Document:

THESE SECURITIES AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “U.S. SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
RESALE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN
ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT.

 

THESE SECURITIES AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THESE WARRANTS HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “U.S. SECURITIES ACT”). THESE WARRANTS MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR A PERSON
IN THE UNITED STATES UNLESS THE SECURITIES ISSUABLE UPON EXERCISE OF THESE WARRANTS HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE.
THESE WARRANTS MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE RESALE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE WARRANTS MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED
BY REGULATION S UNDER THE U.S. SECURITIES ACT.

WARRANT TO PURCHASE COMMON SHARES

OF

ENERGIZER RESOURCES INC.

(existing under the laws of the State of Minnesota)

 

	Number W – 0l-2015-00l	
        Number of Warrants represented

        by this certificate: l

         

THIS CERTIFIES THAT,
for value received, [NTD: Name and address of holder] (the “Holder”), being the registered holder of
this warrant (“Warrant”) is entitled, at any time prior to 5:00 p.m. (Toronto time) on the Expiry Day (as defined
below) to subscribe for and purchase the number of common shares (the “Warrant Shares”) of Energizer Resources
Inc. (the “Company”) set forth above on the basis of one Warrant Share at a price of US$0.14 (the “Exercise
Price”) for each Warrant exercised, subject to adjustment as set out herein, by surrendering to the Company at its principal
office, 141 Adelaide Street West Suite 520, Toronto, Ontario, Canada, M5H 3L5, this Warrant certificate (the “Warrant
Certificate”), with a completed and executed Subscription Form (as defined below), and payment in full for the Warrant
Shares being purchased.

 

The Company shall treat
the Holder as the absolute owner of this Warrant for all purposes and the Company shall not be affected by any notice or knowledge
to the contrary. The Holder shall be entitled to the rights evidenced by this Warrant free from all equities and rights of set-off
or counterclaim between the Company and the original
or any intermediate holder and all persons may act accordingly and the receipt by the Holder of the Warrant Shares issuable upon
exercise hereof shall be a good discharge to the Company and the Company shall not be bound to inquire into the title of any such
Holder.

    	 	 	 

    	 	- 2 -	 

    

 

		1.	Definitions: In this Warrant Certificate, unless there is something in the subject
matter or context inconsistent therewith, the following expressions shall have the following meanings namely:

		(a)	“Adjustment Period” means the period commencing on the date hereof and ending
at the Expiry Time;

		(b)	“Business Day” means any day other than a Saturday, Sunday, legal holiday or
a day on which banking institutions are closed in Toronto, Ontario;

		(c)	“Common Shares” means the common stock of the Company as such shares are constituted
on the date hereof, as the same may be reorganized, reclassified or otherwise changed pursuant to any of the events set out in
Section 12 hereof;

		(d)	“Company” means Energizer Resources Inc., a company existing under the laws
of the State of Minnesota and its successors and assigns;

		(e)	“Current Market Price” of a Common Share at any date means the volume weighted
average trading price on the TSX, or such other stock exchange where the majority of the trading volume and value of the listed
securities occurs, for the five Trading Days immediately preceding the relevant date or, if the Common Shares are not listed on
any stock exchange, then on the over-the-counter market with the volume weighted average price per Common Share being determined
by dividing the aggregate sale price of all Common Shares sold on the said exchange or market, as the case may be, during the said
five Trading Days by the aggregate number of Common Shares so sold or, if the Common Shares are not listed or quoted on any stock
exchange or over-the-counter market, such price as may be determined by the directors of the Company;

		(f)	“Dividends Paid in the Ordinary Course” means dividends paid in any financial
year of the Company, whether in (i) cash; (ii) shares of the Company; (iii) warrants or similar rights to purchase any shares of
the Company or property or other assets of the Company provided that the value of such dividends does not in such financial year
exceed the greater of:

		(i)	150% of the aggregate amount of dividends paid by the Company on the Common Shares in the 12-month
period ending immediately prior to the first day of such financial year; and

		(ii)	100% of the consolidated net earnings from continuing operations of the Company, before any extraordinary
items, for the 12-month period ending immediately prior to the first day of such financial year (such consolidated net earnings
from continuing operations to be computed in accordance with generally accepted accounting principles in Canada);

		(g)	“Exercise Price” means US$0.14 per Warrant Share, subject to adjustment in accordance
with Section 12 hereof;

    	 	 	 

    	 	- 3 -	 

    

		(h)	“Expiry Day” means May 4, 2018;

 

		(i)	“Expiry Time” means 5:00 p.m. (Toronto time), on the Expiry Day;

		(j)	“Holder” shall have the meaning ascribed thereto on the face page hereof;

		(k)	“Person” means an individual, partnership, unincorporated association, unincorporated
syndicate, unincorporated organization, trust, trustee, executor, administrator, or other legal representative;

		(l)	“Resale Registration Statement” means a resale registration statement filed
by the Company in the United States with the SEC relating to the Warrants and Warrant Shares;

		(m)	“Rights Offering” has the meaning set out in Section 12(b)(ii) in this Warrant
Certificate;

		(n)	“Subscription Form” means the subscription form annexed to this Warrant Certificate;

		(o)	“TSX” means the Toronto Stock Exchange;

		(p)	“Trading Day” with respect to a stock exchange, market or over-the-counter market
means a day on which such stock exchange or over-the-counter market is open for business;

		(q)	“Transfer Form” means the transfer form annexed to this Warrant Certificate;

		(r)	“U.S. Person” means U.S. person as that term is defined in Rule 902(k) of Regulation
S adopted by the United States Securities and Exchange Commission under the U.S. Securities Act;

		(s)	“U.S. Securities Act” means the United States Securities Act of 1933, as amended;

		(t)	“Warrant” means a warrant exercisable to purchase one Common Share at the Exercise
Price until the Expiry Time;

		(u)	“Warrant Certificate” means this warrant certificate; and

		(v)	“Warrant Share” means the Common Shares issuable upon the exercise of the Warrants.

		2.	Expiry Time: At the Expiry Time, all rights under the Warrants evidenced hereby,
in respect of which the right of subscription and purchase herein provided for shall not theretofore have been exercised, shall
expire and be of no further force and effect.

		3.	Exercise Procedure:

		(a)	The Holder may exercise the right to subscribe and purchase the number of Warrant Shares herein
provided, by delivering to the Company prior to the Expiry Time at its principal office this Warrant Certificate, with the Subscription
Form attached hereto duly completed and executed by the Holder or its legal representative or attorney, duly appointed by an instrument
in writing in form and manner satisfactory to the Company, together with a certified cheque
or bank draft payable to or to the order of the Company in an amount equal to the aggregate Exercise Price in respect of the Warrants
so exercised. Any Warrant Certificate so surrendered shall be deemed to be surrendered only upon delivery thereof to the Company
at its principal office set forth herein in the manner provided in Section 26 hereof (or to such other address as the Company may
notify the Holder).

    	 	 	 

    	 	- 4 -	 

    

		(b)	Upon such delivery and payment as aforesaid, the Company shall cause to be issued to the Holder
hereof the Warrant Shares subscribed for not exceeding those which such Holder is entitled to purchase pursuant to this Warrant
Certificate and the Holder hereof shall become a shareholder of the Company in respect of the Warrant Shares subscribed for with
effect from the date of such delivery and shall be entitled to delivery and payment of a certificate evidencing the Warrant Shares
and the Company shall cause such certificates to be mailed to the Holder hereof at the address or addresses specified in such subscription
as soon as practicable, and in any event within five (5) Business Days of such delivery and payment.

		(c)	Any certificate or certificates representing Warrant Shares issued upon the exercise of the Warrants
represented hereby shall be impressed with the following legend:

“THESE SECURITIES HAVE NOT BEEN
REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN ISSUED
IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT
BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT.”

 

provided that, if any Warrant Shares
are being sold pursuant to Rule 144 under the U.S. Securities Act, the legend may be removed by delivery to the registrar and transfer
agent for the Warrant Shares and the Company of an opinion of counsel, of recognized standing reasonably satisfactory to the Company,
that such legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

 

		(d)	This Warrant and the Warrant Shares issuable upon exercise of this Warrant have not been and will
not be registered under the U.S. Securities Act or under state securities laws of any state in the United States, although the
Company may have filed a resale registration statement under the U.S. Securities Act. Accordingly, this Warrant may not be transferred
or exercised, in whole or in part, in the United States or by or on behalf of a U.S. Person or a person in the United States unless
registered under the U.S. Securities Act, or an exemption is available from the registration requirements of the U.S. Securities
Act and applicable state securities laws and the holder complies with Section 8 of this Warrant.

		4.	Partial Exercise: The Holder may subscribe for and purchase a number of Warrant Shares
less than the maximum number the Holder is entitled to purchase pursuant to the full exercise of this

    	 	 	 

    	 	- 5 -	 

    

Warrant Certificate. In the event
of any such subscription prior to the Expiry Time, the Holder shall receive along with the certificate representing the Warrant
Shares so purchased, without charge, a new Warrant Certificate in respect of the balance of the Warrant Shares which the Holder
was entitled to subscribe for pursuant to this Warrant Certificate and which were then not purchased.

		5.	No Fractional Shares: Notwithstanding any adjustments provided for in Section 12
hereof or otherwise, the Company shall not be required upon the exercise of any Warrants to issue fractional Warrant Shares in
satisfaction of its obligations hereunder and, in any such case, the number of Warrant Shares issuable upon the exercise of any
Warrants shall be rounded down to the nearest whole number. The Company shall not be required to make any payment to the Holder
who, absent this Section 5 hereof, would otherwise have been entitled to receive a fractional Warrant Share.

		6.	Exchange of Warrant Certificates: Subject to Section 8 hereof, this Warrant Certificate
may be exchanged for Warrant Certificates representing in the aggregate the same number of Warrants and entitling the Holder thereof
to subscribe for and purchase an equal aggregate number of Warrant Shares at the same Exercise Price and on the same terms as this
Warrant Certificate (with or without legends as may be appropriate).

		7.	Register of Warrantholders: The Company shall cause a register (the “Register”)
to be kept in which shall be entered the names and addresses of all Holders and the number of Warrants held by each of them.

		8.	Transfer of Warrants: Subject to the terms hereof, this Warrant may be transferred,
subject to the terms set forth in the Transfer Form attached hereto. No transfer of this Warrant shall be effective unless this
Warrant Certificate is accompanied by a duly executed Transfer Form or other instrument of transfer in such form as the Company
may from time to time prescribe, together with such evidence of the genuineness of each endorsement, execution and authorization
and of other matters as may reasonably be required by the Company, and delivered to the Company. The Warrants may be offered, sold,
pledged or otherwise transferred only: (A) to the Company, (B) pursuant to an effective registration statement under the U.S. Securities
Act, (C) in accordance with Rule 144 under the U.S. Securities Act, if available, and in compliance with applicable state securities
laws, (D) in accordance with the provisions of Regulation S under the U.S. Securities Act, if available, or (E) in a transaction
that does not otherwise require registration under the U.S. Securities Act or any applicable state securities laws (in each case,
if an opinion of counsel, of recognized standing reasonably satisfactory to the Company, has been provided to the Company to that
effect, if applicable). Hedging transactions involving the Warrants and the Warrant Shares may not be conducted unless in compliance
with the U.S. Securities Act and other applicable securities laws. The Warrants and the Warrant Shares are “restricted securities”
within the meaning of Rule 144(a)(3) under the U.S. Securities Act and will remain “restricted securities” notwithstanding
any resale within or outside the United States unless the sale is completed pursuant to an effective registration statement under
the U.S. Securities Act or in accordance with Rule 144 under the U.S. Securities Act. No transfer of this Warrant shall be made
if in the opinion of counsel to the Company such transfer would result in the violation of any applicable securities laws. Subject
to the foregoing, the Company shall issue and mail as soon as practicable, and in any event within five (5) Business Days of such
delivery, a new Warrant Certificate (with or without legends as may be appropriate) registered in the name of the transferee or
as the transferee may direct and shall take all other necessary actions to effect the transfer as directed.

    	 	 	 

    	 	- 6 -	 

    

Upon the transfer
of any Warrant, the Company shall enter the name of the transferee in the Register as the registered holder of such transferred
Warrants.

		9.	Not a Shareholder: Nothing in this Warrant Certificate or in the holding of a Warrant
evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever as a shareholder of the Company.

		10.	No Obligation to Purchase: Nothing herein contained or done pursuant hereto shall
obligate the Holder to subscribe for or the Company to issue any shares except those shares in respect of which the Holder shall
have exercised its right to purchase hereunder in the manner provided herein.

		11.	Covenants:

		(a)	The Company covenants and agrees that so long as any Warrants evidenced hereby remain outstanding,
it shall reserve and there shall remain unissued out of its authorized capital a sufficient number of Warrant Shares to satisfy
the right of purchase herein provided for, it will cause the Warrant Shares subscribed for and purchased in the manner herein provided
to be issued and delivered as directed and such Warrant Shares shall be issued as fully paid and non-assessable Common Shares and
the holders thereof shall not be liable to the Company or to its creditors in respect thereof.

		(b)	The Company covenants and agrees that until the Expiry Time, while the Warrants (or remaining portion
thereof) shall be outstanding, the Company shall use reasonable efforts to preserve and maintain its corporate existence, to remain
listed on the TSX, and maintain its status as a “reporting issuer” not in default of the requirements of the applicable
securities laws in the Canadian jurisdictions in which the Company is currently a reporting issuer, provided that this covenant
shall not prevent the Company from completing any transaction which would result in the Company to cease its corporate existence,
cease to be listed on the TSX or cease to be a “reporting issuer”, respectively, so long as the holders of the Common
Shares receive securities of an entity which is listed on a stock exchange in Canada or cash or the holders of the Common Shares
have approved the transaction in accordance with the requirements of applicable corporate laws and the policies of the TSX.

		(c)	The Company shall use its best efforts to ensure the Warrant Shares are listed and posted for trading
on the TSX or such other stock exchange or over-the-counter market as the Common Shares may be listed or quoted (as the case may
be) at the time of exercise of the Warrants.

		(d)	The Company shall do, execute, acknowledge and deliver or cause
to be done, executed, acknowledged and delivered, all other acts, deeds and assurances in law as may reasonably be required for
the better accomplishing and effecting of the intentions and provisions of this Warrant Certificate.

		(e)	If the issuance of the Warrant Shares upon the exercise of the Warrants requires any filing or
registration with or approval of any securities regulatory authority or other governmental authority or compliance with any other
requirement under any law before such Warrant Shares may be validly issued (other than the filing of a prospectus or similar disclosure
document), the Company agrees to take such actions as may be necessary to secure such filing, registration, approval or compliance,
as the case may be.

