Document:

Exhibit 10.1

 

 

ACKNOWLEDGMENT AGREEMENT

 

This Acknowledgement Agreement is made of this
28th day of July, 2021,

 

AMONG:

 

CORVUS GOLD INC., a body corporate having
an office at Suite 1750-700 West Pender Street, Vancouver, BC V6C 1G8

 

(hereinafter referred to as the “Company”)

 

AND:

 

CORVUS GOLD NEVADA INC., a body corporate
having an office at 9088 Ridgeline Blvd., Suite 103, Highlands Ranch, CO  80129

 

(hereinafter referred to as the “Subsidiary”)

 

AND:

 

BLUE PEGASUS CONSULTING INC., having a business address 894
Thermal Drive, Coquitlam, BC V3J 6R6

 

(hereinafter referred to as the “Consultant”)

 

AND:

PEGGY WU

(hereinafter referred to as the “Principal”)

 

WHEREAS:

 

A.       The
Company carries on a mineral exploration and development business in Canada and the United States;

 

B.        The
Subsidiary is an indirect wholly owned subsidiary of the Company;

 

C.        Through
the Consultant, the Principal provides services to the Company as its Chief Financial Officer;

 

D.        The
parties have determined and concur that this agreement is necessary to reinforce the contractual relationship between the Company, the
Consultant and the Principal;

 

NOW, THEREFORE, the parties hereto acknowledge
and agree as follows:

     

    	 	- 2 -	 

    

	1.		The Consultant has been retained by the Company to assist in the furtherance of its business
pursuant to the terms and conditions of a consulting agreement between the Company, the Consultant, and the Principal dated June 1, 2011
(the “Original Agreement”).

 

	2.		The Consultant, the Principal and the Company intended to amend the Original Agreement by
entering into an amendment agreement dated October 12, 2017, which purports to be between the Subsidiary, the Consultant, and the Principal
and is attached hereto as Exhibit “A” (the “Amendment Agreement”).

 

	3.		The Company should have been and was at all times intended by the parties to be the entity
contracting with the Consultant in the Amendment Agreement.

 

	4.		The references to the Subsidiary in the Amendment Agreement are inadvertent errors and should
all have been references to the Company.

 

	5.		The Consultant and the Principal have no and have never had any contractual obligations with
respect to the Subsidiary, and likewise the Subsidiary has no and has never had any contractual obligations with respect to the Consultant
or the Principal.

 

	6.		The Consultant, the Principal, and the Company hereby agree that the Original Agreement is
amended by the terms of the Amendment Agreement, replacing references in the Amendment Agreement that refer to the Subsidiary to instead
refer to the Company, as was the parties’ intention.

 

	7.		For greater certainty, the “change of control” provision in the Amendment Agreement
now and hereafter applies to changes in ownership or control of the Company, not the Subsidiary.

 

	8.		The Consultant, the Principal, and the Company acknowledge that, since the execution of the
Amendment Agreement, the Original Agreement has also been modified by several memorandums of understanding (the “Memorandums”).

 

	9.		The Consultant, the Principal and the Company acknowledge that the terms and conditions of
the Original Agreement remain in full force and effect, save as modified by the Amendment Agreement and any Memorandums agreed to by
the parties following the execution of the Amendment Agreement.

 

	10.		The Consultant and the Principal hereby release and forever discharge the Subsidiary of and
from all manner of any and all actions, causes of action, suits, debts, dues, accounts, obligations, demands, contracts and claims whatsoever
which the Subsidiary has or ever had, or which the Consultant and/or the Principal can, shall or may have, by reason of any matter, cause
or thing whatsoever arising from or resulting from the Amendment Agreement.

     

    	 	- 3 -	 

    

	11.		The Subsidiary hereby releases and forever discharges the Consultant and the Principal of
and from all manner of any and all actions, causes of action, suits, debts, dues, accounts, obligations, demands, contracts and claims
whatsoever which the Subsidiary has or ever had, or which the Subsidiary can, shall or may have, by reason of any matter, cause or thing
whatsoever arising from or resulting from the Amendment Agreement.

