnel's fees and/or wages, as applicable ("Personnel Expenses").

4.2 Use of Shared Facilities

The Managed Entity shall have access to, and use of the assets contained in, the facilities set out on Schedule 4.2 (the "Shared Facilities").  The allocation of costs for the Shared Facilities to the Managed Entity shall be thirty percent (30%) of the Manager's actual monthly costs of rent for the Shared Facilities (the "G&A Overhead Charge").

ARTICLE 5

FEES AND PAYMENT

5.1 Budgets Relating to Services

Manager shall prepare and deliver to the Managed Entity an Annual Budget.  In the event that Manager anticipates that the total annual costs of providing the Services during the Fiscal Year will exceed the costs outlined in an Annual Budget by greater than twenty percent (20%), Manager shall use commercially reasonable efforts to inform the Managed Entity of such increased costs as soon as the Manager is aware of such increased cost. Any additional cost shall be allocated in the same manner and on the same basis as costs for similar line items have been allocated in the Annual Budget for that Fiscal Year. Notwithstanding the foregoing, Manager shall not be required to itself bear the cost of any material departures from the Annual Budget. Nothing contained in this Agreement shall oblige Manager, in the absence of express agreement to the contrary, to incur any indebtedness for or on behalf of, or advance any credit to the Managed Entity.

5.2 Fees Payable by Managed Entity

Fees payable to the Manager by the Managed Entity will consist of the following components:

		(a)	the Personnel Expenses;

		(b)	the G&A Overhead Charge; and

		(c)	other reasonable services and costs that may be incurred by Manager on behalf of the Managed Entity and approved by the Managed Entity.

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5.3 Change in Services

In the event that the Managed Entity determines during a Fiscal Year, following the delivery of an Annual Budget, that it requires any change in the Services it receives, the Managed Entity shall provide notice to Manager and the quantity and level of Services shall be changed as agreed between the Parties, acting reasonably. The costs of such change shall be (i) determined in the same manner and on the same basis as in the Annual Budget, and (ii) allocated to, and paid by, the Managed Entity, unless otherwise agreed by the Parties.  The quantity and level of Services provided at the end of a Fiscal Year shall form the basis of the quantity and level of Services to be included in the Annual Budget for the following Fiscal Year, unless otherwise agreed to in writing by the Parties.  Manager cannot materially change the quantity or level of Services provided to the Managed Entity pursuant to an Annual Budget without the prior written consent of the Managed Entity.

5.4 Invoice

Invoices will be issued by Manager to the Managed Entity on a monthly basis.

5.5 Payment

The Managed Entity shall pay each invoice delivered pursuant to Section 5.4 within ten (10) days of receipt. The Managed Entity also agrees to advance funds against written cash calls (in the form of invoices) for reasonably immediate expenditure requirements of Manager (such as to pay for or secure services, to secure contractors, deposits and the like) and to honour all agreements which Manager enters into in good faith on behalf of the Managed Entity with third parties in the course of performing the Services.

Manager shall provide the Managed Entity with such further information as it may reasonably request in relation to any amount shown on any invoices delivered in accordance with this Section 5.5, including reasonably satisfactory evidence of any reimbursable costs and expenses.

5.6 Interest

If either Party defaults in the payment when due of any sum payable under this Agreement (howsoever determined) the liability of such Party shall be increased to include interest on such sum from the date when such payment is due until the date of actual payment (as well after as before judgment) at the rate of eight percent (8%) per annum.  Such interest shall accrue from day to day.

5.7 Proration

All fees payable under this Agreement shall be computed on a calendar month basis and shall be prorated for any partial month.

5.8 Payments in Respect of Taxes

The amounts to be billed by Manager for the Services and third party costs under this Agreement may be subject to GST, HST or other general sales tax, value added tax or any like service or sales tax or withholding tax which may be payable from time to time. All amounts payable under this Agreement shall be paid by the Managed Entity free and clear of any deductions or claims for set-offs, including for withholding taxes. If any amounts are required to be withheld by Applicable Law, the Managed Entity shall be obliged to pay an additional amount over the amount invoiced as shall leave Manager receiving the same net amount as the Manager invoiced the Managed Entity for.  Any such additional amount paid for withholding by the Managed Entity shall be refunded if recovered by Manager and Manager shall promptly apply to recover or reduce any such withholding amounts.

