<SEC-DOCUMENT>0001062993-17-003045.txt : 20170628
<SEC-HEADER>0001062993-17-003045.hdr.sgml : 20170628
<ACCEPTANCE-DATETIME>20170628144629
ACCESSION NUMBER:		0001062993-17-003045
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170628
FILED AS OF DATE:		20170628
DATE AS OF CHANGE:		20170628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Osisko Gold Royalties LTD
		CENTRAL INDEX KEY:			0001627272
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37814
		FILM NUMBER:		17934865

	BUSINESS ADDRESS:	
		STREET 1:		1100 AVENUE DES CANADIENS-DE-MONTREAL
		STREET 2:		SUITE 300
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3B 2S2
		BUSINESS PHONE:		514-940-0670

	MAIL ADDRESS:	
		STREET 1:		1100 AVENUE DES CANADIENS-DE-MONTREAL
		STREET 2:		SUITE 300
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3B 2S2
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Osisko Gold Royalties Ltd: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">


<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">For the month of <b>June, 2017</b></p>

<p align="center">Commission File Number: <b>001-37814</b></p>

<p align="center"><b><u><font size=5>Osisko Gold Royalties LTD</font></u></b> <br>(Translation of registrant's name into English) </p>

<p align="center"><b><u>1100 Avenue des Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al, Qc H3B 2S2</u></b><br>(Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>] Form 20-F &nbsp;&nbsp;[ x ] Form 40-F</p>

<p align="center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</p>



<p align="center"> Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</p>



<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
  <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
  <td width="5%" valign="top" bgcolor="#EEEEEE">
  <a href="exhibit99-1.htm">99.1</a></td><td bgcolor="#EEEEEE">
  <a href="exhibit99-1.htm">Subscription Agreement dated June 4, 2017 - CDP
  Investissements Inc.</a></td>
</tr>
<tr>
  <td width="5%" valign="top" bgcolor="#FFFFFF">&nbsp;</td>
  <td width="5%" valign="top" bgcolor="#FFFFFF">
  &nbsp;</td><td bgcolor="#FFFFFF">
  &nbsp;</td>
</tr>
<tr>
  <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
  <td width="5%" valign="top" bgcolor="#EEEEEE">
  <a href="exhibit99-2.htm">99.2</a></td><td bgcolor="#EEEEEE">
  <a href="exhibit99-2.htm">Subscription Agreement dated June 4, 2017 - The
  Fonds de solidarit&#233; des travailleurs du Qu&#233;bec</a></td>
</tr>
</table>

<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><strong><u>SIGNATURES</u></strong></p>

<p align="justify">Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned, thereunto duly authorized.</p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
	<tr>
		<td width="50%" valign="top">&nbsp;</td>
		<td colspan="2" valign="top"><b>OSISKO GOLD ROYALTIES LTD</b></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td colspan="2" valign="top">(Registrant)</td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td>&nbsp;</td>
	</tr>
	<tr>
		<td valign="top">Date: June 28, 2017</td>
		<td valign="top">By:</td>
		<td style="BORDER-BOTTOM: #000000 1px solid"><i>/s/ Joseph de la Plante</i></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td>Joseph de la Plante</td>
	</tr>
	<tr>
		<td width="50%" valign="top">&nbsp;</td>
		<td width="5%" valign="top">Title:</td>
		<td>Vice-President, Corporate Development</td>
	</tr>
</table>

<hr color="#000000" size="5">



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Osisko Gold Royalties Ltd.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<table border="1" cellpadding="3" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">
<div>
<P align=justify><font size="2">Note to Reader: English translation of the original agreement.
This translated version has been produced for disclosure purposes only and the
parties to this agreement have not executed this agreement drafted in English.
The parties have executed, on June 4, 2017, a French version of the agreement,
it being understood that the parties are bound only by such French version.</font></P></div>
    </td>
  </tr>
</table>
<P align=center><B><U>SUBSCRIPTION AGREEMENT</U></B></P>
<P align=justify>June 4, 2017 </P>
<P align=justify><B>OSISKO GOLD ROYALTIES LTD</B><BR>1100 Canadiens-de-Montr&#233;al
Avenue, Suite 300 <BR>Montreal, Qu&#233;bec<BR>H3B 2S2</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Attention: </TD>
    <TD align=left width="90%">M. Bryan A. Coates, President
</TD></TR></TABLE>
<P align=center><B><U>Subscription for Common Shares of Osisko Gold Royalties
Ltd</U></B></P>
<P align=justify style="text-indent:5%">CDP Investissements Inc.
(&#147;<B>CDP</B>&#148;) understands that Osisko Gold Royalties Ltd (the
&#147;<B>Corporation</B>&#148;) wishes to enter into this subscription agreement with CDP
and in which intervenes the Caisse de d&#233;p&#244;t et placement du Qu&#233;bec (the
&#147;<B>Caisse</B>&#148;), pursuant to which the Corporation shall issue to CDP, and CDP
shall subscribe with the Corporation (the &#147;<B>Private Placement</B>&#148;), for gross
proceeds of $200,000,003.84, a total of 13,736,264 common shares of the
Corporation&#146;s share capital (the &#147;<B>Subscribed Shares</B>&#148;), at a price per
share equal to the Subscription Price (as hereinafter defined) in order to
complete the acquisition pursuant to the Acquisition Agreement. Subject to the
conditions set forth herein, CDP hereby agrees to purchase from the Corporation
all the Subscribed Shares at the Closing Time (as hereinafter defined), and the
Corporation hereby agrees to issue to CDP at the Closing Time all the Subscribed
Shares. </P>
<P align=justify style="text-indent:5%">The Private Placement is
Concurrent with the completion of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>a private placement with the Fonds de solidarit&#233; des
      travailleurs du Qu&#233;bec (F.T.Q.) for gross proceeds of $75,000,001.44 of
      common shares of the share capital of the Corporation, at the Subscription
      Price (the &#147;<B>Concurrent Private Placement</B>&#148;);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>of the issuance of Common Shares by way of payment of the
      sale price under the Acquisition Agreement.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The following are the further
conditions of the Agreement:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1</B> </TD>
    <TD align=left width="90%"><B>Definitions</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">In addition to the terms defined
in the preamble hereinabove, the following terms as used in this Agreement shall
have the following meaning: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>&#147;<B>Acquisition Agreement</B>&#148; means the acquisition
      agreement dated June 4, 2017 for the acquisition by the Corporation,
      directly or indirectly by way of a Subsidiary, of certain assets or issued
      and outstanding securities of certain entities of the
  Sellers;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 2 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>&#147;<B>Affiliate</B>&#148; has the meaning ascribed to such term
      in the <I>Securities Act </I>(Qu&#233;bec), and &#147;<B>wholly-owned Affiliate</B>&#148;
      means an Affiliate as defined in the <I>Securities Act </I>(Qu&#233;bec), with
      the proviso that the notion of &#147;control&#148; as incorporated in such
      definition shall be defined as the ownership of 100% of the equity
      securities of an entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>&#147;<B>Agreement</B>&#148; means this subscription agreement,
      including any schedules or exhibits attached hereto, and not any
      particular Article or Section or other portion except as may be specified,
      and words such as &#147;hereto&#148;, &#147;herein&#148; and &#147;hereby&#148; refer to this Agreement
      as the context requires;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>&#147;<B>Applicable Securities Laws</B>&#148; means all applicable
      securities, corporate and other laws, rules, regulations, notices and
      policies in each of the provinces and territories of Canada;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>&#147;<B>Business Day</B>&#148; means a day which is not Saturday,
      Sunday or a legal holiday in Montreal, Qu&#233;bec;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>&#147;<B>Closing Date</B>&#148; means on or around July 31, 2017 or
      such other date as agreed by the parties;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>&#147;<B>Closing Time</B>&#148; means 8:00 a.m. (Montreal time) or
      such other time on the Closing Date as CDP and the Corporation may
      mutually agree;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>&#147;<B>Common Shares</B>&#148; means the common shares of the
      Corporation&#146;s share capital;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>&#147;<B>Corporation</B>&#148; means Osisko Gold Royalties Ltd, a
      business corporation incorporated under the QBCA;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>&#147;<B>Corporation&#146;s counsel</B>&#148; means Lavery, de Billy,
      L.L.P.;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>&#147;<B>Disclosure Documents</B>&#148; means all information filed
      by or on behalf of the Corporation and, as the case may be, its
      predecessor entities since December 31, 2016 with any of the Securities
      Regulatory Authorities, including the most recent management information
      circular, the current annual information form, the most recent audited
      financial statements and the related management&#146;s discussion and analysis,
      the interim financial statements and the related management&#146;s discussion
      and analysis, material change reports and any other document, information,
      evidence, return, report, application or statement that may be filed by or
      on behalf of the Corporation under applicable securities
    legislation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>&#147;<B>Investor&#146;s Rights Agreement</B>&#148; means the investor&#146;s
      rights agreement to be entered into between CDP and the Corporation at the
      Closing Date in the form attached as Schedule B;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>&#147;<B>Lien</B>&#148; means, with respect to any property,
      including mineral titles or securities, or income or any other benefits
      accruing thereto or resulting therefrom, the granting or suffering or
      supporting of any priority, mortgage, hypothec, lien, pledge, assignment
      by way of security, charge, security interest as guaranty for an
      obligation, whether present or future, actual or potential, trust
      arrangement in the nature of a security interest, conditional sale or
      other title retention agreement, equipment trusts, lease financings
      including by way of sale and lease-back, levy, execution, seizure,
      attachment, garnishment, servitude or easement, license, right of use,
      dismemberment of the right of ownership, claim, option or any other legal
      or contractual right granted to a person or from which a person may benefit, preferential right or adverse
claim constituting an interest in such property, or any other encumbrance in
respect of such property, as well as any undertaking, offer or promise to grant
or bestow any one or more of such liens as so defined, directly or indirectly,
and derivatives of such term, other than with respect to vehicle leases;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 3 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>&#147;<B>Litigation</B>&#148; means any demand letter, claim,
      action, suit, class action, trial, mediation, arbitration, notice or any
      other investigation, judicial, quasi-judicial, regulatory or
      administrative proceeding taken against, or which may affect, a person,
      except for any litigation as so defined that has been fully and finally
      settled;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>&#147;<B>NYSE</B>&#148; means the New York Stock
Exchange;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>&#147;<B>Public Body</B>&#148; means any state or government, any
      international body or body bringing together several states or provinces,
      any body, board, commission, office and any other authority instituted or
      constituted by a state or government, whether by statute or otherwise, any
      body, board, commission, office, of a public or private nature, exercising
      governmental or quasi-governmental functions or regulatory or
      self-regulatory functions on behalf of a state or for another public body
      or body otherwise having jurisdiction, as well as any body, office,
      commission, board, arbitration tribunal or judicial, quasi-judicial or
      administrative tribunal, whether national, provincial or governmental,
      foreign or international, as well as any court of justice; without
      limiting the generality of the foregoing, &#147;Public Body&#148; includes the TSX
      and the NYSE;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD>
      <P align=justify>&#147;<B>QBCA</B>&#148; means the <I>Business Corporations Act
      </I>(Qu&#233;bec), including the regulations promulgated thereunder;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(r) </TD>
    <TD>
      <P align=justify>&#147;<B>Regulation 45-106</B>&#148; means <I>Regulation 45-106
      respecting prospectus and registration exemptions</I>;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(s) </TD>
    <TD>
      <P align=justify>&#147;<B>Securities Act of 1933</B>&#148; means the United States
      <I>Securities Act of 1933</I>, as amended;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(t) </TD>
    <TD>
      <P align=justify>&#147;<B>Securities Regulatory Authorities</B>&#148; means the
      securities commissions or similar regulatory authorities in each of the
      provinces of Canada;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(u) </TD>
    <TD>
      <P align=justify>&#147;<B>Sellers</B>&#148; means Orion Mine Finance (Master) Fund I
      LP, Orion Mine Finance (Master) Fund I-A LP, Orion Co-Investment I
      (Stream) LLC, Orion Co-Investments II LP, Orion Co-Investments IV LP,
      8248567 Canada Limited and Lynx Metals Limited;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>&#147;<B>Shares Concerned</B>&#148; means the Subscribed Shares,
      the Common Shares to be issued under Section 3(d) and the Common Shares
      held by CDP and the Caisse as disclosed in Section 5(v);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(w) </TD>
    <TD>
      <P align=justify>&#147;<B>Subscription Price</B>&#148; means a price of $14.56 per
      share;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD>
      <P align=justify>&#147;<B>Subsidiary</B>&#148; has the meaning assigned thereto in
      the QBCA;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(y) </TD>
    <TD>
      <P align=justify>&#147;<B>Swap</B>&#148; means a transaction that is an interest
      rate swap, a basis swap, a forward rate agreement, a commodity swap, a
      commodity option, an equity swap, an equity option, a bond option, an
      interest rate option, a foreign exchange transaction, a cap transaction, a
      floor transaction, a collar transaction, a currency swap transaction, a
      cross-currency swap, a foreign currency option contract, a forward sale, a futures
contract or any other similar transaction (including an option with respect to
any such transaction or combination of same); and </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=center>- 4 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(z) </TD>
    <TD>
      <P align=justify>&#147;<B>TSX</B>&#148; means the Toronto Stock
  Exchange.</P></TD></TR></TABLE>
<P align=justify>The terms &#147;<B>misrepresentation</B>&#148;, &#147;<B>material change</B>&#148;
and &#147;<B>material fact</B>&#148; shall have the meanings ascribed thereto under
Applicable Securities Laws.</P>
<P align=justify>Wherever the words &#147;<B>include</B>&#148;, &#147;<B>including</B>&#148; or
&#147;<B>includes</B>&#148; are used in the Agreement, they are not intended to be
limiting and they shall be deemed to be followed by the words &#147;without
limitation&#148;.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 2</B> </TD>
    <TD align=left width="90%"><B>Subscription</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Subject to the terms, conditions
and other provisions set forth herein, CDP undertakes hereby to subscribe for
the Subscribed Shares at the Subscription Price, at the Closing Time, and the
Corporation hereby irrevocably undertakes to accept such subscription and to
issue accordingly the Subscribed Shares to CDP. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 3</B> </TD>
    <TD align=left width="90%"><B>Covenants of the Corporation</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">As supplementary and essential
considerations for the entering into of this Agreement by CDP, the Corporation
undertakes to do the following as of the execution date of this Agreement until
the earliest of the effective date of the acquisition contemplated by the
Acquisition Agreement or the termination of the Acquisition Agreement in
accordance with its terms: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>at the time of their issuance in accordance with the
      Agreement, to issue the Subscribed Shares as fully-paid Common
    Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>to comply with all covenants of the Corporation set forth
      in the Agreement and to duly, punctually and faithfully perform all of its
      obligations under the Agreement and applicable laws and regulation,
      including the Applicable Securities Laws;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>to allow CDP to perform a due diligence of the Sellers as
      well as of the Corporation and the Affiliates and, for this purpose, to
      give its officers, employees and representatives reasonable access and to
      supply relevant materials and information as may be requested, including,
      without limitation, accounting books and records and management employment
      contracts, and to allow copies to be made and to allow discussions
      concerning its business and financial situation with the officers and
      auditors of the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>at the Closing Date, to pay to CDP, as capital
      commitment, an amount equal to 5% of CDP&#146;s aggregate subscription amount
      as well as 280,332 Common Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>to promptly inform CDP of any actual or anticipated
      material change or fact, event or situation (whether current, anticipated,
      threatened, contemplated or proposed) which, individually or together with
      other changes, facts, events or situations, results in a material change,
      whether actual or anticipated based on the facts, that occur between the
      time of execution hereof and the Closing Time;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=center>- 5 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>to comply with the Applicable Securities Laws and the
      rules, requirements, policies, notices and regulations of the TSX and the
      NYSE in connection with the Private Placement and the other transactions
      contemplated by this Agreement and to consult CDP and its advisers with
      respect to the manner in which the Private Placement and the other
      transactions contemplated by this Agreement shall be in compliance with
      the Applicable Securities Laws and the rules, requirements, policies,
      notices and regulations of the TSX and the NYSE;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>to make commercially reasonable efforts to work in
      collaboration and cooperate with CDP and its advisers in connection with
      the preparing of any application aimed at securing, prior to the Closing
      Date, any regulatory approvals required in connection with the Private
      Placement, as well as any orders, registrations, consents, filings,
      decisions, exemptions, letters and the preparing of any documents
      reasonably considered by one of the parties hereto necessary for the
      performance of its obligations or otherwise desirable under the applicable
      laws in connection with this Agreement as quickly as possible (including,
      without limitation, any statements, applications or observations submitted
      with the TSX and the NYSE), and in particular:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to afford CDP and its advisers a reasonable possibility
      to participate in any communication (verbal, written or otherwise) with
      any Public Body (including the TSX and the NYSE) with respect to the
      Private Placement, including by providing CDP, in advance, with copies of
      any notices, statements, applications and other communications in draft
      form and a reasonable possibility to review same and to promptly deliver
      comments thereon, and the Corporation, acting reasonably, shall duly take
      such observations into account. Further, the final version of any written
      communication with any Public Body (including the TSX and the NYSE) which
      may be filed by or on behalf of the Corporation shall be reasonably
      satisfactory to CDP as regards form and content;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>to immediately notify CDP and its advisers in writing of
      any request (whether formal or informal) by a Public Body (including the
      TSX and the NYSE) concerning any matter which may affect the Private
      Placement and the other transactions contemplated by this
  Agreement;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>to make commercially reasonable efforts to complete the
      acquisition in accordance with the terms of the Acquisition Agreement and
      to provide CDP with prior notice of any intention of the parties to
      terminate the Acquisition Agreement; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to secure CDP&#146;s prior approval in connection with any
      communication to be made public which refers to CDP or to the Private
      Placement in accordance with the provisions of Section
  13.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 4</B> </TD>
    <TD align=left width="90%"><B>Representations and Warranties of the
      Corporation</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Corporation represents and
warrants to CDP, both at the date hereof and at the Closing Date, and
acknowledges that CDP is relying upon such representations and warranties in
entering into the Agreement, that:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Corporation has full corporate capacity, power and
      authority to issue the Subscribed Shares and upon issuance of same and
      receipt of the Subscription Price for same, the Subscribed Shares shall be
      duly allotted, validly issued and outstanding as fully
  paid shares of the share capital of the Corporation and free of all
Liens, charges and encumbrances; </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=center>- 6 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Corporation is not in default or breach of the
      following, and the execution and delivery of the Agreement by the
      Corporation, as well as the compliance with the conditions of said
      Agreement or the transactions contemplated herein, including the issuance
      of the Subscribed Shares, does not and will not have any of the following
      effects:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>result in any breach of, or constitute a default under,
      and does not and will not create a state of facts which, after notice or
      lapse of time or both, would result in a breach of or constitute a default
      under, any term or provision of the articles, by-laws or resolutions of
      the Corporation or of the Acquisition Agreement or any other material
      agreement to which the Corporation is a party and by which the Corporation
      is bound, or any judgment, decree, order, statute, rule or regulation
      applicable to the Corporation, which default or breach might reasonably be
      expected to materially adversely affect, in the short, medium and/or long
      term, the business, operations, outlooks, capital, properties, assets,
      liabilities (absolute, accrued, contingent or otherwise), condition
      (financial or otherwise) or results of operations of the Corporation or
      its properties or assets on a consolidated basis;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>result in the breach, termination or revocation of
      licences, rights, accreditations, certifications or other authorizations
      held by the Corporation; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>give rise to any Lien on or with respect to the
      properties or assets now owned or hereafter acquired by the Corporation or
      the acceleration of or the maturity of any indebtedness or other
      liabilities or obligations under, any agreement binding or affecting the
      Corporation or any of its properties;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The execution and delivery of the Acquisition Agreement
      by the Corporation, as well as the compliance with the conditions of the
      Acquisition Agreement or the transactions contemplated under the
      Acquisition Agreement do not and will not:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>result in a breach or constitute a default and create
      result in any breach of, or constitute a default under, and does not and
      will not create a state of facts which, after notice or lapse of time or
      both, would result in a breach of or constitute a default under, any term
      or provision of the articles, by-laws or resolutions of the Corporation or
      of any material agreement to which the Corporation is a party and by which
      the Corporation is bound, or any judgment, decree, order, statute, rule or
      regulation applicable to the Corporation, which default or breach might
      reasonably be expected to materially adversely affect, in the short,
      medium and/or long term, the business, operations, outlooks, capital,
      properties, assets, liabilities (absolute, accrued, contingent or
      otherwise), condition (financial or otherwise) or results of operations of
      the Corporation or its properties or assets on a consolidated
  basis;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>result in the breach, termination or revocation of
      licences, rights, accreditations, certifications or other authorizations
      held by the Corporation;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the Corporation has full corporate capacity, power and
      authority to enter into the Agreement and to perform its obligations under
      the Agreement and the Agreement has been duly authorized, executed and delivered by the Corporation
and the Agreement is a legal, valid and binding obligation of the Corporation
enforceable against the Corporation in accordance with the respective terms of
said Agreement subject to the general qualifications that:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=center>- 7 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>enforceability may be limited by bankruptcy, insolvency
      or other laws affecting creditors&#146; rights generally; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>equitable remedies, including the remedies of specific
      performance and injunctive relief, are available only in the discretion of
      the applicable court;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the execution and delivery of the Agreement and the
      fulfilment of the terms of said Agreement by the Corporation or the
      transactions contemplated hereunder, including the issuance of the
      Subscribed Shares, does not and will not require the consent, approval,
      authorization, registration or qualification of or with any governmental
      authority, court, tribunal or other Public Body, stock exchange,
      Securities Regulatory Authority or other third party, except for such as
      have already been obtained;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>there are no third party consents required to be obtained
      in order for the Corporation to issue the Subscribed Shares that have not
      already been or will not have been obtained at the Closing Date, including
      approval from the Corporation&#146;s shareholders in accordance with the
      requirements of the TSX;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>to the Corporation&#146;s knowledge, the Corporation has not,
      directly or indirectly (i) made any contribution or gift which
      contribution or gift is in violation of any applicable laws, or any bribe,
      rebate, payoff, influence payment, kickback or other payment to any
      person, regardless of form, whether money, property or services (a) to
      obtain favourable treatment in securing business, (b) to pay for
      favourable treatment of business secured, or (c) to obtain special
      concessions or for special concessions already obtained, for or in respect
      of the Corporation, (ii) established or maintained any fund or asset that
      has not been recorded in its books and records; without limiting the
      generality of the above, there have been no actions taken by the
      Corporation, or to the knowledge of the Corporation on behalf of the
      Corporation, that would cause it to be in violation of the <I>Corruption
      of Foreign Public Officials Act </I>or any similar applicable
      anti-corruption or anti-bribery law;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>the Disclosure Documents represent the entirety of the
      documents required to be filed since December 31, 2016 with one of the
      Securities Regulatory Authorities under the Applicable Securities Laws,
      and the content of same complies in all materials respects with the
      Applicable Securities Laws;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the information and statements set forth in the
      Disclosure Documents were true and correct in all material respects and
      did not contain any misrepresentation, nor did same fail to mention a
      material fact, the mention of which is required or necessary for a
      statement to not be misleading in light of the circumstances in which it
      was made, in each case, as of the date of such information or
      statements;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>since December 31, 2016 no material change has occurred
      which is not disclosed in the Disclosure Documents, and no material change
      has been communicated to the Securities Regulatory Authorities on a
      confidential basis without thereafter being communicated to the
    public;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=center>- 8 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>CST Trust Company, at its principal offices in the city
      of Montreal, is the duly appointed registrar and transfer agent of the
      Corporation with respect to the common shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>the definitive forms of certificates representing the
      common shares are in all material respects in due and proper form under
      the laws governing the Corporation and the requirements of the TSX and the
      NYSE;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>the issued and outstanding common shares are listed and
      posted for trading on the TSX and the NYSE and the Corporation is in
      compliance with the rules, requirements, policies, notices and regulations
      of the TSX and the NYSE in all material respects;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>the Corporation is a &#147;reporting issuer&#148; or equivalent in
      all Canadian provinces within the meaning of applicable securities
      legislation and is not in default of any requirement of applicable
      securities legislation in any material respect; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>to the knowledge of the Corporation, the Corporation is
      not subject to any cease trading order on its securities or, to the best
      of the Corporation&#146;s knowledge, by any investigation under the Applicable
      Securities Laws or a review by a securities authority in connection with
      its Disclosure Documents, and has no knowledge of any breach with respect
      to documents or reports filed with the Securities Regulatory Authorities
      as a result of which the Corporation would be included in a list of
      defaulting reporting issuers. The Corporation is not subject to any
      listing, filing or continuing disclosure obligation in any jurisdiction
      except the Canadian provinces.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Moreover, the Corporation
reiterates for the full benefit of CDP the representations and warranties set
forth in Section 3.2 and Schedule H of the Acquisition Agreement and same shall
be incorporated herein as if recited in full in the Agreement and acknowledges
that CDP is entering into the Agreement in reliance on such representations and
warranties. Such representations and warranties shall, in their current form and
content, remain an integral part of this Agreement notwithstanding any
subsequent amendment or termination of the Acquisition Agreement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 5</B> </TD>
    <TD align=left width="90%"><B>Representations, Warranties and
      Acknowledgment of CDP</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">CDP represents and warrants to
the Corporation, and acknowledges that the Corporation is relying upon such
representations and warranties, as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>it has relied solely on the Agreement and publicly
      available information concerning the Corporation and the Sellers and, as
      the case may be, on the information provided by the Corporation in
      connection with the due diligence it conducted, and not on any verbal,
      written or other statement made by or on behalf of the Corporation, except
      as otherwise specifically set out herein;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>it is purchasing the Subscribed Shares as principal for
      its own account and not for the benefit of any other person, and is an
      &#147;accredited investor&#148; as such term is defined in Regulation
  45-106;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>neither it nor the Caisse shall be a party to any
      transaction for the lending, whether directly or indirectly, of Common
      Shares of the Corporation to any third party, nor shall effect any short
      sale of Common Shares of the Corporation or of any other securities of the
      Corporation;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=center>- 9 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>it acknowledges the
following:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>no prospectus has been filed with any securities
      regulatory authority in connection with the Private Placement and no
      securities regulatory authority has reviewed or passed judgment on the
      soundness of the Subscribed Shares;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>unless the Corporation and CDP agree otherwise, the
      Subscribed Shares hereunder shall be evidenced by an issuance without
      certificate registered in the name of CDS;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>unless the Corporation and CDP agree otherwise, the
      registration of rights on such Subscribed Shares and the transfer of
      Subscribed Shares shall only be effected using the book-entry system
      administered by CDS, and a subscriber&#146;s ability to pledge such Subscribed
      Shares or to otherwise take any measure with respect to his right to such
      Subscribed Share may be limited due to the absence of a physical
      certificate;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the Subscribed Share do not benefit from any insurance
      coverage, including any governmental insurance coverage;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>CDP&#146;s ability to resell the Subscribed Shares is limited
      and it is CDP&#146;s responsibility to enquire about such restrictions and to
      conform to same prior to selling the Subscribed Shares;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>the Corporation has informed CDP that the Corporation is
      relying on an exemption to the obligation to provide CDP with a prospectus
      under applicable securities legislation, such
that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>certain protection schemes, rights and remedies provided
      for by securities laws, including the right of rescission, will be
      unavailable to the subscriber;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>securities laws may not provide the subscriber with
      adequate remedies should the subscriber incur losses on its investment in
      the shares subscribed;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>the Corporation may be exempted from certain obligations
      that would otherwise apply under securities
laws;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>it is informed that the Subscribed Shares have not been
      and will not be registered under the Securities Act of 1933 or the
      security legislation of any State and, therefore, that such Subscribed
      Shares may not be offered or sold in the United States, except in
      accordance with the registration requirements of the Securities Act of
      1933 or the obligations pertaining to registration exemptions and
      applicable legislation of all applicable States, and acknowledges that the
      Corporation does not currently intend on filing an application for
      registration pursuant to the Securities Act of 1933 with respect to the
      Subscribed Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>it is not a U.S. Person (as defined in Regulation S,
      which definition includes, but is not limited to, an individual resident
      in the United States, an estate or trust of which any executor or
      administrator or trustee, respectively, is a U.S. Person and any
      partnership or corporation organized or incorporated under the laws of the
United States) and is not purchasing the Subscribed Shares on behalf of, or for
the account or benefit of, a person resident in the United States or a U.S.