    	 	 	 

    	 	- 7 -	 

    

		(f)	Provided that the Company has filed the Resale Registration Statement, the Company shall take all
additional steps and proceedings that from time to time may be required under the securities laws of the United States to ensure
that the Resale Registration Statement remains in effect until the earlier of (A) the expiration of the Warrants in accordance
with their terms, and (B) the exercise in full of all the Warrants.

		12.	Adjustments: 

		(a)	Adjustment: The rights of the holder of this Warrant, including the number of Warrant Shares
issuable upon the exercise of such Warrants, will be adjusted from time to time in the events and in the manner provided in, and
in accordance with the provisions of, this Section 12. The purpose and intent of the adjustments provided for in this Section 12
is to ensure that the rights and obligations of the Holder are neither diminished or enhanced as a result of any of the events
set forth in paragraphs (b), (c) or (d) of this Section 12. Accordingly, the provisions of this Section 12 shall be interpreted
and applied in accordance with such purpose and intent.

		(b)	The Exercise Price in effect at any date will be subject to adjustment from time to time as follows:

		(i)	Share Reorganization: If and whenever at any time during the Adjustment Period, the Company
shall (A) subdivide, redivide or change the outstanding Common Shares into a greater number of Common Shares, (B) consolidate,
combine or reduce the outstanding Common Shares into a lesser number of Common Shares, or (C) fix a record date for the issue of
Common Shares or securities convertible into or exchangeable for Common Shares to all or substantially all of the holders of Common
Shares by way of a stock dividend or other distribution other than a Dividend Paid in the Ordinary Course, then, in each such event,
the Exercise Price shall, on the record date for such event or, if no record date is fixed, the effective date of such event, be
adjusted so that it will equal the rate determined by multiplying the Exercise Price in effect immediately prior to such date by
a fraction, of which the numerator shall be the total number of Common Shares outstanding on such date before giving effect to
such event, and of which the denominator shall be the total number of Common Shares outstanding on such date after giving effect
to such event. Such adjustment shall be made successively whenever any such event shall occur. Any such issue of Common Shares
by way of a stock dividend shall be deemed to have been made on the record date for such stock dividend for the purpose of calculating
the number of outstanding Common Shares under paragraphs 11(b)(i) and (ii) hereof.

		(ii)	Rights Offering: If and whenever at any time during the Adjustment Period, the Company shall
fix a record date for the issue of rights, options or warrants to all or substantially all of the holders of Common Shares entitling
the holders thereof, within a period expiring not more than 45 days after the record date for such issue, to subscribe for or purchase
Common Shares (or securities convertible into or exchangeable for Common Shares) at a price per share (or having a conversion or
exchange price per share) less than 95% of the Current Market Price on such record date, then the Exercise Price shall be adjusted
immediately after such record date so that it will equal the rate determined by multiplying the Exercise Price in effect on such
record date by a fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date plus the
number of Common Shares equal to the number arrived at by dividing the aggregate price of the total number of additional Common
Shares so offered for subscription or purchase (or the aggregate conversion or exchange price of the convertible or exchangeable
securities so offered) by such Current Market Price, and of which the denominator shall be the total number of Common Shares outstanding
on such record date plus the total number of additional Common Shares so offered for subscription or purchase (or into or for which
the convertible or exchangeable securities so offered are convertible or exchangeable). Any Common Shares owned by or held for
the account of the Company or any subsidiary of the Company shall be deemed not to be outstanding for the purpose of any such computation.
Such adjustment shall be made successively whenever such a record date is fixed, provided that if two or more such record dates
referred to in this paragraph 11(b)(ii) are fixed within a period of 25 Trading Days, such adjustment will be made successively
as if each of such record dates occurred on the earliest of such record dates. To the extent that any such rights, options or warrants
are not exercised prior to the expiration thereof, the Exercise Price shall then be readjusted to the Exercise Price which would
then be in effect based upon the number of Common Shares (or securities convertible into or exchangeable for Common Shares) actually
issued upon the exercise of such rights, options or warrants, as the case may be.

    	 	 	 

    	 	- 8 -	 

    

		(iii)	Distribution: If and whenever at any time during the Adjustment Period, the Company shall
fix a record date for the making of a distribution to all or substantially all of the holders of Common Shares of (A) shares of
any class other than Common Shares whether of the Company or any other corporation, (B) rights, options or warrants to acquire
Common Shares or securities exchangeable for or convertible into Common Shares or property or other assets of the Company (other
than a Rights Offering as described in Section 12(b)(ii)), (C) evidences of indebtedness, or (D) cash, securities or other property
or assets then, in each such case and if such distribution does not constitute a Dividend Paid in the Ordinary Course, or fall
under clauses (i) or (ii) of this Section 12 above, the Exercise Price will be adjusted immediately after such record date so that
it will equal the rate determined by multiplying the Exercise Price in effect on such record date by a fraction, of which the numerator
shall be the total number of Common Shares outstanding on such record date multiplied by the Current Market Price on the earlier
of such record date and the date on which the Company announces its intention to make such distribution, less the aggregate fair
market value (as determined by the directors, acting reasonably, at the time such distribution is authorized) of such shares or
rights, options or warrants or evidences of indebtedness or cash, securities or other property or assets so distributed, and of
which the denominator shall be the total number of Common Shares outstanding on such record date multiplied by such Current Market
Price. Any Common Shares owned by or held for the account of the Company or any subsidiary of the Company shall be deemed not to
be outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date
is fixed, provided that if two or more such record dates referred to in this paragraph 11(b)(iii) are fixed within a period of
25 Trading Days, such adjustment will be made successively as if each of such record dates occurred on the earliest of such record
dates. To the extent that any such rights, options or warrants so distributed are not exercised prior to the expiration thereof,
the Exercise Price shall then be readjusted to the Exercise Price which would then
be in effect based upon such rights, options or warrants or evidences of indebtedness or cash, securities or other property or
assets actually distributed or based upon the number or amount of securities or the property or assets actually issued or distributed
upon the exercise of such rights, options or warrants, as the case may be.

    	 	 	 

    	 	- 9 -	 

    

		(c)	Reclassifications: If and whenever at any time during the Adjustment Period, there is (A)
any reclassification of or amendment to the outstanding Common Shares, any change of the Common Shares into other shares or any
other reorganization of the Company (other than as described in subsection 12(b) hereof), (B) any consolidation, amalgamation,
arrangement, merger or other form of business combination of the Company with or into any other corporation resulting in any reclassification
of the outstanding Common Shares, any change of the Common Shares into other shares or any other reorganization of the Company,
or (C) any sale, lease, exchange or transfer of the undertaking or assets of the Company as an entirety or substantially as an
entirety to another corporation or entity, then, in each such event, the Holder of this Warrant which is thereafter exercised shall
be entitled to receive, and shall accept, in lieu of the number of Common Shares to which such Holder was theretofore entitled
upon such exercise, the kind and number or amount of shares or other securities or property which such Holder would have been entitled
to receive as a result of such event if, on the effective date thereof, such Holder had been the registered holder of the number
of Common Shares to which such Holder was theretofore entitled upon such exercise. If necessary as a result of any such event,
appropriate adjustments will be made in the application of the provisions set forth in this subsection with respect to the rights
and interests thereafter of the Holder of this Warrant Certificate to the end that the provisions set forth in this subsection
will thereafter correspondingly be made applicable, as nearly as may reasonably be, in relation to any shares or other securities
or property thereafter deliverable upon the exercise of this Warrant. Any such adjustments will be made by and set forth in an
instrument supplemental hereto approved by the directors, acting reasonably, and shall for all purposes be conclusively deemed
to be an appropriate adjustment.

		(d)	If at any time during the Adjustment Period any adjustment or readjustment in the Exercise Price
shall occur pursuant to the provisions of subsection 12(b) or 12(c) of this Warrant Certificate, then the number of Warrant
Shares purchasable upon the subsequent exercise of the Warrants shall be simultaneously adjusted or readjusted, as the case may
be, by multiplying the number of Warrant Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment
or readjustment by a fraction which shall be the reciprocal of the fraction used in the adjustment or readjustment of the Exercise
Price.

		13.	Rules Regarding Calculation of Adjustment of Exercise Price:

		(a)	The adjustments provided for in Section 12 are cumulative and will, in the case of adjustments
to the Exercise Price, be computed to the nearest whole Warrant Share and will be made successively whenever an event referred
to therein occurs, subject to the following subsections of this Section 13.

		(b)	No adjustment in the Exercise Price is required to be made unless such adjustment would result
in a change of at least 1% in the prevailing Exercise Price and no adjustment in the Exercise Price is required unless such adjustment
would result in a change of at least one one-hundredth of a Warrant Share; provided, however, that any adjustments which, except for the
provisions of this subsection, would otherwise have been required to be made, will be carried forward and taken into account in
any subsequent adjustments.

    	 	 	 

    	 	- 10 -	 

    

		(c)	No adjustment in the Exercise Price will be made in respect of any event described in Section 12,
other than the events referred to in clause 12(c), if the Holder is entitled to participate in such event on the same terms (subject
to the consent of the TSX as long as the Common Shares are listed on the TSX at such time), mutatis mutandis, as if the
Holder had exercised this Warrant prior to or on the effective date or record date of such event.

		(d)	No adjustment in the Exercise Price will be made under Section 12 in respect of the issue from
time to time of Common Shares issuable from time to time as Dividends Paid in the Ordinary Course to holders of Common Shares who
exercise an option or election to receive substantially equivalent dividends in Common Shares in lieu of receiving a cash dividend.

		(e)	If at any time a question or dispute arises with respect to adjustments provided for in Section
12, such question or dispute will be conclusively determined by the auditor of the Company or, if they are unable or unwilling
to act, by such other firm of independent chartered accountants as may be selected by action of the directors of the Company and
any such determination, subject to regulatory approval and absent manifest error, will be binding upon the Company and the Holder.
The Company will provide such auditor or chartered accountant with access to all necessary records of the Company.

		(f)	In case the Company after the date of issuance of this Warrant takes any action affecting the Common
Shares, other than action described in Section 12, which in the opinion of the board of directors of the Company would materially
affect the rights of the Holder, the Exercise Price will be adjusted in such manner, if any, and at such time, by action of the
directors of the Company in their sole discretion, acting reasonably and in good faith, but subject in all cases to any necessary
regulatory approval. Failure of the taking of action by the directors of the Company so as to provide for an adjustment on or prior
to the effective date of any action by the Company affecting the Common Shares will be conclusive evidence that the board of directors
of the Company has determined that it is equitable to make no adjustment in the circumstances.

		(g)	If the Company sets a record date to determine the holders of the Common Shares for the purpose
of entitling them to receive any dividend or distribution or sets a record date to take any other action and, thereafter and before
the distribution to such shareholders of any such dividend or distribution or the taking of any other action, decides not to implement
its plan to pay or deliver such dividend or distribution or take such other action, then no adjustment in the Exercise Price will
be required by reason of the setting of such record date.

		(h)	In the absence of a resolution of the directors of the Company fixing a record date for any event
which would require any adjustment to this Warrant, the Company will be deemed to have fixed as the record date therefor the date
on which the event is effected.

		(i)	As a condition precedent to the taking of any action which would require any adjustment to the
Warrant Shares issuable under this Warrant, including the Exercise Price, the Company shall take any corporate action which may
be necessary in order that the Company or any successor
to the Company or successor to the undertaking or assets of the Company have unissued and reserved in its authorized capital and
may validly and legally issue as fully paid and non-assessable all the shares or other securities which the Holder is entitled
to receive on the full exercise thereof in accordance with the provisions hereof.

    	 	 	 

    	 	- 11 -	 

    

		(j)	The Company will from time to time, immediately after the occurrence of any event which requires
an adjustment or readjustment as provided in Section 12, forthwith give notice to the Holder specifying the event requiring such
adjustment or readjustment and the results thereof, including the resulting Exercise Price.

		(k)	The Company covenants to and in favour of the Holder that so long as this Warrant remains outstanding,
it will give notice to the Holder of the effective date or of its intention to fix a record date for any event referred to in Section
12 whether or not such action would give rise to an adjustment in the Exercise Price or the number and type of securities issuable
upon the exercise of the Warrants, and, in each case, such notice shall specify the particulars of such event and the record date
and the effective date for such event; provided that the Company shall only be required to specify in such notice such particulars
of such event as have been fixed and determined on the date on which such notice is given. Such notice shall be given not less
than 14 days in each case prior to such applicable record date or effective date.

		(l)	In any case that an adjustment pursuant to Section 12 shall become effective immediately after
a record date for or an effective date of an event referred to herein, the Company may defer, until the occurrence and consummation
of such event, issuing to the Holder of this Warrant, if exercised after such record date or effective date and before the occurrence
and consummation of such event, the additional Warrant Shares or other securities or property issuable upon such exercise by reason
of the adjustment required by such event, provided, however, that the Company will deliver to the Holder an appropriate instrument
evidencing the Holder’s right to receive such additional Warrant Shares or other securities or property upon the occurrence
and consummation of such event and the right to receive any dividend or other distribution in respect of such additional Warrant
Shares or other securities or property declared in favour of the holders of record of Common Shares or of such other securities
or property on or after the Exercise Date or such later date as the Holder would, but for the provisions of this subsection, have
become the holder of record of such additional Warrant Shares or of such other securities or property.

		14.	Consolidation and Amalgamation:

		(a)	The Company shall not enter into any transaction whereby all or substantially all of its undertaking,
property and assets would become the property of any other corporation (herein called a “successor corporation”)
whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale, disposition or otherwise,
unless prior to or contemporaneously with the consummation of such transaction the Company and the successor corporation shall
have executed such instruments and done such things as the Company, acting reasonably, considers necessary or advisable to establish
that upon the consummation of such transaction:

		(i)	the successor corporation will have assumed all the covenants and obligations of the Company under
this Warrant Certificate, and

    	 	 	 

    	 	- 12 -	 

    

		(ii)	the Warrant and the terms set forth in this Warrant Certificate will be a valid and binding obligation
of the successor corporation entitling the Holder, as against the successor corporation, to all the rights of the Holder under
this Warrant Certificate.

		(b)	Whenever the conditions of subsection 14(a) shall have been duly observed and performed the successor
corporation shall possess, and from time to time may exercise, each and every right and power of the Company under this Warrant
in the name of the Company or otherwise and any act or proceeding by any provision hereof required to be done or performed by any
director or officer of the Company may be done and performed with like force and effect by the like directors or officers of the
successor corporation.

		15.	Representation and Warranty: The Company hereby represents and warrants with and
to the Holder that the Company is duly authorized and has all corporate and lawful power and authority to create and issue this
Warrant and the Warrant Shares issuable upon the exercise hereof and perform its obligations hereunder and that this Warrant Certificate
represents a valid, legal and binding obligation of the Company enforceable in accordance with its terms.