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5.9 Excluded Services

Services provided by the Manager are described in Section 2.1.  The following is a non-inclusive listing of services and costs that are not included in the services provided by the Manager: external legal, audit, IT, insurance, filing fees, regulatory fees, property maintenance fees, travel, interest and bank charges, costs related to raising capital, registrar and transfer agency fees, proxy solicitation fees, costs related to business (including office supplies) and property acquisitions.  However, if Manager pays for any of these costs on behalf of the Managed Entity, these costs will be invoiced by Manager and the Managed Entity will reimburse Manager for these costs plus the G&A Overhead Charge.

ARTICLE 6

TERM AND TERMINATION

6.1 Term of Agreement

The term of this Agreement shall commence on the date hereof and shall continue for a five (5) year term with subsequent automatic one (1) year renewal terms, unless terminated pursuant to Section 6.2 hereof.

6.2 Termination of Agreement

		(a)	This Agreement may be terminated by either Party giving at least six (6) months written notice prior to the expiry of the term of this Agreement (or such shorter period as the Parties may mutually agree upon in writing) to the other Party of termination.  On the giving of such notice by the Managed Entity, or at any time thereafter, either Party shall have the right to elect to immediately terminate the Manager's engagement, and upon such election, the Managed Entity shall pay to the Manager a lump sum equal to the average monthly fees for four (4) months.  The average monthly fees shall be calculated over the twelve (12) months prior to the notice of termination, provided that if this Agreement has not been in existence for twelve (12) months at the time of notice of termination, then the average monthly fees shall be calculated over the period of time that this Agreement has been in existence.

		(b)	This Agreement may be terminated immediately by the Managed Entity in the event of the commission by Manager of any fraudulent act.

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		(c)	This Agreement may be terminated immediately by either Party where a winding-up, liquidation, dissolution, bankruptcy, sale of substantially all assets, sale of business or insolvency proceeding have been commenced or are being contemplated by the other Party.

		(d)	Upon termination of this Agreement, stock options granted by the Managed Entity to executive officers, directors and other Manager personnel provided by the Manager will vest and expire in accordance with the Managed Entity's stock option plan.

6.3 Conduct After Notice of Termination

From the time of receipt of notice of termination of this Agreement:

		(a)	Manager shall not enter into any new arrangements or agreements on behalf of the Managed Entity (unless already legally committed to do so) without the Managed Entity's prior consent, such consent not to be unreasonably withheld; and

		(b)	notwithstanding any termination of this Agreement, the Managed Entity shall continue to be bound by any agreements:

		(i)	contracted for on its behalf by Manager prior to Manager's receipt of notice of termination; or

		(ii)	contracted for on its behalf by Manager after Manager's receipt of notice of termination with the Managed Entity's prior written consent.

6.4 Conduct After Termination

From the effective date of termination of this Agreement:

		(a)	agreements or obligations which have been executed or incurred by Manager in connection with or related to Services provided to the Managed Entity shall be assigned over to the Managed Entity and the Managed Entity shall indemnify Manager in connection with the due performance of such agreements;

		(b)	the Managed Entity shall cease to use Manager's premises, facilities, equipment, phone numbers and any other items that are the property of Manager and shall make arrangements for the orderly transition of the Services by advice letter to Manager;

		(c)	Manager shall be the sole and exclusive owner of the business contacts and investor database maintained by Manager; and

		(d)	Manager shall furnish to the Managed Entity at Managed Entity's cost within sixty (60) days of the effective date of termination (provided that the Managed Entity has paid all outstanding or potential future fees, costs and expenses of the Manager hereunder) all books, records, electronic data and other information pertaining to the Managed Entity, together with all other materials pertaining to the Managed Entity in its possession, at Managed Entity's cost. For a period of six (6) years following the effective date of the termination of this Agreement, Manager shall provide the Managed Entity and any successor manager of the Managed Entity with any information from its records that the Managed Entity may reasonably require and the Manager shall be reimbursed for its reasonable costs and expenses thereof.

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ARTICLE 7

RECORDS AND REPORTING

7.1 Records and Reporting

Manager shall maintain, at all times, copies of all records related to the Services and the fees invoiced to the Managed Entity for such Services (collectively, "Documentation").  Manager will retain such Documentation for not less than seven (7) years from the date of its creation. Manager shall prepare such other reports detailing amounts invoiced to the Managed Entity hereunder as may be reasonably required by the Managed Entity from time to time.

