Document:

Exhibit 10.1

 

LETTER AGREEMENT

 

THIS AGREEMENT, dated as of November 20, 2017, by
and between

 

Magellan Gold Corporation, a
Nevada corporation, and its wholly owned subsidiary company (and/or assignee) (a Mexican company), collectively "Magellan",
whose address is 2010A Harbison Drive #312, Vacaville, California 95687, USA, and

 

Prospero Silver Corp. (a Canadian
company); and its wholly owned subsidiary company, Minera Fumarola, SA de CV (a Mexican company), collectively "Prospero",
whose address is 1800 — 510 West Georgia Street, Vancouver B.C. V6B 0M3, Canada.

 

WITNESSETH:

 

Prospero owns certain information
and diamond drill core, regarding a mining property it drilled in 2010/11 known as "El Dorado" and on which the El Dorado
and El Hundido mines are situated, located in the state of Nayarit, Mexico, collectively the "Data". The Data
package includes geology, drill hole information, and core from the drill holes. Prospero considers this to be proprietary and
confidential. Magellan wishes to examine and review the Data for the purpose of establishing the economic value of the preliminary
resource, which was prepared for internal evaluation by Prospero only, and independently establish its potential to provide head
feed to its SDA mill.

 

NOW, THEREFORE, in consideration
of the mutual promises and agreements herein made the parties agree as follows:

 

		1.	Subject to the terms and conditions of this Agreement, Magellan agrees to use all reasonable care
to preserve the confidentiality of the Data. Magellan will not, directly or indirectly, disclose the Data to any third party, except
that Magellan may disclose the Data to its directors, employees, agents, contractors, consultants, attorneys, financial advisers,
and other third persons ("Representatives") involved in reviewing, analyzing, and evaluating the Data on Magellan's behalf,
provided that Magellan shall advise such Representatives that such Data is confidential and shall instruct such Representatives
to use all reasonable care to preserve the confidentiality of the Data. Notwithstanding the foregoing, the Data may be disclosed
if Magellan is required by law to do so.

 

		2.	Magellan shall be under no obligation with respect to any other related material which Magellan
can demonstrate was in its possession prior to the time that the Data was disclosed to Magellan by Prospero.

 

		3.	Magellan shall be under no obligation with respect to any part of the Data which is or becomes
available to the general public through no fault of Magellan or which is subsequently disclosed to Magellan by a third party who
has the lawful right to disclose the Data.

 

		4.	Prospero makes no representations or warranties to Magellan concerning any of the Data, and Magellan
agrees that if it elects to rely on any of the Data or other information, it does so at its sole risk.

 

		5.	Within thirty (30) days after completion of its examination and review of the Data, if Magellan
determines it has no further interest in El Dorado it shall advise Prospero accordingly, and in that event upon request by Prospero,
Magellan will return any written Data furnished to it hereunder.

 

		6.	This agreement shall be in effect until Magellan has completed the schedule of payments for receipt
of the package of drill core and data- Attachment 1.

 

 

 

 

 

 

    	 	1	 

     

    

 

		7.	Magellan shall have the exclusive use of the Data to facilitate or undertake negotiations with
the El Dorado property owner or with third parties, and to enter into a property transaction on El Dorado, subject always to Magellan
meeting its payment obligations to Prospero specified in Attachment 1.

 

		8.	Prospero will provide or make available the following information to Magellan:

 

		·	Approximately 6 tonnes of core which Prospero
believes- pending inventory- includes all the vein intersections of 28 drilled holes. A table is attached showing the total number
of holes and their lengths.

		·	Assay results from surface and drill hole
samples.

		·	Complete digital files of the drill holes,
longitudinal sections, plan views, and a non-compliant in-house resource calculation.

 

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

 

 

 

 

	MAGELLAN GOLD CORPORATION:	PROSPERO SILVER CORP:
	 	 
	By: /s/ Pierce Carson                          	By: /s/ Tawn Albinson                           
	Name: Pierce Carson	Name: Tawn Albinson
	Title: President	Title: President

 

 

 

 

 

 

 

 

 

 

 

 

    	 	2	 

     

    

 

Attachment 1- Schedule of Payment

 

Upon execution of this agreement, Magellan will pay Prospero
$7,500 USD for access to all material.

 

During its due diligence and negotiations
with the owner of El Dorado, Magellan will pay Prospero's expenses in respect of A) consulting time of senior geologists @ $375
USD per day; B) consulting time for Tawn Albinson @ $750 USD per day; and C) related travel and accommodation, such expenses to
be pre-approved by Magellan.

 

Should Magellan proceed to enter into
an option, lease or purchase agreement on El Dorado, Magellan will pay Prospero:

 

		1.	$30,000 USD in cash and $30,000 USD in restricted common shares of Magellan
Gold Corp (OTCQB: MAGE) upon the execution of a binding agreement with the property owner (Event #1)

 

		2.	A further $30,000 USD in cash and $30,000 USD in restricted common shares
of Magellan Gold Corp (OTCQB: MAGE) 180 days after the execution of a binding agreement with the property owner (Event #2).

