Document:

CERTIFICATE OF WITHDRAWAL
OF DESIGNATIONS, PREFERENCES

 

AND RIGHTS OF THE SERIES
A CONVERTIBLE PREFERRED STOCK

 

OF

 

WHITE MOUNTAIN TITANIUM
CORPORATION

 

Pursuant
to Chapter 78, Section 1955(6)

of
the Nevada Revised Statutes

 

White
Mountain Titanium Corporation, a corporation organized and existing under the laws of the State of Nevada (the “Company”),
in accordance with the provisions of 78.1955(6) of the Nevada Revised Statutes (“NRS”), hereby certifies as
follows:

 

1.          That,
pursuant to the provisions of 78.1955 of NRS and authority granted in the Articles of Incorporation of the Company, as theretofore
amended, the Board of Directors of the Company, by resolution duly adopted, authorized the issuance of a series of six million
eight hundred and seventy five (6,875,000) shares of Series A Convertible Preferred Stock, par value $0.001 per share
(the “Series A Preferred Stock”), and established the voting powers, designations, preferences and relative,
participating and other rights, and the qualifications, limitations or restrictions thereof, and, on July 7, 2005, filed a Certificate
of Designation (the “Certificate of Designation”) with respect to such Series A Preferred Stock in the office
of the Secretary of State of the State of Nevada.

 

2.          That
no shares of Series A Preferred Stock are outstanding and no shares thereof will be issued subject to said Certificate of Designation.

 

3.          That
the Board of Directors of the Company has adopted the following resolutions:

 

RESOLVED,
that, pursuant to NRS 78.1955(6), the Board of Directors hereby authorizes the withdrawal of the Certificate of Designation;

 

RESOLVED,
that the officers of the Company be, and hereby are, authorized and directed to file a certificate of amendment with the office
of the Secretary of State of the State of Nevada setting forth a copy of these resolutions whereupon the Certificate of Designation
is withdrawn;

 

IN
WITNESS WHEREOF, White Mountain Titanium Corporation has caused this Certificate to be executed by its duly authorized officer
this __ day of February, 2013.

 

 

	 	WHITE MOUNTAIN TITANIUM CORPORATION
	 	 
	 	By:	/s/ Michael P. Kurtanjek
	 	 	Michael P. Kurtanjek
	 	 	President and Chief Executive OfficerAmendment

To
The

Management
Services Agreement

 

THIS AMENDMENT (the
“Amendment”), entered into effective the 1st day of May 2011, (the “Effective Date”)
is to the Management Services Agreement entered into on February 6, 2006, with an effective date of February 1, 2006, as amended
on August 31, 2007, on December 21, 2007, and effective January 1, 2010 (the “Agreement”), by and between White
Mountain Titanium Corporation (“WMTC”) and Michael P. Kurtanjek (“Mr. Kurtanjek”).

 

RECITALS:

 

A.       WMTC is intent
on retaining senior management, including Mr. Kurtanjek, through providing competitive compensation; and

 

B.        The parties hereto
desire to increase the monthly compensation of the Agreement to secure the continued performance of Mr. Kurtanjek; and

 

C.       Section 7(d)
of the Agreement grants to the parties the right to amend the Agreement upon approval of each of the parties thereto.

 

NOW, THEREFORE, for
additional consideration of the parties, the receipt and sufficiency of which is hereby acknowledged by each party, the parties
hereto agree as follows:

 

1.       Effective May
1, 2011, Section 2(a) of the Agreement is amended to read as follows:

 

Monthly
Fee. In consideration of the services provided by Mr. Kurtanjek as set forth herein, WMTC shall pay to him US$20,000.00 per
month, which amount shall be pro rated for any partial month of service. Payments hereunder shall be made on the first business
day following the month of service.

 

2.       Except as amended
hereby, the Agreement shall continue to be, and shall remain, in full force and effect. Except as provided herein, this Amendment
shall not be deemed (i) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of the
Agreement or (ii) to prejudice any right or rights which the parties may now have or may have in the future under or in connection
with the Agreement or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented
or otherwise modified from time to time.

 

3.       The terms of
the Agreement are incorporated herein by reference and shall form a part of this Amendment as if set forth herein in their entirety.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has executed this Amendment the respective day and year set forth below.

 

	 	White Mountain Titanium Corporation
	 	 
	Date: March 5, 2013	By	/s/ Brian Flower
	 	 	Brian Flower, Executive Chairman
	 	 
	 	 
	Date: March 6, 2013	/s/ Michael P. Kurtanjek
	 	Michael P. Kurtanjek, Individually

 

    	2WHITE MOUNTAIN TITANIUM CORPORATION

 

STOCK OPTION PLAN

 

OPTION AGREEMENT

 

THESE SECURITIES HAVE
NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION BECAUSE THEY ARE BELIEVED TO BE EXEMPT FROM REGISTRATION
UNDER SECTION 4(2) AND/OR 4(6) OF THE SECURITIES ACT OF 1933. THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER AUTHORITY HAS PASSED UPON OR ENDORSED THE
MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION PROVIDED TO THE INVESTORS. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE. INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY, AND THE RISKS,MERITS AND TERMS OF THIS OFFERING
IN MAKING AN INVESTMENT DECISION.