		16.	If Share Transfer Books Closed: The Company shall not be required to deliver certificates
for Warrant Shares while the share transfer books of the Company are properly closed, prior to any meeting of shareholders or for
the payment of dividends or for any other purpose and in the event of the surrender of any Warrant in accordance with the provisions
hereof and the making of any subscription and payment for the Warrant Shares called for thereby during any such period delivery
of certificates for Warrant Shares may be postponed for a period not exceeding three (3) Business Days after the date of the re-opening
of said share transfer books provided that any such postponement of delivery of certificates shall be without prejudice to the
right of the Holder, if the Holder has surrendered the same and made payment during such period, to receive such certificates for
the Warrant Shares called for after the share transfer books shall have been re-opened.

		17.	Lost Certificate: If the Warrant Certificate evidencing the Warrants issued hereby
becomes stolen, lost, mutilated or destroyed the Company shall issue and countersign a new Warrant Certificate of like denomination,
tenor and date as the Warrant Certificate so stolen, lost mutilated or destroyed provided that the Holder shall bear the reasonable
cost of the issue thereof and in case of loss, destruction or theft, shall, as a condition precedent to the issue thereof, furnish
to the Company such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate as shall be satisfactory
to the Company, in its sole discretion acting reasonably, and the Holder may also be required to furnish an indemnity in form satisfactory
to the Company, in its sole discretion acting reasonably, and shall pay the reasonable charges of the Company in connection therewith.

		18.	Governing Law: This Warrant shall be governed by, and construed in accordance with,
the laws of the Province of Ontario and the laws of Canada applicable therein but the reference to such laws shall not, by conflict
of laws, rules or otherwise, require the application of the law of any jurisdiction other than the Province of Ontario.

		19.	Severability: If any one or more of the provisions or parts thereof contained in
this Warrant Certificate should be or become invalid, illegal or unenforceable in any respect in any jurisdiction, the remaining
provisions or parts thereof contained herein shall be and shall be conclusively deemed to be, as to such jurisdiction, severable
therefrom.

    	 	 	 

    	 	- 13 -	 

    

		20.	Amendments: Subject to the approval of the TSX, the provisions of these Warrants
may from time to time be amended, modified or waived, if such amendment, modification or waiver is in writing and consented to
in writing by the Company and the holders of at least 662/3% of the Warrants then outstanding. 

		21.	Headings: The headings of the articles, sections, subsections and clauses of this
Warrant Certificate have been inserted for convenience and reference only and do not define, limit, alter or enlarge the meaning
of any provision of this Warrant Certificate.

		22.	Numbering of Articles, etc.: Unless otherwise stated, a reference herein to a numbered
or lettered article, section, subsection, clause, subclause or schedule refers to the article, section, subsection, clause, subclause
or schedule bearing that number or letter in this Warrant Certificate.

		23.	Gender: Whenever used in this Warrant Certificate, words importing the singular number
only shall include the plural, and vice versa, and words importing the masculine gender shall include the feminine gender.

		24.	Day not a Business Day: In the event that any day on or before which any action is
required to be taken hereunder is not a Business Day, then such action shall be required to be taken on or before the requisite
time on the next succeeding day that is a Business Day.

		25.	Binding Effect: This Warrant Certificate and all of its provisions shall enure to
the benefit of the Holder, its successors, assigns and legal personal representatives and shall be binding upon the Company and
its successors.

		26.	Notice: Unless herein otherwise expressly provided, a notice to be given hereunder
will be deemed to be validly given if the notice is sent by telecopier or prepaid same day courier addressed as follows:

		(a)	If to the Holder at the latest address of the Holder as recorded in the Register; and

		(b)	If to the Company at:

Energizer Resources Inc.

141 Adelaide Street West Suite 520

Toronto, Ontario, Canada, M5H 3L5

Attention: Chief Financial Officer

Facsimile No.: (416) 364-2753

 

		27.	Time of Essence: Time shall be of the essence hereof.

[Signature page
follows]

    	 	 	 

    	 	- 14 -	 

    

IN WITNESS WHEREOF
the Company has caused this Warrant Certificate to be signed by its duly authorized officer as of this ______ day of _____________________
20___.

 

	 	ENERGIZER RESOURCES INC.
	 	Per:	 
	 	 	Authorized Signing Officer

    	 	 	 

    	 	- 15 -	 

    

SUBSCRIPTION FORM

 

		TO:	Energizer Resources Inc.

141 Adelaide Street West
Suite 520

Toronto, Ontario, Canada, M5H
3L5

Attention: Chief Financial
Officer

			

The undersigned holder of the within Warrant
hereby irrevocably subscribes for                                   
Warrant Shares of Energizer Resources Inc. (the “Company”) pursuant to the within Warrant and tenders herewith
a certified cheque or bank draft for US$                                
(US$0.14 per Warrant Share) in full payment therefor.

(Please check the
ONE box applicable):

ÿA                 The
undersigned holder (i) at the time of exercise of the Warrant is not in the United States; (ii) is not a “U.S. person”
as defined in Rule 902(k) of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities
Act”), (iii) is not exercising the Warrant on behalf of a “U.S. person” or a person in the United States;
and (iv) did not execute or deliver this exercise form in the United States. “United States and “U.S. person”
are as defined in Regulation S under the U.S. Securities Act.

ÿB.                The
undersigned holder has delivered to the Company an opinion of counsel (which will not be sufficient unless it is from counsel of
recognized standing and in form and substance satisfactory to the Company) to the effect that an exemption from the registration
requirements of the U.S. Securities Act and applicable state securities laws is available.

 

The undersigned hereby directs that the Warrant
Shares be issued as follows:

	

NAME(S) IN FULL	

ADDRESS(ES)	NUMBER OF

WARRANT SHARES
	 	 	 
	 	 	 
	 	 	 

 

DATED this                   
day of                                                     ,
20   .

	 	NAME:	 
	 	 	 
	 	Signature of Authorized Representative:	 
	 	Print Name:	 

 

    	 	 	 

    	 	- 16 -	 

    

          Please
check if the certificates representing the Warrant Shares are to be delivered at the office where this Warrant Certificate is
surrendered, failing which the certificates representing the Warrant Shares will be mailed to the address in the registration
instructions set out above.

If any Warrants represented by this Warrant
Certificate are not being exercised, a new Warrant Certificate representing the unexercised Warrants will be issued and delivered
with the certificate representing the Warrant Shares.

Note:

The Common Shares have not been registered
with the United States Securities and Exchange Commission or the securities commission of any state and are being offered and sold
in reliance upon an exemption or exclusion from registration under the U.S. Securities Act, and, accordingly, may not be offered
or sold except pursuant to an effective registration statement under the U.S. Securities Act or pursuant to an available exemption
from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with applicable
state securities laws. The undersigned holder understands that the certificate representing the Warrant Shares will bear a legend
restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption
from registration is available. In addition, if Box A above is checked, hedging transactions involving the Warrant Shares may not
be conducted unless in compliance with the U.S. Securities Act. Certificates representing Warrant Shares will not be registered
or delivered to an address in the United States unless Box B above is checked and any opinion tendered must be in form and substance
satisfactory to the Company. Holders planning to deliver an opinion of counsel in connection with the exercise of the Warrant should
contact the Company in advance to determine whether any opinions to be tendered will be acceptable to the Company.

    	 	 	 

    	 	- 17 -	 

    

TRANSFER FORM

 

		TO:	Energizer Resources Inc.

141 Adelaide Street West
Suite 520

Toronto, Ontario, Canada, M5H
3L5

Attention: Chief Financial
Officer

 

FOR VALUE RECEIVED, the undersigned transferor
hereby sells, assigns and transfers unto

	
 

	(Transferee)
	
 

	(Address)
	
 

	(Social Insurance Number)

 

              
of the Warrants registered in the name of the undersigned transferor represented by the attached Warrant Certificate.

 

THE UNDERSIGNED TRANSFEROR HERBY CERTIFIES
AND DECLARES that the Warrants are not being offered, sold or transferred to, or for the account or benefit of, a U.S. person
(as defined in Rule 902(k) of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities
Act”)) or a person within the United States unless registered under the U.S. Securities Act and any applicable state
securities laws or unless an exemption from such registration is available.

 

DATED this                   
day of                         
,             .

 

                                                                                                                       

Signature of Registered Holder                         Signature
Guarantee

(Transferor)

 

                                               

Print name of Registered Holder

 

                                               

 

                                               

Address

 

NOTE:            The
signature on this transfer form must correspond with the name as recorded on the face of the Warrant Certificate in every particular
without alteration or enlargement or any change whatsoever or this transfer form must be signed by a duly authorized trustee, executor,
administrator, curator, guardian, attorney of the Holder or a duly authorized signing officer in the case of a corporation. If
this transfer form is signed by any of the foregoing, or any person acting in a fiduciary or representative capacity, the Warrant
Certificate must be accompanied by evidence of authority to sign.

 

All endorsements or assignments of
these Warrants must be signature guaranteed by a bank or trust company or by a member of a stock exchange in Canada.

 

 

 

    	 	 	 

    	 	- 18 -ENERGIZER RESOURCES INC.

 

SUBSCRIPTION AGREEMENT FOR SPECIAL WARRANTS

(for Non-U.S. Subscribers)

 

	
        HAVE YOU COMPLETED THIS SUBSCRIPTION
        AGREEMENT PROPERLY?

        The following items in this Subscription
        Agreement must be completed. (Please initial each applicable box.) 

	All Subscribers
	 	 	All Subscriber information in the boxes on pages 2 and 3.
	 	 	 
	 	 	Selling Shareholder Questionnaire attached as Schedule “C”.
	 
	Subscribers resident in Canada purchasing under the “accredited investor” exemption
	 	 	Schedule “B”, indicating which category is applicable.
	 
	You may not change any part of this Subscription Agreement without the consent of the Issuer.

 

A completed and executed copy of this Subscription
Agreement, including all items required to be completed as set out above, must be delivered no later than April 22, 2015, unless
other arrangements acceptable to the Agent and the Issuer have been made, to:

 

Secutor Capital
Management Corp.

1167 Caledonia Road

Toronto, Ontario M6A 2X1

 

Attention:     Peter
Graham

Fax:             416-545-1011

Email:          pgraham@secutor.ca

 

Payment instructions:

Payment of the
aggregate Subscription Amount must be made in Canadian dollars (which may be settled in US$ equivalent using the closing Bank of
Canada exchange rate on the day immediately prior to the Closing Date (as defined herein))
by bank draft, certified cheque or other form of immediately available funds payable in favour
of “Secutor Capital Management Corp.” and must be delivered to the Agents (as defined herein), by no later than 4:00
p.m. (Toronto time) on April 22, 2015, unless other arrangements acceptable to the Agents have been made. 

 

 

    	 	 	 

    	 	 	 

    

ENERGIZER RESOURCES INC.

 

SUBSCRIPTION AGREEMENT FOR SPECIAL
WARRANTS

(For Non-US Subscribers)

		TO:	ENERGIZER RESOURCES INC. (the “Issuer”) 

 

AND TO:       Secutor
Capital Management Corp.

                       Marquest
Capital Markets

			(together, the “Agents”)

 

The undersigned, on its own behalf,
and, if applicable, on behalf of those for whom the undersigned is contracting hereunder as trustee or agent (referred to herein
as the “Purchaser”), hereby irrevocably subscribes for and agrees to purchase from the Issuer the number of
special warrants (the “Purchased Securities” and each individually, a “Purchased Security”)
of the Issuer set out below for a subscription price of C$0.12 (which may be settled at the agreed US$ equivalent) per Purchased
Security. This subscription plus the attached terms and conditions (the “Terms and Conditions”), each
completed and executed Accredited Investor Status Certificate (as defined in the Terms and Conditions), if applicable, and the
schedules attached hereto and thereto, are collectively referred to as the “Subscription Agreement”. The Purchaser
agrees to be bound by the Terms and Conditions and agrees that the Issuer and the Agents may rely upon the covenants, representations
and warranties of the Purchaser contained in the Subscription Agreement.

SUBSCRIPTION AND PURCHASER INFORMATION

 

Please print all information (other than
signatures), as applicable, in the space provided below 

	
         

                                                                                             
	 	
         

        Number of Purchased Securities:                                         
        x C$0.12(1)

	(Name of Purchaser)	 	 
	 	 	 
	Account Reference (if applicable):                                	 	 
	
         

        By:                                                                                
	 	
        Aggregate Subscription Price: C$                                                      

         (the “Subscription Amount”)

	Authorized Signature	 	 
	 	 	(1) May be settled in US$ equivalent using the closing Bank of Canada exchange rate on the day immediately prior to the Closing Date.
	
                                                                                                  

        (Official Capacity or Title – if the Purchaser
        is not an individual)

         

                                                                                                  

        (Name of individual whose signature appears
        above if different than the name of the Purchaser printed above.)

         

                                                                                                  

        (Purchaser’s Address, including Municipality
        and Province)

        

                                                                                                  

        

        

                                                                                                  

        (Telephone Number) (Email Address)
	
         

         
	
        Please complete if purchasing as agent or
        trustee for a principal (beneficial purchaser) (a “Disclosed Principal”) and not purchasing as trustee or agent for
        accounts fully managed by it.

         

                                                                                                  

        (Name of Disclosed Principal)

         

                                                                                                  

        (Disclosed Principal’s Address)

         

                                                                                                  

        (Account Reference, if applicable)

        

        (Disclosed Principal’s Telephone
        Number and Email Address)

	
         

        Account
        Registration Information: As above [_] or

         

                                                                                                  

        (Name)

         

                                                                                                  

        (Account Reference, if applicable)

         

                                                                                                  

        (Address, including Postal Code)

         
	 	
         

        Delivery
        Instructions: As above [_] or

         

                                                                                                  

        (Name)

                                                                                                  

        (Account Reference, if applicable)

                                                                                                  

        (Address)

                                                                                                  

        (Contact Name)(Telephone Number)

    	 	2	 

    	 	 	 

    

 

	
        Additional Purchaser Information

         

        1. Number and kind of securities of the Issuer
        held, directly or indirectly, if any:

        _______________________________________

        _______________________________________

         

        2.State
        whether Purchaser is an Insider (as defined in the Securities Act (Ontario)) of the Issuer:

         

        Yes
        [_] No [_]

         

        3.  State whether the Subscriber is
        a Registrant:

        (defined as  a dealer, adviser, investment
        fund manager, an ultimate designated person or chief compliance officer as those terms are used pursuant to the Securities
        Laws (as defined herein), or a person registered or otherwise required to be registered under the Securities Laws)

         

              Yes
        [_] No [_]

         

 

The Purchased Securities purchased
hereunder will either settle in definitive certificates or will be deposited electronically with CDS Clearing and Depository Services
Inc. (“CDS”) through the book based system administered by CDS on the Closing Date. If the Purchased Securities are
deposited electronically with CDS, no Purchaser will be entitled to receive definitive certificates or other instruments from the
Issuer or CDS representing their interest in the securities purchased hereunder. The Purchaser will receive only a customer confirmation
from the registered dealer who is a CDS participant and from or through whom the securities hereunder are purchased against payment
of the Subscription Amount.