Person;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=center>- 10 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>it acknowledges that the Subscribed Shares have not been
      offered to CDP in the United States, and represents that the natural
      persons executing and delivering the Agreement on behalf of CDP were not
      present in the United States at the time the order to buy was made, or the
      Agreement was executed and delivered;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>it acknowledges and agrees that it will neither offer nor
      sell the Subscribed Shares in the United States, except if same are
      registered under the Securities Act of 1933 or the securities legislation
      of all applicable States in the United States or in accordance with an
      exemption to such registration obligations;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Agreement has been duly and validly authorized,
      executed and delivered by CDP and the Caisse and constitutes a legal,
      valid and effective obligation of CDP and the Caisse, enforceable against
      same, except in cases where its enforceability may be limited by laws
      governing bankruptcy, insolvency, reorganizations or standstills or by
      similar laws concerning rights of creditors in general and subject to the
      fact that rights to indemnification and to a contribution may be limited
      by applicable laws;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>CPD and the Caisse have the legal capacity and the power
      to enter into the Agreement and to be bound by its terms, and are duly
      constituted and validly existing under the legislation of their
      jurisdiction of incorporation, and certify further that all required
      approvals from their respective directors and shareholders (or equivalent)
      have been given or received with regard to these matters;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>it has sufficient knowledge of finance and business to
      assess the soundness and risks of its investment and is able to bear the
      economic risk of the loss of its investment;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>it is not acting jointly or in concert with another
      subscriber with regard to the Subscribed Shares in order to acquire the
      Subscribe Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>if applicable securities legislation and securities
      regulations, rules, policies or orders or any securities commission,
      exchange or other regulatory authority should so require, CDP shall sign,
      remit and file the reports, undertakings and other documents in connection
      with the issuance of the Subscribed Shares, and shall otherwise work in
      collaboration with the Corporation in the filing of such reports,
      undertakings and other documents;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>it has been notified by the Corporation of the
      transmittal to the Autorit&#233; des march&#233;s financiers of information
      concerning it and concerning the subscription; of the fact that same is
      collected by the Autorit&#233; des march&#233;s financiers pursuant to the power
      vested in it and for the purposes of applying securities legislation and
      it has authorized the indirect collection of such information by the
      Autorit&#233; des march&#233;s financiers;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>the execution of the Agreement and the transactions
      contemplated therein shall not result in a breach of a condition or
      provision of any legislation applicable to CDP or the Caisse or of any
      agreement to which CDP or the Caisse is a party or which binds
  same;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=center>- 11 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>as the case may be, CDP has been advised by independent
      legal counsel and investment advisers with respect to the subscription of
      these Subscribed Shares and has been advised by independent advisers
      concerning the meaning of all conditions herein applicable to CDP
      regarding the making of representations, the giving of warranties and the
      providing of undertakings pursuant to the Agreement. CDP is not relying on
      the Corporation or its advisers in this respect;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD>
      <P align=justify>it acknowledges and confirms that no representation has
      been made to it concerning the potential value or price of the Subscribed
      Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(r) </TD>
    <TD>
      <P align=justify>it acknowledges that all certificates representing the
      Subscribed Shares and the Common Shares issued as capital commitment, or
      the book-entry notice, as the case may be, shall bear the following
      disclaimers required by applicable securities legislation and/or
      applicable rules of the TSX:</P></TD></TR></TABLE>
<P align=justify style="margin-left:10%;margin-right:10%;"><B>&#147;UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER
OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT THE DATE THAT IS 4
MONTHS AND A DAY AFTER THE CLOSING DATE].&#148; </B></P>
<P align=justify style="margin-left:10%;margin-right:10%;"><B>&#147;THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED
ON THE TORONTO STOCK EXCHANGE. HOWEVER THEY MAY NOT BE TRADED ON SUCH EXCHANGE
AS THEY ARE NOT FREELY TRANSFERABLE. CONSEQUENTLY, ANY CERTIFICATE REPRESENTING
SUCH SECURITIES IS NOT &#147;GOOD DELIVERY&#148; FOR THE PURPOSES OF THE RULES OF
OPERATION OF THE TORONTO STOCK EXCHANGE.&#148;</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(s) </TD>
    <TD>
      <P align=justify>the funds to be transferred by CDP to the Corporation
      hereunder shall not represent proceeds of crime for the purposes of the
      Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada)
      (the &#147;<B>PCMLTFA</B>&#148;) and CPF acknowledges that the Corporation may in
      the future be required by legislation to disclose the name of CDP and
      other information concerning the Agreement and the CDP&#146;s subscription
      hereunder, confidentially, in accordance with the PCMLTFA. To the best of
      CDP&#146;s knowledge, the subscription funds to be paid by CDP: (i) do not and
      will not, directly or indirectly, result from any activity deemed criminal
      under legislation in Canada, the United States or any other jurisdiction;
      or (ii) are not paid on behalf of another person or entity whose identity
      is unknown to CDP. CDP shall immediately notify the Corporation if it
      discovers that one of the foregoing representations is no longer true, and
      shall provide the Corporation with the necessary information in this
      respect;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(t) </TD>
    <TD>
      <P align=justify>the funds used by CDP to subscribe for the Subscribed
      Shares are, to its knowledge, not proceeds received or resulting, directly
      or indirectly, from illegal activities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(u) </TD>
    <TD>
      <P align=justify>CDP has not received and does not expect to receive any
      financial aid from the Corporation, directly or indirectly, in connection
      with its subscription hereunder; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>at the date hereof, except with respect to 4,983,862
      Common Shares held by the Caisse, CDP does not have ownership or control
      of any Common Shares, whether directly or through a wholly-owned
      Affiliate.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=center>- 12 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6</B> </TD>
    <TD align=left width="90%"><B>Lock-Up</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Until the expiry of a six-month
period following the Closing Date, CDP and the Caisse agree to abstain from the
following, except with prior written consent of the Corporation: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>sell, offer, transfer or otherwise dispose of the Shares
      Concerned or grant an option to acquire or a right to sell same, or enter
      into an agreement in this respect (including in connection with a short
      sale, a put option or a call option), except to a wholly-owned Affiliate
      (which wholly-owned Affiliate shall, as a result of such transaction, be
      bound by this Section);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>except to a wholly-owned Affiliate (which wholly-owned
      Affiliate shall, as a result of such transaction, be bound by this
      Section), effect a Swap or any other agreement or transaction which
      transfers, in whole or in part, directly or indirectly, the economic
      impact resulting from the ownership of the Shares Concerned, whether the
      payment in connection with such Swap or transaction be made by way of the
      delivery of the Shares concerned, the payment of a cash amount or in any
      other manner;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>make a public announcement of the intention to take any
      one or more of the preceding measures;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>act in concert with a third party with respect to any one
      or more of the measures mentioned above.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">In order to receive the
Corporation&#146;s prior consent, CDP or the Caisse shall provide the Corporation
with written notice of its intention to receive such consent, and the
Corporation shall indicate to it in writing within ten Business Days following
receipt of the notice from CDP or the Caisse whether or not it gives its
consent. If the Corporation fails to communicate to CDP or the Caisse its
decision no later than the end of the tenth Business Day following the date on
which it received said notice, the Corporation is deemed to have given its
consent. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7</B> </TD>
    <TD align=left width="90%"><B>Indemnity</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Corporation shall indemnify and save CDP, and each of
      the CDP&#146;s Affiliates, agents, directors, officers, shareholders and
      employees, harmless against and from all liabilities, claims, actions,
      suits, proceedings, demands, losses (other than losses of profit), costs
      (including all reasonable judicial and extrajudicial and legal fees and
      expenses), damages, interest, fines, penalties, dues and expenses to which
      CDP, or any of the CDP&#146;s Affiliates, agents, directors, officers,
      shareholders or employees may be subject or which CDP, or any of CDP&#146;s
      Affiliates, agents, directors, officers, shareholders or employees may
      suffer or incur, whether under the provisions of any statute or otherwise,
      in any way caused by, or arising directly or indirectly from or in
      consequence of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any misrepresentation or alleged misrepresentation
      contained in any part of the Disclosure Documents filed by or on behalf of
      the Corporation (except for any statement relating to CDP and based on
      information provided by CDP);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>any order made by one or more authorities of competent
      jurisdiction at the Closing Time or any inquiry, investigation (whether
      formal or informal) or other proceeding commenced, announced or imminent
      as at the Closing Time from such authorities (not based on the activities
      or alleged activities of CDP) prohibiting, restricting or materially affecting the trading or
distribution of the Subscribed Shares;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=center>- 13 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>any material actual or alleged breach of, material
      default under or material non- compliance by the Corporation with any
      requirements of Applicable Securities Laws or the by-laws, rules or
      regulations of any stock exchange existing as at the Closing Time;
    or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>any (A) actual or alleged untruth, inaccuracy or breach
      of any of the representations and warranties of the Corporation existing
      at the Closing Time or (B) breach of the covenants or other obligations of
      the Corporation, in each case contained in the Agreement or in any other
      certificate or document delivered by or on behalf of the Corporation under
      the Agreement or such other documents.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>CDP shall indemnify, defend and hold the Corporation
      harmless against and from all liabilities, claims, actions, suits,
      proceedings, demands, losses (other than losses of profit), costs
      (including reasonable legal fees and expenses), damages and expenses to
      which the Corporation may be subject or which the Corporation may suffer
      or incur, whether under the provisions of any statute or otherwise, in any
      way caused by, or arising directly or indirectly from or in consequence of
      the untruth, inaccuracy or breach of any of the (A) representations and
      warranties of CDP or (B) covenants of CDP, in each case contained in the
      Agreement or in any other certificate or document delivered by or on
      behalf of CDP under the Agreement or such other documents.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>If any claim contemplated by Section 7(a) shall be
      asserted against any of the persons or corporations in respect of which
      indemnification is or might reasonably be considered to be provided for in
      Section 7(a), such person or corporation (the &#147;<B>Indemnified Person</B>&#148;)
      shall notify the Corporation (the &#147;<B>Indemnifying Party</B>&#148;) (provided
      that failure to so notify the Indemnifying Party of the nature of such
      claim in a timely fashion shall relieve the Indemnifying Party of
      liability hereunder only if and to the extent that such failure materially
      prejudices the Indemnifying Party&#146;s ability to defend such claim) as soon
      as possible of the nature of such claim and the Indemnifying Party shall
      be entitled (but not required) to assume the defence of any suit brought
      to enforce such claim, provided, however, that the defence shall be
      through legal counsel selected by the Indemnifying Party and acceptable to
      the Indemnified Person, acting reasonably, and that no settlement may be
      made by the Indemnifying Party or the Indemnified Person without the prior
      written consent of the other, such consent not to be unreasonably
      withheld. The Indemnified Person shall have the right to retain separate
      counsel in any proceeding relating to a claim contemplated by Section 7(a)
      but the fees and expenses of such counsel shall be at the expense of the
      Indemnified Person, unless:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Indemnified Person has been advised by counsel that
      there may be a reasonable legal defense available to the Indemnified
      Person which is different from or additional to a defense available to an
      Indemnifying Party and that representation of the Indemnified Person and
      the Indemnifying Party by the same counsel would be inappropriate due to
      the actual or potential differing interests between them (in which case
      the Indemnifying Party shall not have the right to assume the defense of
      such proceedings on the Indemnified Person&#146;s behalf);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Indemnifying Party shall not have taken the defense
      of such proceedings and employed counsel within ten days after notice has
      been given to the Indemnifying Party of commencement of such proceedings or,
having employed such counsel, have diligently pursued such defense; or</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=center>- 14 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the employment of such counsel has been authorized by the
      Indemnifying Party in connection with the defense of such
    proceedings;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>and, in any such event, the reasonable
fees and expenses of such Indemnified Person&#146;s counsel (on a solicitor and his
client basis) shall be paid by the Indemnifying Party, provided that the
Indemnifying Party shall not, in connection with any one such action or separate
but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the fees and
expenses of more than one separate law firm (in addition to any local counsel)
for the Indemnified Persons of or related to CDP.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>If the Indemnifying Party has assumed the defense of any
      suit brought to enforce a claim hereunder, the Indemnified Person shall
      provide the Indemnifying Party with copies of all documents and
      information in its possession pertaining to the claim, take all reasonable
      actions necessary to preserve its rights to object to or defend against
      the claim, consult and reasonably cooperate with the Indemnifying Party in
      determining whether the claim and any legal proceeding resulting therefrom
      should be resisted, compromised or settled and reasonably cooperate and
      assist in any negotiations to compromise or settle, or in any defense of,
      a claim undertaken by the Indemnifying Party.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>If the indemnification provided for in this Section 7 is
      held by a court of competent jurisdiction to be unavailable to an
      Indemnified Person with respect to any liabilities, claims, actions,
      suits, proceedings, demands, losses (other than losses of profit), costs
      (including reasonable legal fees and expenses), damages and expenses
      referred to in this Section 7, then the Indemnifying Party, in lieu of
      indemnifying such Indemnified Person hereunder, shall contribute to the
      amount paid or payable by such proportion as is appropriate to reflect the
      relative fault of the Indemnifying Party, on the one hand, and of the
      Indemnified Party, on the other, in connection with the statement or
      omissions that resulted in such liabilities, claims, actions, suits,
      proceedings, demands, losses, costs, damages or expenses, as well as any
      other relevant and equitable considerations.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>The payment of any amount due by way of indemnification
      as provided in this Section 7 shall be made by the Indemnifying Party
      within 15 days following a written claim by the Indemnified Person in this
      effect. Any amount unpaid after expiry of this time limit shall bear
      interest until full payment at the base per annum interest rate required
      by the National Bank of Canada for commercial loans granted in Canada in
      Canadian funds, as published or announced from time to time, plus 5%,
      which rate shall be set at the time any such amount becomes due, and
      revised, on the first day of each month, based on the then current base
      per annum interest rate at such financial institution.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>The Corporation hereby acknowledges and agrees that, with
      respect to this Section 7, CDP is contracting on its own behalf and as
      agent for the other Indemnified Persons referred to in this Section 7. In
      this regard, CDP shall act as trustee or agent for such Indemnified
      Persons of the covenants of the Corporation under this Section 7 with
      respect to such Indemnified Persons and accepts these trusts and shall
      hold and enforce those covenants on behalf of such Indemnified
    Persons.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A>
<P align=center>- 15 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 8</B> </TD>
    <TD align=left width="90%"><B>Expenses</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Whether or not the transactions
contemplated hereunder are completed, all costs and expenses (including
applicable goods and services tax) incurred by the Corporation in connection
with or incidental to the transactions contemplated hereby, including those
relating to the distribution of the Subscribed Shares, shall be borne by the
Corporation, including the fees and expenses of the Corporation&#146;s counsel, the
fees and expenses of the Corporation&#146;s transfer agent, the auditors and other
outside consultants of the Corporation and all stock exchange listing fees and
dues payable to the Securities Regulatory Authorities as a result of the Private
Placement. Moreover, whether or not the transactions contemplated hereunder are
completed, CDP shall bear its expenses in connection with the Private Placement,
including the fees and expenses of its legal counsel.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 9</B> </TD>
    <TD align=left width="90%"><B>Closing Conditions</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The purchase of the Subscribed
Shares shall be completed at the Closing Time at the offices of the
Corporation&#146;s counsel in Montreal, Qu&#233;bec or at such other place as the
Corporation and CDP may agree. The obligations of each party hereto shall be
subject to compliance with the obligations and undertakings of the other party
set forth in the Agreement and to the accuracy at the Closing Date of the
representations and warranties of such other party. </P>
<P align=justify style="text-indent:5%">CDP&#146;s obligation to purchase the
Subscribed Shares shall further be subject to the following conditions being met
at the Closing Date, which conditions are set forth for the benefit and in the
exclusive interest of, and may only be waived by, CDP: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>CDP shall pay to the Corporation, by wire transfer or
      such other means as the Corporation and CDP may agree, an aggregate amount
      of $200,000,003.84 in consideration for the issuance of the Subscribed
      Shares against delivery by the Corporation to CDS Clearing and Depository
      Services Inc. (&#147;CDS&#148;) of one or more global certificates in fully
      registered form representing each of the Subscribed Shares subscribed by
      CDP, as the case, or electronic evidence of issuance of such, in any case
      registered in the name of &#147;CDS &amp; Co.&#148; as the nominee of CDS, to be
      held by CDS as a book-based security or a non-certificated security (in
      the case of an electronic delivery), as the case may be, in accordance
      with the rules and procedures of CDS, or in such other names as CDP shall
      notify the Corporation in writing not less than 48 hours prior to the
      Closing Time;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Corporation shall deliver to
CDP:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>by way of wire transfer or by other means agreed to
      between the Corporation and CDP, as CDP&#146;s capital commitment, an amount
      equivalent to 5% of the Subscription Price of the Subscribed Shares
      subscribed by CDP as well as 280,332 Common Shares, as set forth in
      Section 3(d) hereof;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>favourable legal opinions from the Corporation&#146;s legal
      counsel addressed to CDP, which shall reasonably satisfy CDP as regards
      form and content, with respect to the transactions contemplated
      hereunder;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>evidence judged satisfactory by CDP of the fact that the
      Concurrent Private Placement has been completed, or shall be completed at
      the Closing Time;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A>
<P align=center>- 16 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>evidence judged satisfactory by CDP of the Corporation&#146;s
      shareholders approval of the issuance of the Subscribed Shares and of the
      fact that the Subscribed Shares have been accepted by the TSX and the
      NYSE, at the Subscription Price, subject only to customary conditions
      judged acceptable by CDP, and that same shall be accepted for purposes of
      trading on the TSX and the NYSE;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>the other certificates and documents mentioned in the
      closing agenda agreed to by the Corporation and CDP in connection with the
      completion of the Private Placement, including without limitation a
      certificate duly signed for and on behalf of the Corporation by the
      President and Chief Financial Officer attesting to the completion of the
      prior conditions listed in this Section, the compliance with the
      obligations and undertakings of the Corporation set forth in the Agreement
      and the accuracy at the Closing Date of the representations and warranties
      of the Corporation, as well as any other factual matter in respect of
      which CDP may require certification;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Investor&#146;s Rights Agreement shall be executed between
      the parties at closing in the form joint in Schedule B to this
      Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the Acquisition Agreement shall have been executed
      essentially in the form joint in Schedule A to this Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the absence of any cease trading order on the securities
      of the Corporation issued by the Securities Regulatory
  Authorities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>no Public Body shall have passed, published, promulgated,
      applied, introduced, rendered or handed down a law, statute, judgment,
      order or decision that results in a material adverse change affecting the
      Corporation or its securities, which makes the completion of the
      transactions contemplated herein illegal or otherwise prohibited, or which
      prevents, prohibits or significantly restricts the transactions
      contemplated herein or the trading of the Corporation&#146;s securities, nor
      shall have announced its intention of doing any of the
foregoing;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>there shall be no current or pending Litigation and, to
      the best of the Corporation&#146;s knowledge, no threat of Litigation against
      the parties hereto before any Public Body which, if it resulted in an
      adverse judgment, order or decision, could result in a material adverse
      change affecting the Corporation or its securities, make the completion of
      the transactions contemplated herein illegal or otherwise prohibited, or
      prevent, prohibit or significantly restrict the transactions contemplated
      herein or the trading of the Corporation&#146;s securities; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>the absence of any material adverse change affecting the
      Corporation or its securities since the date
hereof.</P></TD></TR></TABLE>
<P align=justify>The Corporation agrees to make all reasonable efforts to
satisfy the prior conditions set forth in this Section as quickly as possible
and to complete and finalize the transactions contemplated herein. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 10</B> </TD>
    <TD align=left width="90%"><B>Notices</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Any notice or other communication to be given hereunder
      shall, in the case of notice to be given to the Corporation, be addressed
      to:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=center>- 17 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%"><B>OSISKO GOLD ROYALTIES LTD</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">1100 Canadiens-de-Montr&#233;al Avenue, Suite 300
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Montreal, Qu&#233;bec H3B 2S2
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Attention: </TD>
    <TD align=left width="80%">Bryan A. Coates, President </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Facsimile: </TD>
    <TD align=left width="80%">514-940-0669 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">E-mail: </TD>
    <TD align=left width="80%">bcoates@osiskogr.com </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>with a copy to:</P>
<P style="MARGIN-LEFT: 10%" align=justify>Lavery, de Billy</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Attention: </TD>
    <TD align=left width="80%">Josianne Beaudry </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Facsimile: </TD>
    <TD align=left width="80%">514-871-8977 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">E-mail: </TD>
    <TD align=left width="80%">jbeaudry@lavery.ca </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>and, in the case of notice to be given
to CDP or the Caisse, be addressed to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%"><B>CAISSE DE D&#201;P&#212;T ET PLACEMENT DU QU&#201;BEC
      ET</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%"><B>CDP INVESTISSEMENTS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">1000 Jean-Paul-Riopelle Place </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">Montreal (Qu&#233;bec) M5C 2W8
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%" >Attention: </TD>
    <TD align=left width="80%">Pierre Lambert, Director, Investments, Private
      Equity </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="80%">Sophie Lussier, Senior Director, Legal Affairs,
      Financial </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="80%">Markets and Derivatives </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%" >Facsimile: </TD>
    <TD align=left width="80%">Pierre Lambert: 514-847-2165 </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="10%" ></TD>
    <TD align=left width="80%">Sophie Lussier: 514-847-9380&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%" >Courriel: </TD>
    <TD align=left width="80%"><U>plambert@cdpq.com</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="80%"><U>slussier@cdpq.com</U> </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>or to such other address as a party
may designate by notice given to the others. Each communication shall be
personally delivered to the addressee or sent by facsimile transmission to the
addressee;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a communication which is personally delivered shall, if
      delivered before 4:30 p.m. (local time at the place of delivery) on a
      Business Day, be deemed to be given and received on that day and, in any
      other case, be deemed to be given and received on the first business day
      following the day on which it is delivered; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>a communication which is sent by facsimile transmission
      shall, if sent on a Business Day before 4:30 p.m. (local time at the place
      of receipt), be deemed to be given and received on that day and, in any
      other case, be deemed to be given and received on the first Business Day
      following the day on which it is sent.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 11</B> </TD>
    <TD align=left width="90%"><B>Waiver</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">By executing this Agreement, the
Corporation acknowledges that the truthfulness and accuracy of each of its
representations and warranties, as well as the full and punctual compliance with
each of its undertakings and the other terms agreed to for the benefit of
CDP hereunder, represent essential considerations for CDP, absent which CDP
would not have presented this subscription. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=center>- 18 -</P>
<P align=justify style="text-indent:5%">CDP may waive in whole or in part
  any breach of, default under or non-compliance with any representation,
  warranty, covenants, term or condition hereunder, or extend the time for
  compliance therewith, without prejudice to any of its rights in respect of any
  other representation, warranty, covenant, term or condition hereunder or any
  other breach of, default under or non-compliance with any other representation,
  warranty, covenant, term or condition hereof, in its sole discretion, provided
  that any such waiver or extension shall be binding on CDP only if the same is in
writing.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 12</B> </TD>
    <TD align=left width="90%"><B>Gender and Number</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Any reference in the Agreement to
gender includes all genders (including neuter) and words denoting the singular
number only shall include the plural and vice versa.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 13</B> </TD>
    <TD align=left width="90%"><B>Parties to Discuss Press Releases</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The parties shall cooperate with
each other in relaying to third parties information concerning the Agreement and
the transactions contemplated herein, and shall discuss drafts of all press
releases and other releases of information for dissemination to the public
pertaining hereto. However, nothing in this Section 13 shall prevent a party
from furnishing any information to any governmental agency or regulatory
authority or stock exchange or to the public, insofar only as is required by the
Agreement or Applicable Securities Laws, provided that a party which proposes to
make such a public disclosure shall, to the extent reasonably possible, provide
the other parties with a draft of such information in sufficient time prior to
its release to enable such other parties to review such draft and advise that
party of any comments they may have with respect thereto. In particular, the
Corporation agrees that it shall, subject to the requirements of Applicable
Securities Laws and the QBCA, obtain the consent of CDP to the disclosure of any
information regarding CDP to be contained in any news release or other document
filed with any authorized authority or disclosed to the public.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 14</B> </TD>
    <TD align=left width="90%"><B>Severance</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If one or more of the provisions
contained herein shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of the Agreement, but the Agreement shall
be construed as if such invalid, illegal or unenforceable provision or
provisions had never been contained herein.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 15</B> </TD>
    <TD align=left width="90%"><B>Qualifying Law</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Agreement shall be governed
by and construed in accordance with the laws of the Province of Qu&#233;bec (without
giving effect to any conflict of laws principles thereunder) and the laws of
Canada applicable therein. Each of the Corporation and CDP hereby attorns to the
exclusive jurisdiction of the courts of the Province of Qu&#233;bec.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 16</B> </TD>
    <TD align=left width="90%"><B>Assignment and Enurement</B>
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Neither the Agreement nor any
benefits or duties accruing under the Agreement shall be assignable by any party
without the prior written consent of the other party, except that CDP shall be
entitled to assign the Agreement or the benefits or duties accruing hereunder to
a wholly-owned Affiliate without the prior consent of the Corporation. Subject
to the foregoing, the Agreement shall enure to the benefit of and be binding
upon the parties hereto and their respective successors and permitted
assigns.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=center>- 19 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 17</B> </TD>
    <TD align=left width="90%"><B>Public Filing</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The parties hereby consent to the
public filing of the Agreement if any party is required to do so by law or by
applicable regulations or policies of any regulatory agency of competent
jurisdiction or any stock exchange.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 18</B> </TD>
    <TD align=left width="90%"><B>Time of the Essence</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Time shall be of the essence of
the Agreement.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 19</B> </TD>
    <TD align=left width="90%"><B>Amendments or Modifications</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">No amendment or modification to,
or waiver of, any one or more provisions of this Agreement shall bind a party
hereto unless such is set out in writing and signed by all parties hereto, in
the case of an amendment or modification, or by said party, in the case of a
waiver. A waiver of a provision of this Agreement does not constitute a waiver
of any other provision hereof. No waiver of a provision of this Agreement shall
constitute a waiver of the right to enforce same in the future unless the
waiving party should expressly set out in writing that such is the case. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 20</B> </TD>
    <TD align=left width="90%"><B>Counterpart Execution</B>
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Agreement may be executed in
one or more counterparts each of which so executed shall constitute an original
and all of which together shall constitute one and the same agreement. Delivery
of counterparts may be effected by facsimile or PDF format transmission.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 21</B> </TD>
    <TD align=left width="90%"><B>Further Assurances</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Each party to the Agreement
covenants and agrees that, from time to time, it will, at the request of the
requesting party, execute and deliver all such documents and do all such other
acts and things as any party hereto, acting reasonably, may from time to time
request be executed or done in order to better evidence or perfect or effectuate
any provision of the Agreement or of any agreement or other document executed
pursuant to the Agreement or any of the respective obligations intended to be
created hereby or thereby.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 22</B> </TD>
    <TD align=left width="90%"><B>Entire Agreement</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">It is agreed that the terms of
the Agreement shall supersede any prior verbal or written agreement entered into
between CDP, its Affiliates and the Corporation. </P>
<P align=center><B><I>[Remainder of page intentionally left blank.]</I></B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=center>- 20 -</P>
<P align=justify style="text-indent:5%">If the foregoing is in accordance
with your understanding and is agreed to by you, please confirm your acceptance
by signing the enclosed copies of this letter at the place indicated and by
returning the same to CDP.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>CDP INVESTISSEMENTS INC.</B>
</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="50%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"><I>(s)
      Justin M&#233;thot</I> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%">&nbsp; </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"><I>(s)
      Pierre Lambert</I> </TD></TR></TABLE>
<P align=justify>ACCEPTED AND AGREED, June 4, 2017</P>
<P align=justify><B>OSISKO GOLD ROYALTIES LTD</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    ><I>(s) Bryan A. Coates</I> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center ></TD>
    <TD align=left width="45%" >Bryan A. Coates&nbsp;&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="45%" >President </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="45%" >&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="45%" >&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    ><I>(s) Elif L&#233;vesque</I> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="45%" >Elif L&#233;vesque </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="45%" >Chief Financial Officer and </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="45%" >Vice-President, Finance </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P align=center>- 21 -</P>
<P align=center><B>INTERVENTION</B></P>
<P align=justify>The Caisse, CDP&#146;s parent company, intervenes in this agreement
to take notice of same and make the representations, warranties, acknowledgments
and undertakings contained in Sections 5(c), 5(i), 5(j), 5(o), 5(v) and 6. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>CAISSE DE D&#201;P&#212;T ET PLACEMENT DU
      QU&#201;BEC</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"><I>(s)
      Justin M&#233;thot</I> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"><I>(s)
      Pierre Lambert</I> </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=center><B>SCHEDULE A </B></P>
<P align=center><B>Acquisition Agreement</B></P>
<P align=justify>See attached. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=right><B>EXECUTION VERSION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=left
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>ACQUISITION AGREEMENT</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR></TABLE>
<P align=center><B>dated June 4, 2017</B></P>
<P align=center><B>between </B></P>
<P align=center><B>ORION MINE FINANCE (MASTER) FUND I LP, </B><BR><B>ORION MINE
FINANCE (MASTER) FUND I-A LP, </B><BR><B>ORION CO-INVESTMENTS I (STREAM) LLC,
</B><BR><B>ORION CO-INVESTMENTS II LP, </B><BR><B>ORION CO-INVESTMENTS IV
LP,</B><BR><B>8248567 CANADA LIMITED and </B><BR><B>LYNX METALS LIMITED </B></P>
<P align=center><B>and</B></P>
<P align=center><B>OSISKO GOLD ROYALTIES LTD </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></A>
<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD noWrap align=left width="80%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#eeeeee><B>Page</B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left colSpan=2>ARTICLE 1 - CERTAIN DEFINITIONS </TD>
    <TD noWrap align=right width="10%">2 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >1.1 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Definitions </TD>
    <TD align=right width="10%" bgColor=#eeeeee>2 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 2 - BASIC TRANSACTIONS </TD>
    <TD align=right width="10%">15 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >2.1 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Purchase and Sale of Purchased
      Securities and Directly Transferred Assets </TD>
    <TD align=right width="10%" bgColor=#eeeeee>15 </TD></TR>
  <TR vAlign=top>
    <TD align=center >2.2 </TD>
    <TD align=left width="80%">Purchase Price </TD>
    <TD align=right width="10%">16 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >2.3 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Assumed Liabilities </TD>
    <TD align=right width="10%" bgColor=#eeeeee>19 </TD></TR>
  <TR vAlign=top>
    <TD align=center >2.4 </TD>
    <TD align=left width="80%">Amounts Received Post-Closing </TD>
    <TD align=right width="10%">19 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >2.5 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Tax Withholdings </TD>
    <TD align=right width="10%" bgColor=#eeeeee>19 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 3 - REPRESENTATIONS AND WARRANTIES </TD>
    <TD align=right width="10%">20 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >3.1 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Sellers' Representations and
      Warranties </TD>
    <TD align=right width="10%" bgColor=#eeeeee>20 </TD></TR>
  <TR vAlign=top>
    <TD align=center >3.2 </TD>
    <TD align=left width="80%">Buyer's Representations and Warranties </TD>
    <TD align=right width="10%">20 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 4 - ACKNOWLEDGEMENTS OF
      THE BUYER </TD>
    <TD align=right width="10%" bgColor=#eeeeee>20 </TD></TR>
  <TR vAlign=top>
    <TD align=center >4.1 </TD>
    <TD align=left width="80%">Limited Representations and Warranties </TD>
    <TD align=right width="10%">20 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 5 - COVENANTS </TD>
    <TD align=right width="10%" bgColor=#eeeeee>21 </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.1 </TD>
    <TD align=left width="80%">Confidentiality </TD>
    <TD align=right width="10%">21 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Third Party Consents and
      Notices </TD>
    <TD align=right width="10%" bgColor=#eeeeee>22 </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.3 </TD>
    <TD align=left width="80%">Tax Matters </TD>
    <TD align=right width="10%">25 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.4 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Closing Conditions </TD>
    <TD align=right width="10%" bgColor=#eeeeee>26 </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.5 </TD>
    <TD align=left width="80%">Interim Period Covenants of the Sellers </TD>
    <TD align=right width="10%">27 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.6 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Interim Period Covenants of the
      Buyer </TD>
    <TD align=right width="10%" bgColor=#eeeeee>28 </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.7 </TD>
    <TD align=left width="80%">Buyer Meeting </TD>
    <TD align=right width="10%">29 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.8 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Buyer Circular </TD>
    <TD align=right width="10%" bgColor=#eeeeee>30 </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.9 </TD>
    <TD align=left width="80%">Regulatory Approvals </TD>
    <TD align=right width="10%">31 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.10 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Pre-Closing Reorganization </TD>
    <TD align=right width="10%" bgColor=#eeeeee>34 </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.11 </TD>
    <TD align=left width="80%">Technical Report and Marketing </TD>
    <TD align=right width="10%">35 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.12 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Transition Services Agreement
    </TD>
    <TD align=right width="10%" bgColor=#eeeeee>35 </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.13 </TD>
    <TD align=left width="80%">Exclusivity Agreement </TD>
    <TD align=right width="10%">35 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.14 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Notices </TD>
    <TD align=right width="10%" bgColor=#eeeeee>35 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 6 - CONDITIONS PRECEDENT </TD>
    <TD align=right width="10%">35 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >6.1 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>Conditions to the Buyer's
      Obligations </TD>
    <TD align=right width="10%" bgColor=#eeeeee>35 </TD></TR>
  <TR vAlign=top>
    <TD align=center >6.2 </TD>
    <TD align=left width="80%">Conditions to the Sellers' Obligations </TD>
    <TD align=right width="10%">37 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- ii - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=3>ARTICLE 7 - CLOSING </TD>
    <TD align=right width="10%" bgColor=#eeeeee>39 </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.1 </TD>
    <TD align=left width="80%" colSpan=2>Closing; Time and Place </TD>
    <TD align=right width="10%">39 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>7.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Sellers' Closing
      Deliveries </TD>
    <TD align=right width="10%" bgColor=#eeeeee>40 </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.3 </TD>
    <TD align=left width="80%" colSpan=2>Buyer's Closing Deliveries </TD>
    <TD align=right width="10%">41 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=3>ARTICLE 8 - POST-CLOSING
      COVENANTS </TD>
    <TD align=right width="10%" bgColor=#eeeeee>41 </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.1 </TD>
    <TD align=left width="80%" colSpan=2>Post-Closing Access to Books and
      Records </TD>
    <TD align=right width="10%">41 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>8.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Holding Entity Name
      Changes </TD>
    <TD align=right width="10%" bgColor=#eeeeee>42 </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.3 </TD>
    <TD align=left width="80%" colSpan=2>Security </TD>
    <TD align=right width="10%">42 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>8.4 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Transfer of the
      [Redacted] Royalty </TD>
    <TD align=right width="10%" bgColor=#eeeeee>42 </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.5 </TD>
    <TD align=left width="80%" colSpan=2>Conduct of [Redacted] Litigation </TD>
    <TD align=right width="10%">43 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>8.6 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Mantos Silver Stream
      [Redacted]</TD>
    <TD align=right width="10%" bgColor=#eeeeee>43 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=3>ARTICLE 9 - TERMINATION </TD>
    <TD align=right width="10%">44 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>9.1 </TD>
    <TD align=left width="40%" bgColor=#eeeeee>Termination Events </TD>
    <TD align=left width="40%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>44 </TD></TR>
  <TR vAlign=top>
    <TD align=center>9.2 </TD>
    <TD align=left width="40%">Effect of Termination </TD>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=right width="10%">44 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=3>ARTICLE 10 - INDEMNIFICATION </TD>
    <TD align=right width="10%" bgColor=#eeeeee>44 </TD></TR>
  <TR vAlign=top>
    <TD align=center>10.1 </TD>
    <TD align=left width="80%" colSpan=2>Indemnification by the Sellers
      Generally </TD>
    <TD align=right width="10%">44 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>10.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Indemnification by
      the Buyer </TD>
    <TD align=right width="10%" bgColor=#eeeeee>45 </TD></TR>
  <TR vAlign=top>
    <TD align=center>10.3 </TD>
    <TD align=left width="80%" colSpan=2>Procedure for Indemnified Third Party
      Claim </TD>
    <TD align=right width="10%">45 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>10.4 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Determination of
      Indemnification Amounts; Time For Making Claims </TD>
    <TD align=right width="10%" bgColor=#eeeeee>46 </TD></TR>
  <TR vAlign=top>
    <TD align=center>10.5 </TD>
    <TD align=left width="40%">Survival </TD>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=right width="10%">47 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>10.6 </TD>
    <TD align=left width="40%" bgColor=#eeeeee>Sole Remedy </TD>
    <TD align=left width="40%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>47 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=3>ARTICLE 11 - MISCELLANEOUS PROVISIONS </TD>
    <TD align=right width="10%">48 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>11.1 </TD>
    <TD align=left width="40%" bgColor=#eeeeee>Expenses </TD>
    <TD align=left width="40%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>48 </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.2 </TD>
    <TD align=left width="40%">Waivers </TD>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=right width="10%">48 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>11.3 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Single Agent for
      Payment and Notice </TD>
    <TD align=right width="10%" bgColor=#eeeeee>48 </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.4 </TD>
    <TD align=left width="40%">Notices </TD>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=right width="10%">48 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>11.5 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Entire Agreement;
      Amendments </TD>
    <TD align=right width="10%" bgColor=#eeeeee>50 </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.6 </TD>
    <TD align=left width="80%" colSpan=2>Conflict between Documents </TD>
    <TD align=right width="10%">50 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>11.7 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Binding Effect;
      Benefits </TD>
    <TD align=right width="10%" bgColor=#eeeeee>50 </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.8 </TD>
    <TD align=left width="80%" colSpan=2>Headings, Schedules, and Exhibits </TD>
    <TD align=right width="10%">50 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>11.9 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Counterparts;
      Facsimile or Electronic Signature </TD>
    <TD align=right width="10%" bgColor=#eeeeee>50 </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.10 </TD>
    <TD align=left width="40%">Further Assurances </TD>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=right width="10%">50 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>11.11 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Governing Law,
      Disputes and Arbitration </TD>
    <TD align=right width="10%" bgColor=#eeeeee>50 </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.12 </TD>
    <TD align=left width="40%">Severability </TD>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=right width="10%">51 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>11.13 </TD>
    <TD align=left width="80%" bgColor=#eeeeee colSpan=2>Third Parties; Joint
      Ventures </TD>
    <TD align=right width="10%" bgColor=#eeeeee>51 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#FFFFFF>11.14 </TD>
    <TD align=left width="80%" bgColor=#FFFFFF colSpan=2>Construction </TD>
    <TD align=right width="10%" bgColor=#FFFFFF>51</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P align=center>- iii - </P>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE A &#150; DIRECTLY TRANSFERRED ASSETS
</TD>
    <TD align=right width="10%" bgColor=#eeeeee >A-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE B &#150; DIRECTLY HELD ENTITIES </TD>
    <TD align=right width="10%" >B-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE C &#150; HOLDING ENTITIES </TD>
    <TD align=right width="10%" bgColor=#eeeeee >C-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE D &#150; OFFTAKE INSTRUMENTS </TD>
    <TD align=right width="10%" >D-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE E &#150; ROYALTY INSTRUMENTS </TD>
    <TD align=right width="10%" bgColor=#eeeeee >E-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE F &#150; STREAM INSTRUMENTS </TD>
    <TD align=right width="10%" >F-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE G &#150; REPRESENTATIONS AND WARRANTIES
      OF SELLERS </TD>
    <TD align=right width="10%" bgColor=#eeeeee >G-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE H &#150; REPRESENTATIONS AND WARRANTIES OF BUYER </TD>