 

THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE SOLD,
TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S PROMULGA TED UNDER THE
SECURITIES ACT, PURSUANT TO REGTSTRATION UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. THIS
CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, PLEDGE, HYPOTHECATION
OR ANY OTHER TRANSFER OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE.

 

WITHOUT COMPLIANCE
WITH ALL APPLICABLE CANADIAN SECURITJES LEGISLATION, THE SECURITIES REPRESENTED BY THIS AGREEMENT AND ANY SECURITIES ISSUED UPON
EXERCISE THEREOF MA Y NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN
RESIDENT.

 

This Option Agreement
is entered into between WHITE MOUNTAIN TITANIUM CORPORATION (the "Company") and the Optionee named below pursuant to
the Company Stock Option Plan (the "Plan"), a copy of which is attached hereto, and confirms that:

 

1. on August 31, 2007 (the "Grant Date");

 

2. Michael P. Kurtanjek (the "Optionee");

 

3. was granted the option (the "Option") to purchase
150,000 Common Shares (the "Option Shares") of the Company;

 

4. for the price (the "Option Price") of $0.50
per share;

 

5. which shall be exercisable ("Vested") Immediately;

 

    	 

    	 

    

 

 

6. terminating on August 31, 2012 (the "Expiry Date");

 

all on the terms and subject to the conditions
set out in the Plan. For greater certainty, once Option Shares have become Vested, they continue to be exercisable until the termination
or cancellation thereof as provided in this Option Agreement and the Plan.

 

By signing this Option
Agreement, the Optionee acknowledges that the Optionee has read and understands the Plan and agrees to the terms and conditions
of the Plan and this Option Agreement.

 

IN WITNESS WHEREOF the parties hereto have
executed this Option Agreement to be effective as of the 17th day of October, 2007.

 

	OPTIONEE:	 	WHITE MOUNTAIN TITANIUM CORPORATION
	Michael P. Kurtanjek	 	 
	 	 	 
	/s/ Michael P. Kurtanjek	 	/s/ Terese Gieselman
	Signature	 	Terese Gieselman, Corporate Secretary
	 	 	 
	Attached: Stock Option PlanAmendment

To
The

Management
Services Agreement

 

THIS AMENDMENT (the
“Amendment”), entered into effective the 1st day of May 2011, (the “Effective Date”)
is to the Management Services Agreement entered into effective August 1, 2009, as amended effective January 1, 2010 (the “Agreement”),
by and between White Mountain Titanium Corporation (“WMTC”) and Chapelle Capital Corp., a corporation created
under the laws of British Columbia, Canada (the “Service Provider”).

 

RECITALS:

 

A.           The Agreement
provides for the services of Brian Flower (“Mr. Flower”) as Executive Chairman of WMTC; and

 

B.           WMTC is intent
on retaining senior management, including Mr. Flower, through providing competitive compensation; and

 

C.           The parties hereto
desire to extend the term of the Agreement to secure the continued performance of Mr. Flower; and

 

D.           Section 8(d)
of the Agreement grants to the parties the right to amend the Agreement upon approval of each of the parties thereto.

 

NOW, THEREFORE, for
additional consideration of the parties, the receipt and sufficiency of which is hereby acknowledged by each party, the parties
hereto agree as follows:

 

1.           Effective May
1, 2011, Section 2(a) of the Agreement is amended to read as follows:

 

Monthly
Fee. In consideration of the services provided by Service Provider, WMTC shall pay to the Service Provider US$20,00.00 per
month plus reimbursable out of pocket expense - both being subject to Goods and Services Tax in Canada (“GST”), with
the monthly fee amount prorated for any partial month of service. Payments hereunder shall be made on or before the fifteenth (15th)
day of the calendar month following the month in which such services were provided. In the event that the time commitment of the
Service Provider and Mr. Flower increases beyond 80%, the base compensation payable to the Service Provider shall be increased
proportionately, but not to exceed the base compensation payable to Michael Kurtanjek, President of the WMTC. The amount of time
devoted to the business of WMTC by the Service Provider and Mr. Flower will be determined by the Compensation Committee within
ten business days following the end of each calendar quarter beginning with the calendar quarter ending December 31, 2009, and
the base compensation will be adjusted accordingly for each such new calendar quarter.

 

2.           Except as amended
hereby, the Agreement shall continue to be, and shall remain, in full force and effect. Except as provided herein, this Amendment
shall not be deemed (i) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of the
Agreement or (ii) to prejudice any right or rights which the parties may now have or may have in the future under or in connection
with the Agreement or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented
or otherwise modified from time to time.

 

3.           The terms of
the Agreement are incorporated herein by reference and shall form a part of this Amendment as if set forth herein in their entirety.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has executed this Amendment the respective day and year set forth below.

 

	 	White Mountain Titanium Corporation
	 	 
	Date: March 6, 2013	By  	/s/ Michael P. Kurtanjek
	 	 	Michael P. Kurtanjek, President
	 	 
	 	Chapelle Capital Corp.
	 	 
	Date: March 5, 2013	By	/s/ Brian Flower
	 	 	Brian Flower, Principal

 

    	2

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