The Purchaser hereby provides the
above registration and delivery instructions in connection with the definitive certificates or electronic settlement of the Purchased
Securities being purchased hereunder.

 

 

    	 	3	 

    	 	 	 

    

ENERGIZER RESOURCES INC. accepts
the subscription set forth above this _____ day of __________________________, 2015.

 

ENERGIZER RESOURCES INC.

 

Per: _________________________________

Authorized Signatory

 

    	 	4	 

    	 	 	 

    

SUBSCRIPTION AGREEMENT

TERMS AND CONDITIONS

		1.	Acceptance

		1.1	The Issuer may accept or reject this Subscription Agreement in whole or in part at any time prior
to the Closing Time (as defined herein) and the Issuer has the right to allot to any Purchaser less than the amount of Purchased
Securities subscribed for. Pursuant to an agency agreement to be entered into among the Agents and the Issuer (the “Agency
Agreement”), the Agents have agreed to act as the Issuer’s exclusive agents to offer for sale on a “best
efforts” agency basis, the Purchased Securities. In accordance with the Agency Agreement, and subject to the Terms and Conditions
of this Subscription Agreement, upon acceptance by the Issuer of this subscription (in whole or in part) the Purchaser will be
obliged to purchase from the Issuer the number of Purchased Securities in respect of which this subscription has been accepted.

		1.2	If this Subscription Agreement is rejected in whole, the Purchaser understands that any funds,
certified cheques and bank drafts delivered by the Purchaser to the Agents representing the Subscription Amount for the Purchased
Securities will be promptly returned to the Purchaser without interest or deduction. If this Subscription Agreement is accepted
only in part, the Purchaser understands that a cheque representing the portion of the Subscription Amount for that portion of its
subscription for Purchased Securities that is not accepted will be promptly delivered to the Purchaser without interest or deduction.
The completion of the Offering (as defined herein) is subject to the minimum subscription level described in Section 7(a).

		2.	Terms of the Purchased Securities

The Purchased Securities will
be issued pursuant to a Special Warrant Indenture (as defined below). Each Purchased Security will entitle the holder thereof to
receive, on deemed exercise, one common share of the Issuer (a “Common Share”) and one half of one common share
purchase warrant (each whole common share purchase warrant, a “Warrant”), without payment of additional consideration
or further action. Each Warrant will entitle the holder thereof to purchase a common share of the Issuer (a “Warrant Share”)
at a price of US$0.14 for a period of 36 months following the Closing Date.

The Purchased Securities will
be deemed to be exercised without payment of additional consideration or further action, on the earlier of (the “Automatic
Exercise Date”): (i) the third Business Day (as defined below) following the day upon which the Issuer obtains a receipt
for a final prospectus qualifying the Common Shares, Warrants and Warrant Shares (collectively, the “Underlying Securities”)
from the securities regulatory authority in each of the provinces of British Columbia, Ontario, Alberta and such other jurisdictions
as the parties may agree (the “Qualifying Jurisdictions”) in which Purchased Securities are sold under the Offering
and further provided that the Issuer has filed (and has in effect) a resale registration statement (the “Resale Registration
Statement”) in the United States with the Securities and Exchange Commission (the “SEC”) relating
to the Underlying Securities; and (ii) that date that is six months following the Closing Date.

In the event that on or prior
to the date that is 90 days following the Closing Date (the “Qualification Date”): (i) a receipt for a final
prospectus qualifying the Underlying Securities is not received prior to 5:00 p.m. (Toronto time) in each Qualifying Jurisdiction;
and (ii) the Issuer has not filed (and does not have in effect) a Resale Registration Statement in the United States with the SEC
relating to the Underlying Securities, each Purchased Security will thereafter entitle the holder thereof to receive
upon the deemed exercise thereof, for no additional consideration, 1.1 Common Shares (instead of 1 Common Share) (the “Penalty
Shares”) and 0.55 Warrants (instead of 0.5 Warrants) (the “Penalty Warrants” and together with the
Penalty Shares, the “Penalty Securities”) without payment of any additional consideration, provided that any
Purchased Securities which would obligate the Issuer to issue fractional Penalty Shares and/or fractional Penalty Warrants shall
be rounded down to the nearest whole number and the recipient of the Penalty Shares and Penalty Warrants shall not be entitled
to any compensation from the Issuer in respect of such adjustment. Notwithstanding the foregoing, the holder of the Purchased Security
will not be entitled to be included in the Resale Registration Statement or to the receipt of Penalty Shares or Penalty Warrants
if the holder does not complete and return the Selling Shareholder Questionnaire attached as Schedule “C” hereto no
later than the Closing Date.

    	 	5	 

    	 	 	 

    

In addition, the Issuer shall
use its “commercially reasonable” efforts to: (i) file a final prospectus in the Qualifying Jurisdictions qualifying
the distribution of the Underlying Securities (including, for greater certainty, any Penalty Securities to the extent that such
final prospectus is filed subsequent to the Qualification Date); and (ii) file (and have in effect) a Resale Registration Statement
in the United States with the SEC relating to the Underlying Securities (including, for greater certainty, any Penalty Securities
to the extent that such Resale Registration Statement is filed subsequent to the Qualification Date), in each case, as soon as
reasonably practicable.

The Purchased Securities shall
only be deemed exercised on the Automatic Exercise Date and shall not be exercisable at the holder’s discretion.

For the purposes hereof:

“Business Day”
means any day except Saturday, Sunday or a statutory or civic holiday in the City of Toronto, Ontario or any other day on which
the principal chartered banks located in Toronto, Ontario are not open for business.

“Securities Laws”
means as applicable, the securities laws, regulations and rules, and the blanket rulings, policies and written interpretations
of and multilateral or national instruments adopted by the securities regulators of all of the Selling Jurisdictions and the rules
and policies of the Toronto Stock Exchange (the “TSX”) and the OTCQX Marketplace.

“Selling Jurisdictions”
means the Qualifying Jurisdictions, states in the United States and such other jurisdictions outside of Canada and the United States
in which the Purchased Securities are sold.

“United States”
means the United States of America, its territories and possessions, any state of the United States and the District of Columbia.

“U.S. Person”
has the meaning given to that term in Rule 902(k) of Regulation S under the U.S. Securities Act (as defined herein), which means:
(i) any natural person resident in the United States; (ii) any partnership or corporation organized or incorporated under the laws
of the United States; (iii) any estate of which any executor or administrator is a U.S. person; (iv) any trust of which any trustee
is a U.S. person; (v) any agency or branch of a foreign entity located in the United States; (vi) any non-discretionary account
or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person,
other than any such account held for the benefit or account of a non-U.S. Person; (vii) any discretionary account or similar account
(other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in
the United States; and (viii) any partnership or corporation if organized or incorporated under the laws of any foreign jurisdiction
and formed by a U.S. person principally for
the purpose of investing in securities not registered under the U.S. Securities Act, unless it is organized or incorporated, and
owned, by accredited investors (as defined in Rule 501(a) under the U.S. Securities Act) who are not natural persons, estates or
trusts.

    	 	6	 

    	 	 	 

    

Unless the context requires otherwise,
all references herein to Common Shares, Warrants, Warrant Shares and Underlying Securities shall include any Penalty Securities
(including any common shares issuable upon the exercise of Penalty Warrants), as the case may be.

		3.	Payment

The Purchaser shall deliver the
Subscription Amount payable in respect of the Purchased Securities subscribed for hereby to Secutor Capital Management Corp. by
no later than 4:00 p.m. (Toronto time) on April 22, 2015, by certified cheque, money order or bank draft or wire transfer and payable
to “Secutor Capital Management Corp.”, or payable in such other manner as may be specified by the Agents.

		4.	Additional Deliveries and Conditions for Acceptance

		4.1	The Purchaser shall complete, sign and return to the Agents, in accordance with the instructions
provided to the Purchaser by the Agents, as soon as possible and, in any event not later than 4:00 p.m. (Toronto time) on
April 22, 2015:

		(a)	one completed and executed copy of this Subscription Agreement;

		(b)	for Purchasers resident in Canada, one completed and executed copy of the accredited investor status
certificate in the form attached as Schedule “B” hereto (the “Accredited Investor Status Certificate”);
and

		(c)	any other document required by applicable Securities Laws which the Agents or the Issuer requests,
including the Selling Shareholder Questionnaire.

The Purchaser acknowledges and
agrees that such documents, when executed and delivered by the Purchaser, will form part of and will be incorporated into this
Subscription Agreement with the same effect as if each constituted a representation and warranty or covenant of the Purchaser hereunder
in favour of the Issuer and the Agents. If less than a complete copy of this Subscription Agreement is delivered to the Issuer
or the Agents, the Issuer, the Agents and their respective counsel are entitled to assume that the Purchaser accepts and agrees
to all the terms and conditions of the pages not delivered, unaltered. The Purchaser acknowledges and agrees that this offer, the
Subscription Amount and any other documents delivered in connection herewith will be held by the Agents until such time as the
conditions set out in the Agency Agreement are satisfied by the Issuer or waived by the Agents.

		4.2	Any obligation of the Issuer to sell the Purchased Securities to the Purchaser is subject to:
                                                           (a) performance by the Purchaser of its covenants under and in accordance with this Subscription Agreement; (b) the
                                                           Purchaser’s representations and warranties in this Subscription Agreement (including in the attached Schedule
                                                           “B”) being complete, accurate and true at the time of acceptance and at the Closing Date; (c) the terms and
                                                           conditions contained in the Agency Agreement for the benefit of the Issuer being complied with to the satisfaction of the
                                                           Issuer or waived by the Issuer; (d) the issuance of the Purchased Securities to the Purchaser being exempt from the
                                                           prospectus requirements of applicable Securities Laws; (e) the Issuer having obtained all required regulatory approvals to
                                                           permit the completion of such sale, including the conditional approval of the TSX for the listing
of the Common Shares, the Warrants Shares, the Penalty Shares and common shares issuable upon the exercise of the Penalty Warrants;
and (f) the Purchaser executing and delivering all requisite documentation as required by this Subscription Agreement and applicable
Securities Laws (including but not limited to the Accredited Investor Status Certificate) with respect to the Purchased Securities.

    	 	7	 

    	 	 	 

    

		4.3	The Purchaser understands that the information provided herein will be relied upon by the Issuer
and the Agents (and their respective counsel) for the purposes of determining the eligibility of the Purchaser to purchase the
Purchased Securities. The Purchaser agrees to provide upon request any additional information that the Issuer and the Agents determine
necessary in determining the Purchaser’s eligibility.

		5.	Closing

		5.1	Closing of this subscription for the Purchased Securities (the “Closing”) will
be completed at the offices of Cassels Brock &
Blackwell LLP in the City of Toronto, Ontario
at 9:00 a.m. (Toronto time), or such
other place or time as the Agents and the Issuer may agree upon (the “Closing Time”) on April 28, 2015 or such
later date as the Agents and the Issuer may agree upon (the “Closing Date”), and the delivery of certificates,
if any, representing the Purchased Securities shall be made in Toronto, Ontario. If, by the Closing Time, the terms and conditions
contained in the Agency Agreement have been complied with to the satisfaction of the Agents or waived by the Agents, the Agents
shall deliver to the Issuer (a) all completed subscription agreements, including this Subscription Agreement, and (b) the aggregate
Subscription Amount, against (i) delivery by the Issuer to the Agents of the Purchased Securities by way of certificates representing,
and/or book-entry electronic registrations evidencing, ownership of the Purchased Securities so purchased, and (ii) delivery of
such other documentation as may be required pursuant to this Subscription Agreement and the Agency Agreement.

		5.2	If, prior to the Closing Time, the terms and conditions contained in this Subscription Agreement
(other than the issue and delivery of certificates representing the Purchased Securities or the delivery of the Purchased Securities
into CDS) and the Agency Agreement have not been complied with to the satisfaction of the Agents, or waived by them, the Agents,
the Issuer and the Purchaser will have no further obligations under this Subscription Agreement. If the Closing does not occur,
the Agents shall return any funds, certified cheques, money orders or bank drafts delivered by the Purchaser to the Agents representing
the aggregate Subscription Amount for the Purchased Securities, without interest or deduction, to the Purchaser.

		5.3	The Purchaser hereby acknowledges and understands (on its own behalf and, if applicable, on behalf
of each person on whose behalf the Purchaser is contracting) that the Purchased Securities and any Underlying Securities issuable
upon exercise thereof may be issued in registered or electronic form to CDS or its nominee, and deposited with CDS on Closing.
If the Issuer and the Agents elect to issue the Purchased Securities and/or Underlying Securities into CDS, Purchasers will not
receive physical certificates representing their ownership, which may restrict the ability of the Purchaser to pledge such Purchased
Securities or Underlying Securities issuable upon exercise thereof or otherwise take action with respect to the Purchaser’s
interest in such Purchased Securities or Underlying Securities issuable upon exercise thereof. The Purchaser will receive only
a customer confirmation from the registered dealer who is a CDS participant and from or through whom the securities hereunder are
purchased against payment of the aggregate Subscription Amount.

    	 	8	 

    	 	 	 

    

		6.	Authority of Agents

		6.1	The Purchaser hereby appoints Secutor Capital Management Corp., with full power of substitution,
as its true and lawful attorneys and agents with the full power and authority in its place and stead to: (i) act as its representative
at the Closing and execute on its behalf all closing receipts and required documents; (ii) approve any opinions, certificates or
other documents addressed to the Purchaser and provided for by the Agency Agreement; (iii) to complete or correct any errors or
omissions in the Subscription Agreement on behalf of the Purchaser; (iv) to extend such time periods and to waive, in whole or
in part, any representations, warranties, covenants or conditions for the Purchaser’s benefit contained in this Subscription
Agreement and the Agency Agreement or any ancillary or related documents; (v) to terminate this Subscription Agreement on its behalf
in the event that any condition precedent to the Offering (as defined herein) has not been satisfied or to exercise any rights
of termination contained in the Agency Agreement; and (vi) to negotiate, settle, execute, deliver and amend the Agency Agreement
and any ancillary documents in connection with the Offering.