    <TD align=right width="10%" >H-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE I &#150; EXCLUDED ROYALTIES </TD>
    <TD align=right width="10%" bgColor=#eeeeee >I-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE J &#150; SELLERS&#146; DISCLOSURE SCHEDULE </TD>
    <TD align=right width="10%" >J-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE K &#150; BUYER&#146;S DISCLOSURE SCHEDULE
</TD>
    <TD align=right width="10%" bgColor=#eeeeee >K-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE L &#150; ASSIGNMENT AGREEMENTS </TD>
    <TD align=right width="10%" >L-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE M &#150; FORM OF SHAREHOLDER
      PARTICIPATION AGREEMENT </TD>
    <TD align=right width="10%" bgColor=#eeeeee >M-1
  </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=center><B>ACQUISITION AGREEMENT </B></P>
<P align=justify><B>THIS AGREEMENT</B> (this "<B>Agreement</B>") is made and
entered into as of June 4, 2017,</P>
<P align=justify><B>BETWEEN </B></P>
<P align=justify><B>Orion Mine Finance (Master) Fund I LP</B>, a Bermuda
exempted partnership and limited partnership ("<B>Fund I</B>"); </P>
<P align=justify><B>Orion Mine Finance (Master) Fund I-A LP</B>, a Bermuda
exempted partnership and limited partnership ("<B>Fund I-A</B>");</P>
<P align=justify><B>Orion Co-Investments I (Stream) LLC</B>; a Delaware limited
liability company ("<B>Orion LLC</B>"); </P>
<P align=justify><B>Orion Co-Investments II LP</B>, a Bermuda limited
partnership ("<B>Co-Investments II</B>"); </P>
<P align=justify><B>Orion Co-Investments IV LP</B>, a Bermuda limited
partnership ("<B>Co-Investments IV</B>");</P>
<P align=justify><B>8248567 Canada Limited (</B>"<B>8248567</B>"<B>)</B>, a
corporation incorporated under the laws of Canada; and </P>
<P align=justify><B>Lynx Metals Limited</B>, a Bermuda corporation
("<B>Lynx</B>"), </P>
<P align=justify>(collectively, the "<B>Sellers</B>" and each a
"<B>Seller</B>")</P>
<P align=justify><B>AND: </B></P>
<P align=justify><B>OSISKO GOLD ROYALTIES LTD</B>, a Quebec corporation (the
"<B>Buyer</B>"). </P>
<P align=justify><B>RECITALS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">A. </TD>
    <TD>
      <P align=justify>The Sellers own certain rights, title and interests,
      directly and indirectly, in mineral royalty interests, stream agreements,
      offtake agreements and similar assets.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">B. </TD>
    <TD>
      <P align=justify>The Sellers and the Buyer desire to enter into
      transactions in which, among other things, the Sellers shall (i) directly
      or (ii) through the sale of shares or other equity ownership interests of
      wholly-owned or partially-owned entities, sell and transfer to the Buyer,
      all of the Sellers' right, title and interest in such mineral royalty
      interests, stream agreements, offtake agreements and similar assets all on
      the terms and conditions stated in this
Agreement.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 2 - </P>
<P align=center><B>AGREEMENTS </B></P>
<P align=justify>In consideration of the mutual covenants in this Agreement, the
Sellers and the Buyer agree as follows: </P>
<P align=center><B>ARTICLE 1 - CERTAIN DEFINITIONS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.1</B> </TD>
    <TD>
      <P align=justify><B>Definitions</B></P></TD></TR></TABLE>
<P align=justify>As used in this Agreement, the following terms, whether in
singular or plural forms, shall have the following meanings: </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Affiliate</B>" means, with respect
to any Person, any other Person controlling, controlled by or under common
control with such Person, with "control" for such purpose meaning the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities or voting interests, by contract or otherwise.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Anti-Bribery Legislation</B>" means
the Foreign Corrupt Practices Act of 1977 (United States) and the rules and
regulations made thereunder, the <I>Corruption of Foreign Public Officials Act
</I>(Canada) and any other similar anti-bribery or anti-corruption laws or
conventions applicable to Buyer or any of its subsidiaries. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Assumed Liabilities</B>" has the
meaning given in Section 2.3. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Base Purchase Price</B>&quot; has the
meaning given in Section 2.2(a)(i). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Books and Records</B>" means all
material books and records which relate to the Holding Entities or the Portfolio
Assets and over which the Sellers or the Holding Entities have possession and
control, including without limitation books, records and audit reports or
financial information, but specifically excluding any books, records and
information or portions thereof which (i) do not relate exclusively to the
Holding Entities or the Portfolio Assets in which case the Sellers shall redact
and exclude any information that does not relate to the Holding Entities or the
Portfolio Assets, (ii) the Sellers or the Holding Entities are required to
retain pursuant to any Legal Requirement, (iii) are subject to confidentiality
provisions and (iv) are proprietary in nature developed by the Sellers (which
books, records and data referred to in the immediately preceding sub-paragraphs
(i) to (iv) are referred to in this Agreement as the "<B>Excluded Books and
Records</B>"). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Brazil Agreement</B>" means the
share purchase and settlement agreement dated May 29, 2017 between Vaaldiam
Mining Inc., Kenneth Johnson and Fund I.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Business Day</B>" means any day
other than Saturday, Sunday or a day on which banking institutions in New York
or Montr&#233;al are required or authorized to be closed. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Board</B>" means the board of
directors of the Buyer as the same is constituted from time to time. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Board Recommendation</B>&quot; has
the meaning given thereto in Section 5.8(c)(i). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 3 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Circular</B>" means the
notice of the Buyer Meeting and accompanying management information circular,
including all schedules thereto and documents incorporated by reference therein,
to be sent to Buyer Shareholders in connection with the Buyer Meeting, and
includes any amendments thereto. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Entitled Amounts</B>" means:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the aggregate dollar value, expressed in U.S. dollars, of
      all cash payments if any, received by the Sellers (or any Affiliate of the
      Sellers) from, with respect to or on account of the Directly Transferred
      Assets, except to the extent such payments are receivable in respect of a
      Pre-Effective Date Period; <U>plus</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the aggregate dollar value, expressed in U.S. dollars, of
      all cash received, by the Sellers (or any Affiliate of the Sellers) from
      the sale of material purchased by the Sellers in connection with the
      Directly Transferred Assets, if any, less the price paid, expressed in
      U.S. dollars, by the Sellers for such material, except to the extent such
      amounts are receivable in respect of a Pre-Effective Date Period;
      <U>less</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any fees, commissions or other expenses paid by the
      Sellers in respect of Directly Transferred Assets.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Indemnified Taxes</B>" means
Buyer Sales Taxes and Post-Effective Date Period Taxes, but excluding: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Taxes arising as a direct or indirect result of the
      consummation of the transactions described in Section 5.10(a), whether
      arising before or after the Effective Date; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Taxes based upon, relating to, resulting from, arising
      out of or in respect of any Excluded Royalties, whether arising before or
      after the Effective Date.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Investee</B>" means any
Person in which the Buyer has disclosed in the Buyer Public Record, as of the
date hereof, a 10% or greater interest. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Material Adverse Effect</B>"
means any change, effect, event, state of facts or occurrence that, individually
or together with any other changes, effects, events, states of facts or
occurrences, is or would reasonably be expected to (i) be material and adverse
to the business, operations, results of operations, assets, properties,
capitalization, financial condition or liabilities (contingent or otherwise) of
Buyer and its subsidiaries, taken as a whole or (ii) materially impede the
completion of the transactions contemplated under this Agreement, other than any
change, effect, event, state of facts or occurrence: (i) affecting the worldwide
gold mining industry in general; (ii) in or relating to general political,
economic, financial or capital market conditions generally (including any
reduction in market indices); (iii) in or relating to, IFRS or regulatory
accounting requirements; (iv) in or relating to any change in Legal Requirements
or any interpretation, application or non-application thereof by any
Governmental Authority; (v) relating to a change in the market trading price of
shares of Buyer arising from the announcement of the execution of this Agreement
or the transactions contemplated hereby or, subject to the proviso in the last
clause of this definition, any change event or occurrence excluded from this
definition under clauses (i) to (iv) and (vi); or (vi) resulting from changes in
the price of gold; <i>provided, however</i>, that such change, effect, event,
state of facts or occurrence referred to in clauses (i) to (iv) and (vi) above,
does not have a disproportionate effect on Buyer and its subsidiaries (taken as
a whole) compared to other companies of similar size operating in the mining
industry. </P>
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<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Meeting</B>" means the
  special meeting, including any adjournments or postponements thereof, of the
  Buyer Shareholders to be held to consider and, if deemed advisable, to approve
the Share Issuance Resolution. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Public Record</B>" means,
collectively, all of the documents which have been filed by or on behalf of the
Buyer with the relevant securities regulators pursuant to the requirements of
securities laws, including all documents publicly available on the Buyer's SEDAR
profile. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Sales Taxes</B>&quot; has the
meaning given in Section 2.2(d). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Shareholder Approval</B>"
means the requisite approval for the Share Issuance Resolution, being a majority
of the votes cast on the Share Issuance Resolution by holders of Buyer Shares
present in person or represented by proxy at the Buyer Meeting. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Shareholders</B>" means, at
any time, the holders of the Buyer Shares. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Shares</B>" means common
shares in the capital of Buyer. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Cash Consideration</B>&quot; has the
meaning given in Section 2.2(b)(i). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Change of Business</B>" means a
transaction or series of transactions as a result of which the Buyer&#146;s resources
are redirected and the nature of the Buyer&#146;s business of acquiring and managing
precious metal and other royalties, streams and a direct or indirect interest in
mining development businesses and properties and similar interests changes,
including through the acquisition of an interest in another business which
represents a material amount of the Buyer&#146;s market value, assets or operations,
or which becomes the principal enterprise of the Buyer; <I>provided,
however</I>, that the transition of the principal enterprise of the Buyer to the
operation of mineral projects shall constitute a Change of Business;
<I>provided, further</I>, that in no event will (i) continued operatorship over
current assets of the Buyer, or (ii) increased participation in a Buyer Investee
constitute a Change of Business.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Closing</B>" has the meaning given
in Section 7.1. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Closing Date</B>" means July 31,
2017, or such other date as is agreed to in writing by the Buyer and the
Sellers, each acting reasonably; <I>provided</I>, however, that if all
conditions to Closing set forth in Sections 6.1 and 6.2 have been satisfied or,
where applicable, waived as of the Closing Date other than receipt of one or more of the
Required Approvals, the Closing Date shall be automatically extended for
successive 10-day periods until the earlier of (i) the date that is 2 days
following the date on which all Required Approvals have been obtained (or the
date on which any party to this Agreement receives written notification from the
relevant Governmental Authority that a Required Approval is unlikely to be
obtained) and (ii) September 30, 2017. </P>
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<P style="MARGIN-LEFT: 5%" align=justify>"<B>Closing Purchase Price
Adjustment</B>&quot; has the meaning given in Section 2.2(d). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Code of Civil Procedure Arbitration
Provisions</B>&quot; has the meaning given in Section 11.11(c). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Competition Act</B>" means the
<I>Competition Act</I>, R.S.C. 1985, c. C-34, as amended. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Competition Act Approval</B>" means
any of: (i) the Commissioner of Competition having issued an advance ruling
certificate pursuant to section 102 of the Competition Act in respect of the
transactions contemplated by this Agreement; (ii) the Commissioner of
Competition having waived the obligation to file notifications under section 114
of the Competition Act and having issued a No Action Letter; or (iii) the
parties having filed notifications under section 114 of the Competition Act and
the applicable waiting period under section 123 of the Competition Act having
expired or been terminated and the Commissioner of Competition having issued a
No Action Letter. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Confidentiality Agreements</B>"
means, collectively, (i) the Confidentiality Agreement between Fund I, Fund I-A
and the Buyer made effective the 21<SUP>st</SUP> day of January, 2017 and (ii)
the Confidentiality Agreement between Fund I, Fund I-A and the Buyer made
effective the 25<SUP>th</SUP> day of May, 2017. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Consideration Shares</B>" means
30,906,594 Buyer Shares at an agreed price on the date hereof of Cdn$14.56 per
Buyer Share. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Contract</B>" means any contract,
mortgage, deed of trust, bond, indenture, lease, license, note, franchise,
certificate, option, warrant, right, or other instrument, document, obligation,
or agreement, and any other obligation, right, or agreement, whether written or
oral. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Counterparty Public Records</B>"
means, collectively, all of the documents which have been filed by or on behalf
of any counterparty to the Royalty Instruments, Stream Instruments and Offtake
Instruments (or, in the event such counterparty is not a public company, by its
public company parent) with the relevant securities regulators pursuant to the
requirements of securities laws, including all documents publicly available on
any such counterparty&#146;s SEDAR profile. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Directly Transferred Assets</B>"
means those Portfolio Assets that are listed on Schedule A as being transferred
directly to the Buyer. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Directly Held Entities</B>" means
Holding Entities that are held directly by one or more of the Sellers, as set
out in Schedule B. </P>
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<P align=center>- 6 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Disclosing Party</B>&quot; has the
meaning given in Section 5.9(g). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Dispute</B>&quot; has the meaning given
in Section 5.9(g)11.11(b). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Effective Date</B>" means June 1,
2017. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Effective Date Working Capital</B>"
means the sum of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the aggregate dollar value, expressed in United States
      dollars, of all cash deposits held by the Holding Entities as at the close
      of business on May 31, 2017; <U>plus</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the aggregate dollar value based upon the US$ London
      Bullion Market PM Fixing Price, expressed in United States dollars, of all
      bullion held by the Holding Entities as at the close of business on May
      31, 2017; <U>less</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the aggregate dollar value, expressed in United States
      dollars, of all payables of the Holding Entities due and outstanding as at
      the close of business on May 31, 2017.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Employee Obligations</B>" means any
and all claims, actions, causes of action, damages, losses, liabilities,
obligations, penalties, judgments, settlements, costs, disbursements, or
expenses (including without limitation, attorneys&#146; fees and experts&#146; fees) of
any kind or of any nature whatsoever for liability relating to any compensation,
salaries, wages, bonus, overtime pay, vacation pay, or benefits (including the
Benefit Plans), including termination pay, severance pay, compensation in lieu
of notice or damages for wrongful dismissal, workers' compensation premiums and
all statutory withholdings and remittances, payable to or in respect of (i) any
employees or contractors, or former employees or contractors, of the Sellers,
and (ii) any employees or contractors, or former employees or contractors, of
the Holding Entities in respect of any period up to and including the Closing
Date. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Encumbrance</B>" means any security
interest, lien, mortgage, hypothec, charge, indenture, pledge, claim, option, or
other encumbrance. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Environmental Law</B>" means any
Legal Requirement relating to pollution or protection of public health, safety
or welfare or the environment, including those relating to the generation,
emission, discharge, release or threatened release of Hazardous Substances into
the environment (including ambient air, surface water, ground water or land), or
otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport, handling, remediation, or clean-up of Hazardous
Substances.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Environmental Liabilities</B>"
means any and all claims, actions, causes of action, damages, losses,
liabilities, obligations, penalties, judgments, settlements, costs,
disbursements, or expenses (including without limitation, attorneys' fees and
experts' fees) of any kind or of any nature whatsoever for liability (including
without limitation, liability for study, testing or investigatory costs, cleanup
costs, response actions or costs, removal actions or costs, remediation costs,
containment costs, restoration costs, reclamation costs, corrective action costs, closure costs,
natural resources damages, nuisance, property damages, business losses,
penalties or fines), whether threatened or otherwise, arising out of, based upon
or resulting from, relating to, connected with or caused by the Portfolio Assets
or operations thereon or related thereto, however and by whomsoever caused, and
whether caused by a breach of the Legal Requirements, arising under common law
or otherwise, which exist or arise in whole or in part prior to, at or
subsequent to the Closing, and regardless of whether a reclamation certificate
has been issued, including, without limiting the generality of the foregoing,
those existing or arising from or related to:</P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the presence, release, threatened release, discharge or
      emission into the environment of any Hazardous Substance;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the violation or alleged violation of any Environmental
      Law;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Reclamation obligations;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>surface, underground, air, ground water, surface water or
      marine environment contamination;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the breach of Legal Requirements in effect at any
      time;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the removal of or failure to remove foundations,
      structures or equipment; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>damages and losses suffered, sustained, paid or incurred
      by third parties as a result of any of the matters described in the
      foregoing provisions of this definition.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Exchange Rate</B>" means 0.7416,
being the average of the daily exchange rate published by the Bank of Canada for
Cdn$1.00, expressed in US$, for each of the five Business Days preceding the
date of this Agreement. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Excluded Royalties</B>" means the
Altar Royalty, the Lithium Nevada-Kings Valley Royalty, the Pukaqaqa Royalty,
the Pukaqaqa Norte Royalty, the Pukaqaqa Sur Royalty, Admiral Bay GOR Royalty
and the Admiral Bay NSR Royalty, each as described in Schedule I.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Exclusivity Agreement</B>" means
the Exclusivity Agreement dated as of May 22, 2017 between Orion Mine Finance
Management I Limited, on behalf of funds managed by it, and the Buyer. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Fairness Opinion</B>" means the
opinion of Maxit Capital LP to the effect that, as of the date of such opinion,
and subject to the assumptions, limitations and qualifications set forth
therein, the transactions contemplated by this Agreement are fair, from a
financial point of view, to the Buyer. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Filing-Due Date</B>&quot; has the
meaning given in Section 5.3(b). </P>
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<P style="MARGIN-LEFT: 5%" align=justify>"<B>Final Purchase Price
Adjustment</B>&quot; has the meaning given in Section 2.2(e). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Final Purchase Price Adjustment
Statement</B>&quot; has the meaning given in Section 2.2(e). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Governmental Authority</B>" means
the government of the United States of America, Canada or any province or
territory thereof, or any other country or sovereign entity, any state,
commonwealth, territory, or possession thereof, and any political subdivision or
quasi-governmental authority of any of the same, including but not limited to
courts, tribunals, arbitrators, departments, commissions, boards, bureaus,
agencies, counties, municipalities, provinces, parishes, and other
instrumentalities. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Governmental Permits</B>" means
franchises, approvals, authorizations, permits, licenses, easements,
registrations, qualifications, leases, variances and similar rights obtained
from any Governmental Authority. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Hazardous Substances</B>" means any
waste, material or other substance that is hazardous, radioactive, toxic, a
pollutant or a contaminant, or that is regulated, listed, defined, designated,
prohibited, or classified, or otherwise determined to be, as such under or
pursuant to any Environmental Law, including any mixture or solution thereof,
and including pollutants, contaminants, chemicals, deleterious substances,
dangerous goods, hazardous or industrial toxic wastes or substances, tailings,
wasterock, radioactive materials, flammable substance, explosives,
polychlorinated biphenyl, chlorinated solvents, hydrogen sulphide, arsenic,
cadmium, copper, lead, mercury, urea-formaldehyde insulation, petroleum and all
derivatives thereof or synthetic substitutes thereof. asbestos or
asbestos-containing materials, cyanide or cyanide-containing compounds and any
other material, substance pollutant or contaminant that could result in lability
under, any applicable Environmental Law.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Holding Entities</B>" means the
subsidiaries or other entities wholly or partially owned by the Sellers that
hold Portfolio Assets, as set out in Schedule C. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>IFRS</B>" means International
Financial Reporting Standards formulated by the International Accounting
Standards Board, as updated and amended from time to time. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Income Tax</B>" or "<B>Income
Taxes</B>" shall mean all Taxes based upon, measured by, or calculated with
respect to:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>gross or net income or gross or net receipts or profits
      (including, but not limited to, any capital gains, minimum taxes and any
      Taxes on items of tax preference, but not including sales, use, goods and
      services, real or personal property transfer or other similar
    Taxes),</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>multiple bases (including, but not limited to, corporate
      franchise, doing business or occupation Taxes) if one or more of the bases
      upon which such Tax may be based upon, measured by, or calculated with
      respect to, is described in clause (i) above,
or</P></TD></TR></TABLE><BR>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>withholding taxes measured by, or calculated with respect
      to, any payments or distributions (other than
wages).</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Indemnitee</B>" has the meaning
given in Section 10.3. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Indemnitor</B>" has the meaning
given in Section 10.3. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Indigenous</B>" means any
indigenous Person(s), tribe(s) and/or band(s), in any other country, state or
territory, in each case as such term is defined or accepted under Legal
Requirements.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Indigenous Claims</B>" means any
claims, assertions or demands, written or oral, whether proven or unproven, made
by any Indigenous, or any representatives thereof, in respect of asserted or
proven Indigenous rights affecting all or any portion of the conduct of the
operations or the ownership, possession, control or management of the assets and
properties associated with the Portfolio Assets.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Indigenous Information</B>" means
any and all written and material oral communications and documentation,
including electronic or other form related to any (i) Indigenous Claims; (ii)
Indigenous making any Indigenous Claims; (iii) Indigenous groups, or (iv) any
Governmental Authority, or representatives thereof, in respect of any matter,
including the issuance of required permits, licences and other governmental
authorizations, involving any Indigenous Claims or Indigenous groups in relation
to the assets and properties and properties associated with the Portfolio
Assets. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Intercreditor Agreement</B>" means
the Intercreditor Agreement dated October 13, 2016 between (1) Societe Generale,
London Branch, acting as Facility Agent, (2) the financial institutions named in
Part 1 of Schedule 1 thereto, as Senior Term Lenders, (3) Ohridska Banka Ad
Skopje, as Senior Revolving Lender, (4) Societe Generale London Generale, London
Branch and Investec Bank PLC, as Arrangers, (5) the entities named in Part 2 of
Schedule 1 thereto, as Hedge Counterparties, (6) Lynx Metals Limited, as
Subordinated Creditor, (7) the companies named in Part 3 of Schedule 1 thereto,
as Intra-Group Lenders, (8) the subsidiaries of Lynx Resources Limited ("<B>Lynx
Resources</B>") named in Part 4 of Schedule 1 thereto, Lynx Resources and Lynx
Metals Limited, as Debtors and (9) Societe Generale, London Branch, as security
trustee for the Secured Parties thereunder. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Investment Canada Act</B>" means
the <I>Investment Canada Act</I>, R.S.C. 1985, c. 28 (1<SUP>st </SUP>Supp), as
amended. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Judgment</B>" means any judgment,
writ, order, injunction, award, or decree of any court, judge, justice,
magistrate or arbitrator, including any bankruptcy court or judge, and any order
of or by any Governmental Authority. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Knowledge</B>" of any Person with
respect to any matter means (i) in the case of the Buyer, the actual knowledge
of any senior officer of the Buyer of such matter and all information which
ought to have been known by any of them after conducting a reasonable inquiry
into the matters in question, whether or not any such inquiry was actually made; and (ii) in the case of the Sellers, the actual
knowledge of or any portfolio manager, officer or director of Orion Mine Finance
Management I Limited, Orion Resource Partners (USA) LP, and Orion Resource
Partners (Aus) Pty Ltd. and all information which ought to have been known by
any of them after conducting a reasonable inquiry into the matters in question,
whether or not any such inquiry was actually made.</P>
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<P style="MARGIN-LEFT: 5%" align=justify>"<B>Legal Requirements</B>" means
  applicable common law and any statute, ordinance, code or other law,
  Regulations, order, requirement, or procedure enacted, adopted, promulgated,
applied, or followed by any Governmental Authority, including any Judgment. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Litigation</B>" means any claim,
action, suit, proceeding, arbitration, investigation, hearing, or other
activity, including, to the Knowledge of the applicable party, any threat
related to any of the foregoing, in each case, that could result in a Judgment.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Losses</B>" means any claims,
losses (excluding loss of profits and consequential losses), liabilities,
damages, Encumbrances, penalties, costs, and expenses, including but not limited
to interest which may be imposed in connection therewith, and reasonable fees
and disbursements of counsel. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Macedonian Competition Act
Approval</B>" means the issuance of a clearance, or the expiration or early
termination of the review period, and any extension thereof, following a merger
notification made with the MCC, applicable to the transactions contemplated by
this Agreement, specifically the SASA Stream. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Mantos Silver Stream</B>" means the
Stream more particularly described in Schedule F as the Mantos Silver Stream.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>MCC</B>" means the Macedonian
Competition Commission. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>misrepresentation</B>" has the
meaning ascribed thereto in the Securities Act. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Neutral Auditor</B>&quot; means an
accounting firm of recognized national standing as agreed by the parties or as
may be appointed as Neutral Auditor in accordance with Section 2.2(f).</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>NI 43-101</B>&quot; has the meaning
given in Section 5.11(a). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Nimbus Silver Offtake</B>" means
the Offtake more particularly described in Schedule D as the Nimbus Silver
Offtake. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>No Action Letter</B>" means written
confirmation from the Commissioner of Competition confirming that he does not,
at that time, intend to make an application under section 92 of the Competition
Act in respect of the transactions contemplated by this Agreement. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>NYSE</B>" means the New York Stock
Exchange. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_37></A>
<P align=center>- 11 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Offtake Instruments</B>" means the
Contracts memorializing and containing the terms and conditions for the
Offtakes, as described in Schedule D attached hereto. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Offtakes</B>" means the offtake
rights and obligations held by the Sellers or the Holding Entities or any of
them pursuant to the Offtake Instruments, and "<B>Offtake</B>" means any one of
the foregoing. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Operator</B>&quot; has the meaning given
in Section 4.1(a)(i). </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>"[Redacted]" </B>has the meaning
given in [Redacted].</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Parral Gold and Silver Offtake</B>"
means the Offtake more particularly described in Schedule D as the Parral Gold
and Silver Offtake. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Payor</B>" has the meaning given in
Section 2.5. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Person</B>" means any natural
person, Governmental Authority, corporation, general or limited partnership,
joint venture, limited liability company, trust, association, or unincorporated
entity of any kind. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Portfolio Assets</B>" means </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Royalties other than the Excluded
Royalties;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Streams; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Offtakes.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Post-Effective Date Period
Taxes</B>" means: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>with respect to Taxes imposed, or that will be imposed,
      upon the Holding Entities, with respect to taxation years or other periods
      commencing on or after the Effective Date, all such Taxes; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>with respect to Taxes imposed, or that will be imposed,
      upon the Holding Entities, with respect to any Straddle Period, the
      portion of any such Taxes that is allocable to the portion of the Straddle
      Period commencing on the Effective Date. For the purposes of this
      paragraph (b), the income of the Holding Entities shall be apportioned to
      the period up to the Effective Date and the period after the Effective
      Date by closing the books of the Holding Entities as of the last moment on
      May 31, 2017.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Pre-Closing Reorganization</B>&quot; has
the meaning given in Section 5.10(a)(v). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Pre-Effective Date Period</B>"
means any period ending before the Effective Date. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Pre-Effective Date Period
Taxes</B>" means: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_38></A>
<P align=center>- 12 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>with respect to Taxes imposed, or that will be imposed,
      upon the Holding Entities, with respect to taxation years or other periods
      ending before the Effective Date (regardless of whether a Tax Return is
      required to be filed before the Effective Date), all such Taxes;
  and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>with respect to Taxes imposed, or that will be imposed,
      upon the Holding Entities, with respect to any Straddle Period, the
      portion of any such Taxes that is allocable to the portion of the Straddle
      Period ending immediately prior to the Effective Date. For the purposes of
      this paragraph (b), the income of the Holding Entities shall be
      apportioned to the period up to the Effective Date and the period after
      the Effective Date by closing the books of the Holding Entities as of the
      last moment on May 31, 2017.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Purchased Securities</B>" has the
meaning given in Section 2.1. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Purchase Price</B>&quot; has the meaning
given in Section 2.2(a). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>QBCA</B>" means the <I>Business
Corporations Act</I> (Qu&#233;bec) and the Regulations made thereunder. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Receiving Party</B>&quot; has the
meaning given in Section 5.9(g). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Reclamation</B>" means the
reclamation, restoration or closure, to the satisfaction of the relevant
Governmental Authority, of any facility or land utilized in any exploration,
mining or processing operation required by any Legal Requirement or any
Governmental Permits.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Regulations</B>" means all rules,
regulations and directions in effect from time to time and made by any
Governmental Authority having jurisdiction over the parties to this Agreement or
the transactions contemplated hereby. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Renard Diamond Stream</B>" means
the Stream more particularly described in Schedule F as the Renard Diamond
Stream. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Required Approvals</B>" means,
collectively, Competition Act Approval and Macedonian Competition Act Approval;
</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Royalties</B>" means the royalties
payable to the Holding Entities or Sellers or any of them pursuant to the
Royalty Instruments, and "<B>Royalty</B>" means any one of the foregoing. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Royalty Instruments</B>" means the
Contracts memorializing and containing the terms and conditions for the
Royalties, as described in Schedule E attached hereto. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Sales Taxes</B>&quot; has the meaning
given thereto in Section 2.2(d). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>SASA Silver Stream</B>" means the
Stream more particularly described in Schedule F as the SASA Silver Stream. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></A>
<P align=center>- 13 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Securities Act</B>" means the
<I>Securities Act</I> (Qu&#233;bec) and the rules and regulations promulgated
thereunder. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Securities Authorities</B>" means
the securities regulatory authorities in each of the provinces and territories
of Canada, the TSX and the NYSE. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Security</B>" means all security
documents, guarantees and indemnities in favour of or for the benefit of any
Seller or Holding Entity in connection with any Portfolio Asset. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>SEDAR</B>" means the System for
Electronic Document Analysis and Retrieval of the Canadian Securities
Administrators. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Sellers Indemnified Taxes</B>"
means: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Pre-Effective Date Period Taxes;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Taxes arising as a direct or indirect result of the
      consummation of the transactions described in Section 5.11(a), whether
      arising before or after the Effective Date;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Taxes based upon, relating to, resulting from, arising
      out of or in respect of any Excluded Royalties, whether arising before or
      after the Effective Date; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any Withholding Taxes paid by Buyer or any Payor to the
      applicable Governmental Authority,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>but excluding (A) any Buyer Sales
Taxes and (B) such amounts that arise or are imposed as a result of the Buyer or
its Affiliate (i) making any Tax election, (ii) changing any method of tax
accounting, (iii) entering into any closing agreement relating to Taxes, (iv)
amending, or taking any position on, any Tax Returns relating to any
Pre-Effective Date Period or Straddle Period, or (v) agreeing to an extension of
a statute of limitations, unless such action is required by Legal Requirement or
is consented to in writing by the Sellers (such consent not be unreasonably
withheld, delayed or conditioned). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Sellers Material Adverse
Effect</B>" means any change, effect, event, state of facts or occurrence that,
individually or together with any other changes, effects, events, states of
facts or occurrences, is or would reasonably be expected to (i) be material and
adverse to the Directly Transferred Assets and the Holding Entities, taken as a
whole or (ii) materially impede the completion of the transactions contemplated
under this Agreement, other than any change, effect, event, state of facts or
occurrence: (i) affecting the worldwide gold, silver, copper or diamond mining
industry in general; (ii) in or relating to general political, economic or
financial or market conditions generally (including any reduction in market
indices); (iii) in or relating to, IFRS or regulatory accounting requirements;
(iv) in or relating to any change in Legal Requirements or any interpretation,
application or non-application thereof by any Governmental Authority; or (v)
resulting from changes in the price of gold, silver, copper or diamonds;
<I>provided,</I><i> however, </i>that such change, effect, event, state of facts
or occurrence referred to in clauses (i) to (v) above does not have a
disproportionate effect on the counterparties under the Royalty Instruments,
Stream Instruments or Offtake Instruments, taken as a whole, compared to other
companies of similar size operating in the mining industry. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A>
<P align=center>- 14 -</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Sellers Representatives</B>&quot; has
the meaning given in Section 5.1(b). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Share Issuance Resolution</B>"
means the ordinary resolution of the Buyer Shareholders authorizing and
approving the issuance of the Consideration Shares pursuant to the transactions
contemplated by this Agreement. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Shareholder Participation
Agreement</B>" means the shareholder participation agreement, in the form set
forth in Schedule M, between the Buyer and the holder(s) of Consideration
Shares, providing for certain rights and obligations of such holder(s) of
Consideration Shares following the Closing.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Straddle Period</B>" means any
taxation year or other period beginning before the Effective Date and ending on
or after the Effective Date. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Straddle Period Tax Returns</B>&quot;
has the meaning given in Section 5.3(b). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Stream Instruments</B>" means the
Contracts memorializing and containing the terms and conditions for the Streams,
as described in Schedule F attached hereto. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Streams</B>" means the mineral
purchase rights and obligations held by the Sellers or the Holding Entities or
any of them pursuant to the Stream Instruments, and "<B>Stream</B>" means any
one of the foregoing. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>subsidiary</B>" means, with respect
to any Person, a Person that is controlled directly or indirectly by that Person
and includes a subsidiary of any subsidiary and, for purposes of this
definition, a Person controls a second Person if (i) the Person, directly or
indirectly, beneficially owns or exercises control or direction over securities
of the second Person carrying votes which, if exercised, would entitle the
Person to elect a majority of the directors of the second Person, unless the
Person beneficially owns or exercises control or direction over voting
securities only to secure an obligation, (ii) the second Person is a
partnership, the Person beneficially owns or exercises control or direction over
more than 50 per cent of the interests in the partnership, or (iii) the second
Person is a limited partnership, the Person is the general partner of the
limited partnership or controls the general partner. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Tax Attributes</B>" means any loss,
allowance, credit, relief, deduction or set-off of any kind in respect of, or
taken into account, or capable of being taken into account in the calculation of
a liability for Tax of any Holding Entity or any right to repayment of Tax of
any Holding Entity. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>"[Redacted]" </B>has the meaning
given in Section 5.3(d). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_41></A>
<P align=center>- 15 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Tax Returns</B>" shall mean
returns, reports, information statements and other documentation (including any
additional or supporting material) filed or maintained, or required to be filed
or maintained, in connection with the calculation, determination, assessment,
claim for refund or collection of any Tax and shall include any amended returns
required as a result of examination adjustments made by the Internal Revenue
Service, the Canada Revenue Agency, Revenu Qu&#233;bec or other Tax authority. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Tax</B>" or <B>Taxes</B>" means all
levies, charges and assessments of any kind or nature imposed by any
Governmental Authority, including but not limited to all income, sales, use, ad
valorem, value added, franchise, severance, net or gross proceeds, withholding,
payroll, employment, excise, or property taxes, together with any interest
thereon and any penalties, additions to tax, or additional amounts applicable
thereto. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Transition Services Agreement</B>"
means a transition services agreement between Orion Resource Partners (USA) LP,
Orion Merchant, LLC and the Buyer relating to the provision of certain
transition services that may be provided by the Sellers or their Affiliates to
the Buyer and its Affiliates, with a view to assisting the Buyer and its
Affiliates with the integration of the operations and administration of the
Portfolio Assets and the Holding Entities, with a three-month term beginning on
the Closing Date or such other longer term as the parties thereto may reasonably
agree upon, each acting reasonably.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>TSX</B>" means Toronto Stock
Exchange. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Underlying Interests</B>&quot; has the
meaning given in Section 4.1(a)(i). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Withholding Taxes</B>" means all
Taxes, if any, payable by the Buyer or any Person acting on behalf of the Buyer
to a Governmental Authority in respect of amounts that may be required to be
deducted or withheld under any Legal Requirements from any consideration or
amount payable or otherwise deliverable under this Agreement to any Seller,
including, without in any way limiting the generality of the foregoing, any U.S.
federal withholding taxes applicable in respect of the sale of the equity
interests of Orion Royalty Company, LLC, MF2 Investment Company 1 LP and MF2
Investment Company 1 Limited. </P>
<P align=center><B>ARTICLE 2- BASIC TRANSACTIONS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.1</B> </TD>
    <TD>
      <P align=justify><B>Purchase and Sale of Purchased Securities and Directly
      Transferred Assets</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Subject to the terms and conditions of
this Agreement, at Closing the Sellers shall sell and convey to the Buyer, and
the Buyer shall purchase for the Purchase Price, (i) all of the issued and
outstanding shares of capital stock or other equity ownership interests of the
Directly Held Entities held by the Sellers (the "<B>Purchased Securities</B>")
and (ii) all of the Sellers' right, title and interest in and to the Directly
Transferred Assets; provided that, in the case of the Renard Diamond Stream, the
Sellers may satisfy their obligations hereunder by causing an interest
equivalent to the Sellers&#146; interest in the Renard Diamond Stream to be sold and
conveyed to the Buyer and such sale and conveyance shall be deemed to be a sale and conveyance by the Sellers as a Directly
Transferred Asset pursuant to this Agreement.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_42></A>
<P align=center>- 16 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.2</B> </TD>
    <TD>
      <P align=justify><B>Purchase Price</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The purchase price for the Purchased Securities and the
      Sellers' right, title and interest in and to the Directly Transferred
      Assets (the "<B>Purchase Price</B>") shall be equal
to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Cdn$1,125,000,000 (the "<B>Base Purchase Price</B>");
      <U>plus</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the amount of the Effective Date Working Capital (for
      greater certainty, if the amount of the Effective Date Working Capital is
      a negative amount, then such amount shall constitute a deduction from the
      Purchase Price); <U>less</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the amount of the Buyer Entitled Amounts;
    <U>less</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the aggregate amount of (i) any Employee Obligations
      payable by the Holding Entities in respect of any period prior to the
      Effective Date, to the extent such amounts were not paid prior to the
      Effective Date, and (ii) any Employee Obligations payable by the Holding
      Entities that arise on or after the Effective
Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Buyer shall pay the Base Purchase Price to the
      Sellers as follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>at the Closing, the Buyer shall pay to the Sellers, by
      wire transfer of immediately available funds to one or more bank accounts
      that have been designated in writing by the Sellers at least two Business
      Days before the Closing Date (the "<B>Designated Account(s)</B>"), cash in
      an aggregate amount (the "<B>Cash Consideration</B>") in U.S. dollars
      equal to the amount of Cdn$675,000,000 multiplied by the Exchange Rate;
      and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>at the Closing, the Buyer shall deliver, or cause to be
      to delivered, to the Sellers (or as the Sellers may otherwise direct in
      writing at least two Business Days before the Closing Date) certificates
      representing the Consideration Shares.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The amount payable in cash by the Buyer to the Sellers at
      the Closing as set out in Section 2.2(b)(i) shall be increased or
      decreased, as applicable, by the Sellers' good faith determination, as set
      out in the notice delivered by the Sellers to the Buyer in accordance with
      Section 2.2(d) below, of the amount, if any, equal
to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the amount described in Section 2.2(a)(ii) above;
      <U>less</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the sum of the amounts described in Sections 2.2(a)(iii)
      and 2.2(a)(iv) above.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_43></A>
<P align=center>- 17 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>All amounts payable by the Buyer to the Sellers pursuant
      to this Agreement do not include any value-added, sales, use, consumption,
      multi-staged, personal property, customs, excise, stamp, transfer, or
      similar taxes, duties, or charges, (collectively "<B>Sales Taxes</B>") and
      all Sales Taxes payable in respect of amounts payable by the Buyer to the
      Sellers pursuant to this Agreement (collectively "Buyer Sales Taxes") are
      the responsibility and for the account of the Buyer. If any of the Sellers
      are required by Legal Requirements to collect any applicable Buyer Sales
      Taxes from the Buyer, the Buyer shall pay such Buyer Sales Taxes to the
      applicable Seller(s) concurrent with the payment of the consideration upon
      which such Buyer Sales Taxes are calculated. Where the Sellers are not
      required by Legal Requirements to collect applicable Buyer Sales Taxes,
      the Buyer shall pay such Buyer Sales Taxes directly to the appropriate
      taxing authority and shall provide evidence of such payment to the Sellers
      upon request.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>No later than five (5) Business Days before the Closing
      Date, the Sellers shall deliver to the Buyer a notice setting out the
      Sellers' determination of the amount of the adjustment to the Purchase
      Price, if any, determined under Section 2.2(c) (the "<B>Closing Purchase
      Price Adjustment</B>"), along with a detailed computation
  thereof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Not later than thirty (30) Business Days following the
      Closing Date, the Sellers shall deliver to the Buyer a statement (the
      "<B>Final Purchase Price Adjustment Statement</B>") setting forth the
      Sellers' final determination of the amount of the adjustment to the
      Purchase Price, if any, determined under Section 2.2(c) (the "<B>Final
      Purchase Price Adjustment</B>"), along with a detailed computation thereof
      and such supporting documentation as may be reasonably requested by the
      Buyer. If, following the resolution of any dispute in respect of the Final
      Purchase Price Adjustment, as set forth in Section 2.2(f), (i) the Final
      Purchase Price Adjustment exceeds the Closing Purchase Price Adjustment,
      such excess will be payable by the Buyer to the Sellers, and (ii) the
      Final Purchase Price Adjustment is less than the Closing Purchase Price
      Adjustment, such difference will be payable by the Sellers to the Buyer.