7.2 Audit Right

		(a)	Upon reasonable notice from the Managed Entity, Manager shall provide to the Managed Entity's external auditors and such other persons as the Parties may agree upon in writing, from time to time, access to Manager's locations during normal business hours for the purposes of performing audits of the Manager's performance of the Services under this Agreement, including access to:

		(i)	the parts of the Shared Facilities at or from which Manager is providing the Services;

		(ii)	the Personnel who are providing the Services;

		(iii)	all Documentation relating to the Services;

		(iv)	all physical assets that belong to or are charged to the Managed Entity.

Manager shall provide full co-operation and assistance to any such entity exercising the right of audit hereunder as may reasonably be required. Nothing in this Agreement shall be deemed to allow the Managed Entity's external auditors or any other person automatic access to legally privileged documents. Any audit conducted on behalf of the Managed Entity shall not interfere with Manager's operations.

		(b)	The Managed Entity shall be responsible for any additional costs or expenses reasonably incurred by Manager in connection with any audits conducted as provided for pursuant to this Section 7.2.

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		(c)	All written exceptions to and claims upon the Manager for discrepancies disclosed by such audit shall be made not more than three (3) months after receipt of the audit, or they shall be deemed waived.

		(d)	The Managed Entity's external auditors or other persons shall not have the right to audit records and accounts of the Manager relating to Services more than twenty-four (24) months after the end of such Fiscal Year in which such Services were provided.

7.3 Inspection Right of Manager

For the sole purpose of enabling Manager to perform the Services and only to the extent required to enable such performance, the Managed Entity shall allow Manager, its employees and authorized agents' reasonable access to the Managed Entity's properties, business premises and business records upon reasonable notice to the Managed Entity.  The Managed Entity shall ensure that its employees, and any contractors, consultants, advisors or auditors engaged by it, co-operate fully with Manager in its performance of the Services.  Nothing in this Agreement shall be deemed to allow Manager automatic access to legally privileged documents.

ARTICLE 8

INDEMNIFICATION

8.1 Indemnification of Manager

Manager (and each of its Affiliates, directors, officers, employees, consultants, agents and shareholders) (each an "Indemnified Party") shall be indemnified and saved harmless by the Managed Entity from and against all liabilities and expenses (including judgments, fines, penalties, amounts paid in settlement and counsel fees), reasonably incurred in connection with any action, suit or proceeding to which an Indemnified Party may hereafter be made a party by reason of the Manager providing Services hereunder to the Managed Entity provided that Manager shall not be finally adjudged in such action, suit or proceeding as liable for or guilty of fraud, wilful misconduct, or Gross Negligence, in relation to the matter or matters in respect of which indemnification is claimed.

For purposes of the preceding paragraph: (i) "action, suit or proceeding" shall include every action, suit or proceeding, civil, criminal or other; (ii) the right of indemnification conferred thereby shall extend to any threatened action, suit or proceeding and the failure to institute it shall be deemed its final determination; and (iii) advances must be made by the Managed Entity against costs, expenses and fees incurred in respect of the matter or matters as to which indemnification is claimed, provided that Manager or other indemnified Party receiving such advance agrees to repay to the Managed Entity any amounts so advanced if the Managed Entity is finally adjudged in such action, suit or proceeding as liable for or guilty of fraud, wilful misconduct, or Gross Negligence in relation to the matter or matters in respect of which indemnification is claimed. The foregoing right of indemnification shall not be exclusive of any other rights to which Manager may be entitled as a matter of law or which may be lawfully granted to Manager.

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The Indemnified Party shall give the Managed Entity prompt written notice of any such action, suit or proceeding of which the Indemnified Party has knowledge and the Managed Entity shall undertake the investigation and defence thereof on behalf of the Indemnified Party, including employment of counsel acceptable to such Indemnified Party, and make payment of all expenses.

No admission of liability and no settlement of any action, suit or proceeding shall be made without the consent of the Managed Entity and the Indemnified Parties affected, such consent not to be unreasonably withheld.

Notwithstanding that the Managed Entity shall undertake the investigation and defence of any action, suit or proceeding, an Indemnified Party shall have the right to employ separate counsel in any such action, suit or proceeding and participate in the defence thereof, but the fees and expenses of such counsel shall be at the expense of the Indemnified Party unless:

		(a)	employment of such counsel has been authorised by the Managed Entity;

		(b)	the Managed Entity has not assumed the defence of the action, suit or proceeding within a reasonable period of time after receiving notice thereof;

		(c)	the named parties to any such action, suit or proceeding include both the Managed Entity and the Indemnified Party and the Indemnified Party shall have been advised by counsel that there may be a conflict of interest between the Managed Entity and the Indemnified Party; or

		(d)	there are one or more legal defences available to the Indemnified Party which are different from or in addition to those available to the Managed Entity.