		6.2	The Purchaser hereby (i) irrevocably authorizes the Agents to negotiate and settle the form of
the special warrant indenture to be entered into as of the Closing Date (the “Special Warrant Indenture”) between
the Issuer and Continental Stock Transfer & Trust Company and/or its Canadian affiliate transfer agent, TMX Equity Transfer
Services Inc., as special warrant agent and any other agreement to be entered into in connection with the Offering and to waive
on its own behalf and on behalf of the holders of Purchased Securities in whole or in part, or extend the time for compliance with,
any of the conditions to Closing in such manner and on such terms and conditions as the Agents may determine, acting reasonably;
and (ii) acknowledges and agrees that the Agents and the Issuer may vary, amend, alter or waive, in whole or in part, one or more
of the terms to be set forth in the Agency Agreement in such manner and on such terms and conditions as they may determine, acting
reasonably, and that any such variation, amendment, alteration or waiver shall not materially adversely affect in any way the obligations
of the Purchaser or such others for whom the Purchaser is contracting hereunder; provided, however, that the Agents shall not vary,
amend, alter or waive any such term or condition where to do so would result in a material adverse change to any of the material
attributes of the Purchased Securities described herein.

		7.	Representations, Warranties and Covenants of the Purchaser

By executing this Subscription
Agreement, the Purchaser represents, warrants, acknowledges and covenants to the Issuer and the Agents and acknowledges that the
Issuer and the Agents (and their respective counsel) are relying thereon that:

		(a)	the Purchaser understands that the Purchased Securities subscribed for by the Purchaser hereunder
form part of a larger offering (the “Offering”) of a minimum of 16,666,666 Purchased Securities at a price of
C$0.12 and a maximum of 37,500,000 Purchased Securities at a price of C$0.12 (which may be settled in US$ equivalent using the
closing Bank of Canada exchange rate on the day immediately prior to the Closing Date) per Purchased Security. The Purchaser understands
that the Offering is subject to the minimum subscription level set forth above and that the Company shall not accept this Subscription
Agreement and complete the Offering unless such minimum subscription level is satisfied at the Closing Time.

		(b)	the Purchaser further understands that in connection with the Offering, the Issuer will pay to
the Agents a cash commission of 7.0% of the gross proceeds received by the Issuer from the sale of Purchased Securities sold by
the Agents pursuant to the Offering. The Issuer shall also pay to the Agents
up to 2% of the aggregate gross proceeds received by the Issuer from the sale of Purchased Securities to Purchasers on the President’s
List. The obligation of the Issuer to pay the commission shall arise at the Closing Time.

    	 	9	 

    	 	 	 

    

		(c)	the Purchaser was offered the Purchased Securities in, and is a resident of, or if not a natural
person, has its head office in, the jurisdiction referred to under “Purchaser’s Address” or “Disclosed
Principal’s Address”, as applicable, set out on the face page hereof and intends that the applicable Securities Laws
of that jurisdiction do and shall govern this subscription by the Purchaser, and is not aware of any reason why the laws of such
jurisdiction would not govern such subscription;

		(d)	in the case of Purchasers resident in Canada, the Purchaser is purchasing the Purchased Securities
with the benefit of the prospectus exemption provided by Section 2.3 of National Instrument 45-106 – Prospectus Exempt
Distributions (“NI 45-106”) as an “accredited investor” and is either purchasing the
Purchased Securities as principal for its own account, or is deemed to be purchasing the Purchased Securities as principal for
its own account in accordance with applicable Securities Laws and has completed, executed and delivered the Accredited Investor
Status Certificate attached hereto as Schedule “B” and the information contained therein is true and correct; 

		(e)	the Purchaser is aware that the Purchased Securities and the Underlying Securities have not been
and may not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)
or the securities laws of any state of the United States, and that the Purchased Securities and the Underlying Securities may not
be offered or sold, directly or indirectly, in the United States or to for the account or benefit of a U.S. Person without registration
under the U.S. Securities Act or compliance with the requirements of an exemption from registration; and the Purchaser understands
that the Warrants may not be exercised by or on behalf of a U.S. Person unless the issuance of the Warrant Shares by the Issuer
has been registered under the U.S. Securities Act or an exemption or exclusion is available from the registration requirements
of the U.S. Securities Act;

		(f)	the Purchaser is not a U.S. Person and is not acquiring the Purchased Securities or the Underlying
Securities for the account or benefit of a U.S. Person or a person in the United States and has not received funds for this investment
from a U.S. Person;

		(g)	The Purchased Securities have not been offered to the subscriber in the United States, and the
individuals making the order to purchase the Purchased Securities and executing and delivering this Subscription Agreement on behalf
of the Purchaser were not in the United States when the order was placed and this Subscription Agreement was executed and delivered;

		(h)	the Purchaser understands that if it decides to offer, sell, pledge or otherwise transfer the Purchased
Securities and the Underlying Securities, such securities may be offered, sold, pledged or otherwise transferred only: (A) to the
Issuer, (B) pursuant to an effective Resale Registration Statement under the U.S. Securities Act, (C) in accordance with Rule 144
under the U.S. Securities Act, if available, and in compliance with applicable state securities laws, (D) in accordance with the
provisions of Regulation S, if available, or (E) in a transaction that does not otherwise require registration under the U.S. Securities
Act or any applicable state securities laws (in each case, if, in the case of (C) or (E), an opinion of counsel, of recognized
standing reasonably satisfactory to the Issuer, has been provided to the Issuer to that effect, if applicable);

    	 	10	 

    	 	 	 

    

		(i)	The Purchaser acknowledges and agrees that the Purchased Securities and the Underlying Securities
(collectively, the “Securities”) will be “restricted securities” within the meaning of Rule 144(a)(3)
under the U.S. Securities Act and will remain “restricted securities” notwithstanding any resale within or outside
the United States unless the sale is completed pursuant to an effective Resale Registration Statement under the U.S. Securities
Act or in accordance with Rule 144 under the U.S. Securities Act. The rules and regulations underlying Rule 144 and the Issuer’s
compliance with the requirements of Rule 144 are subject to change and the Purchaser is aware that any such changes may adversely
affect the Purchaser’s ability to use the Rule 144 exemption. For purposes of clarification with respect to non-affiliate
subscribers, because the Issuer is incorporated in the United States, the Securities will contain a U.S. restrictive legend as
set forth in Section 7(r), (s) and (t); and that until the Securities (in the case of Warrant Shares, commencing from the time
of exercise) have been held for at least one year, the legend can only be removed in accordance with sales or transfers made under
Section 7(h)(B) or (C). The Purchaser understands that no sales may be made under Section 7(h)(C) until the Securities (in the
case of Warrant Shares, commencing from the time of exercise) have been held for at least (i) six months (if the Issuer remains
current in its reporting obligations under the U.S. Securities Exchange Act of 1934 (the “U.S. Exchange Act”))
or (ii) one year (if the Issuer ceases to be current in its reporting obligations under the U.S. Exchange Act). In addition, the
Purchaser agrees hedging transactions involving the Securities may not be conducted unless in compliance with the U.S. Securities
Act;

		(j)	The subscription for the Purchased Securities has not been made through or as a result of, any
“directed selling efforts” (as such term is defined in Rule 902(c) of Regulation S), or any “general solicitation
or general advertising” (as such terms are defined in Rule 502(c) of Regulation D) or any seminar or meeting whose attendees
have been invited by general solicitation or general advertising and the distribution of the Purchased Securities is not being
accompanied by any advertisement, including without limitation in printed public media, radio, television or telecommunications,
including electronic display, or as part of a general solicitation;

		(k)	if the Purchaser is resident in or otherwise subject to applicable securities laws of a jurisdiction
other than Canada or the United States, the Purchaser confirms, represents and warrants that:

		A.	the Purchaser is knowledgeable of, or has been independently advised
as to, the applicable securities laws of the jurisdiction in which the Purchaser is resident (the “International Jurisdiction”)
and which would apply to the purchase and acquisition of the Purchased Securities;

		B.	the Purchaser is purchasing the Purchased Securities as principal
for its own account, or is deemed to be purchasing the Purchased Securities as principal for its own account in accordance with
applicable securities laws, and not with a view to resale;

		C.	the Purchaser is purchasing the Purchased Securities pursuant to
exemptions from prospectus and registration requirements or equivalent requirements under applicable securities laws or, if such
is not applicable, the Purchaser is permitted to purchase the Purchased Securities under the applicable securities laws of the
International Jurisdiction without the need to rely on any exemptions;

    	 	11	 

    	 	 	 

    

		D.	the applicable securities laws of the International Jurisdiction
do not require the Issuer to make any filings or seek any approvals of any kind whatsoever from any securities regulator of any
kind whatsoever in the International Jurisdiction in connection with the issue and sale or resale of the Purchased Securities or
the Underlying Securities;

		E.	the purchase of the Purchased Securities by the Purchaser does not
trigger:

                                                                           
I.               
any obligation to prepare and file a prospectus or similar document, or any other report with
respect to such purchase in the International Jurisdiction; or

                                                                        
II.               
any continuous disclosure reporting obligation of the Issuer in the International Jurisdiction;
and

the Purchaser
will, if requested by the Issuer or the Agents, deliver to the Issuer and the Agents a certificate or opinion of local counsel
from the International Jurisdiction which will confirm the matters referred to in subsections (B), (C), (D) and (E) above to the
satisfaction of the Issuer and the Agents, acting reasonably; and

		(l)	if the Purchaser is an individual, he/she has attained the age of majority and is legally competent
to execute this Subscription Agreement and to take all actions required pursuant hereto;

		(m)	if the Purchaser is a corporation, partnership, unincorporated association or other entity, the
Purchaser has the legal capacity and authority to execute this Subscription Agreement and to take all actions required pursuant
hereto;

		(n)	in the case of a subscription for the Purchased Securities by the Purchaser acting as principal,
this Subscription Agreement (and all other documentation in connection with such subscription) has been duly authorized, executed
and delivered by, and constitutes a legal, valid and binding agreement of the Purchaser, enforceable in accordance with its terms
against the Purchaser;

		(o)	in the case of a subscription for the Purchased Securities by the Purchaser acting as trustee or
agent for a fully managed account or as agent for a Disclosed Principal, the Purchaser is duly authorized to execute and deliver
this Subscription Agreement and all other necessary documentation in connection with such subscription on behalf of the fully managed
account or Disclosed Principal, as applicable and this Subscription Agreement has been duly authorized, executed and delivered
by or on behalf of and constitutes a legal, valid and binding agreement of, the fully managed account or Disclosed Principal, as
applicable;

		(p)	the execution and delivery of this Subscription Agreement and the performance and compliance with
the terms hereof will not result in any breach of, or be in conflict with, or constitute a default under, or create a state of
facts which after notice or lapse of time or both would constitute a default under any laws applicable to the Purchaser, any term
or provision of any constating documents, articles, by-laws or resolutions of the Purchaser, as applicable, or any indenture, contract,
agreement (whether written or oral), instrument or other document to which the Purchaser is a party or subject, or any judgment,
decree, order, statute, rule or regulation applicable to the Purchaser;

    	 	12	 

    	 	 	 

    

		(q)	the Purchaser has been advised to consult its own legal advisors with respect to the execution,
delivery and performance by it of the Subscription Agreement and as to the restrictions with respect to trading in the Purchased
Securities (including the Underlying Securities issuable pursuant to the Purchased Securities) imposed by applicable securities
legislation in the jurisdiction in which it resides and confirms that no representation has been made to it by or on behalf of
the Issuer or the Agents with respect thereto. The Purchaser understands that he or she will not be able to resell the Purchased
Securities and the Underlying Securities until expiry of the applicable hold period under applicable Securities Laws except in
accordance with limited exemptions and compliance with other requirements of applicable law, and the Purchaser (and not the Issuer)
is solely responsible for compliance with applicable resale restrictions or hold periods and will comply with all relevant Securities
Laws in connection with any resale of the Purchased Securities and Underlying Securities;

		(r)	the Purchaser is aware that the Purchased Securities will have attached to them, whether through
the electronic deposit system of CDS, an ownership statement issued under a direct registration system or other electronic book-entry
system, or on certificates that may be issued, as applicable, a legend setting out resale restrictions under applicable Securities
Laws in substantially the following form:

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT THE DATE THAT IS
FOUR MONTHS AND ONE DAY AFTER THE CLOSING DATE.]

THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID SECURITIES CANNOT
BE TRADED THROUGH THE FACILITIES OF TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH
SECURITIES IS NOT “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON TSX.

NOTWITHSTANDING
THE FOREGOING, UNLESS PERMITTED UNDER U.S. SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
[INSERT THE DATE THAT IS SIX MONTHS AND A DAY FROM THE CLOSING DATE].

THESE SECURITIES
HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND
HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE resale
REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION,
HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT.”

    	 	13	 

    	 	 	 

    

		(s)	the Purchaser is aware that the Underlying Securities purchased and held by “non-affiliates”
of the Issuer will have attached to them, whether through the electronic deposit system of CDS, an ownership statement issued under
a direct registration system or other electronic book-entry system, or on certificates that may be issued, as applicable, a legend
setting out resale restrictions under applicable Securities Laws in substantially the form set out below and will be eligible
for resale pursuant to Rule 144 adopted by the SEC under the U.S. Securities Act no earlier than six months after their date of
issue (and up to one year after their date of issue), unless the Issuer has filed (and has in effect) a Resale Registration Statement
in the United States with the SEC relating to the Underlying Securities.

“THESE SECURITIES [IF A WARRANT
ADD: AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT] HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
EXCEPT PURSUANT TO AN EFFECTIVE resale REGISTRATION STATEMENT UNDER THE U.S. SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT
BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT.”

 

		(t)	the Purchaser is aware that the Warrants will have attached to them, whether through the electronic
deposit system of CDS, an ownership statement issued under a direct registration system or other electronic book-entry system,
or on certificates that may be issued, as applicable, a legend setting out resale restrictions under applicable Securities Laws
in substantially the following form: 

“THESE
SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE WARRANTS HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). THESE WARRANTS MAY NOT BE EXERCISED BY OR
ON BEHALF OF A U.S. PERSON OR A PERSON IN THE UNITED STATES UNLESS THE SECURITIES ISSUABLE UPON EXERCISE OF THESE WARRANTS HAVE
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM
SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. THESE WARRANTS MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE RESALE REGISTRATION
STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS
INVOLVING THE WARRANTS MAY

    	 	14	 

    	 	 	 

    

NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE U.S. SECURITIES ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE
U.S. SECURITIES ACT.”

 

		(u)	The Purchaser acknowledges that the Issuer bears no responsibility for the removal of resale restrictions
or legends on securities and that the responsibility for compliance and cost with such restrictions or the removal of legends is
to be borne by the Purchaser and not the Issuer.