      The Party obligated to make such payment shall remit payment to the Party
      entitled to receive such payment within fifteen (15) Business Days of
      receipt of the Final Purchase Price Adjustment Statement provided pursuant
      to this Section 2.2(e) or Section 2.2(g), as applicable.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>If the Buyer disputes one or more items having an
      aggregate value of not less than Cdn$100,000 in the Final Purchase Price
      Adjustment Statement delivered pursuant to Section 2.2(e), the Buyer
      shall, within fifteen (15) Business Days of receipt of such statement,
      deliver to the Sellers a notice of the items in dispute, along with
      reasonable particulars setting forth its reason for such dispute,
      whereupon the Buyer shall be entitled to request a Neutral Auditor to
      determine the correct amount of the disputed items in such statement as an
      independent expert. If the Parties cannot mutually agree upon a Neutral
      Auditor within seven (7) Business Days, the Neutral Auditor shall be
      appointed, upon request of either Party, by the ADR Institute of Canada,
      Inc. The Buyer and Sellers shall instruct the Neutral Auditor to deliver
      its written decision to them no later than
twenty (20) Business Days after the dispute has been referred to it
(or within any other period of time as mutually agreed between the Parties). The
Neutral Auditor shall give reasons for its decision regarding all specific items
which are in dispute between the Buyer and the Sellers. The costs and expenses
incurred by the Neutral Auditor shall be borne by the Parties in proportion to
their losing position. Any decision rendered by the Neutral Auditor shall be
final and binding on the Parties.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_44></A>
<P align=center>- 18 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>Not later than ten (10) Business Days following receipt
      of the Neutral Auditor's decision, the Sellers shall prepare and deliver
      to the Buyer a revised Final Purchase Price Adjustment Statement setting
      out the Final Purchase Price Adjustment determined in accordance with the
      Neutral Auditor's decision.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify><I>[Redacted - Section on allocation of Purchase
      Price</I>]</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>The Sellers acknowledge that the Consideration Shares are
      subject to a statutory four month hold period under applicable securities
      laws, and any certificate or written notice delivered to the Sellers (or
      as the Sellers may otherwise direct) in respect of their ownership of the
      Consideration Shares shall bear the applicable legend(s) provided for
      under the applicable securities laws.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>The Sellers acknowledge and consent to: (i) the fact that
      the Buyer is collecting Personal information (as that term is defined
      under applicable privacy legislation, including, without limitation, the
      <I>Personal Information Protection and Electronic Documents Act
      </I>(Canada) and any other applicable similar, replacement or supplemental
      provincial or federal legislation or laws in effect from time to time);
      (ii) the Buyer retaining such Personal information for as long as
      permitted or required by Legal Requirements or business practices; (iii)
      the fact that the Buyer may be required by applicable securities laws, the
      rules and policies of any stock exchange or the rules of the Investment
      Industry Regulatory Organization of Canada to provide regulatory
      authorities with any Personal information provided by the Sellers in or in
      connection with this Agreement; and (iv) the collection, use and
      disclosure of the Sellers' Personal information by the TSX.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>The Buyer agrees to reimburse the Sellers for reasonable
      salaries and wages payable to employees or contractors of the Sellers and
      the Holding Entities that are required to maintain the Holding Entities in
      good standing and to maintain the business of owning the Portfolio Assets
      in the ordinary course of business and in accordance with past practice
      during the period beginning on the Effective Date and ending on the
      Closing Date. The Sellers agree that such reimbursement shall exclude
      salaries and wages payable to employees or contractors of the Sellers and
      the Holding Entities in respect of preparing the financial statements of
      the Holding Entities and the Portfolio Assets up to May 31, 2017
      (including reviewed financial statements for the first quarter of 2017)
      and the audited financial statements for the year ended December 31, 2016 in respect of
the Holding Entities and the Portfolio Assets. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_45></A>
<P align=center>- 19 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.3 </B></TD>
    <TD>
      <P align=justify><B>Assumed Liabilities</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>From and after Closing, the Buyer
shall, and shall cause the Holding Entities (in respect of the Portfolio Assets
relating to such Holding Entities) to assume, pay, discharge, and perform all
obligations and liabilities with respect to each of the Directly Transferred
Assets and the Holding Entities, except for the Employee Obligations and
<I>[Redacted - Commercially sensitive] </I>(the "<B>Assumed
Liabilities</B>").</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.4 </B></TD>
    <TD>
      <P align=justify><B>Amounts Received
Post-Closing</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>If following Closing any of the Sellers receives any
      benefits, income, profits, monies or other amounts under or in respect of
      the Directly Transferred Assets or Holding Entities (for greater
      certainty, excluding any amounts received from Buyer in accordance with
      this Agreement) with respect to periods commencing on or after the
      Effective Date, it shall promptly provide the Buyer with (i) a statement
      of all such amounts received in such period, (ii) a wire transfer of
      immediately available funds equal to such amounts and (iii) a certificate
      signed by an officer or equivalent of the Sellers certifying that the
      Sellers have complied with the provisions of this Section 2.4.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>In the event of any dispute between the Buyer or the
      Sellers with respect to any such amounts, each shall provide the other
      reasonable access to its books and records relating to such amounts and
      shall endeavour in good faith to resolve such
dispute.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.5 </B></TD>
    <TD>
      <P align=justify><B>Tax Withholdings</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Notwithstanding any other provision of
this Agreement, the Buyer and any Person acting on behalf of the Buyer (the
"<B>Payor</B>") shall be entitled to deduct and withhold from any consideration
or amount payable or otherwise deliverable under this Agreement any amounts
required to be delivered and withheld therefrom under any applicable Legal
Requirement. The Buyer acknowledges to the Sellers that as of the date hereof it
is not aware of any Legal Requirement to deduct and withhold, and it does not
intend to deduct and withhold, any Withholding Taxes <I>[Redacted - Commercially
sensitive]</I>. To the extent any amounts are so deducted or withheld by the
Payor, the Payor shall pay the amounts deducted or withheld to the relevant
Governmental Authority in accordance with the applicable Legal Requirements, in
which event such amounts shall be treated for all purposes under this Agreement
as having been paid to the Seller to whom such amounts would otherwise have been
paid.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_46></A>
<P align=center>- 20 - </P>
<P align=center><B>ARTICLE 3- REPRESENTATIONS AND WARRANTIES </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.1</B> </TD>
    <TD>
      <P align=justify><B>Sellers' Representations and
  Warranties</B></P></TD></TR></TABLE>
<P align=justify>The Sellers jointly and severally represent and warrant to the
Buyer, in each case subject to the limitations in Article 4, as to those matters
set forth in Schedule G and acknowledge that the Buyer will rely on such
representations and warranties in entering into this Agreement, and in
concluding the transactions contemplated hereunder. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.2</B> </TD>
    <TD>
      <P align=justify><B>Buyer's Representations and
  Warranties</B></P></TD></TR></TABLE>
<P align=justify>The Buyer represents and warrants to the Sellers as to those
matters set forth in Schedule H and acknowledges that the Sellers will rely on
such representations and warranties in entering into this Agreement, and in
concluding the transactions contemplated hereunder.</P>
<P style="MARGIN-LEFT: 0%" align=center><B>ARTICLE 4- ACKNOWLEDGEMENTS OF THE
BUYER </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>4.1</B> </TD>
    <TD>
      <P align=justify><B>Limited Representations and
  Warranties</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Buyer acknowledges and agrees that except for the
      representations and warranties in Schedule G, no express or implied
      representations or warranties are or have been made relating to the
      Portfolio Assets or the Underlying Interests and all implied
      representations or warranties of any kind or nature whatsoever with
      respect to the Portfolio Assets or the Underlying Interests are expressly
      excluded to the maximum extent allowed by Legal Requirements. Except for
      representations made by the Sellers in Schedule G, the Buyer acknowledges
      that it is relying solely upon its own investigations with respect to, and
      that the Sellers do not make any representations or warranties with
      respect to, the following matters:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the value, merchantability or fitness for any purpose of
      the mineral or real property interests underlying the Portfolio Assets
      (the "<B>Underlying Interests</B>"); the existence or presence of any
      mineral substances, ore, the feasibility or profitability of any operation
      on or with respect to the Underlying Interests; the value of the Portfolio
      Assets; the right or ability of any operator of the Underlying Interests
      (an "<B>Operator</B>") to mine or produce minerals or ore from the
      Underlying Interests; the likelihood that minerals or ore can or will be
      removed from the Underlying Interests in commercially saleable quantities;
      the physical condition of the Underlying Interests; the existence of
      contaminants on the Underlying Interests; and any Environmental
      Liabilities associated with the Portfolio Assets or the Underlying
      Interests;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the right or ability of any of the Operators to perform
      their obligations under the Royalty Instruments, Stream Instruments or
      Offtake Instruments, or the legal status or financial condition of any of
      the Operators;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_47></A>
<P align=center>- 21 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the title, if any, of any of the Operators to the
      Underlying Interests; the absence of third-party claims to or interests in
      the Underlying Interests; the status or good standing of the Underlying
      Interests; whether any or all of the Underlying Interests continue to
      exist; whether Taxes required to maintain the Underlying Interests in good
      standing have been paid; or whether any rights in respect of the
      Underlying Interests were validly obtained by conversion, extension or
      substitution of concessions;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>any engineering, geological or other interpretations or
      economic evaluations respecting the Underlying Interests;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>the quality, condition (physical or otherwise) or
      serviceability of the Portfolio Assets or the suitability of their use for
      any purpose;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>the accuracy or completeness of any information,
      documentation or data provided to the Buyer pursuant to or in connection
      with the negotiation hereof, relating to the Portfolio Assets, the
      Underlying Interests or otherwise, including information, documentation or
      data provided to the Buyer by way of data rooms, electronic transfer of
      records or other computer records, file summaries or other interpretive
      records that were prepared by the Sellers or any of the Holding Entities
      for internal use; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>any other matter whatsoever with respect to any
      Underlying Interests.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Without restricting the generality of
the foregoing, the Buyer acknowledges that it has made (and will, prior to
Closing, continue to make) its own independent evaluation of the Portfolio
Assets as part of its due diligence process, and that, subject to Schedule G, it
has relied on that independent review for its assessment of the condition,
quantum and value of the Portfolio Assets. </P>
<P align=center><B>ARTICLE 5- COVENANTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.1</B> </TD>
    <TD>
      <P align=justify><B>Confidentiality</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Any non-public information that Buyer may obtain from
      Sellers in connection with this Agreement with respect to Sellers, the
      Holding Entities and the Portfolio Assets, shall be deemed confidential,
      and Buyer shall not disclose any such information to any third party
      (other than its directors, officers and employees, and representatives of
      its advisers and lenders whose knowledge thereof is necessary in order to
      facilitate the consummation of the transactions contemplated hereby) or
      use such information for any commercial purpose; provided, however, that
      (i) Buyer may use and disclose any such information once it has been
      publicly disclosed (other than by Buyer in breach of its obligations under
      this Section 5.1(a)) or which rightfully has come into the possession of
      Buyer (other than from Sellers); (ii) Buyer may disclose such information
      to its officers, directors, agents, employees, advisors and lenders
      ("<B>Buyer Representatives</B>") as necessary in connection with the
      transactions contemplated in this Agreement provided such Buyer
      Representatives either agree to be bound by
the confidentiality provisions of this Agreement or are, prior to
such disclosure, bound to confidentiality agreements or professional standards
that are at least as restrictive as the confidentiality provisions of this
Agreement; and (iii) to the extent that Buyer may become compelled by Legal
Requirements to disclose any of such information, Buyer may disclose such
information if it shall have used all reasonable efforts, and shall have
afforded Sellers the opportunity, to obtain an appropriate protective order, or
other satisfactory assurance of confidential treatment, for the information
compelled to be disclosed. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_48></A>
<P align=center>- 22 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Any non-public information that Sellers shall obtain from
      Buyer in connection with this Agreement with respect to Buyer shall be
      deemed confidential, and Seller shall not disclose such information to any
      third party or use such information for any commercial purpose; provided,
      however, that (i) Sellers may use and disclose any such information once
      it has been publicly disclosed (other than by Sellers in breach of their
      obligations under this Section 5.1(b)) or which rightfully has come into
      the possession of Sellers (other than from Buyer); (ii) Sellers may
      disclose such information to their respective officers, directors, agents,
      employees, representatives, advisors, lenders, limited partners and
      limited partner or advisory committee of a fund managed by Orion Mine
      Finance Management I Limited or Orion Mine Finance Management I-A Limited
      ("<B>Sellers Representatives</B>") as necessary in connection with the
      transactions contemplated in this Agreement provided such Sellers
      Representatives either agree to be bound by the confidentiality provisions
      of this Agreement or are, prior to such disclosure, bound to
      confidentiality agreements or professional standards that are at least as
      restrictive as the confidentiality provisions of this Agreement; and (iii)
      to the extent that Sellers may become compelled by Legal Requirements to
      disclose any of such information, Sellers may disclose such information if
      it shall have used all reasonable efforts, and shall have afforded Buyer
      the opportunity, to obtain an appropriate protective order, or other
      satisfactory assurance of confidential treatment, for the information
      compelled to be disclosed.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Each of Fund I, Fund I-A and the Buyer acknowledge and
      agree that the provisions of this Section 5.1 are intended to replace and
      supersede the Confidentiality Agreements, which shall terminate and be of
      no further force and effect as of the Closing Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Subject to Legal Requirements, none of the parties shall
      issue any news release or make any public disclosure relating to the
      subject matter of this Agreement without providing the other parties at
      least three (3) Business Days to review and comment on the same. The
      provisions of this Section 5.1 shall survive and continue to bind the
      parties notwithstanding that any party ceases to be a party to this
      Agreement or this Agreement is terminated for any reason
  whatsoever.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.2</B> </TD>
    <TD>
      <P align=justify><B>Third Party Consents and
Notices</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>On or before Closing, the Sellers shall deliver all
      notices, requests for consents and approvals for Governmental Authorities
      and other Persons required for the consummation of the transactions
      contemplated by this Agreement. As of the date hereof, to the Knowledge of the Sellers and the Buyer,
third party consent and notices have been identified with respect to the
following Portfolio Assets:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_49></A>
<P align=center>- 23 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially sensitive]</P></I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><I>&nbsp;</I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially sensitive]</P></I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><I>&nbsp;</I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially
sensitive]</P></I></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially sensitive]</P></I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><I>&nbsp;</I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially
sensitive]</P></I></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_50></A>
<P align=center>- 24 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially sensitive]</P></I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><I>&nbsp;</I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially sensitive]</P></I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><I>&nbsp;</I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially sensitive]</P></I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><I>&nbsp;</I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ix) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially sensitive]</P></I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><I>&nbsp;</I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially sensitive]</P></I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><I>&nbsp;</I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xi) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially sensitive]</P></I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><I>&nbsp;</I></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xii) </TD>
    <TD><I>
      <P align=justify>[Redacted - Commercially
sensitive]</P></I></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_51></A>
<P align=center>- 25 - </P>
<P style="MARGIN-LEFT: 15%" align=justify><I>[Redacted - Commercially
sensitive]</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.3 </B></TD>
    <TD>
      <P align=justify><B>Tax Matters</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Sellers shall prepare and file, or cause to be
      prepared and filed, with the appropriate Governmental Authorities all Tax
      Returns related to Income Taxes relating to the Holding Entities for
      periods ending prior to the Effective Date, such Tax Returns to be
      prepared on a basis that is consistent in all material respects with the
      basis on which the Holding Entities have prepared and filed such Tax
      Returns in the past unless otherwise required by Legal Requirements, and
      shall pay all Pre-Effective Date Period Taxes due with respect to such Tax
      Returns.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Buyer shall prepare and file, or cause to be prepared
      and filed, with the appropriate Governmental Authorities all Tax Returns
      related to Income Taxes relating to the Holding Entities for periods
      ending on or following the Effective Date and shall pay all Post-Effective
      Date Period Taxes due with respect to such Tax Returns. With respect to
      any such Tax Returns relating to a Straddle Period ("<B>Straddle Period
      Tax Returns</B>"), the Buyer shall deliver to the Sellers not less than
      thirty (30) days before the date on which such Straddle Period Tax Returns
      are required by Legal Requirements to be filed (subject to any applicable
      extension) with the relevant Governmental Authority (the "<B>Filing-Due
      Date</B>"), a draft copy of such Straddle Period Tax Returns proposed to
      be filed, together with a calculation of the applicable Pre-Effective Date
      Period Taxes. All such Straddle Period Tax Returns shall be prepared on a
      basis that is consistent in all material respects with the basis on which
      the Holding Entities have prepared and filed such Tax Returns in the past,
      unless otherwise required by Legal Requirements. The Sellers shall have
      the right to notify the Buyer in writing, not less than fifteen (15) days
      prior to the applicable Filing-Due Date for a Straddle Period Tax Return,
      of any proposed changes to such Straddle Period Tax Return or with respect
      to the proposed calculation of the applicable Pre-Effective Date Period
      Taxes, whereupon the Buyer shall forthwith consider in good faith any such
      changes proposed by the Sellers. To the extent the Buyer does not agree
      with any changes proposed by the Sellers, the Buyer and Sellers shall act
      in good faith to resolve any disagreements with respect to the Straddle
      Period Tax Return at issue, provided that if they are unable to do so
      prior to the applicable Filing-Due Date, an internationally recognized
      accounting firm mutually agreed to by the Sellers and Buyer shall
      determine how the item in question shall be reported on the applicable
      Straddle Period Tax Return and how such item is reflected in the
      calculation of the applicable Pre-Effective Date Period Taxes, and the
      Sellers and Buyer agree that Buyer shall file or cause to be filed the
      Straddle Period Tax Return at issue in accordance with such determination.
      Not later than two (2) Business Days prior to the due date for the payment
      of Taxes with respect to any such Straddle Period Tax Return, the Sellers
      shall remit to the Buyer the amount of Pre-Effective Date Period Taxes reflected on any such Tax
Return for which the Sellers are responsible. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_52></A>
<P align=center>- 26 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>After the Closing Date, the Buyer, on the one hand, and
      the Sellers, on the other hand, agree to furnish or cause to be furnished
      to each other, upon request, as promptly as practicable, such information
      and assistance (including access to books, records, work papers and Tax
      Returns for taxation years or other periods, or portions thereof, that end
      on or before the Closing Date) relating to the Holding Entities as is
      reasonably necessary for the preparation of any Tax Return, any Tax audit
      and the prosecution or defense of any claim, suit or proceeding relating
      to any proposed Tax adjustment. Upon reasonable notice, each of the
      Sellers and the Buyer shall make their, or shall cause the Holding
      Entities, as applicable, to make their, employees and facilities available
      on a mutually convenient basis to provide reasonable explanation of any
      documents or information provided hereunder. The requesting party shall
      indemnify the other party for any out-of-pocket expenses incurred by such
      party in connection with providing any information or documentation
      pursuant to this Section 5.3(b). Any information obtained under this
      Section 5.3(b) shall be kept confidential, except as otherwise reasonably
      may be necessary in connection with the filing of any Tax Return, any
      claim for a Tax refund, or any Tax audit, dispute or proceeding.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><I>[Redacted - Commercially sensitive; Section on Tax
      Matters</I>]</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify><I>[Redacted - Commercially sensitive; Section on Tax
      Matters</I>]</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.4 </B></TD>
    <TD>
      <P align=justify><B>Closing Conditions</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Buyer and the Sellers shall each
use commercially reasonable efforts to take such actions as are necessary to
expeditiously satisfy the closing conditions set forth in Sections 6.1 and 6.2
and not take or agree to take any action that would reasonably be expected to delay or prevent the consummation of the
transactions contemplated by this Agreement.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_53></A>
<P align=center>- 27 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.5</B> </TD>
    <TD>
      <P align=justify><B>Interim Period Covenants of the
  Sellers</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Other than: (i) as expressly required
or permitted by this Agreement; (ii) as required pursuant to Legal Requirements;
(iii) as consented to in writing by the Buyer (such consent not to be
unreasonably withheld, delayed or conditioned); or (iv) as contemplated by the
Brazil Agreement, during the period of time from the date of this Agreement to
and including the Closing Date, the Sellers shall: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>cause each Holding Entity to conduct its business only in
      the ordinary and normal course of business and shall use commercially
      reasonable efforts to maintain and preserve the Holding Entities' business
      organization, assets, employees, goodwill and business
    relationships;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall: (i) amend or modify
      its charter documents; (ii) alter the terms and conditions of its shares
      or any of its securities (including any share split or conversion or
      exchange of securities for other securities or property); (iii) create,
      authorize or agree to issue or grant any equity securities or securities
      convertible into or exchangeable or exercisable for equity securities of
      any Holding Entity; or (iv) adopt a plan of liquidation or resolution
      providing for the liquidation or dissolution of any Holding
  Entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>not take any action or permit any action to be taken or
      not taken by the Sellers, inconsistent with the provisions of this
      Agreement or which would reasonably be expected to have a Sellers Material
      Adverse Effect;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>not amend or modify, or permit or cause a Holding Entity
      to amend or modify, the terms of any Offtake Instrument, Royalty
      Instrument or Stream Instrument, and shall ensure the Holding Entities do
      not amend or modify the terms of any Contract;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall, declare, set aside
      or pay any dividend, distribution or payment (whether in cash, securities
      or property) in respect of any of its securities of any class;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall acquire any
      business;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall sell, transfer,
      dispose of, lease, encumber, relinquish, abandon, grant any option to
      purchase or right of first offer/refusal over any Holding Entity or
      Portfolio Asset;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall grant to any of its
      employees or contractors an increase in compensation, except in the
      ordinary course of business and consistent with past practice or as is
      necessary to comply with Legal Requirements or an existing employment or
      services agreement;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_54></A>
<P align=center>- 28 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>provide prompt notice to the Buyer of any resignation,
      injury, disability or death of any employee or contractor of a Holding
      Entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall make any material
      change in its method of accounting except as required by Legal
      Requirements;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall make or change any
      material Tax election, change any annual Tax accounting period, adopt or
      change any method of Tax accounting, enter into any closing agreement with
      respect to a material amount of Taxes or settle any material Tax claim,
      audit or assessment;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall: (A) incur any
      indebtedness for borrowed money; and (B) grant any additional security
      over any Portfolio Assets or the securities or assets of any Holding
      Entity to any lender;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall make any loans or
      advances to any Person or assume or guarantee the liabilities of any
      Person;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall settle, offer or
      propose to settle, compromise, assign or release any material Litigation
      brought against it or any other Holding Entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall enter into any
      Contract creating a joint venture or partnership or effecting a business
      combination or other similar arrangement with another Person;
and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall attempt or agree to
      do any of the foregoing matters listed in paragraphs (b) through (o) of
      this Section 5.5, as applicable,</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.6</B> </TD>
    <TD>
      <P align=justify><B>Interim Period Covenants of the
  Buyer</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Other than: (i) as expressly required
or permitted by this Agreement; (ii) as required pursuant to Legal Requirements;
or (iii) as consented to in writing by the Sellers (such consent not to be
unreasonably withheld, delayed or conditioned), during the period of time from
the date of this Agreement to and including the Closing Date, the Buyer shall:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>conduct its business only in the ordinary and normal
      course of business and shall use commercially reasonable efforts to
      maintain and preserve its business organization, assets, employees,
      goodwill and business relationships;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>not take any action inconsistent with the provisions of
      this Agreement or which would reasonably be expected to have a Buyer
      Material Adverse Effect;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>not: (i) amend or modify its constituting documents; (ii)
      alter the terms and conditions of its shares or any of its securities
      (including any share split or conversion or exchange of securities for
      other securities or property); (iii) create, authorize or agree to issue
      or grant any equity securities or securities convertible into or
      exchangeable or exercisable for equity securities of the Buyer, including
      Buyer Shares, except (A) pursuant to the terms of any securities incentive
      plan in existence on the date hereof or (B) for purposes of financing
all or any portion of the Cash Consideration; provided that (I) any Buyer Shares
issued pursuant to such financing shall be issued at a price per Buyer Share
that is no less (before taking account of any brokerage fees or commissions
incurred in connection with such financing) than the price per Buyer Share at
which the Consideration Shares are issued; and (II) the Buyer shall be permitted
to issue an aggregate of 385,457 Buyer Shares to Caisse de d&#233;p&#244;t et placement du
Qu&#233;bec or its wholly owned subsidiary, CDP Investissements Inc., and the Fonds
de Solidarit&#233; des Travailleurs du Qu&#233;bec (F.T.Q.) as a financing fee in
connection with such financing, which represents a fee of less than 7%; or (iv)
adopt a plan of liquidation or resolution providing for the liquidation or
dissolution of the Buyer; </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_55></A>
<P align=center>- 29 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>not amend or modify the terms of any of its material
      Contracts;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>not declare, set aside or pay any cash dividends or
      non-cash distribution or payment (whether in securities or property) in
      respect of any of its securities of any class in excess of an aggregate of
      Cdn$15,000,000;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>not acquire any business or otherwise engage in any
      activity that would result in a Change of Business;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>not sell, transfer, dispose of, lease, encumber,
      relinquish, abandon, grant any option to purchase or right of first
      offer/refusal over any of its material assets;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>not incur any material indebtedness for borrowed money
      other than the incurrence of up to Cdn$200,000,000 for purposes of
      financing a portion of the Cash Consideration;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>not assume or guarantee any material liabilities of any
      Person; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>not attempt or agree to do any of the foregoing matters
      listed in paragraphs (b) through (h) of this Section
5.6.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.7</B> </TD>
    <TD>
      <P align=justify><B>Buyer Meeting</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Subject to the terms of this Agreement
and any Legal Requirements, Buyer shall:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>convene and conduct the Buyer Meeting in accordance with
      Buyer's by-laws and Legal Requirements as soon as reasonably practicable,
      and in any event on or before July 31, 2017;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>not, except as required for quorum purposes or otherwise
      as permitted under this Agreement, adjourn, postpone or cancel (or propose
      or permit the adjournment, postponement or cancellation of) the Buyer
      Meeting without the Sellers&#146; prior written consent;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>subject to the terms of this Agreement, solicit proxies
      in favour of the approval of the Share Issuance Resolution and against any
      resolution submitted by any Person that is inconsistent with the Share
      Issuance Resolution and the completion of any of the transactions contemplated by this Agreement, including,
if so requested by the Sellers, acting reasonably, using proxy solicitation
services firms; </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_56></A>
<P align=center>- 30 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>provide the Sellers with copies of or access to
      information regarding the Buyer Meeting generated by any proxy
      solicitation services firm, as requested from time to time by the
      Sellers;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>consult with the Sellers in fixing the date of the Buyer
      Meeting and the record date of the Buyer Meeting and give notice to the
      Sellers of the Buyer Meeting and allow the Sellers' representatives and
      legal counsel to attend at the Buyer Meeting;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>promptly advise the Sellers, at such times as the Sellers
      may reasonably request, and at least on a daily basis on each of the last
      ten (10) Business Days prior to the date of the Buyer Meeting, as to the
      aggregate tally of the proxies received by Buyer in respect of the Share
      Issuance Resolution; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>not change the record date for the Buyer Meeting in
      connection with any adjournment or postponement of the Buyer Meeting
      unless required by Legal Requirements.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.8</B> </TD>
    <TD>
      <P align=justify><B>Buyer Circular</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>As promptly as reasonably practicable following execution
      of this Agreement, Buyer shall (i) prepare the Buyer Circular, (ii) file
      the Buyer Circular in all jurisdictions where the same is required to be
      filed, and (iii) mail the Buyer Circular as required under Legal
      Requirements.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Buyer shall ensure that the Buyer Circular complies in
      all material respects with all Legal Requirements, does not contain any
      misrepresentation (except that Buyer shall not be responsible for any
      information provided by the Sellers relating to the Holding Entities or
      the Portfolio Assets) and contains sufficient detail to permit the
      shareholders of the Buyer to form a reasoned judgment concerning the Share
      Issuance Resolution.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Without limiting the generality of the foregoing, the
      Buyer Circular must include:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>a copy of the Fairness Opinion;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>a statement that the Buyer Board, after receiving an
      opinion of its financial advisor and legal advice, has unanimously
      determined that the transactions contemplated by this Agreement are in the
      best interests of Buyer, and unanimously recommends that the Buyer
      Shareholders vote in favour of the Share Issuance Resolution;
and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>a statement that each director and officer of Buyer has
      determined to vote all of such Person&#146;s Buyer Shares in favour of the
      Share Issuance Resolution.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_57></A>
<P align=center>- 31 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Subject to the provisions of Section 5.11(a), the Sellers
      shall provide to Buyer in a timely manner and no later than June 18, 2017
      all information regarding the Holding Entities and the Portfolio Assets as
      required by Legal Requirements for inclusion in the Buyer Circular or in
      any amendments or supplements to such Buyer Circular. As soon as
      reasonably practicable after the date hereof, Sellers shall cause to be
      prepared all audited and unaudited financial statements by Legal
      Requirements for inclusion in the Buyer Circular or in any amendments or
      supplements to such Buyer Circular. The Sellers shall also use their best
      efforts to obtain any necessary consents from any of their auditors and
      any other advisors to the use of any financial, technical or other expert
      information required to be included in the Buyer Circular and to the
      identification in the Buyer Circular of each such advisor. The Sellers
      shall ensure that such information does not include any misrepresentation
      concerning the Holding Entities and the Portfolio Assets.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Sellers and their legal counsel shall be given a
      reasonable opportunity to review and comment on the Buyer Circular prior
      to the Buyer being printed and filed with any Governmental Authority, and
      reasonable consideration shall be given to any comments made by the
      Sellers and their legal counsel; <I>provided</I>, however, that all
      information relating solely to the Holding Entities and the Portfolio
      Assets included in the Buyer Circular shall be in form and content
      satisfactory to the Sellers, acting reasonably. Sellers shall provide
      comments on each draft of the Buyer Circular promptly, and in any event
      not later than two Business Days after receipt of each draft. Buyer shall
      provide the Sellers with final copies of the Buyer Circular prior to the
      mailing thereof to the Buyer Shareholders.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Buyer and the Sellers shall each promptly notify the
      other if at any time before the Closing Date they become aware that the
      Buyer Circular contains a misrepresentation, or otherwise requires an
      amendment or supplement and the Parties shall co-operate in the
      preparation of any amendment or supplement to the Buyer Circular as
      required or appropriate, and Buyer shall promptly mail or otherwise
      publicly disseminate any amendment or supplement to the Buyer Circular to
      Buyer Shareholders and, if required by Legal Requirements, file the same
      with any Governmental Authority and as otherwise
  required.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.9</B> </TD>
    <TD>
      <P align=justify><B>Regulatory Approvals</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>As soon as reasonably practicable, and in any event no
      later than 10 Business Days from the date of this Agreement, the Buyer
      shall file with the Commissioner of Competition a submission in support of
      a request for an advance ruling certificate under section 102 of the
      Competition Act or, in the event that the Commissioner of Competition will
      not issue an advance ruling certificate, a No Action Letter in respect of
      the transactions contemplated by this Agreement. If an advance ruling
      certificate or No Action Letter shall not have been obtained within 16
      calendar days after the filing thereof, the Buyer or the Seller may at any
      time thereafter, acting reasonably, notify the other party that it intends
      to file a notification pursuant to paragraph 114(1) of the Competition
      Act, in which case the Buyer and the Seller shall each file their
      respective notification pursuant to section 114(1) of the Competition Act as promptly as
practicable but in any event within 10 Business Days following the date the
Buyer or the Seller, as applicable, notified the other party of its intention to
file a notification. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_58></A>
<P align=center>- 32 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>As soon as reasonably practicable, and in any event no
      later than 10 Business Days from the date of this Agreement, each party
      shall, if necessary, make the required filings with the MCC in connection
      with obtaining the Macedonian Competition Act Approval.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The costs of any filings with the Commissioner of
      Competition in respect of Competition Act Approval and with the MCC in
      respect of Macedonian Competition Act Approval shall be borne by the
      Buyer. The Sellers shall cooperate and collaborate with the Buyer with
      respect to documentation required to be prepared in connection with such
      filings and the Sellers' costs of such cooperation, collaboration and
      document review shall be borne by the Sellers.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Each of the Buyer and the Seller shall use its
      commercially reasonable efforts to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>obtain the Competition Act Approval and the Macedonian
      Competition Act Approval at the earliest possible date;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>respond promptly to any request for additional
      information or documentary materials made by any Governmental Authority in
      connection with the Competition Act Approval and Macedonian Competition
      Act Approval; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>make such further filings as may be necessary, proper or
      advisable in connection therewith.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The parties shall cooperate with each other in connection
      with the preparation and submission of all applications, notices, filings,
      submissions, undertakings, correspondence and communications of any nature
      (including responses to requests for information and inquiries from any
      Governmental Authority) as may be or become necessary or desirable
      pertaining to the Competition Act Approval and Macedonian Competition Act
      Approval in connection with the consummation of the transactions
      contemplated herein. The Buyer and the Seller shall furnish to the other
      party such information and assistance as a party may reasonably request
      from another party in order to obtain the Competition Act Approval and
      Macedonian Competition Act Approval.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Each party shall:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>promptly inform the other party of any material
      communication received by that party from any Governmental Authority in
      respect of obtaining or concluding the Competition Act Approval and
      Macedonian Competition Act Approval;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_59></A>
<P align=center>- 33 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>use reasonable commercial efforts to respond promptly to
      any request or notice from any Governmental Authority requiring the
      parties, or any one of them, to supply additional information that is
      relevant to the review of the transactions contemplated by this Agreement
      in respect of obtaining or concluding the Competition Act Approval and
      Macedonian Competition Act Approval;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>permit the other party to review in advance any proposed
      applications, notices, filings, submissions, undertakings, correspondence
      and communications of any nature (including responses to requests for
      information and inquiries from any Governmental Authority) in respect of
      obtaining the Competition Act Approval and Macedonian Competition Act
      Approval and shall provide the other party a reasonable opportunity to
      comment thereon and agree to consider those comments in good
  faith;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>promptly provide the other party with copies of any
      applications, notices, filings, submissions, undertakings, correspondence
      and communications of any nature (including responses to requests for
      information and inquiries from any Governmental Authority) that were
      submitted to a Governmental Authority in respect of obtaining the
      Competition Act Approval or Macedonian Competition Act Approval;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>not participate in any substantive meeting or discussion
      (whether in person, by telephone or otherwise) with a Governmental
      Authority in respect of obtaining the Competition Act Approval and
      Macedonian Competition Act Approval unless it consults with the other
      party in advance and gives the other party the opportunity to attend and
      participate thereat, provided that the Buyer shall only be under an
      obligation to provide the Seller's external counsel with the opportunity
      to attend, observe and/or participate; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>keep the other parties informed of the status of
      discussions relating to obtaining the Competition Act Approval and
      Macedonian Competition Act Approval.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>Notwithstanding any requirement in this Section 5.9 in
      connection with obtaining the Competition Act Approval and Macedonian
      Competition Act Approval, where a party (in this Section 5.9 only, a
      "<B>Disclosing Party</B>") is required under this Section 5.9 to provide
      information to another party (a "<B>Receiving Party</B>") that the
      Disclosing Party deems to be competitively sensitive information, the
      Disclosing Party may restrict the provision of such competitively
      sensitive information to only the external legal counsel of the Receiving
      Party, provided that the Disclosing Party also provides a redacted version
      of any such application, notice, filing, submissions, undertakings,
      correspondence or communications (including responses to requests for
      information and inquiries from any Governmental
  Authority).</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_60></A>
<P align=center>- 34 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.10 </B></TD>
    <TD>
      <P align=justify><B>Pre-Closing
Reorganization</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Prior to the Closing Date, the Sellers shall, and shall
      cause the Holding Entities to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>transfer the Excluded Royalties (except
      <I>[Redacted]</I>) and the outstanding securities of Tiomin Peru S.A.C. to
      one or more entities other than a Holding Entity, such that at the
      commencement of the Closing Date none of the Excluded Royalties (except
      <I>[</I><I>Redacted]</I>) and the outstanding securities of Tiomin Peru
      S.A.C. are held by any of the Holding Entities;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>sell the following interests, currently held by Vaaldiam
      Mining Inc., to one or more Persons other than a Holding Entity or any
      subsidiary of a Holding Entity:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify><I>[Redacted] </I>quotas in the capital of Chapada Brasil
      Minera&#231;&#227;o Ltda.;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify><I>[Redacted] </I>quotas in the capital of Vaaldiam do
      Brasil Minera&#231;&#227;o Ltda; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify><I>[Redacted] </I>quotas in the capital of Minera&#231;&#227;o
      Montes Claros Ltda.;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>terminate the indemnity agreement dated June 27, 2012
      between <I>[Redacted];</I></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD colSpan=2>
      <P align=justify>terminate the consulting agreement dated June 29, 2012
      between <I>[Redacted]; </I>and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD colSpan=2>
      <P align=justify>terminate the consulting agreement dated June 29, 2012
      between <I>[Redacted];.</I></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>In addition to the foregoing, the Sellers shall, and
      shall cause their Affiliates to, effect such transactions (collectively,
      the "<B>Pre-Closing Reorganization</B>") prior to Closing as the Buyer may
      request, acting reasonably, provided that the Pre- Closing Reorganization
      (i) is not prejudicial to the Sellers, their Affiliates and their ultimate
      investors in any respect; (ii) would not be prejudicial to the Sellers,
      their Affiliates and their ultimate investors in any respect in the event
      that Closing is not completed; (iii) does not result in any breach by the
      Sellers of any of their representations, warranties, covenants and
      agreements (except if the Buyer waives in writing such breach); and (iv)
      does not result in any delay in the completion of the transactions
      contemplated by this Agreement. The Buyer shall provide the Sellers with
      written notice of any proposed Pre-Closing Reorganization at least ten
      (10) Business Days prior to the Closing Date. Subject to the foregoing,
      upon receipt of such notice, the Sellers and the Buyer shall work
      cooperatively and use commercially reasonable efforts to prepare all
      documentation necessary and do all such other acts and things as are
      necessary to give effect to the Pre-Closing
  Reorganization.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_61></A>
<P align=center>- 35 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.11 </B></TD>
    <TD>
      <P align=justify><B>Technical Report and
Marketing</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">(a) </TD>
    <TD align=left width="90%">
      <P align=justify>The Sellers shall use commercially reasonable efforts to
      cause the authors of the technical report in respect of the Mantos Silver
      Stream to prepare and deliver, on or prior to June 25, 2017, a technical
      report which complies with National Instrument 43-101 &#150; <I>Standards of
      Disclosure for Mineral Projects </I>of the Canadian Securities
      Administrators ("<B>NI 43-101</B>") and includes a reconciliation of any
      material differences between the mineral resource and mineral reserve
      categories used and the categories set out in Section 1.2 and 1.3 of NI
      43-101. </P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">(b) </TD>
    <TD align=left width="90%">
      <P align=justify>Until the Closing Date, the Sellers shall use
      commercially reasonable efforts to provide to the Buyer all such
      reasonable and timely cooperation as may be requested by the Buyer in
      connection with marketing activities in relation to any subject matter of
      this Agreement, including making available to the Buyer <I>[Redacted]
      </I>and other appropriate portfolio managers, officers and directors of
      the Sellers, and using commercially reasonable efforts to cause Orion
      Resource Partners (USA) LP, Orion Mine Finance Management I Limited and
      Orion Resource Partners (AUS) Pty Ltd. to make available their portfolio
      managers, officers and directors to prepare for and participate in
      meetings, conference calls, presentations and similar marketing
      activities. </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.12 </B></TD>
    <TD>
      <P align=justify><B>Transition Services
Agreement</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Buyer and the Sellers agree to use
their commercially reasonable efforts to negotiate and settle a Transition
Services Agreement on terms that are acceptable to the Sellers and the Buyer.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.13 </B></TD>
    <TD>
      <P align=justify><B>Exclusivity Agreement</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD ><I>[Redacted - Commercially sensitive]&nbsp;</I></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.14 </B></TD>
    <TD>
      <P align=justify><B>Notices</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Sellers shall promptly forward to
the Buyer any notices received by them in respect of the Portfolio Assets.</P>
<P align=center><B>ARTICLE 6- CONDITIONS PRECEDENT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>6.1 </B></TD>
    <TD>
      <P align=justify><B>Conditions to the Buyer's
  Obligations</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The obligations of the Buyer to
consummate the transactions contemplated by this Agreement shall be subject to
the following conditions for the exclusive benefit of the Buyer, which may be
waived by the Buyer in whole or in part: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_62></A>
<P align=center>- 36 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Sellers shall have performed and complied in all
      material respects with all covenants and obligations of this Agreement to
      be complied with and performed by the Sellers at or before
  Closing.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Sellers shall have assigned, transferred and assumed
      all obligations of the Excluded Royalties (except <I>[Redacted]</I>) and
      the outstanding securities of Tiomin Peru S.A.C. to entities other than
      the Holding Entities on terms and conditions to the satisfaction of the
      Buyer, acting reasonably, and the cost of such assignment, transfer and
      assumption shall be borne entirely by the Sellers.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>All representations and warranties of the Sellers in this
      Agreement shall be true and correct in all material respects (or, if
      qualified by materiality, in all respects) as of the date of Closing, with
      the same force and effect as if made on and as of that date,
  except:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to the extent that such representations and warranties
      refer to an earlier date, in which case such representations and
      warranties shall have been true and correct as of such earlier date;
      and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>for changes contemplated by this
  Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The Sellers shall have delivered to the Buyer a
      certificate, dated as of the date of Closing, executed by one executive
      officer or the equivalent of each of the Sellers, certifying that the
      conditions stated in Sections 6.1(a) and 6.1(c) have been
  satisfied.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Competition Act Approval and Macedonian Competition
      Act Approval shall have been obtained and shall remain in full force and
      effect on the Closing and shall not have been rescinded.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>The Buyer Shareholder Approval shall have been obtained
      at the Buyer Meeting in accordance with Legal Requirements.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>The TSX and the NYSE shall have conditionally approved
      the listing thereon, subject to official notice of issuance, of the
      Consideration Shares to be issued on the Closing Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>There shall be no pending or threatened third party
      Litigation seeking to obtain damages in connection with, or to restrain,
      prohibit, invalidate, set aside, in whole or in part, the consummation of
      this Agreement or the transactions contemplated by this Agreement or which
      if successful could have the effect of any of the foregoing or any
      Judgment providing for any of the foregoing, other than those which would
      not reasonably be expected to have a Sellers Material Adverse
    Effect.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Legal opinions dated the Closing Date and addressed to
      the Buyer, in form and substance satisfactory to the Buyer and its
      counsel, acting reasonably, shall have been delivered by counsel to the
      Sellers to the Buyer with respect to:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_63></A>
<P align=center>- 37 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the incorporation or formation and existence of each
      Holding Entity under the laws of its jurisdiction of incorporation or
      formation;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the holders of all of the issued and outstanding shares
      or other equity ownership interests of each Holding Entity; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>that each Holding Entity has all requisite power and
      capacity under the laws of its jurisdiction of incorporation or formation