 

The issuance of restricted common
shares of Magellan Gold Corp triggered by Events #1 and #2 will be based on the trailing 30-day volume weighted average price (VWAP)
respectively of those Events. The number of shares will be calculated as to $30,000USD divided by the relevant VWAP price, For
example $30,000/$0.20 = 150,000 shares. Pursuant to SEC regulations and specifically to an exemption from registration provided
by Rule 144, there will be a six-month hold period before the shares can be resold into the public market.

 

Cash payments shall be made directly
to Prospero's subsidiary company, Minera Fumarola, SA de CV, and shall be invoiced adding 16% IVA (value added tax), at the official
exchange rate published in the Diario Oficial de la Federacion (Daily Gazette of the Federation). Shares shall be issued to Prospero
Silver Corp. If Magellan does not have a Mexican subsidiary incorporated at the time of cash payments Prospero can elect to receive
the funds in Canada rather than through Minera Fumarola, SA de CV in Mexico.

 

 

 

 

 

 

 

 

 

 

 

 

    	 	3	 

     

    

 

 

EL DORADO PROJECT, NAY

PROSPERO SILVER DIAMOND DRILL HOLE PROGRAM
2010Exhibit 10.1

 

PRECIPIO, INC.

 

 

 

 

September         2018

 

 

INVESTORS NAME 

 

		Re:	Letter Agreement with respect to warrants

 

Dear Sirs:

 

Reference is hereby
made to the securities purchase agreement (the “Agreement”) with each of you as the Investors (the “Investors”),
pursuant to which Precipio, Inc. (the “Company”) agreed to issue up to approximately $3,296,703.30 in 8% Senior Secured
Convertible Promissory notes with 100% common stock warrant coverage pursuant to the form of notes and warrants set out s exhibit
B and C (respectively) to the Agreement (the “Transaction”). Capitalized terms not otherwise defined herein shall have
the meanings set forth in the Agreement

 

The Company and the
undersigned Investors hereby agree (i) to reprice the exercise of all of the Common Stock purchase warrants set forth on Annex
I attached hereto (the “Reprice Warrants”) currently held by you as the Holder and which were issued to you pursuant
to the terms of the Agreement and (ii) to amend the definition of “Exercise Price” to read as follows “For purposes
of this Warrant, “Exercise Price” means $0.50, subject to adjustment as provided herein”.

 

Please execute this
Letter Agreement in the signature block below if you agree to the terms herein, whereupon this Letter Agreement shall become a
binding agreement between you and the Company with regard to the Transaction.

 

This Letter Agreement
shall be governed by and construed in accordance with the internal laws of the State of New York without regard to its conflicts
of law doctrine. This Letter Agreement may be executed in any number of counterparts, each of which shall be deemed an original
and all of which together shall constitute one instrument. This letter agreement constitutes the entire understanding and agreement
of the parties hereto with respect to the subject matter hereof and supersedes all other prior agreements and understandings, written
or oral, between the parties hereto with respect to such subject matter.

 

  

[Signature Pages Follow]

 

     

     

    

 

 

 

 

	 	Sincerely,
	 	 	 
	 	PRECIPIO, INC.
	 	 	 
	 	 	 
	 	By: 	 
	 	Name: 	 
	 	Title: 	 

 

 

As evidenced by the below signature, the Investor hereby agrees
to the Letter Agreement as of this day of September, 2018:

 

NAME OF INVESTOR   [        ]

  

 

     

     

    

 

 

Annex I

 

	Warrant	Date of Issue
	Alpha 4.20.1A	April 20, 2018                                     
	Alpha 4.20.1B                 	April 20, 2018                                     
	M2B A 4.20.1A      	April 20, 2018                                     
	M2B B 4.20.1B	April 20, 2018                                     
	Osher A 4.20.1A                                       	April 20, 2018                                     
	Osher B 4.20.1B	April 20, 2018                                     
	Alpha 7.11.1A	July 11, 2018  
	Alpha 7.11.1B                 	July 11, 2018  
	M2B A 7.11.1A      	July 11, 2018  
	M2B B 7.11.1B	July 11, 2018  
	Osher A 7.11.1A                                       	July 11, 2018  
	Osher B 7.11.1B	July 11, 2018  
	Alpha 8.20.2A	August 20, 2018
	Alpha 8.20.2B                 	August 20, 2018
	M2B A 8.20.1A      	August 20, 2018
	M2B B 8.20.1B	August 20, 2018
	Osher A 8.20.3A                                       	August 20, 2018
	Osher B 8.20.3B	August 20, 2018
	Alpha 9.17.2A	September 17, 2018
	Alpha 9.17.2B                 	September 17, 2018
	M2B A 9.17.1A      	September17, 2018
	M2B B 9.17.1B	September 17, 2018
	Osher A 9.17.3A                                       	September 17, 2018
	Osher B 9.17.3B	September 17, 2018

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