		(v)	other than the Agents (and any group of investment dealers or selling group members working with
the Agents for purposes of the Offering), there is no person acting or purporting to act in connection with the transactions contemplated
herein who is entitled to any brokerage or finder’s fee and if any person establishes a claim that any fee or other compensation
is payable in connection with this subscription for the Purchased Securities, the Purchaser covenants to indemnify and hold harmless
the Issuer with respect thereto and with respect to all costs reasonably incurred in the defence thereof;

		(w)	the Purchaser will execute and deliver within the applicable time periods all documentation as
may be required by applicable Securities Laws to permit the purchase of the Purchased Securities on the terms set forth herein
and the Purchaser will execute, deliver, file and otherwise assist the Issuer in filing such reports, undertakings and other documents
with respect to the issue of the Purchased Securities as may be required by applicable Securities Laws or by any securities regulatory
authority or stock exchange or other regulatory authority;

		(x)	other than this Subscription Agreement, including the Term Sheet attached hereto as Schedule “A”,
the Purchaser has not received, nor has the Purchaser requested, nor does the Purchaser have any need to receive, any prospectus,
sales or advertising literature, offering memorandum or any other document describing or purporting to describe the business and
affairs of the Issuer that has been prepared primarily for delivery to, and review by, prospective purchasers so as to assist them
in making an investment decision in respect of the purchase of the Purchased Securities pursuant to the Offering;

		(y)	the Purchaser has no knowledge of a “material fact” or “material change”
(as those terms are defined in the Securities Laws) in the affairs of the Issuer that has not been generally disclosed to the public,
except knowledge of the Offering;

		(z)	the Purchaser acknowledges that neither the Agents nor their counsel assume any responsibility
or liability of any nature whatsoever for the accuracy or the adequacy of any publicly available information concerning the Issuer,
or as to whether all information concerning the Issuer required to be disclosed by the Issuer has been disclosed or filed.

		(aa)	except as provided herein, no person has made any written or oral representation to the Purchaser
that any person will re-sell or re-purchase the Purchased Securities or Underlying Securities, or refund any of the Subscription
Amount, or that the Purchased Securities or Underlying Securities will be listed on any exchange or quoted on any quotation and
trade reporting system, or that application has been or will be made to list any such security on any exchange or quote the security
on any quotation and trade reporting system other than the TSX and OTCQX Marketplace, and no person has given any undertaking to
the Purchaser relating to the future value or price of the Purchased Securities or Underlying Securities;

    	 	15	 

    	 	 	 

    

		(bb)	the Purchaser agrees that it is solely responsible for obtaining such legal, tax and other advice
as the Purchaser considers appropriate in connection with the execution, delivery and performance of this Subscription Agreement
and the transactions contemplated hereunder and the Purchaser acknowledges that the Issuer’s counsel is acting solely as
counsel to the Issuer, the Agents’ counsel is acting solely as counsel to the Agents and, in each case, not as counsel to
the Purchaser;

		(cc)	the Purchaser acknowledges that the description of the Purchased Securities (and the Underlying
Securities) set out in this Subscription Agreement (including in the Term Sheet attached hereto as Schedule “A”) is
a summary only and is subject to the detailed provisions of the Special Warrant Indenture under which such Purchased Securities
will be issued. In the event of a conflict, the provisions of the Special Warrant Indenture shall prevail;

		(dd)	the Purchaser acknowledges that no market exists for the Purchased Securities and the Issuer cannot
and is not representing that the Purchased Securities will be listed or traded on any stock exchange or market;

		(ee)	the Purchaser acknowledges that no securities commission or similar regulatory authority has reviewed
or passed on the merits of the Purchased Securities and the Underlying Securities and that there is no government or other insurance
covering the Purchased Securities or the Underlying Securities;

		(ff)	the Purchaser acknowledges that it is aware of the characteristics of the Purchased Securities
and the Underlying Securities, the risks relating to an investment therein and agrees that the Purchaser is capable of bearing
the economic risk of his or her investment in the Purchased Securities, including total loss of such investment.

		(gg)	the Purchaser has such knowledge in financial and business affairs as to be capable of evaluating
the merits and risks of the Purchaser’s proposed investment in the Purchased Securities;

		(hh)	the Purchaser acknowledges that as a result of the Purchased Securities being purchased pursuant
to exemptions from the prospectus requirements contained in applicable Securities Laws:

		A.	the Purchaser is restricted from using most of the civil remedies
available under applicable Securities Laws;

		B.	the Purchaser may not receive information that would otherwise be
required to be provided to the Purchaser under applicable Securities Laws; and

		C.	the Issuer is relieved from certain obligations that would otherwise
apply under applicable Securities Laws; and

		(ii)	none of the funds being used to purchase the Purchased Securities are to the Purchaser’s
knowledge, proceeds obtained or derived directly or indirectly as a result of illegal activities. The funds being used to purchase
the Purchased Securities which will be advanced, directly or indirectly, by or on behalf of the Purchaser to the Issuer or to the
account of the Issuer hereunder will not represent proceeds of crime for the purposes of the Proceeds of Crime (Money Laundering)
and Terrorist Financing Act (Canada) (the “PCMLTFA”) (or the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act (the “Patriot Act”) or any other legislation of a similar nature of an International
Jurisdiction) and the Purchaser acknowledges that the Issuer may in the future be required by law to disclose the Purchaser’s
(including each Disclosed Principal’s) name and other information relating to this Subscription Agreement and the Purchaser’s
subscription hereunder, on a confidential basis, pursuant to the PCMLTFA or the Patriot Act. To the best of the Purchaser’s
knowledge, none of the funds to be provided by the Purchaser (or, for certainty the Disclosed Principal, if any), are being tendered
on behalf of a person or entity who has not been identified to the Purchaser, and the Purchaser shall promptly notify the Issuer
if the Purchaser discovers that any of such representations cease to be true, and shall promptly provide the Issuer with all necessary
information in connection therewith;

    	 	16	 

    	 	 	 

    

		(jj)	The Purchaser is aware that (i) the Issuer may complete additional financings in the future in
order to develop the Issuer’s business and to fund its ongoing development; (ii) there is no assurance that such financings
will be available and, if available, on reasonable terms; (iii) any such future financings may have a dilutive effect on the Issuer’s
securityholders, including the Purchaser; and (iv) if such future financings are not available, the Issuer may be unable to fund
its on-going development and the lack of capital resources may result in the failure of the Issuer’s business; and

		(kk)	The Purchaser acknowledges that the Issuer’s material assets are located in Madagascar, where
elections at the end of 2013 re-established constitutional order. Nevertheless, the resumption of activities at the Bureau du Cadastre
Minier de Madagascar (the “BCMM”), suspended during the height of the constitutional crisis in November 2010,
has been slow and the processing of new applications for permits, renewals, changes or transfer of permits or requests for title
confirmations is not fully re-established. The President of Madagascar, Mr. Hery Rajaonarimampianina, was inaugurated as on January
25, 2014.  The lower house of Parliament has been established.  In early 2015, a government reshuffle led to the nomination
of a new Prime Minister, Mr. Jean Ravelonarivo. While the BCMM has recommenced operations, there is a significant backlog
in processing permits, renewals of, changes to or transfers of permits and requests for title confirmations.  While no issues
are anticipated, the Issuer cannot assure Subscribers that the new Government in Madagascar will honour the Issuer’s existing
permits or process any renewals, changes or transfers that were requested by the Issuer during the period of suspension on a timely
or complete basis.  In addition, several of the Issuer’s permits expired during this period of suspension and their
validity and/or renewal is not without risk. 

		8.	Representations, Warranties and Covenants by the Issuer

By
its acceptance of this Subscription Agreement, the Issuer agrees that the Purchaser shall have the benefit of the representations,
warranties and covenants made by the Issuer to the Agents and set forth in the Agency Agreement. Such representations and warranties
shall form an integral part of this Subscription Agreement and shall survive the Closing and shall continue in full force and effect
for the benefit of the Purchaser in accordance with the Agency Agreement.

In
addition, the Issuer agrees that it shall not register, or permit its transfer agent to register, any transfer of the
Purchased Securities or the Underlying Securities not made in accordance with Regulation S, pursuant to registration under
the U.S. Securities Act, or pursuant to an available exemption from such registration. Further, the Issuer shall not permit
the exercise of the Warrants
not made in accordance with Regulation S or pursuant to an available exemption from registration under the U.S. Securities Act.

    	 	17	 

    	 	 	 

    

		9.	Reliance Upon Representations, Warranties and Covenants by Issuer and Agents

The Purchaser acknowledges that
the representations, warranties and covenants made by the Purchaser in this Subscription Agreement (including without limitation
those made in the Accredited Investor Status Certificate to be executed and delivered in accordance with this Subscription Agreement)
are made with the intent that they may be relied upon by the Issuer, the Agents and their respective counsel to, among other things,
determine the Purchaser’s eligibility to purchase the Purchased Securities, including without limitation the availability
of exemptions from the registration and prospectus requirements of applicable Securities Laws in connection with the issuance of
the Purchased Securities to the Purchaser. The Purchaser further covenants to the Issuer and the Agents that by accepting the Purchased
Securities, the Purchaser shall be representing and warranting that such representations and warranties are true as at the Closing
Date with the same force and effect as if they had been made by the Purchaser at the Closing Date and that the covenants of the
Purchaser made by it in this Subscription Agreement to be performed prior to the Closing Date have been performed. The Purchaser
undertakes to immediately notify the Issuer and the Agents of any change in any statement or other information relating to the
Purchaser set forth herein or in a Accredited Investor Status Certificate that takes place prior to the Closing Date.

		10.	Survival of Representations, Warranties and Covenants

This Subscription
Agreement, including without limitation the representations, warranties and covenants contained herein and in each Accredited Investor
Status Certificate, shall survive and continue in full force and effect and be binding upon the Issuer and the Purchaser for a
period of three years following Closing, notwithstanding the completion of the purchase of the Purchased Securities by the Purchaser
pursuant hereto, the issuance of any Underlying Securities, or the subsequent disposition of the Purchased Securities or the Underlying
Securities by the Purchaser, subject in the case of the representations and warranties in the Agency Agreement to the limitations
and other terms thereof.

 

		11.	Contractual Rights

In the event that a holder of
a Purchased Security who acquires Underlying Securities is or becomes entitled under applicable Securities Laws to the remedy of
rescission by reason of the final prospectus to be filed by the Issuer in connection with the Offering and any amendment thereto
containing a misrepresentation, such holder shall, subject to available defences and any limitation period under applicable Securities
Laws, be entitled to rescission not only of the holder’s deemed exercise of its Purchased Security but also of the private
placement transaction pursuant to which the Purchased Security was initially acquired, and shall be entitled in connection with
such rescission to a full refund from the Issuer of the aggregate Subscription Amount paid on the acquisition of the Purchased
Security. In the event such holder is a permitted assignee of the interest of the original purchaser of the Purchased Security,
such permitted assignee shall be entitled to exercise the rights of rescission and refund granted hereunder as if such permitted
assignee was such original purchaser. The provisions of this section are a direct contractual right extended by the Issuer (but
specifically not by any of the Agents) to holders of Purchased Securities, permitted assignees of such holders and holders of Underlying
Securities acquired by such holders upon deemed exercise of the Purchased Securities and are in addition to any other right or
remedy available to a holder of a Purchased Security under section 130 of the Securities Act (Ontario) or equivalent provisions
of applicable Securities Laws, or otherwise at law. The foregoing contractual
rights of action for rescission shall be subject to the defences described under section 130 of the Securities Act (Ontario)
which is incorporated herein by reference and any other defence or defences available to the Issuer under applicable laws.

    	 	18	 

    	 	 	 

    

The Purchaser expressly waives
and releases the Issuer and the Agents from, to the fullest extent permitted by law, all rights of withdrawal to which the Purchaser
might otherwise be entitled pursuant to section 71(2) of the Securities Act (Ontario) or equivalent provisions of applicable
Securities Laws.

No action shall be commenced to
enforce the foregoing rights of action for rescission more than 180 days after payment is made for the Purchased Securities.

		12.	Personal Information Authorization

The Purchaser acknowledges that
this Subscription Agreement and the schedules hereto require the Purchaser to provide certain personal information to the Issuer.
By executing this Subscription Agreement, the Purchaser hereby consents to the collection, use and disclosure of the personal information
provided herein and other personal information provided by the Purchaser or collected by the Issuer or its agents as reasonably
necessary in connection with the Purchaser’s subscription for the Purchased Securities (collectively, “personal
information”). Such personal information is being collected by the Issuer for the purposes of completing the Offering,
which includes, without limitation, determining the Purchaser’s eligibility to purchase the Purchased Securities under the
Securities Laws and other applicable securities laws, preparing and registering the Purchased Securities to be issued to the Purchaser
and completing filings required by any stock exchange or securities regulatory authority. The Purchaser’s personal information
may be disclosed by the Issuer to: (a) stock exchanges or securities regulatory authorities, (b) the Canada Revenue Agency, and
(c) any of the other parties involved in the Offering, including legal counsel and may be included in record books in connection
with the Offering. By executing this Subscription Agreement, the Purchaser is deemed to be consenting to the foregoing collection,
use and disclosure of the Purchaser’s personal information. The Purchaser also consents to the filing of copies or originals
of any of the Purchaser’s documents delivered in connection herewith as may be required to be filed with any stock exchange
or securities regulatory authority in connection with the transactions contemplated hereby. The Purchaser represents and warrants
that it has the authority to provide the consents and acknowledgements set out in this paragraph on behalf of each Disclosed Principal.

If the Purchaser is resident in
or otherwise subject to the Securities Laws applicable in the province of Ontario, the information provided by the Purchaser on
the face page of this Subscription Agreement identifying the name, address and telephone number of the Purchaser, the number of
Purchased Securities being purchased hereunder and the total Subscription Amount as well as the Closing Date and the exemption
that the Purchaser is relying on in purchasing the Purchased Securities will be disclosed to the Ontario Securities Commission,
and such information is being indirectly collected by the Ontario Securities Commission under the authority granted to it under
securities legislation. This information is being collected for the purposes of the administration and enforcement of the securities
legislation of Ontario. Each Purchaser (for certainty including each Disclosed Principal) hereby authorizes the indirect collection
of such information to the Ontario Securities Commission. In the event the Purchaser has any questions with respect to the indirect
collection of such information by the Ontario Securities Commission, the Purchaser should contact the Ontario Securities Commission,
Administrative Support Clerk at Telephone: (416) 593-3684, Facsimile: (416) 593-8122 or in person or writing at Suite 1903, Box
55, 20 Queen Street West, Toronto, Ontario M5H 3S8.

    	 	19	 

    	 	 	 

    

The Purchaser hereby acknowledges
and consents to the collection, use, and disclosure of certain personal information by the British Columbia Securities Commission,
including the publishing or otherwise making available to the public personal information including, for individuals, their name,
number and type of securities purchased, the purchase price therefor, and their insider or registrant status, if applicable, and
for non-individual Purchasers, the above information and their address, contact person name and telephone number and the exemption
that the Purchaser is relying on in purchasing the Purchased Securities.