      to carry on its business as presently carried on and own its
      properties.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>Sellers shall have caused Orion Fund JV Limited to sell
      its ownership interest in Nanjo Royalties, S. de R.L. de C.V. to the Buyer
      on Closing.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>No Sellers Material Adverse Effect shall have occurred
      since the date of this Agreement and the Sellers shall have provided to
      the Buyer a certificate, dated as of the Closing Date, executed by one
      executive officer or the equivalent of each of the Sellers, to such
      effect.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>Sellers shall have caused Orion Resource Partners (USA)
      LP and Orion Merchant, LLC to execute and deliver to the Buyer the
      Transition Services Agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>Sellers shall have caused the holder(s) of Consideration
      Shares to execute and deliver to the Buyer the Shareholder Participation
      Agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>The Stream Instrument in respect of the Mantos Silver
      Stream shall have been amended on terms satisfactory to the Buyer and
      Sellers, each acting reasonably, to amend the term of the Stream
      Instrument to (i) be the life of mine, (ii) be a stream percentage of 100%
      of payable silver until 19,300,000 ounces have been delivered, after which
      the stream percentage will be 30% and (iii) <I>[Redacted - Commercially
      sensitive]</I>.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The foregoing conditions are for the
exclusive benefit of the Buyer and any such condition may be waived in whole or
in part by the Buyer at or prior to the Closing by delivering to the Sellers a
written waiver to that effect executed by the Buyer. Delivery of any such waiver
shall be without prejudice to any rights and remedies at law and in equity the
Buyer may have, including any claims the Buyer may have for breach of covenant,
representation or warranty by the Sellers, and also without prejudice to the
rights of termination of the Buyer in the event of non-performance of any other
conditions in whole or in part. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>6.2 </B></TD>
    <TD>
      <P align=justify><B>Conditions to the Sellers'
  Obligations</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The obligations of the Sellers to
consummate the transactions contemplated by this Agreement shall be subject to
the following conditions, for the exclusive benefit of the Sellers, which may be
waived by the Sellers in whole or in part: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_64></A>
<P align=center>- 38 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Buyer shall have performed and complied in all
      material respects with all covenants and obligations in this Agreement to
      be complied with and performed by the Buyer at or before
Closing.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>All representations and warranties of the Buyer in this
      Agreement shall be true and correct in all material respects (or, if
      qualified by materiality, in all respects) as of the date of Closing with
      the same force and effect as if such representations and warranties had
      been made on and as of that date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Buyer shall have delivered to the Sellers a
      certificate dated as of the date of Closing, executed by one of its
      executive officers, certifying that the conditions stated in Sections
      6.2(a) and 6.2(b) have been satisfied.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The Competition Act Approval and Macedonian Competition
      Act Approval shall have been obtained and shall remain in full force and
      effect on the Closing and shall not have been rescinded.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Buyer Shareholder Approval shall have been obtained
      at the Buyer Meeting in accordance with Legal Requirements.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>The TSX and the NYSE shall have conditionally approved
      the listing thereon, subject to official notice of issuance, of the
      Consideration Shares to be issued on the Closing Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>There shall be no pending or threatened third party
      Litigation seeking to obtain damages in connection with, or to restrain,
      prohibit, invalidate, set aside, in whole or in part, the consummation of
      this Agreement or the transactions contemplated by this Agreement or which
      if successful could have the effect of any of the foregoing or any
      Judgment providing for any of the foregoing, other than those which would
      not reasonably be expected to have a Buyer Material Adverse
  Effect.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>Legal opinions dated the Closing Date and addressed to
      the Sellers, in form and substance satisfactory to the Sellers and their
      counsel, acting reasonably, shall have been delivered by counsel to the
      Buyer to the Sellers with respect to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the incorporation or formation and existence of Buyer
      under the laws of its jurisdiction of incorporation or
formation;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>that the Buyer has all requisite power and capacity under
      the laws of its jurisdiction of incorporation or formation to carry on its
      business as presently carried on and own its properties;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the authorized share capital of Buyer;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the valid issuance of the Consideration Shares;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>that the Consideration Shares have been issued pursuant
      to an available exemption under the Securities Act;
and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_65></A>
<P align=center>- 39 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>that the TSX and the NYSE shall have conditionally
      approved the listing thereon, subject to official notice of issuance, of
      the Consideration Shares to be issued on the Closing
  Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>No Buyer Material Adverse Effect shall have occurred
      since the date of this Agreement and Buyer shall have provided to the
      Sellers a certificate, dated as of the Closing Date, executed by one
      executive officer of the Buyer, to such effect.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>The Buyer shall have executed and delivered to Orion
      Resource Partners (USA) LP and Orion Merchant, LLC the Transition Services
      Agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>Buyer shall have executed and delivered to the holder(s)
      of Consideration Shares the Shareholder Participation Agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>Oskar Lewnowski, or such other individual as the Sellers
      may designate by written notice to Buyer not less than 2 Business Days
      prior to the Closing Date, shall have been appointed the Buyer Board,
      effective immediately upon Closing.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD><I>
      <P align=justify>[Redacted - Section on allocation of Purchase
      Price]</P></I></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>Buyer shall have executed and delivered to Societe
      Generale, London Branch, as Security Agent under the Intercreditor
      Agreement, a Creditor Accession Undertaking in the form set forth in
      Schedule 2 to the Intercreditor Agreement, acceding as Subordinated
      Creditor to the Intercreditor Agreement in place of Lynx Metals
      Limited.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The foregoing conditions are for the
exclusive benefit of the Sellers and any such condition may be waived in whole
or in part by the Sellers at or prior to the Closing by delivering to the Buyer
a written waiver to that effect executed by the Sellers. Delivery of any such
waiver shall be without prejudice to any rights and remedies at law and in
equity the Sellers may have, including any claims the Sellers may have for
breach of covenant, representation or warranty by the Buyer, and also without
prejudice to the rights of termination of the Sellers in the event of
non-performance of any other conditions in whole or in part. </P>
<P align=center><B>ARTICLE 7- CLOSING </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>7.1 </B></TD>
    <TD>
      <P align=justify><B>Closing; Time and Place</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Other than as specifically contemplated
in this Agreement, the consummation and closing of the transactions contemplated
by this Agreement ("<B>Closing</B>") shall take place at the offices of Fasken
Martineau DuMoulin LLP, 333 Bay Street, Suite 2400, Bay Adelaide Centre, Box 20,
Toronto, Ontario M5H 2T6, or such other location as the Buyer and the Sellers
agree upon, on the Closing Date.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_66></A>
<P align=center>- 40 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>7.2 </B></TD>
    <TD>
      <P align=justify><B>Sellers' Closing
Deliveries</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>At Closing, the Sellers shall deliver
or cause to be delivered to the Buyer the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><I>Securities</I>. The original certificates for the
      Purchased Securities, where applicable, executed in blank for transfer or
      with separate stock powers or equivalent instruments executed for transfer
      in blank, and the original certificates for all securities or other
      ownership interests, where applicable, in each of the Holding Entities
      that are not Directly Held Entities.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><I>Constituent Documents</I>. Copies of the articles of
      incorporation, bylaws or other constating documents of each of the Holding
      Entities, certified as being true and correct by a senior officer or
      equivalent of each of the Sellers, and the original minute books and share
      or ownership ledgers of each of the Holding Entities.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><I>Royalty Instruments, Stream Instruments and Offtake
      Instruments. </I>Copies (originally executed if available) of the Royalty
      Instruments, Stream Instruments and Offtake Instruments, certified as
      being true and correct by a senior officer or equivalent of each of the
      Sellers (provided that, in the case of the Royalty Instruments, such
      certification shall be provided to the Knowledge of such senior officer or
      equivalent), and copies of such documents as the Buyer may reasonably
      require that the Sellers have in their possession and the Books and
      Records not previously provided to the Buyer.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><I>Assignment Documents</I>. Assignment and assumption
      agreements, in the forms supplied by the counterparties to the Royalty
      Instruments and Stream Instruments comprising the Directly Transferred
      Assets or, where no such forms are supplied, substantially in the form
      attached hereto as Schedule L, assigning each of the Directly Transferred
      Assets to the Buyer, together with any other related instruments required
      or appropriate in connection therewith.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify><I>Security and Encumbrances</I>. Instruments of
      assignment or amendment, as applicable, necessary or appropriate under
      Legal Requirements to give effect to the transactions contemplated
      hereunder with respect to the Security and any Encumbrances in executed
      form to the extent such instruments are capable of being executed on the
      Closing Date, with the remainder to be delivered in unexecuted
  form.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify><I>Resignations and Releases</I>. Resignations of the
      officers and directors or other authorized signatories of each of the
      Holding Entities other than <I>[Redacted]</I>, legal representative of
      Vaaldiam Mining Inc. SA and executed mutual releases from each such
      individual, substantially in a form to be agreed by the Sellers and the
      Buyer, acting reasonably, such resignations and releases to be effective
      as at the Closing Date, and duly executed terminations of all powers of
      attorney granted to such individuals; provided, however, that the
      resignation of <I>[Redacted] </I>as legal representative of Vaaldiam
      Mining Inc. S.A. shall not take effect until such time as his replacement
      can be appointed pursuant to Legal Requirements in
  Argentina.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_67></A>
<P align=center>- 41 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify><I>Holding Entity Releases. </I>A release from the
      Sellers in favour of each Holding Entity, releasing and discharging each
      Holding Entity from and against all claims, demands, damages, debts,
      liabilities, obligations, costs, expenses, actions and causes of action to
      the extent arising prior to Closing in respect of the Holding Entities and
      the Portfolio Assets, in a form satisfactory to the Buyer, acting
      reasonably, duly executed by the Sellers.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify><I>Other</I>. Such other documents and instruments as
      shall be necessary to effect the intent of this Agreement and consummate
      the transactions contemplated hereby.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>7.3</B> </TD>
    <TD>
      <P align=justify><B>Buyer's Closing Deliveries</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>At Closing, the Buyer shall deliver or
cause to be delivered to the Sellers or such of the Sellers' Affiliates as the
Sellers shall direct the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><I>Purchase Price</I>. The Purchase Price in accordance
      with Section 2.2.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><I>Assignment Documents</I>. An executed copy of the
      assignment agreements to be delivered pursuant to Section
7.2(d).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><I>Changes to Directors/Officers/Legal Representatives.
      </I>Such documentation and instruments required to appoint new officers,
      directors, legal representatives and other authorized representatives of
      the Holding Entities, effective the Closing Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><I>Sellers Releases. </I>A release from each Holding
      Entity in favour of the Sellers and their Affiliates, releasing and
      discharging the Sellers and their Affiliates from and against all claims,
      demands, damages, debts, liabilities, obligations, costs, expenses,
      actions and causes of action to the extent arising following the Closing
      in respect of the Holding Entities and the Portfolio Assets, in a form
      satisfactory to the Sellers, acting reasonably, duly executed by each
      Holding Entity.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify><I>Other</I>. Such other documents and instruments as
      shall be necessary to effect the intent of this Agreement and consummate
      the transactions contemplated hereby.</P></TD></TR></TABLE>
<P align=center><B>ARTICLE 8 - POST-CLOSING COVENANTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.1</B> </TD>
    <TD>
      <P align=justify><B>Post-Closing Access to Books and
  Records</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For a period of one year from and after
Closing, the Buyer and the Sellers will afford each other, and their respective
advisors, during normal business hours, reasonable access to the Books and
Records, and Excluded Books and Records, in its possession with respect to
periods through the Closing and the right to make copies and extracts therefrom
to the extent that such access may be reasonably required by the requesting
party, including without limitation in connection with (i) the preparation of
Tax Returns or financial statements, (ii) any Tax audit, Tax protest or other
proceeding relating to Taxes, (iii) the determination or enforcement of rights
and obligations under this Agreement or the transactions contemplated hereby,
(iv) compliance with the requirements of any Governmental Authority, (v) any actual or
threatened lawsuit, legal proceeding, administrative enforcement proceeding or
arbitration before any Governmental Authority or (v) for purposes of determining
and/or verifying the amounts payable pursuant to Section 2.4.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_68></A>
<P align=center>- 42 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.2 </B></TD>
    <TD>
      <P align=justify><B>Holding Entity Name
Changes</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>On or prior to the Closing, the Sellers
shall, at the sole expense of the Buyer, take all necessary action as may be
required to change the name of each Holding Entity to a name that is provided by
the Buyer to the Sellers, provided such name does not contain the name "Orion".
Buyer shall provide such new names to the Sellers not later than 10 Business
Days prior to the Closing Date.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.3 </B></TD>
    <TD>
      <P align=justify><B>Security</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For a period of 90 days from and after
Closing, the Sellers shall cooperate with the Buyer to arrange for such
assignments or amendments, as applicable, necessary or appropriate under Legal
Requirements to give effect to the transactions contemplated hereunder with
respect to the Security and any Encumbrances. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.4 </B></TD>
    <TD>
      <P align=justify><B>Transfer of the Royalty</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD><I>[Redacted - Subject to Confidentiality; Section on transfer of
      royalty]&nbsp;</I></TD></TR></TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_69></A>
<P align=center>- 43 - </P>
<P style="MARGIN-LEFT: 5%" align=left><EM>[Redacted - Subject to
Confidentiality; Section on transfer of royalty]</EM></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.5 </B></TD>
    <TD>
      <P align=justify><B>Conduct of Litigation</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD ><I>[Redacted - Commercially sensitive]&nbsp;</I></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.6 </B></TD>
    <TD>
      <P align=justify><B>Mantos Silver Stream</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD ><I>[Redacted - Commercially
  sensitive]&nbsp;</I></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_70></A>
<P align=center>- 44 - </P>
<P align=center><B>ARTICLE 9- TERMINATION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>9.1</B> </TD>
    <TD>
      <P align=justify><B>Termination Events</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement may be terminated and
the transactions contemplated hereby may be abandoned:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>at any time, by the mutual written agreement of the Buyer
      and the Seller;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>by the Buyer upon written notice to the Sellers, if any
      of the conditions in Section 6.1 shall not have been satisfied on or
      before the Closing Date, for any reason other than a material breach or
      default by the Buyer of its covenants, agreements, or other obligations
      hereunder, or any of its representations herein not being true and
      accurate in all material respects when made or when otherwise required by
      this Agreement to be true and accurate in all material respects;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>by the Sellers upon written notice to the Buyer, if any
      of the conditions in Section 6.2 shall not have been satisfied on or
      before the Closing Date, for any reason other than a material breach or
      default by the Sellers of their covenants, agreements, or other
      obligations hereunder, or any of their representations herein not being
      true and accurate in all material respects when made or when otherwise
      required by this Agreement to be true and accurate in all material
      respects; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>by either the Buyer or the Sellers if there shall be
      enacted or made any Legal Requirement that makes consummation of the
      transactions contemplated in this Agreement illegal or otherwise
      prohibited or enjoins the Buyer or Sellers from consummating the
      transactions contemplated in this Agreement and such applicable Legal
      Requirement (if applicable) or enjoinment shall have become final and
      non-appealable.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>9.2</B> </TD>
    <TD>
      <P align=justify><B>Effect of Termination</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>If this Agreement shall be terminated
pursuant to Section 9.1, all obligations of the parties hereunder shall
terminate, except for the obligations in this Section 9.2 and Article 11. Any
termination under Section 9.1 shall be without prejudice to any right or remedy
of any party with respect to a breach of this Agreement by any other party. The
terms of the Confidentiality Agreement will continue in full force and effect.
</P>
<P align=center><B>ARTICLE 10 - INDEMNIFICATION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.1</B> </TD>
    <TD>
      <P align=justify><B>Indemnification by the Sellers
  Generally</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>From and after Closing, the Sellers
shall severally and individually, indemnify and hold harmless the Buyer and its
Affiliates and their respective officers and directors, employees, agents, and
representatives, and any Person claiming by or through any of them, as the case
may be, from and against any and all Losses arising out of or resulting from:
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_71></A>
<P align=center>- 45 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any representations and warranties of the Sellers in this
      Agreement not being true and accurate when made or at Closing;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any failure by the Sellers to perform any of their
      respective covenants, agreements, or obligations in this
  Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any Sellers Indemnified Taxes;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any Employee Obligations, to the extent such Employee
      Obligations are not reflected in the determination of the Final Purchase
      Price Adjustment;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the Excluded Royalties or Tiomin Peru S.A.C;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify><I>[Redacted]</I>; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>any failure by the Sellers and/or the Holding Entities to
      complete any of the matters referred to in Section 5.10(a) prior to the
      Closing Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.2 </B></TD>
    <TD>
      <P align=justify><B>Indemnification by the
Buyer</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>From and after Closing, the Buyer shall
indemnify and hold harmless the Sellers and their Affiliates and their
respective officers and directors, employees, agents, and representatives, and
any Person claiming by or through any of them, as the case may be, from and
against any and all Losses arising out of or resulting from: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any representations and warranties of the Buyer in this
      Agreement not being true and accurate when made or at Closing;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any failure by the Buyer to perform any of its covenants,
      agreements, or obligations in this Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Assumed Liabilities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><I>[Redacted - Commercially sensitive]</I>; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>any Buyer Indemnified Taxes.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.3 </B></TD>
    <TD>
      <P align=justify><B>Procedure for Indemnified Third Party
  Claim</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Promptly after receipt by a party
entitled to indemnification hereunder (the "<B>Indemnitee</B>") of written
notice of the assertion or the commencement of any Litigation with respect to
any matter referred to in Sections 10.1 or 10.2, the Indemnitee shall give
written notice thereof to the Sellers if the Indemnitee is a Person entitled to
indemnification under Section 10.1, or the Buyer, if the Indemnitee is a Person
entitled to indemnification under Section 10.2 (in either case, the
"<B>Indemnitor</B>"), and thereafter shall keep the Indemnitor reasonably
informed with respect thereto; provided, however, that failure of the Indemnitee
to give the Indemnitor notice as provided herein shall not relieve the
Indemnitor of its obligations hereunder except to the extent that the Indemnitor
is prejudiced thereby. If any third party commences any Litigation against any Indemnitee, the Indemnitor shall be entitled to participate
in such Litigation and, at its option, assume the defense thereof with counsel
reasonably satisfactory to the Indemnitee, at the Indemnitor's sole expense;
provided, however, that the Indemnitor shall not have the right to assume the
defense of any Litigation if: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_72></A>
<P align=center>- 46 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Indemnitee shall have one or more legal or equitable
      defenses available to it which are different from or in addition to those
      available to the Indemnitor, and, in the reasonable opinion of the
      Indemnitee, counsel for the Indemnitor could not adequately represent the
      interests of the Indemnitee because such interests could be in conflict
      with those of the Indemnitor;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>such Litigation is reasonably likely to have a material
      adverse effect on any other matter beyond the scope or limits of the
      indemnification obligation of the Indemnitor; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Indemnitor shall not have assumed the defense of the
      Litigation in a timely fashion (but in any event within thirty days of
      notice of such Litigation).</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>If the Indemnitor shall assume the
defense of any Litigation, the Indemnitee shall be entitled to participate in
any Litigation at its expense, and the Indemnitor shall not settle such
Litigation unless the settlement shall include as an unconditional term thereof
the giving by the claimant or the plaintiff of a full and unconditional release
of the Indemnitee, from all liability with respect to the matters that are
subject to such Litigation, or otherwise shall have been approved reasonably by
the Indemnitee. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.4</B> </TD>
    <TD>
      <P align=justify><B>Determination of Indemnification Amounts; Time For
      Making Claims</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Buyer shall not be entitled to indemnification under
      Section 10.1(a) in respect of any Losses for breaches of representation
      and warranties in Sections 8, 9 to 13 other than 9(a) and 15 to 28 and
      29(b) of Schedule G unless and until the aggregate amount of all such
      Losses exceeds an amount equal to one percent (1%) of the Base Purchase
      Price (the "<B>Threshold Amount</B>"), upon which the Buyer shall be
      entitled to indemnification only for such Losses in excess of the
      Threshold Amount. In no event shall the aggregate liability of the Sellers
      in respect of all Losses subject to indemnification pursuant to Section
      10.1(a) for breaches of representations and warranties in Sections 8, 9 to
      13 other than 9(a) and 15 to 28 and 29(b) of Schedule G, exceed an amount
      equal to ten percent (10%) of the Base Purchase Price in the aggregate,
      and in no event shall the aggregate liability of the Sellers for all
      Losses subject to indemnification pursuant to Section 10.1 exceed the Base
      Purchase Price.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Sellers shall not be entitled to indemnification
      under Section 10.2(a) unless and until the aggregate amount of all such
      Losses exceeds an amount equal to Cdn$2,000,000, upon which the Sellers
      shall be entitled to indemnification only for such Losses in excess of
      Cdn$2,000,000. In no event shall the aggregate liability of the Buyer for
      all Losses subject to indemnification pursuant to Section 10.2(a) exceed
      Cdn$20,000,000.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_73></A>
<P align=center>- 47 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>No Person shall be entitled to indemnification under
      Sections 10.1 or 10.2 unless it shall have given the Indemnitor written
      notice of the Losses for which it seeks indemnification on or before the
      last day of the relevant survival period provided in Section
  10.5.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>In determining the amount of the Losses of any party
      entitled to indemnification under this Article 10, such Losses shall be
      reduced by the amount of any insurance proceeds, Tax benefits or other
      recoupment received or realized by such party for or as a result of the
      circumstance or occurrence giving rise to its indemnification
  claim.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The amount of any Losses for which any party is entitled
      to indemnification under Section 10.1(c) in respect of the transfer of the
      securities of Tiomin Peru S.A.C. contemplated in Section 5.10(a)(i) (other
      than Losses attributable to withholding Taxes in respect of such transfer)
      shall be reduced by the amount of any Tax Attributes of Vaaldiam Mining
      Inc. immediately prior to the Effective Date, to the extent such Tax
      Attributes would otherwise have been available to reduce any Pre-Effective
      Date Period Taxes of Vaaldiam Mining Inc. arising as a result of such
      transfer.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>In no event shall any party be entitled to
      indemnification under this Article 10 for breaches of representations or
      warranties of which such party had Knowledge prior to Closing.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>For purpose of this Article 10 (i) any dollar amounts
      referred to in Sections 10.4(a) or 10.4(b) shall be converted into US
      dollars based on the Exchange Rate, and (ii) any Losses that are subject
      to indemnification and that are expressed in Canadian dollars shall be
      paid in U.S. dollars based on the Exchange
Rate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.5 </B></TD>
    <TD>
      <P align=justify><B>Survival</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The representations and warranties of the Sellers and the
      Buyer contained in this Agreement shall survive
Closing:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>for a period ending on <I>[Redacted] </I>in the case of
      Sections 1 to 7, 9(a), 14 and 29(a) of Schedule G; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>for a period of 12 months after Closing in all other
      cases.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Other than claims for indemnification made under Sections
      10.1(a) and 10.2(a) (which shall be governed by, and must be made within
      the periods specified in, Section 10.5(a)), any claim for indemnification
      under Sections 10.1 or 10.2 must be made on or before
      <I>[Redacted]</I>.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_74></A>
<P align=center>- 48 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.6</B> </TD>
    <TD>
      <P align=justify><B>Sole Remedy</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>No party may make any claim for damages
in respect of this Agreement or any certificate or other document (except for
the Shareholder Participation Agreement or the Transition Services Agreement)
delivered pursuant hereto, or in respect of any breach or termination thereof,
against any other party except by making a claim pursuant to and in accordance
with the provisions of this Article 10; <I>provided</I>, however, that if the
provisions of this Article 10 shall be invalid or unenforceable, the Buyer and
the Sellers shall have any other rights and remedies available to them under law
or in equity. </P>
<P align=center><B>ARTICLE 11 - MISCELLANEOUS PROVISIONS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.1</B> </TD>
    <TD>
      <P align=justify><B>Expenses</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Except as otherwise set out in this
Agreement, each of the parties shall bear its own costs and expenses arising
from the transactions contemplated by this Agreement.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.2</B> </TD>
    <TD>
      <P align=justify><B>Waivers</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>No action taken pursuant to this
Agreement, including any investigation by or on behalf of any party hereto,
shall be deemed to constitute a waiver by the party taking the action of
compliance with any representation, warranty, covenant or agreement contained in
this Agreement. The waiver by any party hereto of any condition or of a breach
of another provision of this Agreement shall not operate or be construed as a
waiver of any other condition or subsequent breach. The waiver by any party of
any of the conditions precedent to its obligations under this Agreement shall
not preclude it from seeking redress for breach of this Agreement other than
with respect to the condition so waived. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.3</B> </TD>
    <TD>
      <P align=justify><B>Single Agent for Payment and
  Notice</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Sellers hereby appoint Fund I as
their single agent for payment and notice required under this Agreement. Payment
or notice to Fund I shall constitute payment or notice to both Sellers. In the
event that the Sellers wish to designate new single agent for payment or notice,
the Sellers shall appoint, and shall deliver to the Buyer, a document executed
by all Sellers that designates the name and address of the new single agent for
payment or notice, and upon receipt by the Buyer, the new designation shall
become effective. If the Buyer makes a payment or delivers notice to an
appointed agent in accordance with the provisions of this Section 11.3, it shall
be conclusively deemed that such payment or notice has been received by all
Sellers. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.4</B> </TD>
    <TD>
      <P align=justify><B>Notices</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>All notices, requests, demands,
applications, services of process, and other communications which are required
to be or may be given under this Agreement shall be in writing and shall be
deemed to have been duly given if sent by electronic mail or facsimile
transmission or delivered by courier or mailed, certified first class mail,
postage prepaid, return receipt requested, to the parties hereto at the
following addresses: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_75></A>
<P align=center>- 49 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>To the Sellers:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Orion Resource Partners (USA) LP </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">1211 Avenue of the Americas, Suite 3000 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">New York, NY 10036 </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Attention: General Counsel </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Facsimile: 212 596 3489 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Email: notices@orionresourcepartners.com </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">With a copy (which shall not constitute notice)
      to: </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Fasken Martineau DuMoulin LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">333 Bay Street, Suite 2400 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Toronto, ON M5H 2T6 </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Attention: Nancy Eastman </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Facsimile: 416 364 7813 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Email: neastman@fasken.com
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>To the Buyer:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Osisko Gold Royalties Ltd </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">1100 Avenue des Canadiens-de-Montr&#233;al, </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Suite 300, PO Box 211 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Montr&#233;al QC H3B 2S2 </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Attention: Bryan Coates </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Facsimile: (514) 940-0669 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Email: bcoates@osiskogr.com </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">With a copy (which shall not constitute notice)
      to: </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Bennett Jones LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">3400, One First Canadian Place, P.O. Box 130
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Toronto, ON M5X 1A4 </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Attention: Sander Grieve </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Facsimile: (416) 863-1716 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">Email: grieves@bennettjones.com
</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>or to such other address as any party
shall have furnished to the other by notice given in accordance with this
Section. Such notice shall be effective, (i) if delivered in person or by
courier, upon actual receipt by the intended recipient, or (ii) if sent by
electronic mail or facsimile transmission, upon receipt, or (iii) if mailed,
upon the date of first attempted delivery.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_76></A>
<P align=center>- 50 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.5</B> </TD>
    <TD>
      <P align=justify><B>Entire Agreement;
Amendments</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement embodies the entire
agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and understandings, oral or written, with
respect thereto. This Agreement may not be modified orally, but only by an
agreement in writing signed by the party or parties against whom any waiver,
change, amendment, modification, or discharge may be sought to be enforced. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.6</B> </TD>
    <TD>
      <P align=justify><B>Conflict between Documents</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Unless otherwise specifically stated,
the provision of this Agreement shall govern and prevail in the event of any
inconsistency or conflict between the terms hereof and of any assignment
agreements or other document or instrument executed or delivered by any party in
connection with the transactions contemplated hereunder. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.7</B> </TD>
    <TD>
      <P align=justify><B>Binding Effect; Benefits</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement shall inure to the
benefit of and will be binding upon the parties hereto and their respective
successors and permitted assigns. Neither the Buyer nor the Sellers shall assign
this Agreement or delegate any of its duties hereunder to any other Person
without the prior written consent of the other. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.8</B> </TD>
    <TD>
      <P align=justify><B>Headings, Schedules, and
Exhibits</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The section and other headings in this
Agreement are for reference purposes only and will not affect the meaning of
interpretation of this Agreement. Reference to Schedules shall, unless otherwise
indicated, refer to the Schedules to this Agreement, each of which shall be
incorporated in and constitute a part of this Agreement by such reference.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.9</B> </TD>
    <TD>
      <P align=justify><B>Counterparts; Facsimile or Electronic
    Signature</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement may be executed by
facsimile or by electronic mail in any number of counterparts, each of which,
when executed, shall be deemed to be an original and all of which together will
be deemed to be one and the same instrument. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.10</B> </TD>
    <TD>
      <P align=justify><B>Further Assurances</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For a period of one year from and after
the Closing, each of the Buyer and the Sellers shall do all such things and
provide all such reasonable assurances as may be required to consummate the
transactions contemplated by this Agreement, and each such party shall provide
such further documents or instruments required by any other party as may be
reasonably necessary or desirable to effect the purpose of this Agreement and
carry out its provisions.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.11</B> </TD>
    <TD>
      <P align=justify><B>Governing Law, Disputes and
  Arbitration</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The validity, performance, and enforcement of this
      Agreement shall be governed by the laws of the Province of Qu&#233;bec, without
      giving effect to the principles of conflicts of law of such
    Province.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_77></A>
<P align=center>- 51 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>In the event of any dispute, claim, question or
      disagreement (each a "<B>Dispute</B>") arising out of or relating to this
      Agreement, the parties shall use all reasonable endeavours to settle such
      Dispute. To this effect, they shall consult and negotiate with each other
      in good faith and attempt to reach a just and equitable solution to the
      Dispute within a period of thirty (30) days from the matter in dispute
      being raised by a party.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>If the parties cannot resolve the Dispute within the
      thirty (30) days period, a party may refer the Dispute to arbitration
      pursuant to the Book VII (section 940 and following) of the Code of Civil
      Procedure (Qu&#233;bec) (the "<B>Code of Civil Procedure Arbitration
      Provisions</B>"). The arbitration shall be held in the City of Montreal
      and determined by a single arbitrator. The arbitrator shall be qualified
      by experience and skill in the area(s) covered by the Dispute and, unless
      both parties agree in writing following full disclosure of any facts
      giving rise to a possible conflict, free from legal or business conflicts
      of interest in relation to the parties.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>If the parties do not agree upon the selection of the
      arbitrator within fifteen (15) days following the expiration of the
      thirty-day period referred to above, either party may apply to a judge of
      the Superior Court of Justice of Qu&#233;bec for the appointment of the
      arbitrator. Unless the parties agree to share the costs of the
      arbitration, the arbitrator shall determine what portion of the costs and
      expenses incurred in such proceeding shall be borne by each party
      participating in the arbitration. The award of the arbitrator shall be
      final and binding on each of the parties and shall not be subject to any
      appeal on any ground, including an error of law. The arbitration shall be
      governed by the laws of Qu&#233;bec and the laws of Canada applicable therein,
      and judgement upon the award rendered by the arbitrator may be entered in
      any court having jurisdiction. The parties covenant that they shall
      conduct all aspects of such arbitration having regard at all times to
      expediting the final resolution of such arbitration.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The provisions of this Agreement providing for the
      resolution of Disputes shall not operate to prevent recourse to the court
      by any party as permitted by the Code of Civil Procedure Arbitration
      Provisions with respect to injunctions or whenever enforcement of an
      arbitration award reasonably requires access to any remedy which an
      arbitrator has no power to award or enforce.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.12</B> </TD>
    <TD>
      <P align=justify><B>Severability</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Any term or provision of this Agreement
which is invalid or unenforceable shall be ineffective to the extent of such
invalidity or unenforceability without rendering invalid or unenforceable the
remaining rights of the Person intended to be benefited by such provision or any
other provisions of this Agreement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.13</B> </TD>
    <TD>
      <P align=justify><B>Third Parties; Joint
Ventures</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement constitutes an agreement
solely among the parties hereto, and, except as otherwise provided herein, is
not intended to and will not confer any rights, remedies, obligations, or liabilities, legal or equitable, including any
right of employment, on any Person (including but not limited to any employee or
former employee of the Sellers) other than the parties hereto and their
respective successors, or assigns, or otherwise constitute any Person a third
party beneficiary under or by reason of this Agreement. Nothing in this
Agreement, expressed or implied, is intended to or shall constitute the parties
hereto partners or participants in a joint venture. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_78></A>
<P align=center>- 52 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.14</B> </TD>
    <TD>
      <P align=justify><B>Construction</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement has been negotiated by
the Buyer and the Sellers and their respective legal counsel, and legal or
equitable principles that might require the construction of this Agreement or
any provision of this Agreement against the party drafting this Agreement shall
not apply in any interpretation of this Agreement. </P>
<P align=center><B>[Execution Page Follows] </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_79></A>
<P align=center>- 53 - </P>
<P align=justify style="text-indent:5%">The Buyer and the Sellers have
executed this Agreement as of the date first written above.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>ORION MINE FINANCE (MASTER)
      FUND</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>I LP, by its general partner,
      Orion Mine</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>Finance GP I Limited</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%"><I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Name: Melanie Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Title: Authorized Signatory </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>ORION MINE FINANCE (MASTER)
      FUND</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>I-A LP, by its general partner,
      Orion Mine</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>Finance GP I-A Limited</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%"><I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Name: Melanie Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Title: Authorized Signatory </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>ORION CO-INVESTMENTS I
      (STREAM)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>LLC, by its managing member, Orion
      Mine</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>Finance Management I Limited</B>
    </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%"><I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Name: Melanie Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Title: Authorized Signatory </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>ORION CO-INVESTMENTS II LP, by
      its</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>general partner, Orion Mine
      Finance GP I</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>LP</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%"><I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Name: Melanie Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Title: Authorized Signatory
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_80></A>
<P align=center>- 54 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>ORION CO-INVESTMENTS IV LP, by
      its</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>general partner, Orion Mine
      Finance GP I</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>LP</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%"><I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Name: Melanie Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Title: Authorized Signatory </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>LYNX METALS LIMITED</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%"><I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Name: Melanie Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Title: Authorized Signatory </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>8248567 CANADA LIMITED</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%"><I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Name: Melanie Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Title: Authorized Signatory </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>OSISKO GOLD ROYALTIES LTD</B>
  </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%"><I>(signed) "Sean Roosen"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Name: Sean Roosen </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Title: Chair of the Board and CEO </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%"><I>(signed) "Bryan A. Coates"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Name: Bryan A. Coates </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Title: President </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_81></A>
<P align=center><B>Schedule A </B><BR><B>Directly Transferred Assets </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Nimbus Silver Offtake</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Parral Gold and Silver Offtake</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Renard Diamond Stream</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>SASA Silver Stream</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Cameron Lake NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Casino NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Casino NPI Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Seabee NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>Northern Dancer NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>Crowsnest Pass Gross Revenue Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify>Kliyul Creek NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify>Lorraine - Dorothy NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify>Moore Lake NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify>WO Claim Block 1 Gross Revenue
Royalty</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_82></A>
<P align=center><B>Schedule B </B><BR><B>Directly Held Entities </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>MF2 Investment Company I Limited</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>MF2 Investment Company 1 LP</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Orion Royalty Company, LLC</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>BCKP Limited</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Orion TitheCo Limited</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Orion Co-Investments II (Stream) Limited (with respect to
      interests held directly by Orion Co-Investments II LP)</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Orion Co IV (SO) Limited (with respect to interests held
      directly by Orion Co- Investments IV LP)</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_83></A>
<P align=center><B>Schedule</B><B> C </B><BR><B>Holding</B><B>
</B><B>Entities</B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="410">

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left height="16">&nbsp; <B>Entity Being Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%" height="16">&nbsp; <B>Jurisdiction</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%" height="16">&nbsp; <B>Being</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%" height="16">&nbsp; <B>Owned</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%" height="16">&nbsp; <B>Ownership Interests</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%" height="16">&nbsp; <B>Portfolio Assets Held</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%" height="16">&nbsp; <B>Notes</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%" height="15">&nbsp; <B>Sold</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%" height="15">&nbsp; <B>by</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15">&nbsp; <B>Directly</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15">&nbsp; <B>Entity</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15">&nbsp; <B>Being</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16">&nbsp; <B>Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" noWrap height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" noWrap height="16"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="14">&nbsp; MF2 Investment </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="14">&nbsp; Bermuda </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="14">&nbsp; Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="14">&nbsp; No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="14">&nbsp; <I>[Redacted]&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="14">&nbsp; none </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="14">&nbsp; GP of MF2 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15">&nbsp; Company I Limited </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15">&nbsp; Investment </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" height="16">&nbsp; <I>&nbsp; </I></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" noWrap height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" noWrap height="16">&nbsp; Company 1 LP </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15">&nbsp; MF2 Investment </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15">&nbsp; Bermuda </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15">&nbsp; Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15">&nbsp; No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>[Redacted]&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Oracle Ridge Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap height="16">&nbsp; Company 1 LP </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" height="16">&nbsp; <I>&nbsp; </I></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" noWrap height="16">&nbsp; Unicorn Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" noWrap height="16"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15">&nbsp; Orion Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15">&nbsp; Delaware </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15">&nbsp; Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15">&nbsp; No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>[Redacted]&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Bald Mountain Alligator Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15">&nbsp; Company, LLC </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; GSR - Duke Trapper-Royale </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Gabel Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Gabel Columbus Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Gabel Williams Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Gold Rock Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Landmark Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Mt. Hamilton Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Pan Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Rattlesnake Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Taylor Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Tonkin Springs Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Trail Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" height="15"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" height="15">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" noWrap height="15">&nbsp; Treasure Hill Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" noWrap height="15"></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" height="16">&nbsp; <I>&nbsp; </I></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" noWrap height="16">&nbsp; UNR Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" noWrap height="16"></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap height="16">&nbsp; BCKP Limited </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16">&nbsp; Cayman </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16">&nbsp; Yes </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" height="16">&nbsp; No </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" height="16">&nbsp; <I>[Redacted]&nbsp; </I></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" noWrap height="16">&nbsp; Admiral Bay NSR Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" noWrap height="16">&nbsp; Excluded </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_84></A>
<P align=center>C-2</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; <B>Entity Being Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>Jurisdiction</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>Being</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>Owned</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%">&nbsp; <B>Ownership Interests</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%">&nbsp; <B>Portfolio Assets Held</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>Notes</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>Sold</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>by</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Directly</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Entity</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Being</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; ("<B>BCKP</B>") </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; Islands </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>[Redacted]&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Royalties: </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Admiral Bay GOR Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Admiral Bay NSR </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Antamina (Recuays) Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Royalty, Admiral </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Ballarat Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Bay GOR Royalty, </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Century / Lawn Hill Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Pukaqaqa Norte </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; King Island Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Royalty and </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Olleachea Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Pukaqaqa Sur </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Peat - Barunga Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Royalty. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Pukaqaqa Norte Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Pukaqaqa Sur Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Reward / Myrtle Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Silver Swan 1.75% Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Silver Swan 3% Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Tintaya (Rifas) Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Waihi West Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; WKP Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; Vaaldiam Mining Inc. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; Canada </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>[Redacted]&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Altar Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Excluded </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; ("<B>Vaaldiam</B>") </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Beaufor - Pascalis Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Royalties: Altar </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Brauna Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Royalty </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Candle Lake Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Corcoesto Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap><EM>&nbsp; [Redacted]&nbsp;</EM>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Gurupi Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Kwale Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Rakkuri Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%">&nbsp; <I>&nbsp; </I></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Western Desert / Crypto Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap>&nbsp; MF2 LLC </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp; Delaware </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp; No </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp; Yes </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%">&nbsp; <I>[Redacted]&nbsp; </I></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Ambler-Arctic Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Excluded </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_85></A>