 

IN WITNESS WHEREOF the parties have executed this
agreement as of the date first written above.

 

 

BLUE PEGASUS CONSULTING INC.

 

	Per:	/s/ Peggy Wu	 
	 	Peggy Wu, Director	 

 

	 	 
	PEGGY WU	 

 

 

CORVUS GOLD INC.

 

	Per:	/s/ Anton Drescher	 
	 	Authorized Signing Officer	 

 

 

CORVUS GOLD NEVADA INC.

 

	Per:	/s/ Jeffrey A. Pontius	 
	 	Authorized Signing Officer	 

 

 

 

     

    	 	- 4 -	 

    

Exhibit “A”: Amendment Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

AMENDMENT
TO CONSULTING AGREEMENT

 

THIS AMENDMENT TO CONSULTING AGREEMENT dated for reference the 12th
day of October, 2017.

 

BETWEEN:

 

CORVUS GOLD NEVADA INC., a body corporate, duly incorporated under
the laws of the State of Nevada, having an office at 9137 Ridgeline Boulevard, Suite 250, Highlands Ranch, Colorado, USA 80129

 

(the “Company”)

 

AND:

 

BLUE PEGASUS CONSULTING INC., of 824 Gauthier Avenue, Coquitlam,
British Columbia, Canada, V3K 1R9

 

(hereinafter referred to as the “Consultant”)

 

AND:

 

PEGGY WU

 

(hereinafter referred to as the “Principal”)

 

 

WHEREAS:

 

		A.	WHEREAS, the Company and the Consultant are parties to a certain Consulting Agreement dated June 1, 2011
(the “Consulting Agreement”),

 

		B.	AND WHEREAS, the Company desires to ensure the retention of the Consultant and the Principal to continue
to provide services to the Company and, accordingly, the Company and the Consultant desire to amend certain provisions of the Consulting
Agreement;

 

		C.	Capitalized terms not otherwise defined herein shall have the meaning set forth in the Consulting Agreement;

 

NOW THEREFORE for valuable consideration, the receipt of which is hereby
mutually acknowledged, the Company and the Consultant agree as follows:

 

		1.	As of the date of this Amendment, Section 9.1 of the Consulting Agreement is deleted and replaced as follows:

 

“9.1Either party may terminate this Agreement without
cause, by providing thirty (30) days’ advance written notice to the other party. The Company may terminate this Agreement immediately
for cause without advance written notice. Cause shall include, but not be limited to, any material breach of this Agreement or material
misconduct or negligence in the performance of the Services. Upon termination, without cause, the Consultant will be entitled to payment
for all Base Fees and Payments earned or incurred during the term of this Agreement, but shall not thereafter be entitled to any Base
Fees or Payments.”

 

 

     

    - 2 -

    

 

		2.	As of the date of this Amendment, Section 9.2 is added to the Consulting Agreement as follows:

 

“9.2If, within six (6) months of a Change of Control,
(A) the Company terminates this Agreement for any reason other than for cause, as set forth in Section 9.1(a), or (B) the Consultant terminates
this Agreement as a result of a material breach of this Agreement by the Company, then the Company shall pay Consultant two (2) times
Consultant’s annual Base Fees and Payments.

 

(a)       For purposes of
this Agreement, “Change in Control” shall mean the consummation of any of the following transactions effecting a change in
ownership or control of the Company:

 

(i)       a merger, consolidation
or reorganization, unless securities representing more than fifty percent (50%) of the total combined voting power of the voting securities
of the successor corporation are immediately thereafter beneficially owned, directly or indirectly, and in substantially the same proportion,
by the persons who beneficially owned the Company’s outstanding voting securities immediately prior to such transaction; or

 

(ii)       any transfer,
sale or other disposition of all or substantially all of the Company’s assets; or

 

(iii) the acquisition, directly or indirectly, by any person
or related group of persons (other than the Company or a person that directly or indirectly, controls, is controlled by, or is under common
control with, the Company), of beneficial ownership (within the meaning of applicable Canadian securities laws and/or Rule 13d-3 of the
Securities Exchange Act of 1934, as amended) of securities possessing more than fifty percent (50%) of the total combined voting power
of the Company’s outstanding securities pursuant to a take-over bid, tender or exchange offer made directly to the Company’s
stockholders that the Board does not recommend such stockholders to accept.