The Purchaser hereby acknowledges
and consents to the collection, use, and disclosure of certain personal information by the SEC, OTCQX Marketplace and any other
applicable securities regulators in the United States including in connection with the filing of the Resale Registration Statement
with the SEC, including the publishing or otherwise making available to the public personal information including but not limited
to their name, address, telephone number, number and type of securities purchased, the purchase price therefor, insider or registrant
status, if applicable, and the exemption that the Purchaser is relying on in purchasing the Purchased Securities.

		13.	Miscellaneous

		13.1	Each of the parties hereto upon the request
of each of the other party hereto, whether before or after the Closing Time, shall do, execute, acknowledge and deliver or cause
to be done, executed, acknowledged and delivered all such further acts, deeds, documents, assignments, transfers, conveyances,
powers of attorney and assurances as may reasonably be necessary or desirable to complete the transactions contemplated herein.

13.2     (a)      Any
notice, direction or other instrument required or permitted to be given to any party hereto shall be in writing and shall be sufficiently
given if delivered personally, or transmitted by facsimile tested prior to transmission to such party, as follows:

(i)in the case of the Issuer,
to:

 

Energizer Resources Inc.

141 Adelaide Street West Suite 520

Toronto, Ontario, Canada, M5H 3L5

 

Attention: Mr. Richard Schler, Chief Executive Officer

Fax: (416)
364-2753

 

With a copy to:

 

Cassels Brock & Blackwell LLP

Suite 2100, Scotia Plaza

40 King Street West

Toronto, Ontario

M5H 3C2

Attention:Chad Accursi,
Partner

Fax:(416) 642-7131

		(ii)	in the case of the Purchaser, at the address specified on the face page hereof,

    	 	20	 

    	 	 	 

    

			with a copy to Secutor Capital Management Corp., on behalf of the Agents (which shall not constitute
notice) at:

 

Secutor Capital
Management Corp.

1167 Caledonia
Road

Toronto, Ontario
M6A 2X1

 

Attention: Mr.
George Aprile, Chief Financial Officer

Fax: 
416-545-1011

           (b)       Any
such notice, direction or other instrument, if delivered personally, shall be deemed to have been given and received on the day
on which it was delivered, provided that if such day is not a Business Day then the notice, direction or other instrument shall
be deemed to have been given and received on the first Business Day next following such day and if transmitted by fax, shall be
deemed to have been given and received on the day of its transmission, provided that if such day is not a Business Day or if it
is transmitted or received after the end of normal business hours then the notice, direction or other instrument shall be deemed
to have been given and received on the first Business Day next following the day of such transmission.

           (c)       Any
party hereto may change its address for service from time to time by notice given to the other party hereto in accordance with
the foregoing provisions.

		14.	Governing Law

This Subscription Agreement shall
be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.
The Purchaser hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of the Province of Ontario with respect
to any matters arising out of this Subscription Agreement.

		15.	Costs

All costs and expenses (including,
without limitation, the fees and disbursements of legal counsel) incurred in connection with this Subscription Agreement and the
transactions herein contemplated shall be paid and borne by the party incurring such costs and expenses.

		16.	Assignment

This Subscription Agreement shall
enure to the benefit of and be binding on the Issuer, the Purchaser and their respective heirs, administrators, executors, successors
and permitted assigns. This Subscription Agreement may not be assigned by the Issuer and may only be transferred or assigned by
the Purchaser: (i) subject to compliance with applicable Securities Law, and (ii) with the prior written consent of the Issuer
and the Agents.

		17.	Entire Agreement

This Subscription Agreement constitutes
the entire agreement between the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements, understandings,
negotiations and discussions, whether oral or written. There are no conditions, representations, warranties, covenants or other
agreements between the parties hereto relating to the subject matter hereof, except as specifically set out, referred to or incorporated
by reference herein.

    	 	21	 

    	 	 	 

    

		18.	Amendments and Waivers

Except as contemplated by Section
6.1 and Section 6.2(ii) and as permitted by the Agency Agreement, no amendment to this Subscription Agreement will be valid or
binding unless set forth in writing and duly executed by the parties hereto and no waiver of any breach of any provision of this
Subscription Agreement will be effective or binding unless made in writing and signed by the waiving party.

		19.	Language

The parties hereto confirm their
express wish that this Subscription Agreement and all documents and agreements directly or indirectly relating hereto be drawn
up in the English language. Les parties reconnaissent leur volonté expresse que la présente ainsi que tous les
documents et contrats s’y rattachant directmente ou indirectmente soient rédigés en anglais.

		20.	Time of Essence

Time shall be of the essence of
this Subscription Agreement in all respects.

		21.	Facsimile or Electronic Deliveries and Counterparts

The Issuer and the Agents shall
be entitled to rely on delivery by facsimile or other electronic means of a copy of this Subscription Agreement executed by the
Purchaser, and acceptance by the Issuer of such executed Subscription Agreement shall be legally effective to create a valid and
binding agreement between the Purchaser and the Issuer in accordance with the terms hereof. In addition, this Subscription Agreement
may be executed in counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the
same document.

		22.	Extended Meanings and Headings

In this Subscription Agreement
words importing the singular number include the plural and vice versa, words importing any gender include all genders and words
importing persons include individuals, partnerships, associations, trusts and unincorporated associations. The headings contained
herein are for convenience of reference only and shall not affect the construction or interpretation hereof.

		23.	Currency

All references to “C$”
are to Canadian dollars and all references to “US$” are to U.S. dollars.

		24.	Further Assurances

Each of the parties hereto shall
from time to time execute and deliver all such further documents and instruments and do all acts and things as the other party
may, either before or after the closing of the transactions contemplated hereby, reasonably require to effectively carry out or
better evidence or perfect the full intent and meaning of this Subscription Agreement.

		25.	Severability

The invalidity, illegality or
unenforceability of any provision of this Subscription Agreement shall not affect the validity, legality or enforceability of any
other provision herein.

    	 	22	 

    	 	 	 

    

SCHEDULE A

TERM SHEET

Private Placement of Special Warrants

 

 

	Issuer:	Energizer Resources Inc. (the “Issuer”).
	Offering:	Private placement of a minimum of 16,666,666 special warrants (the “Special Warrants”) and a maximum of 37,500,00 Special Warrants for maximum aggregate gross proceeds of C$4,500,000 (the “Offering”).
	Issue Price:	C$0.12 per Special Warrant (may be settled in US$ equivalent using the closing Bank of Canada exchange rate on the day immediately prior to the closing date) (the “Offering Price”)
	Special Warrants:	
        The Special Warrants will be issued pursuant
        to a special warrant indenture. Each Special Warrant will entitle the holder thereof to receive, on deemed exercise, one common
        share of the Issuer (a “Common Share”) and one half of one common share purchase warrant (each whole common
        share purchase warrant, a “Warrant”), without payment of additional consideration or further action. Each Warrant
        will entitle the holder thereof to purchase a common share of the Issuer (a “Warrant Share”) at a price of US$0.14
        for a period of 36 months following the closing of the Offering.

         

        The Special Warrants will be deemed to be exercised
        without payment of additional consideration or further action, on the earlier of: (i) the third business day following the day
        upon which the Issuer obtains a receipt for a final prospectus qualifying the Common Shares, Warrants and Warrant Shares (collectively,
        the “Underlying Securities”) from the securities regulatory authority in each Qualifying Jurisdiction (as defined
        below) in which Special Warrants are sold under the Offering and further provided that the Issuer has filed (and has in effect)
        a resale registration statement in the United States with the Securities and Exchange Commission relating to the Underlying Securities;
        and (ii) that date that is six months following the closing of the Offering.

         

        In the event that within 90 days following
        the closing of the Offering, (a) a receipt for a final prospectus qualifying the Underlying Securities is not received in each
        Qualifying Jurisdiction, and (b) the Issuer has not filed (and does not have in effect) a resale registration statement in the
        United States with the Securities and Exchange Commission relating to the Underlying Securities, each Special Warrant will thereafter
        entitle the holder thereof to receive upon the deemed exercise thereof, for no additional consideration, 1.1 Common Shares (instead
        of 1 Common Share) and 0.55 Warrants (instead of 0.5 Warrants).

	Jurisdictions:	The Provinces of British Columbia, Ontario, Alberta and such other jurisdictions as the parties may agree (the “Qualifying Jurisdictions”).

    	 	A-1	 

    	 	 	 

    

 

	Hold Period:	Subject to obtaining a receipt for a final prospectus qualifying the Underlying Securities in each of the Qualifying Jurisdictions prior to the expiration of the hold period, and filing (and having in effect) a resale registration statement in the United States with the Securities and Exchange Commission, (i) the Special Warrants (and Common Shares and Warrants) issued in connection with the Offering will be subject to a minimum six-month hold period as required by U.S. securities laws, and will also be subject to a four-month and one day hold period (which will run concurrently with the six-month hold period) as required by Canadian securities laws commencing on the date of closing of the Offering and (ii) the Warrant Shares issued on exercise of the Warrants will be subject to additional hold periods that shall commence on the date the Warrants are exercised.
	Listing:	The existing common shares of the Issuer are listed on the TSX under the symbol “EGZ”.
	Agents:	Secutor Capital Management Corp. and Marquest Capital Markets
	Eligible Investors:	The Offering is available to “accredited investors” and other exempt purchasers (without an offering memorandum).
	Use of Proceeds:	The net proceeds of the Offering shall be used by the Issuer to further develop the Molo Graphite Project and for general working capital purposes.
	Closing Date:	On or about April 28, 2015 or such other date as the parties may agree.
	Commission: 	Upon closing of the Offering, the Issuer shall pay to the Agents a cash fee equal to 7% of the aggregate gross proceeds received by the Issuer from the sale of Special Warrants sold by the Agents pursuant to the Offering. The Issuer shall also pay to the Agents up to 2% of the aggregate gross proceeds received by the Issuer from the sale of Special Warrants to Purchasers on the President’s List.
	Prospectus:	The Issuer shall use its “commercially reasonable” efforts to: (i) file a final prospectus in the Qualifying Jurisdictions qualifying the distribution of the Underlying Securities; and (ii) file (and have in effect) a resale registration statement in the United States with the Securities and Exchange Commission relating to the Underlying Securities, in each case, as soon as reasonably practicable.   

    	 	A-2	 

    	 	 	 

    

SCHEDULE B

ACCREDITED INVESTOR STATUS CERTIFICATE

 

TO BE COMPLETED BY CANADIAN ACCREDITED
INVESTORS

 

The categories listed herein contain certain
specifically defined terms. If you are unsure as to the meanings of those terms, or are unsure as to the applicability of any category
below, please contact your broker and/or legal advisor before completing this certificate. 

 

TO:Energizer Resources Inc.
(the “Issuer”)

AND TO:Secutor
Capital Management Corp. and Marquest Capital Markets (together, the “Agents”)

 

In connection with the purchase
by the undersigned Purchaser of the Special Warrants (the “Purchased Securities”), the Purchaser, on its own
behalf and on behalf of each Disclosed Principal for whom the Purchaser is acting (collectively, the “Purchaser”),
hereby represents, warrants, covenants and certifies to the Issuer (and acknowledges that the Issuer and its counsel are relying
thereon) that:

 

		(a)	the Purchaser is resident in or otherwise subject to the securities
laws of one of the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Nova Scotia,
New Brunswick or Prince Edward Island;

 

		(b)	the Purchaser is purchasing the Purchased Securities as principal
for its own account and not for the benefit of any other person;

 

		(c)	the Purchaser is an “accredited investor” within the
meaning of National Instrument 45-106 – Prospectus Exempt Distributions on the basis that the undersigned fits within
one of the categories of an “accredited investor” reproduced below beside which the undersigned has indicated the undersigned
belongs to such category; 

 

		(d)	the Purchaser was not created or used solely to purchase or hold
securities as an accredited investor as described in paragraph (m) below; and

 

		(e)	upon execution of this Schedule B by the Purchaser, this Schedule
B shall be incorporated into and form a part of the Subscription Agreement.

 

(PLEASE CHECK THE BOX OF THE APPLICABLE
CATEGORY OF ACCREDITED INVESTOR)

	[_]	
        (a)a
        Canadian financial institution, or a Schedule III bank;

         

	[_]	
        (b)the
        Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada);

         

	[_]	
        (c)a
        subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary,
        except the voting securities required by law to be owned by directors of that subsidiary;

         

	[_]	
        (d)a
        person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, other than a person registered
        solely as a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland
        and Labrador);

         

    	 	B-1	 

    	 	 	 

    

 

	[_]	
        (e)an
        individual registered or formerly registered under the securities legislation of a jurisdiction of Canada as a representative of
        a person referred to in paragraph (d);

         

	[_]	
        (f)the
        Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of
        Canada or a jurisdiction of Canada;

         

	[_]	
        (g)a
        municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de
        la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec;

         

	[_]	
        (h)any
        national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that
        government;

         

	[_]	
        (i)a
        pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or
        similar regulatory authority of a jurisdiction of Canada;

         

	[_]	
        (j)an
        individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before
        taxes, but net of any related liabilities, exceeds C$1,000,000;

         

	[_]	
        (k)an
        individual whose net income before taxes exceeded C$200,000 in each of the two most recent calendar years or whose net income before
        taxes combined with that of a spouse exceeded C$300,000 in each of the two most recent calendar years and who, in either case,
        reasonably expects to exceed that net income level in the current calendar year;

         

	[_]	
        (l)an
        individual who, either alone or with a spouse, has net assets of at least C$5,000,000;

         

	[_]	
        (m)a
        person, other than an individual or investment fund, that has net assets of at least C$5,000,000 as shown on its most recently
        prepared financial statements;

         

	[_]	
        (n)an
        investment fund that distributes or has distributed its securities only to (i) a person that is or was an accredited investor at
        the time of the distribution, (ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10
        [Minimum amount investment] or 2.19 [Additional investment in investment funds] of NI 45-106, or (iii) a person described
        in sub-paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment] of NI
        45-106;

         

	[_]	
        (o)an
        investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator
        or, in Québec, the securities regulatory authority, has issued a receipt;

         

	[_]	
        (p)a
        trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada)
        or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account
        managed by the trust company or trust corporation, as the case may be;

         

	[_]	
        (q)a
        person acting on behalf of a fully managed account managed by that person, if that person (i) is registered or authorized to carry
        on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction,
        and (ii) in Ontario, is purchasing a security that is not a security of an investment fund;

         

	[_]	
        (r)a
        registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility
        adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice
        on the securities being traded;

         

	[_]	
        (s)an
        entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph
        (i) in form and function;

         

    	 	B-2	 

    	 	 	 

    

 

	[_]	
        (t)a
        person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required
        by law to be owned by directors, are persons that are accredited investors;

         

	[_]	
        (u)an
        investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser,
        or

         

	[_]	
        (v)a
        person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator
        as an accredited investor.