<P align=center>C-3</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; <B>Entity Being Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>Jurisdiction</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>Being</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>Owned</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%">&nbsp; <B>Ownership Interests</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%">&nbsp; <B>Portfolio Assets Held</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>Notes</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>Sold</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp; <B>by</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Directly</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Entity</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Being</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Kings Valley Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Royalty: Kings </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; New Jersey Zinc Database Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Valley Royalty </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Sandman 1 Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Sandman 2 Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Spring Valley Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Whistler Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; Mining Royalties </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Mexico </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; <I>[Redacted]&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Cumobabi Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; Mexico, S.A. De C.V. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; El Tecolote Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Estacion Llano Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Los Chinos Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Magdalena Basin Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; <I>&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Pozo de Nacho Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; <I>&nbsp; </I></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; San Juan Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap>&nbsp; Tiomin Peru S.A.C.<SUP>1</SUP> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Peru </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; No </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Partially </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; <I>[Redacted]&nbsp; </I></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Pukaqaqa Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Excluded Royalty </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; Orion TitheCo </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Bermuda </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; <I>[Redacted]&nbsp; </I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Back Forty Silver Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; Limited ("<B>TitheCo</B>") </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Mantoverde Gold Stream ROFR </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Mantos Silver Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Matilda (Wiluna) Gold Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; San Ramon Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Sao Jorge Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR></TABLE>
<P align=justify><SUP>_____________________________________<BR>1</SUP> Tiomin
Peru S.A.C. will not be acquired as Pukaqaqa Royalty is excluded. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_86></A>
<P align=center>C-4</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; <B>Entity Being Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Jurisdiction</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Being</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Owned</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <B>Ownership Interests</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp; <B>Portfolio Assets Held</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Notes</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Sold</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>by</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Directly</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Entity</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Being</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp; <B>Sold</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Yenipazar Gold Offtake </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; Nanjo Royalties, S. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Mexico </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Partially </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap><I>&nbsp; [Redacted]&nbsp;</I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Cerro de Gallo Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap>&nbsp; de R.L. de C.V. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap><I>&nbsp;</I></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; Orion Co- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Bermuda </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Partially </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap><I>&nbsp; [Redacted]&nbsp;</I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Brucejack Gold Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap><I>&nbsp; [Redacted]&nbsp;</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; Investments II </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap><I>&nbsp;</I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Brucejack Gold Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap><I>&nbsp;</I></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap>&nbsp; (Stream) Limited </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap><I>&nbsp;</I></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Brucejack Silver Stream </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap><I>&nbsp;</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; Orion Co IV (SO) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Bermuda </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp; Partially </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap><I>&nbsp; [Redacted]&nbsp;</I></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Amulsar Gold Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap><I>&nbsp; [Redacted]&nbsp;</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left nowrap>&nbsp; Limited </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Amulsar Gold Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="16%" nowrap>&nbsp; Amulsar Silver Stream </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="14%" nowrap>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_87></A>
<P align=center><B>Schedule D </B><BR><B>Offtake Instruments </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; <B>Offtake Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Amulsar Gold Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Brucejack Gold and </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Silver Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Matilda (Wiluna) Gold </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Offtake </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Nimbus Silver Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Parral Gold and Silver </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Offtake </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; San Ramon Gold Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Yenipazar Gold Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp;</I></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_88></A>
<P align=center><B>Schedule E </B><BR><B>Royalty Instruments </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%">&nbsp; <B>Royalty Name </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; <B>Instruments </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 1. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Ambler-Arctic Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp;[Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 2. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Antamina - Recuay </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 3. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Bald Mountain Alligator </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 4. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Ballarat Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; 5. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Beaufor_Pascalis Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; 6. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Brauna Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 7. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Cameron Lake Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_89></A>
<P align=center>E-2</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; <B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 8. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Candle Lake Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 9. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Casino NPI Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; 10. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Casino NSR Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 11. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Century-Lawn Hill Fixed </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Royalty Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 12. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Century-Lawn Hill NSR </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 13. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Cerro del Gallo Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 14. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Corcoesto Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 15. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Crowsnest Pass Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; 16. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Cumobabi Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_90></A>
<P align=center>E-3</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; <B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="15%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject
      to Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 17. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; El Tecolote Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 18. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Estacion Llano Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp; 19. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Gabel Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 20. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Gabel Columbus Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp; 21. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Gabel Williams Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 22. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Gold Rock (Monte) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 23. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; GSR-Duke-Trapper- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Royale Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 24. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Gurupi (Centro Gold) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_91></A>
<P align=center>E-4</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; <B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 25. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; King Island Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 26. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Kliyul Creek Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 27. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Kwale Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 28. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Landmark Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 29. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Lorraine - Dorothy </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 30. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Los Chinos Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; <I>&nbsp; </I></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 31. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Magdalena Basin Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; <I>&#149;&nbsp;&nbsp; [Redacted - Subject to
      Confidentiality]</I></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_92></A>
<P align=center>E-5</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; <B>Royalty Name </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <B>Instruments </B></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 32. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Moore Lake Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 33. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Mt. Hamilton Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 34. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; New Jersey Zinc database </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp; 35. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Northern Dancer Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 36. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Olleachea Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp; 37. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Oracle Ridge Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 38. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Pan Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp; 39. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Peat - Barunga Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_93></A>
<P align=center>E-6</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; <B>Royalty Name </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <B>Instruments </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="15%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject
      to Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left noWrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp; 40. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Pozo de Nacho Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left noWrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp; 41. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Rakkuri Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left noWrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp; 42. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Rattlesnake Hills Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left noWrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp; 43. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Reward-Myrtle Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap
    >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid" noWrap
    >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp; 44. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; San Juan Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left noWrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp; 45. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Sandman 1 Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left noWrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap >&nbsp; 46. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Sandman 2 Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_94></A>
<P align=center>E-7</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; <B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <B>Instruments</B> </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap width="15%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap width="80%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <EM>[Redacted -
      Subject to Confidentiality]</EM>&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap
    >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%" >&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap >&nbsp; 47. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Sao Jorge Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap >&nbsp; 48. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Seabee-Santoy Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp; 49. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Silver Swan 1.75% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap
    >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp; 50. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Silver Swan 3% Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap
    >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap
    >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp; 51. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Spring Valley Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp; 52. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Taylor Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap >&nbsp; 53. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Tintaya-Rifas Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%" >&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_95></A>
<P align=center>E-8</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; <B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="15%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject
      to Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 54. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Tonkin Springs Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 55. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Trail Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 56. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Treasure Hill Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 57. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Unicorn Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 58. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; UNR Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 59. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Waihi West Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 60. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; West Desert &#150; Crypto </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 61. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Whistler Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 62. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; WKP Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; 63. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; WO Claim Block 1 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_96></A>
<P align=center>E-9</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; <B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="15%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; &#149;&nbsp;&nbsp;&nbsp;<EM>[Redacted -
      Subject to Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_97></A>
<P align=center><B>Schedule F </B><BR><B>Stream Instruments </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; <B>Stream Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <B>Stream Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; Amulsar Gold and Silver </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject
      to Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Back Forty Silver Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Brucejack Stream </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Mantos Silver Stream </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Renard Diamond Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; SASA Silver Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_98></A>
<P align=center><B>Schedule G </B><BR><B>Representations and Warranties of
Sellers </B></P>
<P align=justify>Each of the Sellers jointly and severally represents and
warrants to the Buyer, in each case subject to the limitations in Article 4, as
follows and acknowledges that the Buyer will rely on such representations and
warranties in entering into this Agreement, and in concluding the transactions
contemplated hereunder. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>Organization of the Sellers</B>. Each of the Sellers
      is organized, validly existing, and in good standing under its
      jurisdiction of organization, and has all requisite power and authority to
      hold its respective Portfolio Assets, to carry on its business as it is
      now being conducted and to execute, deliver and perform its obligations
      under this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>Organization of the Holding Entities</B>. Each Holding
      Entity is organized, validly existing, and in good standing under its
      jurisdiction of incorporation or organization and in each other
      jurisdiction in which the character of its properties and assets owned,
      leased, licensed or otherwise held, or the nature of such activities makes
      such qualification necessary, and has all requisite power and authority to
      hold its respective Portfolio Assets and to carry on its business as it is
      now being conducted. All the outstanding shares of capital stock of each
      corporate Holding Entity, as applicable, have been validly issued and are
      fully paid and non-assessable</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>Ownership of the Holding Entities</B>. The ownership
      interests in each Holding Entity are set out in Schedule C under the
      column titled "Ownership Interests". Such ownership interests are held
      free and clear of all Encumbrances of any kind or nature whatsoever. Apart
      from such ownership interests set forth in Schedule C, no other Person has
      any ownership interest in any of the Holding Entities, and none of the
      Holding Entities own or hold any ownership interest in any Person that is
      not a Holding Entity. There are no options, warrants, conversion
      privileges, puts, calls, rights, commitments (pre-emptive, contingent or
      otherwise), agreements, arrangements or undertakings of any kind
      (collectively, "<B>Options</B>") relating to the issuance, sale or
      transfer of any securities of any Holding Entity or any securities of
      obligations convertible into, or exchangeable or exercisable for, or
      otherwise evidencing a right or obligation to acquire, any securities of
      any Holding Entity, or obligating any Holding Entity to issue, transfer,
      grant, sell or pay for or repurchase any shares of capital stock or other
      equity interests in, or securities convertible or exchangeable for any
      capital stock or other equity interests in, any Holding Entity or
      obligating any Holding Entity to issue, grant, extend or enter into any
      such Options. There are no outstanding contractual or other obligations of
      the Sellers or the Holding Entities with respect to the voting or
      disposition of any outstanding securities of any Holding Entity.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>Portfolio Assets</B>. Except as set out in Schedule J
      or as contemplated in the Royalty Instruments, Stream Instruments or
      Offtake Instruments, there are no outstanding options, rights,
      commitments, agreements, arrangements or undertakings of any kind of the
      Sellers or the Holding Entities relating to the sale or transfer to any
      third party (save the Buyer) of any part of the Portfolio Assets of the
      Sellers or the Holding Entities.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_99></A>
<P align=center>G-2</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>Royalties</B>. The Sellers have made available to the
      Buyer true, correct and, to the Knowledge of the Sellers, complete copies
      of the Royalty Instruments, including all amendments, waivers,
      subordinations or modifications thereto in the possession of the Sellers,
      and, to the Knowledge of the Sellers, all such Royalty Instruments are in
      full force and effect and, to the Knowledge of the Sellers, are valid and
      binding obligations of the parties thereto in accordance with their
      respective terms. To the Knowledge of the Sellers and except as set out in
      Schedule J, the applicable Holding Entities and Sellers are entitled to
      all rights and benefits under the Royalty Instruments in accordance with
      the terms thereof. To the Knowledge of the Sellers, each Royalty is held
      by a Seller or a Holding Entity, as applicable, free and clear of all
      Encumbrances of any kind or nature whatsoever. None of the Holding
      Entities or the Sellers or, to the Knowledge of the Sellers, any other
      party to the Royalty Instruments, is in material default of any obligation
      under the Royalty Instruments, which would reasonably be considered to be
      a material default thereunder. As of the date hereof, neither the Sellers
      nor the Holding Entities have received notice that any party to a Royalty
      Instrument intends to cancel, terminate or otherwise modify such Royalty
      Instrument, and to the Knowledge of the Sellers, no such action has been
      threatened and there are no disputes between the Sellers or the Holding
      Entities and any party to a Royalty Instrument. Except as set out in
      Schedule J, all payments that are due under each Royalty Instrument have
      been paid and there are no amounts outstanding. Except as set out in
      Schedule J, each Holding Entity, as applicable, holds its Royalties for
      its own account on and subject to the terms of the Royalty Instruments.
      Such Holding Entities have not:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>assigned the Royalties or any of their rights with
      respect thereto to any Person or entity; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>granted any options to purchase, rights of first refusal,
      rights of first offer or other similar rights with respect to the
      Royalties except as contemplated in the Royalty
  Instruments.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>Stream Instruments and Offtake Instruments. </B>The
      Sellers have made available to the Buyer true, complete and correct copies
      of the Stream Instruments and Offtake Instruments, including all
      amendments, waivers, subordinations or modifications thereto, and all such
      Stream Instruments and Offtake Instruments are in full force and effect
      and are valid and binding obligations of the parties thereto in accordance
      with their respective terms. The Sellers and the Holding Entities, as
      applicable, are entitled to all rights and benefits under the Stream
      Instruments and the Offtake Instruments in accordance with the terms
      thereof. Each Stream and Offtake is held by a Seller or a Holding Entity,
      as applicable, free and clear of all Encumbrances of any kind or nature
      whatsoever. None of the Holding Entities or the Sellers or, to the
      Knowledge of the Sellers, any other party to the Stream Instruments and
      Offtake Instruments, is in material default of any obligation under the
      Stream Instruments and Offtake Instruments, which would reasonably be
      considered to be a material default thereunder. As of the date hereof,
      neither the Sellers nor the Holding Entities have received notice that any
      party to an Offtake Instrument or a Stream Instrument intends to cancel,
      terminate or otherwise modify such Offtake Instrument or Stream
      Instrument, except as disclosed in Schedule J, and to the Knowledge of the
      Sellers, no such action has been threatened and there are no
    disputes between the Sellers or the Holding Entities and any party to an
Offtake Instrument or a Stream Instrument. All payments that are due under each
Offtake Instrument and Stream Instrument have been paid and there are no amounts
outstanding except as disclosed in Schedule J. All applicable conditions
precedent required to be satisfied pursuant to the Stream Instruments were
satisfied prior to the payment of deposits pursuant to such Stream Instruments.
Neither the Sellers nor the Holding Entities have: </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_100></A>
<P align=center>G-3</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>assigned any Offtake Instrument or Stream Instrument or
      any of their rights with respect thereto to any Person or entity;
  or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>granted any options to purchase, rights of first refusal,
      rights of first offer or other similar rights with respect to the Offtake
      Instruments or the Stream Instruments except as contemplated
    therein.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>Authority. </B>The execution, delivery, and
      performance of this Agreement and the consummation of the transactions
      contemplated hereby by the Sellers have been duly and validly authorized
      by all necessary action on the part of the Sellers. This Agreement has
      been duly and validly executed and delivered by the Sellers, and is a
      valid and binding obligation of the Sellers, enforceable against the
      Sellers in accordance with its terms. The Sellers have caused, or will
      have caused by the Closing, the Holding Entities to have taken all such
      corporate or other action as is necessary by such entities to complete the
      transactions contemplated by this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>Litigation</B>. Except with respect to the litigation
      relating to <I>[Redacted - Commercially sensitive]</I>, which is described
      in Schedule J there is no Litigation pending or, to the Knowledge of the
      Sellers, threatened, or to which the Sellers or their Affiliates
      (including the Holding Entities) are a party, the subject of which are the
      Portfolio Assets (or any of them) or which relates to the performance or
      non-performance of any obligation under a Royalty Instrument, Stream
      Instrument or Offtake Instrument, or which directly challenges the
      validity or enforceability of a Royalty Instrument, Stream Instrument or
      Offtake Instrument, or the transactions contemplated by this Agreement,
      except for any such Litigation which could not reasonably be expected to
      have a Sellers Material Adverse Effect.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>No Conflict; Required Consents. </B>Except as
      described on or contemplated by Schedule J, the execution, delivery, and
      performance by the Sellers of this Agreement do not and will
  not:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>conflict with or violate any provision of the charter or
      bylaws or other organizational or constituent documents of the Sellers or
      any of the Holding Entities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>violate any provision of any Legal
Requirements;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>conflict with, violate, result in a breach or termination
      of, constitute a default under or permit the acceleration of the
      performance required by, any Contract or Encumbrance to which the Sellers
      or the Holding Entities are a party or by which the Sellers, Holding
      Entities or the Portfolio Assets are bound or
affected;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_101></A>
<P align=center>G-4</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>result in the imposition of any Encumbrance upon any of
      the Portfolio Assets or upon any of the securities of any Holding
      Entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>result in, or give, a right of first offer, a pre-emptive
      right, right of first refusal or trigger any change of control provisions
      or any other right or option of any Person to acquire any of the Portfolio
      Assets or any securities of any Holding Entity; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>require any consent, approval, notice or authorization of
      or to any Governmental Authority or other Person or under any Legal
      Requirements or pursuant to any contract, except any such consents,
      approvals, notices or authorizations which are contemplated in this
      Agreement or the failure of which to be obtained could not reasonably be
      expected to have a Sellers Material Adverse
Effect.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>Restrictions on Business Activities</B>. There is no
      agreement, judgement, injunction, order or decree binding upon any Holding
      Entity that has, or would reasonably be expected to have, the effect of
      prohibiting, restricting or impairing any business practice of any Holding
      Entity, any acquisition of royalties, streams or offtakes by any Holding
      Entity or the conduct of business by any of them as currently conducted
      other than such agreements, judgements, injunctions, orders or decrees
      which would not, individually or in the aggregate, have a Sellers Material
      Adverse Effect.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>Royalty Revenues</B>. The Sellers have made available
      to the Buyer a statement of the revenues to the Holding Entities
      attributable to the Royalties during calendar year 2016 and during the
      first three months of 2017 and hereby represent that such statement is
      true, complete and correct.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B>Stream and Offtake Purchases</B>. The Sellers have
      made available to the Buyer details of the purchases of the Sellers and
      the Holding Entities pursuant to the Stream Instruments and the Offtake
      Instruments during calendar year 2016 and during the first three months of
      2017 and hereby represent that such statement is true, complete and
      correct.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B>Assets and Liabilities</B>. Except as set out in
      Schedule J, the Holding Entities have no material indebtedness or
      liabilities of any kind whatsoever (whether accrued, contingent or actual)
      and are not party to or bound by any material guarantee, indemnification
      or assumption agreement, or endorsement of, or any other similar
      commitment with respect to the material obligations, liabilities or
      indebtedness of any Person. As of Closing, the Holding Entities will have
      no material assets other than the Portfolio Assets.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><B>Tax Matters</B>.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Each of the Holding Entities has timely filed, or caused
      to be timely filed, with the appropriate Governmental Authority, all
      material Tax Returns required to be filed by or with respect to it. All
      such Tax Returns are true, correct and complete in all material respects
      and have been completed in accordance with Legal Requirements. To the best
      of the Sellers' Knowledge, no such Tax Return contains any misstatement or
      omits any statement that should have been included
  therein.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_102></A>
<P align=center>G-5</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Each of the Holding Entities has timely paid or caused to
      be timely paid all Taxes that are due and payable by it (whether or not
      shown as due on any Tax Returns and whether or not assessed or reassessed
      by the appropriate Governmental Authority), including all instalments on
      account of any Taxes. All assessments and reassessments received by the
      Holding Entities in respect of Taxes have been paid.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Adequate provision has been made by each of the Holding
      Entities in accordance with generally accepted accounting principles in
      the financial statements of such Holding Entity for all Taxes for any
      period for which Tax Returns are not yet required to be filed, or for
      which Taxes are not yet due or payable, up to the Effective
Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>No audit or other proceeding by any Governmental
      Authority is pending or, to the Knowledge of the Sellers, threatened with
      respect to any Taxes due from any of the Holding Entities, and no
      Governmental Authority has given written notice of any intention to assert
      any deficiency or claim for additional material Taxes against any of the
      Holding Entities. There are no matters under discussion, audit or appeal
      with any Governmental Authority relating to Taxes due from or with respect
      to any of the Holding Entities.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>No Governmental Authority of a jurisdiction in which any
      of the Holding Entities does not file Tax Returns has made any written
      claim that such entity is or may be subject to taxation by such
      jurisdiction. To the Knowledge of the Sellers, there is no basis for a
      claim that any of the Holding Entities is subject to Tax in a jurisdiction
      in which it does not file Tax Returns.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>There are no outstanding agreements, waivers, objections
      or arrangements extending the statutory period of limitations applicable
      to any claim for Taxes due from or with respect to any of the Holding
      Entities or their subsidiaries for any taxation period, nor has any such
      agreement, waiver, objection or arrangement been requested.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>None of the Holding Entities is bound by any tax sharing,
      allocation or indemnification or similar agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>The Holding Entities have withheld or collected the
      proper amount of Taxes in all material respects that are required by Legal
      Requirements to be withheld or collected and have timely remitted the
      proper amount of any Taxes in all material respects that have been
      withheld or collected, and are due, to the applicable Governmental
      Authority.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>None of the Holding Entities has received a refund of
      Taxes that it was not entitled to receive.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>No transaction to which any of the Holding Entities is or
      has been a party is subject to a transfer pricing adjustment pursuant to
      any tax legislation.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_103></A>
<P align=center>G-6</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>Each of the Holding Entities has maintained and continues
      to maintain at its place of business in its jurisdiction of residence and
      in each jurisdiction in which it carries on business all records and books
      of account that it is required by Legal Requirements to maintain for Tax
      purposes.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><B>Books and Records</B>. Except as disclosed in Schedule
      J, the financial books, records and accounts of each Holding Entity have
      been maintained in accordance with generally accepted accounting
      principles of its governing jurisdictions, and the combined financial
      statements (i) are stated in reasonable detail and accurately and fairly
      reflect the material transactions and dispositions of the assets of the
      Holding Entities, and (ii) accurately and fairly reflect the basis for the
      financial statements of such Holding Entities for the most recent
      financial year. The corporate records and minute books for each Holding
      Entity contain, in all material respects, complete and accurate minutes of
      all meetings and resolutions of the directors and shareholders such
      Holding Entity held and/or passed, as applicable, since its incorporation,
      formation or amalgamation, as the case may be. There are no off-balance
      sheet transactions, arrangements, obligations (including contingent
      obligations) or other relationships of any of the Holding Entities with
      unconsolidated entities or other Persons.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B>Contracts</B>. There are no material Contracts to
      which any Holding Entity is a party other than the Offtake Instruments,
      the Royalty Instruments and the Stream Instruments.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><B>Employee Benefits</B>.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>There are no agreements, health, welfare, supplemental
      unemployment benefit, bonus, incentive, profit sharing, deferred
      compensation, stock purchase, stock compensation, stock option,
      disability, pension or retirement plans and other employee compensation or
      benefit plans, policies, arrangements, practices or undertakings, whether
      oral or written, formal or informal, funded or unfunded, insured or
      uninsured which are maintained by or binding upon any Holding Entity or in
      respect of which a Holding Entity has any actual or potential liability
      (collectively, the "<B>Benefit Plans</B>") and none of the Holding
      Entities has any material liability under any Benefit
  Plans.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify><B>Labour and Employment</B>.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Except as disclosed in Schedule J, none of the Holding
      Entities has any employees and no Holding Entity will be a party as of the
      Closing Date to any Contract of employment or Contract for services with
      any consultant or independent contractor and no individual is party to a
      change of control, severance, termination, golden parachute or similar
      agreement or provision or would receive payments under any such agreement
      or provision as a result of the transactions contemplated by this
      Agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>None of the Holding Entities or the Buyer shall have any
      liabilities, obligations and amounts payable to any employee or former
      employee of any Holding Entity on or after the Closing
  Date.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_104></A>
<P align=center>G-7</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify><B>Compliance with Laws</B>. The Holding Entities have
      complied in all material respects with and are not in violation in any
      material respect of any Legal Requirements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify><B>Winding Up</B>. No order has been made, petition
      presented or meeting convened for the purpose of winding up the Sellers or
      any of the Holding Entities, or for the appointment of any provisional
      liquidator or in relation to any other process whereby the business is
      terminated and the assets of the Sellers or any of the Holding Entities
      are distributed amongst the creditors and/or shareholders or other
      contributors, and there are no proceedings under any applicable
      insolvency, bankruptcy, reorganisation or similar Legal Requirements in
      any relevant jurisdiction, and no events have occurred which, under Legal
      Requirements, would be reasonably likely to justify any such cases or
      proceedings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">21. </TD>
    <TD>
      <P align=justify><B>Administration and Receivership</B>. No Person has
      taken any step, legal proceeding or other procedure with a view to the
      appointment of an administrator, whether out of court or otherwise, in
      relation to the Sellers or any Holding Entities, and no receiver
      (including any administrative receiver) has been appointed in respect of
      the whole or any part of any of the property, assets and/or undertaking of
      any of the Sellers or any of the Holding Entities nor has any such order
      been made (including, in any relevant jurisdiction, any other order by
      which, during the period it is in force, the affairs, business and assets
      of the company concerned are managed by a Person appointed for the purpose
      by any Governmental Authority).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">22. </TD>
    <TD>
      <P align=justify><B>Voluntary Arrangement, Etc</B>. None of the Sellers or
      the Holding Entities has made any voluntary arrangement with any of its
      creditors or is insolvent or unable to pay its debts as they fall
    due.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">23. </TD>
    <TD>
      <P align=justify><B>Brokers</B>. No broker, investment banker, financial
      advisor or other Person, other than CIBC World Markets Inc. and Haywood
      Securities Inc., the fees and expenses of which will be paid by the
      Sellers, is entitled to any broker's, finder's, financial advisor's or
      other similar fee or commission in connection with the transactions
      contemplated by this Agreement. None of the Sellers or the Holding
      Entities has entered into any agreement that would entitle any Person to
      any valid claims against the Buyer for a broker's commission, finder's
      commission or any like payment in respect of the transactions contemplated
      by this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">24. </TD>
    <TD>
      <P align=justify><B>Security. </B>The Sellers have made available to the
      Buyer true, correct and, to the Knowledge of the Sellers, complete copies
      of the Security, including all amendments, waivers, subordinations and
      modifications thereto, and all legal opinions delivered in connection
      therewith. To the Knowledge of the Sellers, all filings, recordings,
      notifications, registrations and other actions necessary or appropriate
      under Legal Requirements have been made or taken, and all approvals
      obtained, in each jurisdiction where necessary or appropriate to give
      effect to the Security and to validate, preserve, perfect and protect the
      security interests granted in connection with the Security.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">25. </TD>
    <TD>
      <P align=justify><B>Information.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>All information relating to the Mantos Silver Stream, the
      SASA Silver Stream and the Underlying Interests thereof provided to the
      Buyer or any of its representatives or advisors, or made available to the Buyer or
any of its representatives or advisors, is true and accurate in all material
respects. There has been no material change to any such information provided to
the Buyer or its representatives since the date provided to the Buyer or its
representatives.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_105></A>
<P align=center>G-8</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>To the Knowledge of the Sellers, all other information
      provided to the Buyer or its representatives in relation to the Buyer&#146;s
      due diligence requests is accurate in all material respects as at its
      respective date as stated therein. To the Knowledge of the Sellers, there
      has been no material change to the information provided to the Buyer or
      its representatives since the date provided to the Buyer or its
      representatives.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">26. </TD>
    <TD>
      <P align=justify><B>Indigenous Matters.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Sellers have no Knowledge of matters not disclosed in
      the Counterparty Public Records relating to: (i) the operations and assets
      associated with the material Portfolio Assets being subject to any
      Indigenous Claims; or (ii) any current or pending Indigenous Claims
      affecting the operations and assets associated with the material Portfolio
      Assets.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Sellers have no Knowledge of matters not disclosed in
      the Counterparty Public Records, relating to any offers to or, written or
      oral agreements with, Indigenous to provide benefits, pecuniary or
      otherwise, with respect to any of the operations and assets associated
      with the material Portfolio Assets that could affect any of the material
      Portfolio Asset.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Sellers have no Knowledge of matters not disclosed in
      the Counterparty Public Records relating to any material disputes or
      disturbances involving local communities.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">27. </TD>
    <TD>
      <P align=justify><B>Title. </B>To the Knowledge of the Sellers, the
      Underlying Interests are owned by the applicable counterparty (or an
      Affiliate thereof) to the Offtake Instrument, Royalty Instrument or Stream
      Instrument, as applicable, and none of the Underlying Interests is subject
      to any reversionary right or expropriation proceeding which would
      invalidate any Portfolio Asset.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">28. </TD>
    <TD>
      <P align=justify><B>Anti-Bribery Legislation. </B>None of Sellers or any
      of the Holding Entities, nor any of their respective officers, directors
      or employees acting on behalf of any of them, has taken, committed to take
      or been alleged to have taken any action which would cause any Seller or
      any Holding Entity to be in violation of any Anti-Bribery Legislation, and
      to the Knowledge of the Sellers no such action has been taken by any
      agents, representatives or other Persons acting on behalf of the Sellers
      or any of the Holding Entities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">29. </TD>
    <TD>
      <P align=justify><B>Environmental Matters.</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>(a)</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_106></A>
<P align=center>G-9</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>To the Knowledge of the Sellers, the operations and
      assets associated with the Mantos Silver Stream and the SASA Silver
      Stream:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>have all material authorizations required under
      Environmental Laws necessary to conduct construction, development and
      operations, any other exploration, development, drilling or mining
      operations being conducted as of the date hereof;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>are all in material compliance with all applicable
      Environmental Laws and all terms and conditions of all environmental
      permits, and have not violated any Environmental Laws, and the Sellers are
      not aware of any facts or circumstances that could materially affect the
      validity of environmental permits or could reasonably give rise to their
      revocation;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>have not been subject of: (i) any proceeding,
      application, order, written request, written notice or directive from any
      Person alleging a violation of any Environmental Law, and which relates to
      any environmental, health or safety matter; or (ii) any demand or notice
      with respect to any Environmental Laws; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>are not involved in remediation operations and do not
      have any release, presence, spill, leak, emission, discharge, leaching,
      dumping or disposal of Hazardous Substance, that could reasonably be
      expected to result in any Environmental Liability or that are in
      concentration and conditions in excess of remediation or Reclamation
      guidelines under applicable Environmental
Laws.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>To the Knowledge of the Sellers, there are no facts,
      circumstances, or conditions relating to Environmental Liability that
      could affect the Mantos Silver Stream and the SASA Silver
Stream.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>The Sellers:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>have made available to the Buyer a true, correct and
      complete copy of each environmental audit, assessment, study or test
      relating to the Mantos Silver Stream and the SASA Silver Stream, including
      any environmental social impact assessment study reports and any other
      material environmental information; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>have made available to the Buyer a true, correct and
      complete copy of each material correspondence with Government Authorities
      relating to Environmental Liability that could affect the Mantos Silver
      Stream or the SASA Silver Stream, including potential future government
      policies that could affect the construction, development and operation of
      the material properties of the Sellers relating to the Mantos Silver
      Stream and the SASA Silver Stream or to conduct any other exploration,
      development, drilling or mining operations being conducted by it in relation to the
Mantos Silver Stream and the SASA Silver Stream.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_107></A>
<P align=center>G-10</P>
<P style="MARGIN-LEFT: 5%" align=justify>(b)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>To the Knowledge of the Sellers, the operations and
      assets associated with the material Portfolio Assets (other than the
      Mantos Silver Stream and the SASA Silver
Stream):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>have all material authorizations required under
      Environmental Laws necessary to conduct construction, development and
      operations, any other exploration, development, drilling or mining
      operations being conducted as of the date hereof;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>are all in material compliance with all applicable
      Environmental Laws and all terms and conditions of all environmental
      permits, and have not violated any Environmental Laws, and the Sellers are
      not aware of any facts or circumstances that could materially affect the
      validity of environmental permits or could reasonably give rise to their
      revocation;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>have not been subject of: (i) any proceeding,
      application, order, written request, written notice or directive from any
      Person alleging a violation of any Environmental Law, and which relates to
      any environmental, health or safety matter; or (ii) any demand or notice
      with respect to any Environmental Laws; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>are not involved in remediation operations and do not
      have any release, presence, spill, leak, emission, discharge, leaching,
      dumping or disposal of Hazardous Substance, that could reasonably be
      expected to result in any Environmental Liability or that are in
      concentration and conditions in excess of remediation or Reclamation
      guidelines under applicable Environmental
Laws.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>To the Knowledge of the Sellers, there are no facts,
      circumstances, or conditions relating to Environmental Liability that
      could affect any of the material Portfolio Assets (other than the Mantos
      Silver Stream and the SASA Silver Stream).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>The Sellers:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>have made available to the Buyer a true and complete copy
      of each environmental audit, assessment, study or test in the Sellers'
      control or possession relating to the material Portfolio Assets (other
      than the Mantos Silver Stream and the SASA Silver Stream), including any
      environmental social impact assessment study reports and any other
      material environmental information; and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_108></A>
<P align=center>G-11</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>have made available to the Buyer a true and complete copy
      of each material correspondence, in its control or possession, with
      Government Authorities relating to Environmental Liability that could
      affect any of the material Portfolio Assets (other than the Mantos Silver
      Stream and the SASA Silver Stream), including potential future government
      policies that could affect the construction, development and operation of
      the material properties of the Sellers relating to the material Portfolio
      Assets (other than the Mantos Silver Stream and the SASA Silver Stream )
      or to conduct any other exploration, development, drilling or mining
      operations being conducted by it in relation to the material Portfolio
      Assets (other than the Mantos Silver Stream and the SASA Silver
      Stream).</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_109></A>
<P align=center><B>Schedule H </B><BR><B>Representations and Warranties of
Buyer</B></P>
<P align=justify>The Buyer represents and warrants to the Sellers as follows and
acknowledges that the Sellers will rely on such representations and warranties
in entering into this Agreement, and in concluding the transactions contemplated
hereunder.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>Organization and Qualification of the Buyer</B>. The
      Buyer is a corporation duly organized, validly existing, and in good
      standing under the laws of the Province of Qu&#233;bec. The Buyer has all
      requisite power and authority to carry out its obligations under this
      Agreement. The Buyer and each of its subsidiaries have full corporate or
      legal power and authority to own their respective properties and assets
      and to conduct their respective businesses as currently owned and
      conducted. All of the outstanding shares of each subsidiary of the Buyer
      are validly issued, fully paid and non-assessable. Except as set forth in
      Schedule K, the outstanding shares of each such subsidiary are directly or
      indirectly owned by Buyer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>Authority</B>. The Buyer has all requisite power and
      authority to execute, deliver, and perform this Agreement and consummate
      the transactions contemplated by this Agreement. The execution, delivery,
      and performance of this Agreement and the consummation of the transactions
      contemplated by this Agreement on the part of the Buyer have been duly and
      validly authorized by all necessary action on the part of the Buyer. This
      Agreement has been duly and validly executed and delivered by the Buyer,
      and is the valid and binding obligation of the Buyer, enforceable against
      it in accordance with its terms. At Closing, all necessary corporate
      action will have been taken by the Buyer to validly issue the
      Consideration Shares as fully paid and non-assessable shares in the
      capital of the Buyer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>Capitalization</B>. Buyer is authorized to issue an
      unlimited number of Buyer Shares and an unlimited number of preferred
      shares in the capital of Buyer issuable in series, all without par value.