It is the intention of the Managed Entity to constitute Manager as trustee for the other under this Section 8.1 and Manager agrees to accept such trust and to hold and enforce such covenants on behalf of Indemnified Parties.

Each of the Managed Entity and Manager shall use their reasonable commercial endeavours to ensure that the relevant policies of insurance maintained by them contain waivers of subrogation as against one another.

The provisions of Article 8 shall survive termination of this Agreement.

ARTICLE 9

CONFIDENTIALITY AND NON-SOLICITATION

9.1 Confidentiality

Each Party shall use the Confidential Information of the other Party only for the purposes contemplated by this Agreement.  The Receiving Party shall use commercially reasonable efforts to ensure that the Confidential Information of a Disclosing Party is not used, disclosed, published, released, transferred or otherwise made available in any form to, for the use or benefit of, any person (other than its Affiliates) except as provided in this Article 9, without such Disclosing Party's approval, which may be unreasonably withheld. Each Receiving Party shall, however, be permitted to disclose relevant aspects of a Disclosing Party's Confidential Information to its officers and employees, and to the officers and employees of its Affiliates, to the extent that such disclosure is reasonably necessary for the performance of its duties and obligations under this Agreement; provided, however, that such Party shall take all commercially reasonable measures to ensure that Confidential Information of another Party is not disclosed or duplicated in contravention of the provisions of this Agreement by such officers and employees and such officers and employees are familiar with the requirements of this Article 9. A Receiving Party shall also be permitted to disclose relevant aspects of a Disclosing Party's Confidential Information to its directors, professional advisors, subcontractors, suppliers and agents on such terms which are reasonable considering the sensitivity of the Confidential Information, legal requirements and the identity of the disclosee, which terms shall at least include the requirements set forth in this Section 9.1. The obligations in this Article 9 shall not restrict any disclosure by any Receiving Party pursuant to:

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		(1)	any Applicable Law;

		(2)	by order of any court of competent jurisdiction or Governmental Authority;

		(3)	disclosure as is required in the course of arbitral or judicial proceedings to enforce rights or remedies under this Agreement,

providing that the Receiving Party has taken all reasonable steps to obtain an arbitral or judicial order to close such proceedings and files relating to such information to all Persons other than the parties thereto, unless such process has been waived in writing by the Party whose Confidential Information is to be disclosed, provided that the Receiving Party shall endeavour to give prompt notice to the Disclosing Party of any such requirement to disclose.

For greater certainty, for purposes of this Article 9, Confidential Information does not include information that is demonstrated by the Receiving Party to have been:

		(a)	at any time part of the public domain, other than by reason of the Receiving Party's failure to comply with the terms hereof;

		(b)	lawfully obtained by the Receiving Party's from a third party who is, to the best of the knowledge of the Receiving Party, not under an obligation of confidentiality with respect to such Information;

		(c)	in the Recipient's possession prior to the date the same Information is obtained hereunder; or

		(d)	ascertained or developed independently by the Recipient without reference to the Information obtained hereunder.

9.2 Injunctive Relief

Each Receiving Party recognizes that its unauthorized disclosure of Confidential Information of a Disclosing Party may give rise to irreparable injury to the Disclosing Party and acknowledges that remedies other than injunctive relief may not be adequate.  Accordingly, each Party has the right to seek equitable and injunctive relief on an interim and interlocutory basis in any court of competent jurisdiction to prevent the unauthorized possession, use, or disclosure or knowledge of any Confidential Information of that Party, as well as to such damages or other relief as is occasioned by such unauthorized possession, use, disclosure or knowledge.

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9.3 Return of Confidential Information

Each Party shall:

		(a)	at the request of the Disclosing Party at any time;