         

 

For the purposes hereof, the following definitions
are included for convenience:

 

		(a)	“bank” means a bank named in Schedule I or II of the
Bank Act (Canada);

		(b)	“Canadian financial institution” means (i) an
association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative credit society for which
an order has been made under section 473(1) of that Act, or (ii) a bank, loan corporation, trust company, trust corporation, insurance
company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized
by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;

 

		(c)	“entity” means a company, syndicate, partnership, trust or unincorporated organization;

 

		(d)	“financial assets” means cash, securities, or any a contract of insurance, a deposit
or an evidence of a deposit that is not a security for the purposes of securities legislation;

 

		(e)	“founder” means, in respect of an issuer, a person who, (i) acting alone, in
conjunction, or in concert with one or more persons, directly or indirectly, takes the initiative in founding, organizing or substantially
reorganizing the business of the issuer, and (ii) at the time of the trade is actively involved in the business of the issuer;

 

		(f)	“fully managed account” means an account of a client for which a person makes the investment
decisions if that person has full discretion to trade in securities for the account without requiring the client’s express
consent to a transaction;

 

		(g)	“investment fund” means a mutual fund or a non-redeemable investment fund, and, for
greater certainty in British Columbia, includes an employee venture capital corporation that does not have a restricted constitution,
and is registered under Part 2 of the Employee Investment Act (British Columbia), R.S.B.C. 1996 c. 112, and whose business
objective is making multiple investments and a venture capital corporation registered under Part 1 of the Small Business Venture
Capital Act (British Columbia), R.S.B.C. 1996 c. 429 whose business objective is making multiple investments;

		(h)	“mutual fund” means an issuer whose primary purpose is to invest money provided by
its security holders and whose securities entitle the holder to receive on demand, or within a specified period after demand, an
amount computed by reference to the value of a proportionate interest in the whole or in part of the net assets, including a separate
fund or trust account, of the issuer;

		(i)	“non-redeemable investment fund” means an issuer,

(A)whose primary
purpose is to invest money provided by its securityholders,

(B) that does
not invest,

		(i)	for the purpose of exercising or seeking to exercise control of an issuer, other than an issuer that is a mutual fund or a
non-redeemable investment fund, or

    	 	B-3	 

    	 	 	 

    

		(ii)	for the purpose of being actively involved in the management of any issuer in which it invests, other than an issuer that is
a mutual fund or a non-redeemable investment fund, and

(C)that is not a mutual fund;

		(j)	“person” includes

(i)an individual,

(ii)a corporation,

		(iii)	a partnership, trust, fund and an association, syndicate, organization or other organized group of persons whether incorporated
or not, and

		(iv)	an individual or other person in that person’s capacity as a trustee, executor, administrator or personal or other legal
representative.

		(k)	“related liabilities” means (i) liabilities incurred or assumed for the purpose of
financing the acquisition or ownership of financial assets, or (ii) liabilities that are secured by financial assets;

		(l)	“Schedule III bank” means an authorized foreign bank named in Schedule III of
the Bank Act (Canada);

 

		(m)	“spouse” means an individual who (i) is married to another individual and is not living
separate and apart within the meaning of the Divorce Act (Canada), from the other individual, (ii) is living with another
individual in a marriage-like relationship, including a marriage-like relationship between individuals of the same gender, or (iii)
in Alberta, is an individual referred to in paragraph (i) or (ii), or is an adult interdependent partner within the meaning of
the Adult Interdependent Relationships Act (Alberta); and

 

		(n)	“subsidiary” means an issuer that is controlled directly or indirectly by another issuer
and includes a subsidiary of that subsidiary.

In NI 45-106 a person or company is
an affiliate of another person or company if one of them is a subsidiary of the other, or if each of them is controlled by the
same person.

In NI 45-106 and except in Part 2 Division
4 (Employee, Executive Officer, Director and Consultant Exemption) of NI 45-106, a person (first person) is considered to control
another person (second person) if (a) the first person, beneficially owns or directly or indirectly exercises control or direction
over securities of the second person carrying votes which, if exercised, would entitle the first person to elect a majority of
the directors of the second person, unless that first person holds the voting securities only to secure an obligation, (b) the
second person is a partnership, other than a limited partnership, and the first person holds more than 50% of the interests of
the partnership, or (c) the second person is a limited partnership and the general partner of the limited partnership is the first
person.

 

The foregoing representations contained
in this certificate are true and accurate as of the date of this certificate and will be true and accurate as of the Closing Time.
If any such representations shall not be true and accurate prior to the Closing Time, the undersigned shall give immediate written
notice of such fact to the Issuer prior to the Closing Time.

[Signature page follows]

    	 	B-4	 

    	 	 	 

    

 

	 Dated:   	____________________	 	Signed:  	________________________________
	 	 	 
	
        _________________________________

        Witness (If Purchaser is an Individual)
	 	
        __________________________________________

        Print the name of Purchaser

	 	 	 
	
        _________________________________

        Print Name of Witness
	 	
        __________________________________________

        If Purchaser is a corporation,

        print name and title of Authorized Signing Officer

 

    	 	B-5	 

    	 	 	 

    

SCHEDULE C

ENERGIZER RESOURCES INC.

SELLING SHAREHOLDER

QUESTIONNAIRE

This questionnaire
is being sent to each selling shareholder of Energizer Resources Inc. (the “Company”) that purchased the Purchased
Securities. The undersigned understands that it will be named as a selling shareholder in the prospectus that will form a part
of the Company’s resale registration statement filed with the Securities and Exchange Commission (the “Resale Registration
Statement”). The Resale Registration Statement registers for resale under the Securities Act of 1933, as amended (the
“Securities Act”), the securities underlying the Purchased Securitiess that the undersigned beneficially owns
(the “Registrable Securities”). The Company will use the information that the undersigned provides in this Questionnaire
to ensure the accuracy of the Resale Registration Statement and the related prospectus.

Certain legal
consequences arise from being named as a selling securityholder in the Resale Registration Statement and the related prospectus.
Accordingly, holders and beneficial owners of securities to be registered under the Resale Registration Statement are advised to
consult their own securities counsel regarding the consequences of being named or not being named as a selling securityholder in
the Resale Registration Statement and the related prospectus.

The undersigned
acknowledges that by completing, dating, executing and returning this Questionnaire to the Company, the undersigned is giving written
notice to the Company of its desire to have the securities disclosed in response to Question 5(b) of this Questionnaire included
in the Resale Registration Statement.

Please
answer every question.

If the
answer to any question is “none” or “not applicable,” please so state.

1.                 
Name. Type or print the full legal name of the selling securityholder.

__________________________________________________________________

    	 	C-1	 

    	 	 	 

    

2.                 
Contact Information. Provide the address, telephone number, fax number and email address
of the selling securityholder.

 

	Address:	_________________________	 
	 	_________________________	 
	Phone:	_________________________	 
	Fax:	_________________________	 
	Email:	_________________________	 

3.                 
Relationship with the Company. Describe the nature of any position, office or other
material relationship the selling securityholder has had with the Company during the past three years. 

__________________________________________________________________

__________________________________________________________________

4.                 
Organizational Structure. Please indicate or (if applicable) describe how the selling
securityholder is organized.

	
        Is the selling securityholder a natural
        person?

        (If so, please mark the box and skip
        to Question 5.)
	___ Yes	 ___ No	 

 

	
        Is the selling securityholder a reporting
        company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)?

        (If so, please mark the box and skip
        to Question 5.)
	___ Yes	 ___ No	 

 

	
        Is the selling securityholder a majority-owned
        subsidiary of a reporting company under the Exchange Act?

        (If so, please mark the box and skip
        to Question 5.)
	___ Yes	 ___ No	 

 

	
        Is the selling securityholder a registered
        investment company under the Investment Company Act of 1940?

        (If so, please mark the box and skip
        to Question 5.)
	___ Yes	 ___ No	 

    	 	C-2	 

    	 	 	 

    

If the
answer to all of the foregoing questions is “no,” please describe: (i) the exact legal description of the selling securityholder
(e.g., corporation, partnership, limited liability company, etc.); (ii) whether the legal entity so described is managed by another
entity and the exact legal description of such entity (repeat this step until the last entity described is managed by a person
or persons, each of whom is described in any one of (a) through (d) above); (iii) the names of each person or persons having voting
and investment control over the Company’s securities that the entity owns (e.g., director(s), general partner(s), managing
member(s), etc.).

(a)               
Legal Description of Entity:

____________________________________________________________

(b)              
Name of Entit(ies)/(y) Managing Such Entity (if any): 

____________________________________________________________

____________________________________________________________

(c)               
Name of Entit(ies)/(y) Managing such Entit(ies)/(y) (if any):

____________________________________________________________

____________________________________________________________

(d)              
Name(s) of Natural Person(s) Having Voting or Investment Control Over the Shares Held by
such Entit(ies)/(y):

____________________________________________________________

5.                 
Ownership of the Company’s Securities. This question covers beneficial ownership
of the Company’s securities. Please consult Appendix A to this Questionnaire for information as to the meaning
of “beneficial ownership”. State (a) the number of shares of the Company’s common stock (including any shares
issuable upon exercise of warrants or other convertible securities) that the selling securityholder beneficially owned as of the
date this Questionnaire is signed (not including the Purchased Securities or Registrable Securities) and (b) the number of Registrable
Securities underlying the Purchased Securities purchased in the Offering that the selling securityholder wishes to have registered
for resale in the Resale Registration Statement (or, at your convenience, simply specify the number of Purchased Securities and
we will be permitted to assume that you wish all underlying Registrable Securities to be included in the Resale Registration Statement):

(a)               
Number of shares of common stock and other equity securities owned (not including the securities
purchased in the Offering): 

____________________________________________________________

(b)              
Number of Registrable Securities to be registered for resale in the Resale Registration
Statement (or, at your convenience, simply specify the number of Purchased Securities and we will be permitted to assume that you
wish all underlying Registrable Securities to be included in the Resale Registration Statement):

____________________________________________________________

 

 

 

    	 	C-3	 

    	 	 	 

    

6.                 
Broker-Dealer Status.

(a)               
 

	Is the selling securityholder a broker-dealer?	___ Yes	 ___ No	 

(b)              
 

	
        If the answer to Section 6(a) is “yes,”
        did the selling securityholder receive the Registrable Securities as compensation for investment banking services to the Company?

        Note: If the answer to 6(b) is “no,”
        SEC guidance has indicated that the selling securityholder should be identified as an underwriter in the Resale Registration Statement.
	___ Yes	 ___ No	 

(c)               
 

	Is the selling securityholder an affiliate of a broker-dealer?	___ Yes	 ___ No	 

(d)              
 

	
        If the selling securityholder is an
        affiliate of a broker-dealer, does the selling securityholder certify that it purchased the Registrable Securities in the ordinary
        course of business, and at the time of the purchase of the Registrable Securities to be resold, the selling securityholder had
        no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

        Note: If the answer to 6(d) is “no,”
        SEC guidance has indicated that the selling securityholder should be identified as an underwriter in the Resale Registration Statement.
	___ Yes	 ___ No	 

7.                 
Plan of Distribution. Do you have any agreement, “arrangement” or understanding
with any securities underwriter, broker or dealer relating to the sale or proposed sale of any of the shares of Common Stock of
the Company held by you, or as to which you have the right to acquire, as listed above in response to Question 5(b)?

 

	 	___ Yes	 ___ No	 

If the answer
is “yes”, please describe:

    	 	C-4	 

    	 	 	 

    

__________________________________________________________________

__________________________________________________________________

 

8.                 
Legal Proceedings with the Company. Is the Company a party to any pending legal proceeding
in which the selling securityholder is named as an adverse party?

 

	 	___ Yes	 ___ No	 

State any
exceptions here:

__________________________________________________________________

__________________________________________________________________

9.                 
Reliance on Responses. The undersigned acknowledges and agrees that the Company and
its legal counsel shall be entitled to rely on its responses in this Questionnaire in all matters pertaining to the Resale Registration
Statement and the sale of any Registrable Securities pursuant to the Resale Registration Statement.

If the Company
is required to file a new or additional resale registration statement to register Registrable Securities beneficially owned by
the selling securityholder, the undersigned hereby agrees to complete and return to the Company, upon the request of the Company,
a new Questionnaire (in a form substantially similar to this Questionnaire).

If the selling
securityholder transfers all or any portion of its Registrable Securities after the date on which the information in this Questionnaire
is provided to the Company, the undersigned hereby agrees to notify the transferee(s) at the time of transfer of its rights and
obligations hereunder.

By signing
below, the undersigned represents that the information provided herein is accurate and complete. The undersigned agrees to promptly
notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof
at any time while the Resale Registration Statement remains effective.

By signing
below, the undersigned consents to the disclosure of the information contained herein and the inclusion of such information in
the Resale Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands
that such information will be relied upon by the Company in connection with the preparation or amendment of the Resale Registration
Statement and the related prospectus.

[SIGNATURE PAGE FOLLOWS]

    	 	C-5	 

    	 	 	 

    

 

IN WITNESS WHEREOF the undersigned,
by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly
authorized agent.

	Dated: ___________________	
        Beneficial Owner:

         

        ____________________________________

        By:_________________________________

        Name:

        Title:

	 	 

 

AS SOON AS POSSIBLE,
PLEASE EMAIL A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO THE ADDRESS
IDENTIFIED IN THE SUBSCRIPTION AGREEMENT. 

	 

    	 	C-6	 

    	 	 	 

    

APPENDIX
A TO SCHEDULE “C”

Definition
of “Beneficial Ownership”

1.A “Beneficial
Owner” of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise has or shares:

(a) Voting power
which includes the power to vote, or to direct the voting of, such security; and/or

(b) Investment
power which includes the power to dispose, or direct the disposition of, such security.

Please note
that either voting power or investment power, or both, is sufficient for you to be considered the beneficial owner of shares.

 

2.Any person
who, directly or indirectly, creates or uses a trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement
or device with the purpose or effect of divesting such person of beneficial ownership of a security or preventing the vesting of
such beneficial ownership as part of a plan or scheme to evade the reporting requirements of the federal securities acts shall
be deemed to be the beneficial owner of such security.

 

3.Notwithstanding
the provisions of paragraph (1), a person is deemed to be the “beneficial owner” of a security if that person has the
right to acquire beneficial ownership of such security within 60 days, including but not limited to any right to acquire: (a) through
the exercise of any option, warrant or right; (b) through the conversion of a security; (c) pursuant to the power to revoke a trust,
discretionary account or similar arrangement; or (d) pursuant to the automatic termination of a trust, discretionary account or
similar arrangement; provided, however, any person who acquires a security or power specified in (a), (b) or (c) above, with the
purpose or effect of changing or influencing the control of the issuer, or in connection with or as a participant in any transaction
having such purpose or effect, immediately upon such acquisition shall be deemed to be the beneficial owner of the securities which
may be acquired through the exercise or conversion of such security or power.

 

 

 

    	 	C-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]