      As at June 1, 2017, there were: (i) 106,664,119 Buyer Shares outstanding;
      (ii) no preferred shares in the capital of Buyer outstanding; and (iii) an
      aggregate of 29,980,302 Buyer Shares reserved for issuance under the
      outstanding securities convertible or exercisable into Buyer Shares.
      Except as disclosed to the Sellers in writing and pursuant to this
      Agreement and the transactions contemplated hereby, there are no options,
      warrants, conversion privileges or other rights, agreements, arrangements
      or commitments (pre-emptive, contingent or otherwise) obligating Buyer to
      issue or sell any shares of Buyer or any securities or obligations of any
      kind convertible into or exchangeable for any shares of Buyer. All
      outstanding Buyer Shares have been authorized and are validly issued and
      outstanding as fully paid and non-assessable shares. As of the date
      hereof, there are no outstanding bonds, debentures or other evidences of
      indebtedness of Buyer having the right to vote with the Buyer Shareholders
      on any matter. There are no outstanding contractual obligations of Buyer
      to repurchase, redeem or otherwise acquire any outstanding Buyer Shares or
      with respect to the voting or disposition of any outstanding Buyer
      Shares.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_110></A>
<P align=center>H-2</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>No Conflict; Required Consents</B>. The execution,
      delivery, and performance by the Buyer of this Agreement do not and will
      not:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>conflict with or violate any provision of the charter or
      bylaws of the Buyer;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>violate any provision of any Legal
Requirements;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>conflict with, violate, result in a breach of, constitute
      a default under or permit the acceleration of the performance required by,
      any Contract or Encumbrance to which the Buyer is a party or by which the
      Buyer or the assets or properties owned or leased by the Buyer are bound
      or affected; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>require any consent, approval or authorization of any
      Governmental Authority or other Person other than the TSX, the NYSE, the
      Buyer Shareholder Approval or as contemplated in this
  Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>Subsidiaries</B>. None of the Buyer's subsidiaries are
      material to the business, operations, results of operations, assets,
      properties, capitalization, financial condition or liabilities (contingent
      or otherwise) of Buyer on a consolidated basis.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>Financial Statements</B>. The (i) audited consolidated
      balance sheets, audited consolidated statements of income, audited
      statements of comprehensive income (loss), audited consolidated statements
      of cash flows and audited consolidated statements of changes in equity for
      years ended December 31, 2016 and 2015, and notes thereto, and related
      management's discussion and analysis and (ii) unaudited consolidated
      balance sheets, unaudited consolidated statements of income (loss),
      unaudited statements of comprehensive income, unaudited consolidated
      statements of cash flows and unaudited consolidated statements of changes
      in equity for the three months ended March 31, 2017 and 2016, and notes
      thereto, and related management's discussion and analysis (collectively,
      the "<B>Buyer Financial Statements</B>"), were prepared in accordance with
      IFRS and, subject to the assumptions contained in the notes thereto,
      fairly present in all material respects the consolidated financial
      condition of Buyer at the respective dates indicated.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>Undisclosed Liabilities</B>. Neither Buyer nor any of
      its subsidiaries has any liabilities or obligations of any nature, whether
      or not accrued, contingent or otherwise, except for: (a) liabilities and
      obligations that are specifically presented in the Buyer Financial
      Statements; or (b) liabilities and obligations incurred in the ordinary
      course of business consistent with past practice since March 31, 2017 or
      liabilities and obligations disclosed in Schedule K. Without limiting the
      foregoing, the Buyer Financial Statements reflect reasonable reserves in
      accordance with IFRS for contingent liabilities relating to pending
      litigation and other contingent obligations of Buyer and its
      subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>Internal Controls and Financial Reporting</B>. Buyer:
      (i) has designed disclosure controls and procedures to provide reasonable
      assurance that financial information relating to Buyer, including its
      consolidated subsidiaries, is accurate and reliable, is made known to the
      Chief Executive Officer and the Chief Financial Officer of Buyer by others
      within those entities, particularly during the periods in which filings
      are being prepared; (ii) has designed internal controls to provide reasonable assurance
regarding the accuracy and reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
IFRS; and (iii) has disclosed in the management's discussion and analysis for
its most recently completed financial year, for each material weakness relating
to design existing at the financial year end (x) a description of the material
weakness, (y) the impact of the material weakness on Buyer's financial reporting
and internal controls over financial reporting; and (z) Buyer's further plans,
if any, or any actions already undertaken, for remediating the material
weakness. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_111></A>
<P align=center>H-3</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>Books and Records</B>. The corporate records and
      minute books of Buyer have been maintained in material compliance with all
      Legal Requirements and are complete and accurate in all material respects.
      Financial books and records and accounts of Buyer (i) have been maintained
      in accordance with good business practices on a basis consistent with
      prior years and past practice; (ii) are stated in reasonable detail and
      accurately and fairly reflect the material transactions and acquisitions
      and dispositions of assets of Buyer; and (iii) accurately and fairly
      reflect the basis for the Buyer Financial Statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>Reporting Status and Securities Laws Matters</B>.
      Buyer is a "reporting issuer" and not on the list of reporting issuers in
      default under applicable Canadian securities laws in any of the provinces
      or territories of Canada. No delisting, suspension of trading in or cease
      trading order with respect to any securities of Buyer and, to the
      knowledge of Buyer, no inquiry or investigation (formal or informal) of
      any Securities Authorities is in effect or ongoing or, to the knowledge of
      Buyer, expected to be implemented or undertaken with respect to the
      foregoing.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>Absence of Cease Trade Orders</B>. No order ceasing or
      suspending trading in Buyer Shares (or any of them) or any other
      securities of Buyer is outstanding and no proceedings for this purpose
      have been instituted or, to the knowledge of Buyer, are pending,
      contemplated or threatened.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B>Stock Exchange Compliance</B>. Buyer is in compliance
      in all material respects with the applicable listing and corporate
      governance rules and regulations of TSX and NYSE.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B>Public Filings</B>. Buyer has filed with all
      applicable Governmental Authorities true and complete copies of all
      documents that Buyer is required to file therewith. Such documents, at the
      time filed: (a) did not contain any misrepresentation; and (b) complied in
      all material respects with the requirements of applicable Securities Laws.
      Buyer has not filed any confidential material change report with any
      Governmental Authority which at the date hereof remains
    confidential.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><B>Restrictions on Business Activities</B>. Other than as
      disclosed to the Sellers, there is no agreement, judgement, injunction,
      order or decree binding upon Buyer or any of its subsidiaries that has, or
      would reasonably be expected to have, the effect of prohibiting,
      restricting or impairing any business practice of Buyer or any of its
      subsidiaries, any acquisition of royalties, streams or offtakes by Buyer
      or any of its subsidiaries or the conduct of business by any of them as
      currently conducted other than such agreements, judgements, injunctions,
      orders or decrees which would not, individually or in the aggregate, have
      a Buyer Material Adverse Effect.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_112></A>
<P align=center>H-4</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><B>Investment Canada</B>. The Buyer is not a
      "non-Canadian" within the meaning of the Investment Canada Act.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B>Investment Representations. </B>The Purchased
      Securities are being acquired by the Buyer as principal for its own
      account and not for the benefit of any other Person, for investment only
      and not with a view of any distribution thereof the Buyer understands that
      the Securities have not been registered under the <I>Securities Act of
      1933 </I>(the "<B>Securities Act</B>") or the securities laws of any
      state, and have not been qualified for distribution under Canadian
      securities laws, and must be held indefinitely unless subsequently
      registered under the Securities Act and any applicable U.S. state
      securities laws or unless an exemption from registration becomes or is
      available and, in the case of a distribution to which Canadian securities
      laws apply, unless qualified for distribution or unless an exemption from
      the prospectus requirements of such laws is available. The Buyer is, and
      will on Closing be, an "accredited investor", as such term is defined in
      Regulation D promulgated under the Securities Act and in National
      Instrument 45-106 -<I>Prospectus and Registration Exemptions of the
      Canadian Securities Administrators</I>, and is not created or used solely
      to purchase or hold securities as an accredited investor.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><B>Contracts</B>. Except as set forth in Schedule K,
      there are no material Contracts to which Buyer or any of its subsidiaries
      is a party other than Contracts relating to investments by Buyer or its
      subsidiaries in streams, royalties and offtakes. All such material
      Contracts are in full force and effect and Buyer or its subsidiaries, as
      applicable, are entitled to all rights and benefits thereunder in
      accordance with the terms thereof. Buyer has made available all such
      material Contracts to the Sellers and all such material Contracts are
      valid and binding obligations of Buyer or its subsidiaries, as applicable,
      enforceable in accordance with their respective terms. Buyer or its
      subsidiaries, as applicable, have complied in all material respects with
      all terms of such material Contracts, have paid all amounts due
      thereunder, have not waived any rights thereunder and no material default
      or breach exists in respect thereof on the part of Buyer or its
      subsidiaries, as applicable, or, to the Knowledge of Buyer, on the part of
      any other party thereto, and no event has occurred which, after the giving
      of notice or the lapse of time or both, would constitute such a material
      default or breach or trigger a right of termination of any of the material
      Contracts. As at the date hereof, none of Buyer or its subsidiaries has
      received notice that any party to a material Contract intends to cancel,
      terminate or otherwise modify or not renew such material Contract, and to
      the Knowledge of Buyer, no such action has been threatened.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify><B>Employee Benefits</B>. Except as disclosed in the
      Buyer Public Record, there are no agreements, health, welfare,
      supplemental unemployment benefit, bonus, incentive, profit sharing,
      deferred compensation, stock purchase, stock compensation, stock option,
      disability, pension or retirement plans and other employee compensation or
      benefit plans, policies, arrangements, practices or undertakings, whether
      oral or written, formal or informal, funded or unfunded, insured or
      uninsured which are maintained by or binding upon Buyer or any of its
      subsidiaries or in respect of which Buyer or any of its subsidiaries have
      any actual or potential liability (collectively, the "<B>Benefit
      Plans</B>") and none of Buyer or any of its subsidiaries has any material
      liability under any Benefit Plans.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_113></A>
<P align=center>H-5</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify><B>Board Approval. </B>As of the date hereof, the Buyer
      Board, after consultation with legal and financial advisors, has
      unanimously: (i) determined that the transactions contemplated by this
      Agreement are in the best interests of Buyer; and (ii) resolved to
      recommend that the Buyer Shareholders vote in favour of the Share Issuance
      Resolution.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify><B>Compliance with Laws</B>. The Buyer has complied in
      all material respects with and are not in violation in any material
      respect of any Legal Requirements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">21. </TD>
    <TD>
      <P align=justify><B>Winding Up</B>. No order has been made, petition
      presented or meeting convened for the purpose of winding up the Buyer, or
      for the appointment of any provisional liquidator or in relation to any
      other process whereby the business is terminated and the assets of the
      Buyer are distributed amongst the creditors and/or shareholders or other
      contributors, and there are no proceedings under any applicable
      insolvency, bankruptcy, reorganisation or similar laws in any relevant
      jurisdiction, and no events have occurred which, under Legal Requirements,
      would be reasonably likely to justify any such cases or
  proceedings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">22. </TD>
    <TD>
      <P align=justify><B>Administration and Receivership</B>. No Person has
      taken any step, legal proceeding or other procedure with a view to the
      appointment of an administrator, whether out of court or otherwise, in
      relation to the Buyer, and no receiver (including any administrative
      receiver) has been appointed in respect of the whole or any part of any of
      the property, assets and/or undertaking of the Buyer nor has any such
      order been made (including, in any relevant jurisdiction, any other order
      by which, during the period it is in force, the affairs, business and
      assets of the company concerned are managed by a Person appointed for the
      purpose by any Governmental Authority).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">23. </TD>
    <TD>
      <P align=justify><B>Voluntary Arrangement, Etc</B>. The Buyer has not made
      any voluntary arrangement with any of its creditors or is insolvent or
      unable to pay its debts as they fall due.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">24. </TD>
    <TD>
      <P align=justify><B>Financing Requirements</B>. The Buyer has sufficient
      financial means and on the Closing Date will have made arrangements to
      have sufficient financing available to pay the Cash
  Consideration.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">25. </TD>
    <TD>
      <P align=justify><B>Tax Matters</B>.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Each of Buyer and its subsidiaries has timely filed, or
      caused to be timely filed, with the appropriate Governmental Authority,
      all material Tax Returns required to be filed by or with respect to it.
      All such Tax Returns are true, correct and complete in all material
      respects and have been completed in accordance with Legal Requirements. To
      the best of Buyer&#146;s Knowledge, no such Tax Return contains any
      misstatement or omits any statement that should have been included
      therein.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Each of Buyer and its subsidiaries has timely paid or
      caused to be timely paid all Taxes that are due and payable by it (whether
      or not shown as due on any Tax Returns and whether or not assessed or
      reassessed by the appropriate Governmental Authority), including all
      instalments on account of any Taxes. All assessments and reassessments
      received by Buyer and its subsidiaries in respect of Taxes have been
      paid.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_114></A>
<P align=center>H-6</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Adequate provision has been made by each of Buyer and its
      subsidiaries in accordance with generally accepted accounting principles
      in its financial statements for all Taxes for any period for which Tax
      Returns are not yet required to be filed, or for which Taxes are not yet
      due or payable, up to the Closing Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>No audit or other proceeding by any Governmental
      Authority is pending or, to the Knowledge of Buyer, threatened with
      respect to any Taxes due from any of Buyer or its subsidiaries, and no
      Governmental Authority has given written notice of any intention to assert
      any deficiency or claim for additional material Taxes against any of Buyer
      or its subsidiaries. There are no matters under discussion, audit or
      appeal with any Governmental Authority relating to Taxes due from or with
      respect to any of Buyer or its subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>No Governmental Authority of a jurisdiction in which
      Buyer and its subsidiaries do not file Tax Returns has made any written
      claim that Buyer or its subsidiaries is or may be subject to taxation by
      such jurisdiction. To the Knowledge of the Buyer, there is no basis for a
      claim that any of Buyer or its subsidiaries is subject to Tax in a
      jurisdiction in which it does not file Tax Returns.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>There are no outstanding agreements, waivers, objections
      or arrangements extending the statutory period of limitations applicable
      to any claim for Taxes due from or with respect to any of Buyer or its
      subsidiaries for any taxation period, nor has any such agreement, waiver,
      objection or arrangement been requested.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>None of Buyer or its subsidiaries is bound by any tax
      sharing, allocation or indemnification or similar agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>Buyer and its subsidiaries have withheld or collected the
      proper amount of Taxes in all material respects that are required by Legal
      Requirements to be withheld or collected and have timely remitted the
      proper amount of any Taxes in all material respects that have been
      withheld or collected, and are due, to the applicable Governmental
      Authority.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>None of Buyer or its subsidiaries has received a refund
      of Taxes that it was not entitled to receive.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>No transaction to which any of Buyer or its subsidiaries
      is or has been a party is subject to a transfer pricing adjustment
      pursuant to any tax legislation.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>Each of Buyer and its subsidiaries has maintained and
      continues to maintain at its place of business in its jurisdiction of
      residence and in each jurisdiction in which it carries on business all
      records and books of account that it is required by Legal Requirements to
      maintain for Tax purposes.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">26. </TD>
    <TD>
      <P align=justify><B>Environmental Matters.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>To the Knowledge of Buyer, the operations and assets
      associated with the material assets of Buyer and its
  subsidiaries:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_115></A>
<P align=center>H-7</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>have all material authorizations required under
      Environmental Laws necessary to conduct construction, development and
      operations any other exploration, development, drilling or mining
      operations being conducted as of the date hereof;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>are all in material compliance with all applicable
      Environmental Laws and all terms and conditions of all environmental
      permits, and have not violated any Environmental Laws, and Buyer is not
      aware of any facts or circumstances that could materially affect the
      validity of environmental permits or could reasonably give rise to their
      revocation;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>except as set out in Schedule K, have not been subject
      of: (i) any proceeding, application, order, written request, written
      notice or directive from any Person alleging a violation of any
      Environmental Law, and which relates to any environmental, health or
      safety matter; or (ii) any demand or notice with respect to any
      Environmental Laws; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>are not involved in remediation operations and do not
      have any release, presence, spill, leak, emission, discharge, leaching,
      dumping or disposal of Hazardous Substance, that could reasonably be
      expected to result in any Environmental Liability or that are in
      concentration and conditions in excess of remediation or Reclamation
      guidelines under applicable Environmental
Laws.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>To the Knowledge of Buyer, there are no facts,
      circumstances, or conditions relating to Environmental Liability that
      could affect any of the material assets of Buyer or its
    subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Buyer:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>has made available to the Sellers a true and complete
      copy of each environmental audit, assessment, study or test in Buyer's
      control or possession relating to the material assets of Buyer or its
      subsidiaries, including any environmental social impact assessment study
      reports and any other material environmental information; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>has made available to the Sellers a true and complete
      copy of each material correspondence, in its control or possession, with
      Government Authorities relating to Environmental Liability that could
      affect any of the material assets of Buyer or its subsidiaries, including
      potential future government policies that could affect the construction,
      development and operation of the properties associated with the material
      assets of the Buyer or its subsidiaries or to conduct any other
      exploration, development, drilling or mining operations being conducted
      thereon.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">27. </TD>
    <TD>
      <P align=justify><B>Indigenous Matters.</B></P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_116></A>
<P align=center>H-8</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Buyer has no Knowledge of matters not disclosed
      publicly by the counterparties to its material stream and royalty assets
      or as otherwise disclosed to the Sellers in writing relating to: (i) the
      operations and assets associated with its material stream and royalty
      assets being subject to any Indigenous Claims, or, (ii) any current or
      pending Indigenous Claims affecting the operations and assets associated
      with stream and royalty assets.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Buyer has no Knowledge of matters not disclosed publicly
      by the counterparties to its material stream and royalty assets or as
      otherwise disclosed to the Sellers in writing, relating to any offers to
      or, written or oral agreements with, Indigenous to provide benefits,
      pecuniary or otherwise, with respect to any of the operations and assets
      associated with its material stream and royalty assets that could affect
      any such asset.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Buyer has no Knowledge of matters not disclosed
      publicly by the counterparties to its material stream and royalty assets
      or as otherwise disclosed to the Sellers in writing relating to any
      material disputes or disturbances involving local
  communities.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">28. </TD>
    <TD>
      <P align=justify><B>Title. </B>To the Knowledge of Buyer, except as set
      out in Schedule K, the mineral or real property interests underlying its
      material stream and royalty assets are owned by the applicable
      counterparty to the Contracts memorializing such stream and royalty
      assets, as applicable, and none of the mineral or real property interests
      underlying such stream and royalty assets is subject to any reversionary
      right or expropriation proceeding which would invalidate any such
      asset.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">29. </TD>
    <TD>
      <P align=justify><B>Anti-Bribery Legislation</B>. None of Buyer or any of
      its subsidiaries, nor any of their respective officers, directors or
      employees acting on behalf of any of them, has taken, committed to take or
      been alleged to have taken any action which would cause Buyer or any of
      its subsidiaries to be in violation of any Anti-Bribery Legislation, and
      to the knowledge of Buyer no such action has been taken by any agents,
      representatives or other Persons acting on behalf of Buyer or any of its
      subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">30. </TD>
    <TD>
      <P align=justify><B>Shareholder and Similar Agreements</B>. Except as
      disclosed in Schedule K, Buyer is not party to any shareholder, pooling,
      voting trust or other similar agreement relating to the issued and
      outstanding shares in the capital of Buyer or any of its
    subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">31. </TD>
    <TD>
      <P align=justify><B>Information. </B>All information provided to the
      Sellers or their representatives in relation to the Seller&#146;s due diligence
      requests is accurate in all material respects as at its respective date as
      stated therein. There has been no material change to the information
      provided to the Sellers or their representatives since the date provided
      to the Sellers or its representatives. All forecasts, projections and
      budgets which have been prepared by or on behalf of the Buyer relating to
      the Buyer, its subsidiaries and their respective businesses, properties
      and assets and delivered to the Sellers represent the Buyer&#146;s reasonable
      estimates and assumptions as to future performance, which the Buyer
      believes to be fair and reasonable as of the time made in the light of
      current and reasonably foreseeable business
conditions.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_117></A>
<P align=center><B>Schedule I </B><BR><B>Excluded Royalties </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; <B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; <B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="5%">&nbsp; 1. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="15%">&nbsp; Admiral Bay NSR </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject
      to Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Royalty/ Admiral Bay </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; GOR Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp; 2. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Altar Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp; 3. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Lithium Nevada-Kings </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Valley Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" noWrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="5%">&nbsp; 4. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" noWrap>&nbsp; Pukaqaqa Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_118></A>
<P align=center>I-2 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; <B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp; <B>Instruments</B> </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%" >&nbsp; 5. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Pukaqaqa Norte Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="5%"
    >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="5%"
    >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%" >&nbsp; 6. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp; Pukaqaqa Sur Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; &#149;&nbsp;&nbsp; <EM>[Redacted - Subject to
      Confidentiality]</EM></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%" >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%" nowrap>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_119></A>
<P align=center><B>Schedule J </B><BR><B>Sellers&#146; Disclosure Schedule </B></P>
<P align=justify>This disclosure schedule (&#147;<B>Disclosure Schedule J</B>&#148;) has
been prepared and delivered in accordance with the acquisition agreement dated
June 4, 2017 (the "<B>Agreement</B>") with respect to the proposed transaction
between the Buyer and the Sellers. Capitalized terms used but not defined in
this Disclosure Schedule J shall have the meanings ascribed to such terms in the
Agreement, unless the context otherwise requires. Numbers set forth herein
correspond to paragraph numbers in Schedule G to the Agreement. </P>
<P align=justify>The inclusion of any item in this Disclosure Schedule J shall
not be deemed, in and of itself, to be an admission or evidence of the
materiality of such item, nor shall it establish any standard of materiality for
any purpose whatsoever. No disclosure in this Disclosure Schedule J relating to
any possible breach or violation of any agreement, law or regulation shall be
construed as an admission or indication that any such breach or violation exists
or has actually occurred. </P>
<P align=justify>All information provided in this Disclosure Schedule J shall
qualify (a) the corresponding paragraph of Schedule G of the Agreement and (b)
any and all other sections, subsections or paragraphs of the Agreement
(including Schedule G) in which the relevance of such information would be
reasonably apparent on the face thereof. Matters disclosed in this Disclosure
Schedule J are not necessarily limited to matters required by the Agreement to
be disclosed in this Disclosure Schedule J. Such additional matters are set
forth for information purposes and do not necessarily include all matters of a
similar nature. </P>
<P align=justify>Any description of any document included in this Disclosure
Schedule is qualified in all respects by a reference to the full text of such
documents. Any matter disclosed under a specific heading shall be deemed to have
been disclosed under all other headings.</P>
<P align=justify><EM>[Redacted - Subject to Confidentiality]</EM></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_120></A>
<P align=center><B>Schedule K</B><BR><B>Buyer's Disclosure Schedule</B></P>
<P align=left>We refer to the Acquisition Agreement (the "<B>Acquisition
Agreement</B>") dated as of June 4, 2017 among Osisko Gold Royalties Ltd
("<B>Osisko</B>"), Orion Mine Finance (Master) Fund I LP, Orion Mine Finance
(Master) Fund I-A LP, Orion Co-Investment I (Stream) LLC, Orion Co-Investments
II LP, Orion Co-Investments IV LP, 8248567 Canada Limited and Lynx Metals
Limited. </P>
<P align=justify>This is the disclosure letter referred to in the Acquisition
Agreement as the "<B>Buyer's Disclosure Letter</B>" and we hereby disclose to
you the information set out below for the purpose of the Acquisition Agreement.
Terms defined in the Acquisition Agreement and not otherwise defined herein
shall have the same meanings in this Buyer's Disclosure Letter. All values are
expressed in Canadian dollars unless noted otherwise. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Osisko does not take any responsibility for any opinion
      which may have been expressed by any person other than Osisko, its
      employees, agents, representatives, officers, directors or consultants or
      any forecast or projection in any information or document by such person
      unless any such opinion, forecast or projection is expressly referred to
      or represented or warranted in the Acquisition Agreement or this Buyer's
      Disclosure Letter.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Any matter disclosed in this Buyer's Disclosure Letter
      with respect to the corresponding section or subsection of the Acquisition
      Agreement shall be deemed to be disclosed under any other section or
      subsection of the Acquisition Agreement, as long as the relevance of such
      disclosure to such other section or subsection of the Acquisition
      Agreement is reasonably apparent on its face.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Disclosure of any matter herein shall not be deemed to
      constitute an admission by Osisko, or to otherwise imply, that such matter
      is material, individually or in the aggregate with any other matter(s),
      for purposes of the Acquisition Agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>The following matters are specifically
  disclosed:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left><B><U>Acquisition Agreement Reference </U></B></TD>
    <TD noWrap align=left width="50%"><B><U>Disclosure Schedule Reference
      </U></B></TD></TR>
  <TR>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Schedule H &#150; Section 1 (Organization and Qualification of
      the Buyer) </TD>
    <TD align=left width="50%">See Schedule H-1 &#150; <I>Organization and
      </I><I>Qualification of the Buyer </I></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Schedule H &#150; Section 17 (<I>Contracts</I>) </TD>
    <TD align=left width="50%">See Schedule H-17 &#150; <I>Contracts </I></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Schedule H &#150; Section 26 (<I>Environmental
      </I><I>Matters</I>) </TD>
    <TD align=left width="50%">See Schedule H-26 &#150; <I>Environmental
      </I><I>Matters </I></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Schedule H &#150; Section 28 (<I>Title</I>) </TD>
    <TD align=left width="50%">See Schedule H-28 &#150; <I>Title </I></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Schedule H &#150; Section 30 (<I>Shareholder and </I><I>Similar
      Agreements</I>) </TD>
    <TD align=left width="50%">See Schedule H-30 &#150; <I>Shareholder and
      </I><I>Similar Agreements </I></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_121></A>
<P align=center><B>SCHEDULE H-1 </B><BR><B>ORGANIZATION AND QUALIFICATION OF
BUYER </B></P>
<P align=justify>Set forth below is the organization structure of Osisko and its
subsidiaries, which includes the ownership of Osisko in its direct and indirect
subsidiaries.</P>
<P align=justify><EM>[Redacted - Subject to Confidentiality]</EM></P>
<P align=center>- 2 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_122></A>
<P align=center><B>SCHEDULE H-17 </B><BR><B>CONTRACTS </B></P>
<P align=justify>The following are the material contracts entered into by Osisko
and/or a subsidiary of Osisko: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="5%" ><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Canadian Malartic Royalty Agreement </B>(the amended
      and restated net smelter return royalty agreement dated June 16, 2014
      between Osisko and Canadian Malartic GP, a general partnership existing
      under the laws of Ontario). </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="5%" ><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>&#201;l&#233;onore Royalty Agreement </B>(the royalty agreement
      dated March 31, 2006 and amended on May 12, 2014, between Goldcorp Inc.,
      Virginia Gold Mines Inc. (now Les Mines Opinaca Lt&#233;e, a wholly-owned
      subsidiary of Goldcorp) and Virginia Mines Inc. (before its amalgamation
      to become "Osisko Exploration James Bay Inc."). </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="5%" ><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Virginia Arrangement Agreement </B>(the arrangement
      agreement dated November 16, 2015 between Osisko, Virginia Mines Inc.
      (before its amalgamation to become "Osisko Exploration James Bay Inc.")
      and 9081798 Canada Inc. </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="5%" ><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Credit Agreement </B>(the $100 million revolving
      credit facility agreement dated November 21, 2014 between Osisko and
      National Bank of Canada). </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="5%" ><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Amended Credit Facility </B>(means the amended
      revolving credit facility dated December 23, 2015 between Osisko and
      National Bank of Canada, which, among other things, increased the amount
      of the facility from $100 million to $150 million and extended the term of
      the facility to December 23, 2017). </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="5%" ><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>RQ Subscription Agreement </B>(means the subscription
      agreement dated February 12, 2016 between Osisko and Ressources Qu&#233;bec (A
      wholly-owned subsidiary of Investissement Qu&#233;bec) providing for the
      issuance of a five-year $50 million convertible debenture, bearing
      interest at an annual rate of 4% payable quarterly). </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="5%" ><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>2015 Underwriting Agreement </B>(means the
      underwriting agreement dated February 18, 2015 between Osisko and
      Macquarie Capital Markets Canada Ltd., RBC Dominion Securities Inc.,
      National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets
      Inc., TD Securities Inc., Scotia Capital Inc., Cormark Securities Inc.,
      Paradigm Capital Inc. and Edgecrest Capital Corporation). </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="5%" ><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>2015 Warrant Indenture </B>(means the warrant
      indenture dated February 18, 2015 between Osisko and CST Trust Company, as
      warrant agent, pursuant to which the common share purchase warrants of
      Osisko were created and issued and by which they are governed). </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="5%" ><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>2016 Underwriting Agreement </B>(means the
      underwriting agreement dated February 11, 2016 between Osisko and BMO
      Nesbitt Burns Inc., RBC Dominion Securities Inc., National Bank Financial
      Inc., Macquarie Capital Markets Canada Ltd., CIBC World Markets Inc.,
      Haywood Securities Inc., Scotia Capital Inc., TD Securities Inc., Cormark
      Securities Inc., Dundee Securities Ltd., Paradigm Capital Inc.).
</P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=top align=left width="5%" ><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>2016 Warrant Indenture </B>(means the warrant
      indenture dated February 26, 2016 between Osisko and CST Trust Company, as
      warrant agent, pursuant to which the common share purchase warrants were created and issued and by
which they are governed).  </P></TD></TR></TABLE>
<P align=center>- 3 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_123></A>
<P align=justify>The foregoing material contracts have been made available on
  the public record (with certain redactions ), but have been disclosed in their
  entirety to the Sellers to conduct their due diligence investigation of Osisko.