		(b)	after the Receiving Party's need for it has expired; or

		(c)	in connection with the termination of this Agreement, whether in whole or in part, promptly return to the Disclosing Party, or use all commercially reasonable efforts to erase and destroy, all of the Confidential Information of the Disclosing Party in possession or control or such portion of it as has been requested by the Disclosing Party; provided that the Receiving Party shall only be required to use reasonable efforts to return or destroy any Confidential Information stored electronically, and the Receiving Party shall not be required to return or destroy any electronic copy of Confidential Information created pursuant to its standard electronic backup and archival procedures, provided further that: (i) personnel whose functions are not primarily information technology in nature do not access such retained copies; and (ii) personnel whose functions are primarily information technology in nature access such copies only as reasonably necessary for the performance of their information technology duties (e.g., for purposes of system recovery).  Notwithstanding the foregoing provisions of this Section 9.3(c), the Receiving Party may retain: (x) a list of all Confidential Information so as to be able to identify the nature of the Confidential Information that the Receiving Party has returned or destroyed; provided, however, that a copy of such list is provided to the Disclosing Party contemporaneously with the return or destruction of such Confidential Information; and (y) any Confidential Information referred to in minutes of a meeting of the Receiving Party's board of directors or a committee thereof.

9.4 Non-Solicitation

Except with the prior written permission of the Manager, neither the Managed Entity, nor any of its representatives, will solicit or cause to be solicited, for employment or consulting engagement with the Managed Entity or its affiliates, any employee of the Manger or any person who performs functions on behalf of the Manager that are similar to those ordinarily performed by employees. For the purposes of this section, solicitation shall not include solicitation of employees where such solicitation is solely through advertising in periodicals of general circulation, the internet or an employee search firm on behalf of a party or its representatives, so long as the party or its representative did not direct or encourage such search firm to solicit a specifically named employee of the Manager.

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9.5 Survival

This Article 9 shall survive the termination or expiry of this Agreement for a period of two years from the date of such termination or expiry.

ARTICLE 10

FORCE MAJEURE

10.1 Force Majeure

		(a)	Neither Party shall be liable for a failure or delay in the performance of its obligations pursuant to this Agreement, provided that such failure or delay is caused, directly or indirectly, by fire, flood, earthquake, elements of nature or acts of God, acts of war, terrorism, riots, civil disorders, rebellions or revolutions, or strikes, lock outs or labour disruptions, acts of any Governmental Authorities having jurisdiction, the issuance or promulgation of any Applicable Law, inability to obtain or delays by a Governmental Authority in granting or issuing any necessary license, permit or authorization, actions or interference by local communities, aboriginal peoples or non-governmental organizations, interruptions or shortages of labour, transportation, fuel, electricity, materials, machinery, equipment or parts, or any other causes beyond the reasonable control of such Party, whether or not similar to the foregoing list of causes (each, a "Force Majeure Event"). Lack of funds or finances shall not be a Force Majeure Event. Upon the occurrence of a Force Majeure Event, the affected Party shall promptly deliver notice to the other Party of the Force Majeure Event, particulars of the suspension of performance and the expected duration thereof. Thereafter, the affected Party shall, except as set out in Section 10.1(c), be excused from any further performance of those of its obligations pursuant to this Agreement affected by the Force Majeure Event only for so long as:

		(i)	such Force Majeure Event continues and for so long thereafter as such Party may reasonably require to alleviate the effect of the Force Majeure Event;

		(ii)	the affected Party continues to use commercially reasonable efforts to recommence performance whenever and to whatever extent possible without delay; and

		(iii)	the affected Party provides written updates to the other Party at reasonable intervals as to the status of the Force Majeure Event, efforts to alleviate the effect of the Force Majeure Event, efforts to recommence performance and the expected duration of the Force Majeure Event.

		(b)	If a Force Majeure Event prevents, or in all likelihood will prevent, Manager from providing all or part of a Service, the Managed Entity may at its option, procure any affected Service or portion thereof from alternate sources until Manager is again able to provide such Service.  Manager shall not be required to compensate the Managed Entity for any costs and expenses relating to the services obtained from such alternate sources.

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		(c)	Upon the occurrence of a Force Majeure Event, Managed Entity shall not be excused from its obligation to pay the fee for the services; provided, however, that if Section 10.1(b) is applicable, the Parties agree that the fees payable hereunder shall be equitably reduced to reflect Services not received by the Managed Entity from Manager during the duration of the Force Majeure Event.

ARTICLE 11

GENERAL PROVISIONS

11.1 Exchange Acceptance

This Agreement may be subject to the acceptance for filing thereof by the Exchange on which the Managed Entity's shares are listed for trading. If this Agreement is not accepted for filing by the Exchange, the Parties will forthwith negotiate such amendments to this Agreement as may be necessary to secure such acceptance for filing.   If such amendments cannot be mutually agreed upon, then either party may, by notice to the other, terminate this Agreement, provided that in such case all amounts owing for Services pursuant to Section 2.1 incurred prior to the date of such termination will be a debt of the Managed Entity owing to Manager and due and payable forthwith.