 

In no event, however, shall a Change in Control be deemed to
occur in connection with (i) a merger of the Company, the sole purpose of which is to change the domicile of the Company, or (ii) any
public offering of Common Stock, the primary purpose of which is to raise capital.”

 

 

With the exception of the foregoing changes, the Consulting Agreement shall
continue in full force and effect and the Consulting Agreement and this Amendment to Consulting Agreement Amendment shall be construed
as one and the same instrument. This Amendment to Consulting Agreement may be executed in counterparts which taken together form one
and the same agreement and may be executed and delivered electronically.

 

     

    - 3 -

    

 

This Amendment is accepted and agreed as of October 12, 2017.

 

 

CORVUS GOLD NEVADA INC.

 

	Per:	/s/ Jeffrey A. Pontius	 
	 	Authorized Signatory	 
	 	JEFFREY A. PONTIUS, CEO	 

 

 

BLUE PEGASUS CONSULTING INC.,

 

	Per:	/s/ Peggy Wu	 
	 	Peggy Wu, President	 
	 		 
	 	 	 
	 	 	 

 

	SIGNED, SEALED and DELIVERED by

                                  Peggy Wu in the presence of:
	)

      )
	 	 
	 	)	 	 
	Marla K. Ritchie	)	/s/ Peggy Wu	 
	Name	)	Peggy Wu	 
		)	 	 
	 	)	 	 
	Address	)	 	 
	 	)	 	 
	 	)Exhibit 10.2

 

 

SCHEDULE "B"

AMENDED

 

Effective Date

 

July 28, 2021

 

Consulting Fees

 

The Consultant shall be paid a fee of $10,833.33
per month plus applicable taxes (currently GST). All fees are to be billed and paid on a monthly basis.

 

Business Expenses

 

The Consultant shall be reimbursed by the Company
for all reasonable actually and properly incurred by the Consultant in connection with the performance of the Services. For all such expenses,
the Consultant shall furnish to the Company statements and vouchers as and when required by the Company.

 

One-Time Payment

 

The parties have mutually acknowledged that the
Consultant’s fee was recorded incorrectly in the Amended Schedule “B” with an effective date of September 1, 2020 (“the
September 2020 Amended Schedule B”). To remedy this error, the Consultant will issue an invoice to the Company in the amount of
CAD $8,333.30, plus applicable taxes (the “One-Time Payment”) and the Company shall provide the Consultant with the One-Time
Payment following the issuance of the invoice and the Effective Date of this Amended Schedule B which compensates the Consultant for all
fees owed due to the error in the September 2020 Amended Schedule B. In exchange for the One-Time Payment, the Consultant releases and
forever discharges the Company, its Parent and their respective directors, officers, employees, servants, agents, and each of their respective
predecessors, successors and assigns, jointly and severally, from any and all actions, causes of action, covenants, contracts, claims
and demands, complaints, proceeding, grievances, damages, costs or loss of any nature or kind, past, present or future, whether known
by the Consultant now or becoming known by the Consultant in the future relating to the Consultant’s compensation earned up to and
including the Effective Date of this Amended Schedule B.

 

Regulatory Acceptance

 

Both parties agree to seek regulatory acceptance,
to the extent required to do so.

 

Blue Pegasus Consulting Inc. and Peggy Wu have
duly executed this Amendment as of the effective date first above written.

     

     

    

BLUE PEGASUS CONSULTING INC.

 

	Per:	/s/ Peggy Wu	 
	 	Peggy Wu, Director	 

 

 

The Company has indicated its Amendment by the
signature of its duly appointed Officer in that respect as of the effective date first above written.

 

 

CORVUS GOLD INC.

 

	Per:	/s/ Anton Drescher	 
	 	Signing Officer

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