11.2 Further Assurances

A Party shall, upon request of the other Party, execute and deliver or cause to be executed and delivered all such documents, deeds and other instruments of further assurance and do or cause to be done all such acts and things as may be reasonably necessary or advisable to implement and give full effect to the provisions of this Agreement.

11.3 Assignment

This Agreement shall not be assigned by the Managed Entity without the prior written consent of Manager. Upon notice to the Managed Entity, Manager may transfer or assign any and all rights granted hereunder to any of its successors or Affiliates.

11.4 Enurement

This Agreement shall enure to the benefit of and be binding upon the Parties and their respective successors and permitted assigns.

11.5 Entire Agreement

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This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter hereof and supersedes and replaces all prior understandings, agreements, negotiations or discussions, whether written or oral, between the Parties with respect thereto. There are no representations, warranties, terms, conditions, undertakings or collateral agreements or understanding, express or implied, between the Parties other than those expressly set forth in this Agreement.

11.6 Notice

Any notice required or permitted to be given hereunder shall be in writing and shall be properly given, if delivered personally, or by mail or by facsimile or other similar form of communication addressed:

		(a)	to the Managed Entity at:

ALMADEX MINERALS LIMITED

 Suite 1103, 750 West Pender Street

Vancouver, British Columbia

V6C 2T8

Attention:   Morgan Poliquin

Facsimile No.:   (604) 689-7645

		(b)	to Manager at:

ALMADEN MINERALS LTD.

Suite 1103, 750 West Pender Street

Vancouver, British Columbia

V6C 2T8

Attention:   Morgan Poliquin

Facsimile No.:   (604) 689-7645

Any notice, direction or other instrument given as aforesaid shall be deemed to have been effectively given, if sent by facsimile or other similar form of telecommunications on the next business day following such transmission or, if delivered, to have been received on the date of such delivery or, if mailed, to have been received seven days after the mailing thereof. Either Party may change its address for service from time to time by notice given in accordance with the foregoing and any subsequent notice shall be sent to the Party at its changed address.

11.7 Amendment

This Agreement may not be amended, changed, supplemented or otherwise modified in any respect except by written instrument executed by the Parties hereto or their respective successors or permitted assigns.

11.8 Severability

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to that jurisdiction, be ineffective to the extent of such prohibition or unenforceability and will be severed from the balance of this Agreement, all without affecting the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

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11.9 Counterpart Execution

This Agreement may be executed by facsimile or other electronic means and in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute one and the same instrument.

11.10 Effective Date

Notwithstanding the date or dates upon which this Agreement is executed by either Party, this Agreement shall be in full force and effect between the Parties effective as of and from the date first above written.

11.11 Arbitration

All disputes arising out of or in connection with this Agreement or in respect of any legal relationship associated therewith or derived therefrom shall be referred to and finally resolved by arbitration administered by the International Centre for Dispute Resolution (the "ICDR") under its International Arbitration Rules (the "Rules"). Upon referral of a dispute to arbitration, the Parties will endeavor to agree on the appointment of a sole arbitrator, failing which the arbitrator will be appointed in accordance with the ICDR Rules. The place of the arbitration shall be Vancouver, British Columbia. The language of the arbitration shall be English.

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IN WITNESS WHEREOF the Parties have caused this Agreement to be duly executed as of the date and year first above written.

	 	
ALMADEN MINERALS LTD.

 

 

	 	
Per:                                                                         

Name: Morgan Poliquin

 Title: CEO & President

 

 

	 	
ALMADEN MINERALS LIMITED

 

 

	 	
Per:                                                                          

Name: Morgan Poliquin

 Title: CEO & President

 

  

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SCHEDULE 4.1

Monthly Cost of the Personnel

The following are the Manager's actual monthly costs of the Personnel as at the date of this Agreement:

	
Position

	
Monthly Cost

	
Chairman of the Board of Directors

	
$6,000

	
President and Chief Executive Officer

	
$6,625

	
Vice President of Corporate Development

	
$4,375

	
Chief Financial Officer

	
$4,625

	
Senior Geologist

	
$2,500

	
Accounting/Admin/Marketing Support

	
$5,670

 

 

 

  

SCHEDULE 4.2

Shared Facilities

1. The following is the physical address of the Shared Facilities

Suite 1103 – 750 West Pender Street

Vancouver, British Columbia

V6C 2T8

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