</P>
<P align=center>- 4 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_124></A>
<P align=center><B>SCHEDULE H-26 </B><BR><B>ENVIRONMENTAL MATTERS </B></P>
<P align=justify><EM>[Redacted - Subject to Confidentiality]</EM></P>
<P align=center>- 5 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_125></A>
<P align=center><B>SCHEDULE H-28 </B><BR><B>TITLE </B></P>
<P align=justify><EM>[Redacted - Subject to Confidentiality]</EM></P>
<P align=center>- 6 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_126></A>
<P align=center><B>SCHEDULE H-30 </B><BR><B>SHAREHOLDER AND SIMILAR AGREEMENTS
</B></P>
<P align=justify><B><U>Unanimous Shareholders Agreement</U></B><B> </B></P>
<P align=justify>Reference is made to the unanimous shareholders agreement dated
June 15, 2015 among Sodemex D&#233;velopment, Soci&#233;t&#233; en Commandite, Sidex, Soci&#233;t&#233;
en Commandite, Fonds de Solidarit&#233; des travailleurs du Qu&#233;bec (F.T.Q.), Fonds
R&#233;gional de Solidarit&#233; Nord-du-Qu&#233;bec, Soci&#233;t&#233; en Commandite, Exploration Osisko
&#150; Baie James Inc., Mines Coulon Inc. And Redevances Aurif&#232;res Osisko Lt&#233;e. A
copy of the aforementioned unanimous shareholders' agreement has been made
available to the Sellers. </P>
<P align=justify><B><U>Coulon Exchange Rights Agreement</U></B><B> </B></P>
<P align=justify>Reference is made to the exchange rights agreement dated
January 31, 2014 (the "<B>Exchange Rights Agreement</B>") between Virginia Mines
Inc. and the other holders of Class "A" shares in the capital of Coulon Mines
Inc. (the "<B>Coulon Shares</B>"), as amended effective February 17, 2015
pursuant to the plan of arrangement under Section 192 of the <I>Canada Business
Corporations Act </I>(the "<B>Plan of Arrangement</B>") among Osisko, Virginia
Mines Inc. and 9081798 Canada Inc. to, among other things, enable the holders of
Coulon Shares to exercise their exchange rights thereunder to acquire common
shares of Osisko in exchange for their Coulon Shares. </P>
<P align=justify>The plan of arrangement is described in the joint management
information circular of Osisko and Virginia Mines Inc. dated December 12, 2014
prepared in connection with the acquisition by Osisko of Virginia Mines Inc.,
and has been made available to the Sellers. </P>
<P align=justify><B><I>Background</I></B></P>
<P align=justify>Pursuant to various agreements dated January 31, 2014, Virginia
Mines Inc., of the first part, and each of Sod&#233;mex d&#233;veloppement, s.e.c., le
Fonds de solidarit&#233; des travailleurs du Qu&#233;bec (F.T.Q.), the Fonds regional de
solidarit&#233; Nord-du-Qu&#233;bec, s.e.c. and SIDEX, s.e.c. (collectively, the
"<B>Institutional Shareholders</B>"), of the second part, became involved in an
accelerated exploration program on Virginia Mine Inc.'s then mineral exploration
property known as the "Coulon Property". </P>
<P align=justify>Pursuant to the Exchange Rights Agreement, the Institutional
Shareholders were given the right to exchange their Coulon Shares for common
shares of Virginia Mines Inc. ("<B>Virginia Shares</B>"). The exchange rights
granted to the shareholders of Coulon Mines Inc. (the "<B>Coulon Exchange
Right</B>") were granted to each Institutional Shareholder individually and may
be exercised independently of one another. The Institutional Shareholders that
exercise their Coulon Exchange Right may do so only for the aggregate of the
Coulon Shares they held.</P>
<P align=justify>Pursuant to the Plan of Arrangement, the Exchange Rights
Agreement was amended so that a holder of Coulon Shareholders shall, upon
exercise of such Coulon Exchange Rights, in accordance with the terms and
conditions of the Exchange Rights Agreement, no longer be entitled to receive
Virginia Shares and shall instead be entitled to receive from Osisko such number
of common shares of Osisko (rounded to the nearest whole number with half of a
common share of Osisko rounded upwards) calculated in accordance with the
formula set out in the Plan of Arrangement, as adjusted if applicable.</P>
<P align=center>- 7 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_127></A>
<P align=center><B>Schedule L </B></P>
<P align=center><B>Assignment Agreements </B></P>
<P align=center><B><U>ROYALTY ASSIGNMENT AND ASSUMPTION AGREEMENT</U></B><B>
</B></P>
<P align=center>[Description of Royalty] </P>
<P align=justify>This Royalty Assignment and Assumption Agreement (this
&#147;<B>Agreement</B>&#148;) is entered into and effective as of &lt;@&gt;, 2017 between
<B>[Seller]</B> (&#147;<B>Assignor</B>&#148;) and <B>[Buyer]</B> (&#147;<B>Assignee</B>&#148;). </P>
<P align=justify>Whereas the Assignor and the Assignee are two of the parties to
the <I>Acquisition Agreement</I> (the &#147;<B>Acquisition Agreement</B>&#148;) dated
&lt;@&gt;, 2017 between Orion Mine Finance (Master) Fund I LP, Orion Mine
Finance (Master) Fund I-A LP, Orion Co-Investments I (Stream) LLC, Orion
Co-Investments II LP, Orion Co-Investments IV LP, 8248567 Canada Limited and
Lynx Metals Limited, as vendors, and Osisko Gold Royalties Ltd., as purchaser,
the Assignor being one of the &#147;<B>Sellers</B>&#148; and the Assignee being the
&#147;<B>Buyer</B>&#148;. </P>
<P align=justify>And whereas this Agreement is the Assignment to be delivered by
the Assignor at Closing as provided in Section 7.2(d) of the Acquisition
Agreement in respect of the <B>[Royalty Agreement, described by Title, Date
&amp; Parties]</B> (the &#147;<B>Royalty Agreement</B>&#148;). </P>
<P align=justify>For good and valuable consideration, the receipt and
sufficiency of which is acknowledged by each of the Assignor and the Assignee,
the Assignor and the Assignee agree as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Capitalized terms and expressions used and not defined
      herein but defined in the Acquisition Agreement shall have the meanings
      assigned to them respectively in the Acquisition Agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Assignor hereby assigns and transfers to Assignee the
      Royalty Agreement and all of Assignor&#146;s right, title and interest therein
      free and clear of any lien, claim or encumbrance.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Assignee accepts the assignment of the Royalty Agreement
      and assumes all of the obligations of the Assignor thereunder and
      covenants and agrees with Assignor to pay and discharge as and when due
      and be responsible for and indemnify and save harmless the Assignor from
      and against the Assumed Liabilities and the Environmental Liabilities,
      regardless of when existing or arising in respect of the Royalty in the
      manner and to the extent provided in the Acquisition Agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>The rights and obligations of the parties hereto are
      subject to the terms and provisions of the Acquisition Agreement; in the
      event of any inconsistency between the terms hereof and the terms of the
      Acquisition Agreement, the terms of the Acquisition Agreement shall
      govern; the terms and provisions of the Acquisition Agreement shall not
      merge in this Assignment and Assumption Agreement and shall continue in
      full force and effect.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 2 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>This Assignment and Assumption Agreement shall be
      governed by the laws of <B>[Royalty Agreement jurisdiction] </B>without
      reference to the choice of law or conflicts of law principles
    thereof.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>This Assignment and Assumption Agreement shall be binding
      upon and enure to the benefit of the parties hereto and their respective
      successors and assigns.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>This Assignment and Assumption Agreement may be executed
      in any number of counterparts. Each counterpart is an original, but the
      counterparts together are one and the same agreement. This Assignment and
      Assumption Agreement is binding on the parties on the exchange of
      counterparts. A copy of an executed counterpart sent by facsimile machine
      or as a PDF file by electronic mail (i) shall be treated as an original
      counterpart, (ii) is sufficient evidence of the execution of the original
      and (iii) may be produced in evidence for all purposes in place of the
      original.</P></TD></TR></TABLE>
<P align=justify>IN WITNESS WHEREOF, the parties have executed this Assignment
and Assumption Agreement on the date first written above. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>[SELLER]</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Name: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Title: </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>[BUYER]</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Name: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">Title: </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_129></A>
<P align=center><B>Schedule M </B><BR><B>Form of Shareholder Participation
Agreemen</B></P>
<P align=justify><I>[Redacted - Shareholder Participation Agreement to be filed
once executed among the parties]</I></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_130></A>
<P align=center><B>SCHEDULE B </B></P>
<P align=center><B>Investor&#146;s Rights Agreement</B></P>
<P align=justify><I>[Redacted &#150; Investor&#146;s Rights Agreement to be filed once
executed among the parties]</I></P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Osisko Gold Royalties Ltd.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>
      <P align=justify>Note to Reader: English translation of the original
      agreement. This translated version has been produced for disclosure
      purposes only and the parties to this agreement have not executed this
      agreement drafted in English. The parties have executed, on June 4, 2017,
      a French version of the agreement, it being understood that the parties
      are bound only by such French version. </P></TD></TR></TABLE>
<P align=center><B><U>SUBSCRIPTION AGREEMENT</U></B></P>
<P align=justify>June 4, 2017 </P>
<P align=justify><B>OSISKO GOLD ROYALTIES LTD<BR></B>1100 Canadiens-de-Montr&#233;al
Avenue, Suite 300 <BR>Montreal, Qu&#233;bec <BR>H3B 2S2</P>
<P
align=justify>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
M. Bryan A. Coates, President </P>
<P align=center><B><U>Subscription for Common Shares of Osisko Gold Royalties
Ltd</U></B></P>
<P align=justify style="text-indent:5%">The Fonds de solidarit&#233; des
travailleurs du Qu&#233;bec (F.T.Q.) (&#147;<B>Fonds F.T.Q.</B>&#148;) understands that Osisko
Gold Royalties Ltd (the &#147;<B>Corporation</B>&#148;) wishes to enter into this
subscription agreement with Fonds F.T.Q., pursuant to which the Corporation
shall issue to Fonds F.T.Q., and Fonds F.T.Q. shall subscribe with the
Corporation (the &#147;<B>Private Placement</B>&#148;), for gross proceeds of
$75,000,001.44, a total of 5,151,099 common shares of the Corporation&#146;s share
capital (the &#147;<B>Subscribed Shares</B>&#148;), at a price per share equal to the
Subscription Price (as hereinafter defined) in order to complete the acquisition
pursuant to the Acquisition Agreement. Subject to the conditions set forth
herein, Fonds F.T.Q. hereby agrees to purchase from the Corporation all the
Subscribed Shares at the Closing Time (as hereinafter defined), and the
Corporation hereby agrees to issue to Fonds F.T.Q. at the Closing Time all the
Subscribed Shares. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Private Placement is Concurrent
with the completion of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>a private placement with the Caisse de d&#233;p&#244;t et placement
      du Qu&#233;bec for gross proceeds of $200,000,003.84 of common shares of the
      share capital of the Corporation, at the Subscription Price (the
      &#147;<B>Concurrent Private Placement</B>&#148;);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>of the issuance of Common Shares by way of payment of the
      sale price under the Acquisition Agreement.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The following are the further
conditions of the Agreement:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1</B> </TD>
    <TD align=left width="90%"><B>Definitions</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">In addition to the terms defined
in the preamble hereinabove, the following terms as used in this Agreement shall
have the following meaning: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>&#147;<B>Acquisition Agreement</B>&#148; means the acquisition
      agreement dated June 4, 2017 for the acquisition by the Corporation,
      directly or indirectly by way of a Subsidiary, of certain assets or issued
      and outstanding securities of certain entities of the
  Sellers;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 2 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>&#147;<B>Affiliate</B>&#148; has the meaning ascribed to such term
      in the <I>Securities Act </I>(Qu&#233;bec), and &#147;<B>wholly-owned Affiliate</B>&#148;
      means an Affiliate as defined in the <I>Securities Act </I>(Qu&#233;bec), with
      the proviso that the notion of &#147;control&#148; as incorporated in such
      definition shall be defined as the ownership of 100% of the equity
      securities of an entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>&#147;<B>Agreement</B>&#148; means this subscription agreement,
      including any schedules or exhibits attached hereto, and not any
      particular Article or Section or other portion except as may be specified,
      and words such as &#147;hereto&#148;, &#147;herein&#148; and &#147;hereby&#148; refer to this Agreement
      as the context requires;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>&#147;<B>Applicable Securities Laws</B>&#148; means all applicable
      securities, corporate and other laws, rules, regulations, notices and
      policies in each of the provinces and territories of Canada;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>&#147;<B>Business Day</B>&#148; means a day which is not Saturday,
      Sunday or a legal holiday in Montreal, Qu&#233;bec;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>&#147;<B>Closing Date</B>&#148; means on or around July 31, 2017 or
      such other date as agreed by the parties;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>&#147;<B>Closing Time</B>&#148; means 8:00 a.m. (Montreal time) or
      such other time on the Closing Date as Fonds F.T.Q. and the Corporation
      may mutually agree;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>&#147;<B>Common Shares</B>&#148; means the common shares of the
      Corporation&#146;s share capital;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>&#147;<B>Corporation</B>&#148; means Osisko Gold Royalties Ltd, a
      business corporation incorporated under the QBCA;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>&#147;<B>Corporation&#146;s counsel</B>&#148; means Lavery, de Billy,
      L.L.P.;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>&#147;<B>Disclosure Documents</B>&#148; means all information filed
      by or on behalf of the Corporation and, as the case may be, its
      predecessor entities since December 31, 2016 with any of the Securities
      Regulatory Authorities, including the most recent management information
      circular, the current annual information form, the most recent audited
      financial statements and the related management&#146;s discussion and analysis,
      the interim financial statements and the related management&#146;s discussion
      and analysis, material change reports and any other document, information,
      evidence, return, report, application or statement that may be filed by or
      on behalf of the Corporation under applicable securities
    legislation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>&#147;<B>Lien</B>&#148; means, with respect to any property,
      including mineral titles or securities, or income or any other benefits
      accruing thereto or resulting therefrom, the granting or suffering or
      supporting of any priority, mortgage, hypothec, lien, pledge, assignment
      by way of security, charge, security interest as guaranty for an
      obligation, whether present or future, actual or potential, trust
      arrangement in the nature of a security interest, conditional sale or
      other title retention agreement, equipment trusts, lease financings
      including by way of sale and lease-back, levy, execution, seizure,
      attachment, garnishment, servitude or easement, license, right of use,
      dismemberment of the right of ownership, claim, option or any other legal
      or contractual right granted to a person or from which a person may
      benefit, preferential right or adverse claim constituting an interest in
      such property, or any other encumbrance in respect of such property, as
      well as any undertaking, offer or promise to grant or bestow any one or
      more of such liens as so defined, directly or indirectly, and derivatives of such
  term, other than with respect to vehicle leases;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 3 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>&#147;<B>Litigation</B>&#148; means any demand letter, claim,
      action, suit, class action, trial, mediation, arbitration, notice or any
      other investigation, judicial, quasi-judicial, regulatory or
      administrative proceeding taken against, or which may affect, a person,
      except for any litigation as so defined that has been fully and finally
      settled;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>&#147;<B>NYSE</B>&#148; means the New York Stock
Exchange;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>&#147;<B>Public Body</B>&#148; means any state or government, any
      international body or body bringing together several states or provinces,
      any body, board, commission, office and any other authority instituted or
      constituted by a state or government, whether by statute or otherwise, any
      body, board, commission, office, of a public or private nature, exercising
      governmental or quasi-governmental functions or regulatory or
      self-regulatory functions on behalf of a state or for another public body
      or body otherwise having jurisdiction, as well as any body, office,
      commission, board, arbitration tribunal or judicial, quasi-judicial or
      administrative tribunal, whether national, provincial or governmental,
      foreign or international, as well as any court of justice; without
      limiting the generality of the foregoing, &#147;Public Body&#148; includes the TSX
      and the NYSE;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>&#147;<B>QBCA</B>&#148; means the <I>Business Corporations Act
      </I>(Qu&#233;bec), including the regulations promulgated thereunder;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD>
      <P align=justify>&#147;<B>Regulation 45-106</B>&#148; means <I>Regulation 45-106
      respecting prospectus and registration exemptions</I>;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(r) </TD>
    <TD>
      <P align=justify>&#147;<B>Securities Act of 1933</B>&#148; means the United States
      <I>Securities Act of 1933</I>, as amended;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(s) </TD>
    <TD>
      <P align=justify>&#147;<B>Securities Regulatory Authorities</B>&#148; means the
      securities commissions or similar regulatory authorities in each of the
      provinces of Canada;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(t) </TD>
    <TD>
      <P align=justify>&#147;<B>Sellers</B>&#148; means Orion Mine Finance (Master) Fund I
      LP, Orion Mine Finance (Master) Fund I-A LP, Orion Co-Investment I
      (Stream) LLC, Orion Co-Investments II LP, Orion Co-Investments IV LP,
      8248567 Canada Limited and Lynx Metals Limited;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(u) </TD>
    <TD>
      <P align=justify>&#147;<B>Shares Concerned</B>&#148; means the Subscribed Shares and
      the Common Shares to be issued under Section 3(d);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>&#147;<B>Subscription Price</B>&#148; means a price of $14.56 per
      share;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(w) </TD>
    <TD>
      <P align=justify>&#147;<B>Subsidiary</B>&#148; has the meaning assigned thereto in
      the QBCA;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD>
      <P align=justify>&#147;<B>Swap</B>&#148; means a transaction that is an interest
      rate swap, a basis swap, a forward rate agreement, a commodity swap, a
      commodity option, an equity swap, an equity option, a bond option, an
      interest rate option, a foreign exchange transaction, a cap transaction, a
      floor transaction, a collar transaction, a currency swap transaction, a
      cross-currency swap, a foreign currency option contract, a forward sale, a
      futures contract or any other similar transaction (including an option
      with respect to any such transaction or combination of same);
  and</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=center>- 4 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(y) </TD>
    <TD>
      <P align=justify>&#147;<B>TSX</B>&#148; means the Toronto Stock
  Exchange.</P></TD></TR></TABLE>
<P align=justify>The terms &#147;<B>misrepresentation</B>&#148;, &#147;<B>material change</B>&#148;
and &#147;<B>material fact</B>&#148; shall have the meanings ascribed thereto under
Applicable Securities Laws.</P>
<P align=justify>Wherever the words &#147;<B>include</B>&#148;, &#147;<B>including</B>&#148; or
&#147;<B>includes</B>&#148; are used in the Agreement, they are not intended to be
limiting and they shall be deemed to be followed by the words &#147;without
limitation&#148;.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 2</B> </TD>
    <TD align=left width="90%"><B>Subscription</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Subject to the terms, conditions
and other provisions set forth herein, Fonds F.T.Q. undertakes hereby to
subscribe for the Subscribed Shares at the Subscription Price, at the Closing
Time, and the Corporation hereby irrevocably undertakes to accept such
subscription and to issue accordingly the Subscribed Shares to Fonds F.T.Q.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 3</B> </TD>
    <TD align=left width="90%"><B>Covenants of the Corporation</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">As supplementary and essential
considerations for the entering into of this Agreement by Fonds F.T.Q., the
Corporation undertakes to do the following as of the execution date of this
Agreement until the earliest of the effective date of the acquisition
contemplated by the Acquisition Agreement or the termination of the Acquisition
Agreement in accordance with its terms: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>at the time of their issuance in accordance with the
      Agreement, to issue the Subscribed Shares as fully-paid Common
    Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>to comply with all covenants of the Corporation set forth
      in the Agreement and to duly, punctually and faithfully perform all of its
      obligations under the Agreement and applicable laws and regulation,
      including the Applicable Securities Laws;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>to allow Fonds F.T.Q. to perform a due diligence of the
      Sellers as well as of the Corporation and the Affiliates and, for this
      purpose, to give its officers, employees and representatives reasonable
      access and to supply relevant materials and information as may be
      requested, including, without limitation, accounting books and records and
      management employment contracts, and to allow copies to be made and to
      allow discussions concerning its business and financial situation with the
      officers and auditors of the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>at the Closing Date, to pay to Fonds F.T.Q., as capital
      commitment, an amount equal to 5% of Fonds F.T.Q.&#146;s aggregate subscription
      amount as well as 105,125 Common Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>to promptly inform Fonds F.T.Q. of any actual or
      anticipated material change or fact, event or situation (whether current,
      anticipated, threatened, contemplated or proposed) which, individually or
      together with other changes, facts, events or situations, results in a
      material change, whether actual or anticipated based on the facts, that
      occur between the time of execution hereof and the Closing Time;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>to comply with the Applicable Securities Laws and the
      rules, requirements, policies, notices and regulations of the TSX and the
      NYSE in connection with the Private Placement and the other transactions
      contemplated by this Agreement and to consult Fonds F.T.Q. and its
      advisers with respect to the manner in which the Private
  Placement and the other transactions contemplated by this Agreement
      shall be in compliance with the Applicable Securities Laws and the rules,
      requirements, policies, notices and regulations of the TSX and the
  NYSE;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=center>- 5 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>to make commercially reasonable efforts to work in
      collaboration and cooperate with Fonds F.T.Q. and its advisers in
      connection with the preparing of any application aimed at securing, prior
      to the Closing Date, any regulatory approvals required in connection with
      the Private Placement, as well as any orders, registrations, consents,
      filings, decisions, exemptions, letters and the preparing of any documents
      reasonably considered by one of the parties hereto necessary for the
      performance of its obligations or otherwise desirable under the applicable
      laws in connection with this Agreement as quickly as possible (including,
      without limitation, any statements, applications or observations submitted
      with the TSX and the NYSE), and in particular:</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to afford Fonds F.T.Q. and its advisers a reasonable
      possibility to participate in any communication (verbal, written or
      otherwise) with any Public Body (including the TSX and the NYSE) with
      respect to the Private Placement, including by providing Fonds F.T.Q., in
      advance, with copies of any notices, statements, applications and other
      communications in draft form and a reasonable possibility to review same
      and to promptly deliver comments thereon, and the Corporation, acting
      reasonably, shall duly take such observations into account. Further, the
      final version of any written communication with any Public Body (including
      the TSX and the NYSE) which may be filed by or on behalf of the
      Corporation shall be reasonably satisfactory to Fonds F.T.Q. as regards
      form and content;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>to immediately notify Fonds F.T.Q. and its advisers in
      writing of any request (whether formal or informal) by a Public Body
      (including the TSX and the NYSE) concerning any matter which may affect
      the Private Placement and the other transactions contemplated by this
      Agreement;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>to make commercially reasonable efforts to complete the
      acquisition in accordance with the terms of the Acquisition Agreement and
      to provide Fonds F.T.Q. with prior notice of any intention of the parties
      to terminate the Acquisition Agreement; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to secure Fonds F.T.Q.&#146;s prior approval in connection
      with any communication to be made public which refers to Fonds F.T.Q. or
      to the Private Placement in accordance with the provisions of Section
      13.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">In addition to the above, for as
long as Fonds F.T.Q. shall be a shareholder or creditor of the Corporation, the
Corporation undertakes in regard of Fonds F.T.Q., for itself and for each of its
subsidiaries, to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>contribute, with its employees residing in Qu&#233;bec and at
      the same time as such employees, to the acquisition of shares of Fonds
      F.T.Q., at a rate of one dollar for every dollar invested by an employee,
      up to a maximum of $250 per employee per year;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>implement a procedure of deductions at source allowing
      employees to acquire shares of Fonds F.T.Q. by way of a preauthorized
      debit on each pay cycle;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=center>- 6 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>implement a tax relief mechanism for contributions to
      Fonds F.T.Q., at both provincial and federal levels;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>contribute, as of the date hereof, to the <I>Fondation de
      la formation &#233;conomique </I>of Fonds F.T.Q. at a rate of $40 (plus taxes)
      per year per employee residing in Qu&#233;bec and having worked a minimum of
      320 hours in one fiscal year. Such amount shall be payable within 30 days
      following the end of each of its fiscal years.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 4</B> </TD>
    <TD align=left width="90%"><B>Representations and Warranties of the
      Corporation</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Corporation represents and
warrants to Fonds F.T.Q., both at the date hereof and at the Closing Date, and
acknowledges that Fonds F.T.Q. is relying upon such representations and
warranties in entering into the Agreement, that:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Corporation has full corporate capacity, power and
      authority to issue the Subscribed Shares and upon issuance of same and
      receipt of the Subscription Price for same, the Subscribed Shares shall be
      duly allotted, validly issued and outstanding as fully paid shares of the
      share capital of the Corporation and free of all Liens, charges and
      encumbrances;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Corporation is not in default or breach of the
      following, and the execution and delivery of the Agreement by the
      Corporation, as well as the compliance with the conditions of said
      Agreement or the transactions contemplated herein, including the issuance
      of the Subscribed Shares, does not and will not have any of the following
      effects:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>result in any breach of, or constitute a default under,
      and does not and will not create a state of facts which, after notice or
      lapse of time or both, would result in a breach of or constitute a default
      under, any term or provision of the articles, by-laws or resolutions of
      the Corporation or of the Acquisition Agreement or any other material
      agreement to which the Corporation is a party and by which the Corporation
      is bound, or any judgment, decree, order, statute, rule or regulation
      applicable to the Corporation, which default or breach might reasonably be
      expected to materially adversely affect, in the short, medium and/or long
      term, the business, operations, outlooks, capital, properties, assets,
      liabilities (absolute, accrued, contingent or otherwise), condition
      (financial or otherwise) or results of operations of the Corporation or
      its properties or assets on a consolidated basis;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>result in the breach, termination or revocation of
      licences, rights, accreditations, certifications or other authorizations
      held by the Corporation; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>give rise to any Lien on or with respect to the
      properties or assets now owned or hereafter acquired by the Corporation or
      the acceleration of or the maturity of any indebtedness or other
      liabilities or obligations under, any agreement binding or affecting the
      Corporation or any of its properties;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The execution and delivery of the Acquisition Agreement
      by the Corporation, as well as the compliance with the conditions of the
      Acquisition Agreement or the transactions contemplated under the
      Acquisition Agreement do not and will not:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=center>- 7 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>result in a breach or constitute a default and create
      result in any breach of, or constitute a default under, and does not and
      will not create a state of facts which, after notice or lapse of time or
      both, would result in a breach of or constitute a default under, any term
      or provision of the articles, by-laws or resolutions of the Corporation or
      of any material agreement to which the Corporation is a party and by which
      the Corporation is bound, or any judgment, decree, order, statute, rule or
      regulation applicable to the Corporation, which default or breach might
      reasonably be expected to materially adversely affect, in the short,
      medium and/or long term, the business, operations, outlooks, capital,
      properties, assets, liabilities (absolute, accrued, contingent or
      otherwise), condition (financial or otherwise) or results of operations of
      the Corporation or its properties or assets on a consolidated
  basis;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>result in the breach, termination or revocation of
      licences, rights, accreditations, certifications or other authorizations
      held by the Corporation;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the Corporation has full corporate capacity, power and
      authority to enter into the Agreement and to perform its obligations under
      the Agreement and the Agreement has been duly authorized, executed and
      delivered by the Corporation and the Agreement is a legal, valid and
      binding obligation of the Corporation enforceable against the Corporation
      in accordance with the respective terms of said Agreement subject to the
      general qualifications that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>enforceability may be limited by bankruptcy, insolvency
      or other laws affecting creditors&#146; rights generally; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>equitable remedies, including the remedies of specific
      performance and injunctive relief, are available only in the discretion of
      the applicable court;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the execution and delivery of the Agreement and the
      fulfilment of the terms of said Agreement by the Corporation or the
      transactions contemplated hereunder, including the issuance of the
      Subscribed Shares, does not and will not require the consent, approval,
      authorization, registration or qualification of or with any governmental
      authority, court, tribunal or other Public Body, stock exchange,
      Securities Regulatory Authority or other third party, except for such as
      have already been obtained;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>there are no third party consents required to be obtained
      in order for the Corporation to issue the Subscribed Shares that have not
      already been or will not have been obtained at the Closing Date, including
      approval from the Corporation&#146;s shareholders in accordance with the
      requirements of the TSX;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>to the Corporation&#146;s knowledge, the Corporation has not,
      directly or indirectly (i) made any contribution or gift which
      contribution or gift is in violation of any applicable laws, or any bribe,
      rebate, payoff, influence payment, kickback or other payment to any
      person, regardless of form, whether money, property or services (a) to
      obtain favourable treatment in securing business, (b) to pay for
      favourable treatment of business secured, or (c) to obtain special
      concessions or for special concessions already obtained, for or in respect
      of the Corporation, (ii) established or maintained any fund or asset that
      has not been recorded in its books and records; without limiting the
      generality of the above, there have been no actions taken by the
      Corporation, or to the knowledge of the Corporation
on behalf of the Corporation, that would cause it to be in
      violation of the <i>Corruption of Foreign Public Officials Act </i>or any
  similar applicable anti-corruption or anti-bribery law;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=center>- 8 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>the Disclosure Documents represent the entirety of the
      documents required to be filed since December 31, 2016 with one of the
      Securities Regulatory Authorities under the Applicable Securities Laws,
      and the content of same complies in all materials respects with the
      Applicable Securities Laws;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the information and statements set forth in the
      Disclosure Documents were true and correct in all material respects and
      did not contain any misrepresentation, nor did same fail to mention a
      material fact, the mention of which is required or necessary for a
      statement to not be misleading in light of the circumstances in which it
      was made, in each case, as of the date of such information or
      statements;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>since December 31, 2016 no material change has occurred
      which is not disclosed in the Disclosure Documents, and no material change
      has been communicated to the Securities Regulatory Authorities on a
      confidential basis without thereafter being communicated to the
    public;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>CST Trust Company, at its principal offices in the city
      of Montreal, is the duly appointed registrar and transfer agent of the
      Corporation with respect to the common shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>the definitive forms of certificates representing the
      common shares are in all material respects in due and proper form under
      the laws governing the Corporation and the requirements of the TSX and the
      NYSE;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>the issued and outstanding common shares are listed and
      posted for trading on the TSX and the NYSE and the Corporation is in
      compliance with the rules, requirements, policies, notices and regulations
      of the TSX and the NYSE in all material respects;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>the Corporation is a &#147;reporting issuer&#148; or equivalent in
      all Canadian provinces within the meaning of applicable securities
      legislation and is not in default of any requirement of applicable
      securities legislation in any material respect; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>to the knowledge of the Corporation, the Corporation is
      not subject to any cease trading order on its securities or, to the best
      of the Corporation&#146;s knowledge, by any investigation under the Applicable
      Securities Laws or a review by a securities authority in connection with
      its Disclosure Documents, and has no knowledge of any breach with respect
      to documents or reports filed with the Securities Regulatory Authorities
      as a result of which the Corporation would be included in a list of
      defaulting reporting issuers. The Corporation is not subject to any
      listing, filing or continuing disclosure obligation in any jurisdiction
      except the Canadian provinces.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Moreover, the Corporation
reiterates for the full benefit of Fonds F.T.Q. the representations and
warranties set forth in Section 3.2 and Schedule H of the Acquisition Agreement
and same shall be incorporated herein as if recited in full in the Agreement and
acknowledges that Fonds F.T.Q. is entering into the Agreement in reliance on
such representations and warranties. Such representations and warranties shall,
in their current form and content, remain an integral part of this Agreement
notwithstanding any subsequent amendment or termination of the Acquisition
Agreement. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 9 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 5</B> </TD>
    <TD align=left width="90%"><B>Representations, Warranties and
      Acknowledgment of Fonds F.T.Q.</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Fonds F.T.Q. represents and
warrants to the Corporation, and acknowledges that the Corporation is relying
upon such representations and warranties, as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>it has relied solely on the Agreement and publicly
      available information concerning the Corporation and the Sellers and, as
      the case may be, on the information provided by the Corporation in
      connection with the due diligence it conducted, and not on any verbal,
      written or other statement made by or on behalf of the Corporation, except
      as otherwise specifically set out herein;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>it is purchasing the Subscribed Shares as principal for
      its own account and not for the benefit of any other person, and is an
      &#147;accredited investor&#148; as such term is defined in Regulation
  45-106;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>it shall not be a party to any transaction for the
      lending, whether directly or indirectly, of Common Shares of the
      Corporation to any third party, nor shall effect any short sale of Common
      Shares of the Corporation or of any other securities of the
      Corporation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>it acknowledges the
following:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>no prospectus has been filed with any securities
      regulatory authority in connection with the Private Placement and no
      securities regulatory authority has reviewed or passed judgment on the
      soundness of the Subscribed Shares;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>unless the Corporation and Fonds F.T.Q. agree otherwise,
      the Subscribed Shares hereunder shall be evidenced by an issuance without
      certificate registered in the name of CDS;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>unless the Corporation and Fonds F.T.Q. agree otherwise,
      the registration of rights on such Subscribed Shares and the transfer of
      Subscribed Shares shall only be effected using the book-entry system
      administered by CDS, and a subscriber&#146;s ability to pledge such Subscribed
      Shares or to otherwise take any measure with respect to his right to such
      Subscribed Share may be limited due to the absence of a physical
      certificate;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the Subscribed Share do not benefit from any insurance
      coverage, including any governmental insurance coverage;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Fonds F.T.Q.&#146;s ability to resell the Subscribed Shares is
      limited and it is Fonds F.T.Q.&#146;s responsibility to enquire about such
      restrictions and to conform to same prior to selling the Subscribed
      Shares;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>the Corporation has informed Fonds F.T.Q. that the
      Corporation is relying on an exemption to the obligation to provide Fonds
      F.T.Q. with a prospectus under applicable securities legislation, such
      that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>certain protection schemes, rights and remedies provided
      for by securities laws, including the right of rescission, will be
      unavailable to the subscriber;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=center>- 10 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>securities laws may not provide the subscriber with
      adequate remedies should the subscriber incur losses on its investment in
      the shares subscribed;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>the Corporation may be exempted from certain obligations
      that would otherwise apply under securities
laws;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>it is informed that the Subscribed Shares have not been
      and will not be registered under the Securities Act of 1933 or the
      security legislation of any State and, therefore, that such Subscribed
      Shares may not be offered or sold in the United States, except in
      accordance with the registration requirements of the Securities Act of
      1933 or the obligations pertaining to registration exemptions and
      applicable legislation of all applicable States, and acknowledges that the
      Corporation does not currently intend on filing an application for
      registration pursuant to the Securities Act of 1933 with respect to the
      Subscribed Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>it is not a U.S. Person (as defined in Regulation S,
      which definition includes, but is not limited to, an individual resident
      in the United States, an estate or trust of which any executor or
      administrator or trustee, respectively, is a U.S. Person and any
      partnership or corporation organized or incorporated under the laws of the
      United States) and is not purchasing the Subscribed Shares on behalf of,
      or for the account or benefit of, a person resident in the United States
      or a U.S. Person;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>it acknowledges that the Subscribed Shares have not been
      offered to Fonds F.T.Q. in the United States, and represents that the
      natural persons executing and delivering the Agreement on behalf of Fonds
      F.T.Q. were not present in the United States at the time the order to buy
      was made, or the Agreement was executed and delivered;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>it acknowledges and agrees that it will neither offer nor
      sell the Subscribed Shares in the United States, except if same are
      registered under the Securities Act of 1933 or the securities legislation
      of all applicable States in the United States or in accordance with an
      exemption to such registration obligations;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Agreement has been duly and validly authorized,
      executed and delivered by Fonds F.T.Q. and constitutes a legal, valid and
      effective obligation of Fonds F.T.Q., enforceable against same, except in
      cases where its enforceability may be limited by laws governing
      bankruptcy, insolvency, reorganizations or standstills or by similar laws
      concerning rights of creditors in general and subject to the fact that
      rights to indemnification and to a contribution may be limited by
      applicable laws;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>it has the legal capacity and the power to enter into the
      Agreement and to be bound by its terms, and is duly constituted and
      validly existing under the legislation of its jurisdiction of
      incorporation, and certifies further that all required approvals from its
      directors and shareholders (or equivalent) have been given or received
      with regard to these matters;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>it has sufficient knowledge of finance and business to
      assess the soundness and risks of its investment and is able to bear the
      economic risk of the loss of its investment;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>it is not acting jointly or in concert with another
      subscriber with regard to the Subscribed Shares in order to acquire the
      Subscribe Shares;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=center>- 11 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>if applicable securities legislation and securities
      regulations, rules, policies or orders or any securities commission,
      exchange or other regulatory authority should so require, Fonds F.T.Q.
      shall sign, remit and file the reports, undertakings and other documents
      in connection with the issuance of the Subscribed Shares, and shall
      otherwise work in collaboration with the Corporation in the filing of such
      reports, undertakings and other documents;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>it has been notified by the Corporation of the
      transmittal to the Autorit&#233; des march&#233;s financiers of information
      concerning it and concerning the subscription; of the fact that same is
      collected by the Autorit&#233; des march&#233;s financiers pursuant to the power
      vested in it and for the purposes of applying securities legislation and
      it has authorized the indirect collection of such information by the
      Autorit&#233; des march&#233;s financiers;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>the execution of the Agreement and the transactions
      contemplated therein shall not result in a breach of a condition or
      provision of any legislation applicable to Fonds F.T.Q. or of any
      agreement to which Fonds F.T.Q. is a party or which binds same;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>as the case may be, Fonds F.T.Q. has been advised by
      independent legal counsel and investment advisers with respect to the
      subscription of these Subscribed Shares and has been advised by
      independent advisers concerning the meaning of all conditions herein
      applicable to Fonds F.T.Q. regarding the making of representations, the
      giving of warranties and the providing of undertakings pursuant to the
      Agreement. Fonds F.T.Q. is not relying on the Corporation or its advisers
      in this respect;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD>
      <P align=justify>it acknowledges and confirms that no representation has
      been made to it concerning the potential value or price of the Subscribed
      Shares;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(r) </TD>
    <TD>
      <P align=justify>it acknowledges that all certificates representing the
      Subscribed Shares and the Common Shares issued as capital commitment, or
      the book-entry notice, as the case may be, shall bear the following
      disclaimers required by applicable securities legislation and/or
      applicable rules of the TSX:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>
      <P align=justify><B>&#147;UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
      THE</B> <B>HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY</B>
      <B>BEFORE [INSERT THE DATE THAT IS 4 MONTHS AND A DAY</B> <B>AFTER THE
      CLOSING DATE].&#148;</B> </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>
      <P align=justify><B>&#147;THE SECURITIES REPRESENTED BY THIS CERTIFICATE
      ARE</B> <B>LISTED ON THE TORONTO STOCK EXCHANGE. HOWEVER THEY</B> <B>MAY
      NOT BE TRADED ON SUCH EXCHANGE AS THEY ARE NOT</B> <B>FREELY TRANSFERABLE.
      CONSEQUENTLY, ANY CERTIFICATE</B> <B>REPRESENTING SUCH SECURITIES IS NOT
      &#147;GOOD DELIVERY&#148;</B> <B>FOR THE PURPOSES OF THE RULES OF OPERATION OF
      THE</B> <B>TORONTO STOCK EXCHANGE.&#148;</B> </P></TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(s) </TD>
    <TD>
      <P align=justify>the funds to be transferred by Fonds F.T.Q. to the
      Corporation hereunder shall not represent proceeds of crime for the
      purposes of the Proceeds of Crime (Money Laundering) and Terrorist
      Financing Act (Canada) (the &#147;<B>PCMLTFA</B>&#148;) and CPF acknowledges that
      the Corporation may in the future be required by legislation to disclose
      the name of Fonds F.T.Q. and other information concerning the Agreement
      and Fonds F.T.Q.&#146;s subscription hereunder, confidentially, in accordance
      with the PCMLTFA. To the best of Fonds F.T.Q.&#146;s knowledge, the
      subscription funds to be paid by Fonds F.T.Q.: (i) do not and will not, directly or
      indirectly, result from any activity deemed criminal under legislation in
      Canada, the United States or any other jurisdiction; or (ii) are not paid
      on behalf of another person or entity whose identity is unknown to Fonds
      F.T.Q. Fonds F.T.Q. shall immediately notify the Corporation if it
      discovers that one of the foregoing representations is no longer true, and
      shall provide the Corporation with the necessary information in this
  respect;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=center>- 12 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(t) </TD>
    <TD>
      <P align=justify>the funds used by Fonds F.T.Q. to subscribe for the
      Subscribed Shares are, to its knowledge, not proceeds received or
      resulting, directly or indirectly, from illegal activities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(u) </TD>
    <TD>
      <P align=justify>Fonds F.T.Q. has not received and does not expect to
      receive any financial aid from the Corporation, directly or indirectly, in
      connection with its subscription hereunder; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>at the date hereof, except with respect to 3,384,264
      Common Shares, Fonds F.T.Q. does not have ownership or control of any
      Common Shares, whether directly or through a wholly-owned
  Affiliate.</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6</B> </TD>
    <TD align=left width="90%"><B>Lock-Up</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Until the expiry of a six-month
period following the Closing Date, Fonds F.T.Q. agrees to abstain from the
following, except with prior written consent of the Corporation: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>sell, offer, transfer or otherwise dispose of the Shares
      Concerned or grant an option to acquire or a right to sell same, or enter
      into an agreement in this respect (including in connection with a short
      sale, a put option or a call option), except to a wholly-owned Affiliate
      (which wholly-owned Affiliate shall, as a result of such transaction, be
      bound by this Section);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>except to a wholly-owned Affiliate (which wholly-owned
      Affiliate shall, as a result of such transaction, be bound by this
      Section), effect a Swap or any other agreement or transaction which
      transfers, in whole or in part, directly or indirectly, the economic
      impact resulting from the ownership of the Shares Concerned, whether the
      payment in connection with such Swap or transaction be made by way of the
      delivery of the Shares concerned, the payment of a cash amount or in any
      other manner;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>make a public announcement of the intention to take any
      one or more of the preceding measures;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>act in concert with a third party with respect to any one
      or more of the measures mentioned above.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">In order to receive the
Corporation&#146;s prior consent, Fonds F.T.Q. shall provide the Corporation with
written notice of its intention to receive such consent, and the Corporation
shall indicate to it in writing within ten Business Days following receipt of
the notice from Fonds F.T.Q. whether or not it gives its consent. If the
Corporation fails to communicate to Fonds F.T.Q. its decision no later than the
end of the tenth Business Day following the date on which it received said
notice, the Corporation is deemed to have given its consent. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=center>- 13 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7</B> </TD>
    <TD align=left width="90%"><B>Indemnity</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Corporation shall indemnify and save Fonds F.T.Q.,
      and each of Fonds F.T.Q.&#146;s Affiliates, agents, directors, officers,
      shareholders and employees, harmless against and from all liabilities,
      claims, actions, suits, proceedings, demands, losses (other than losses of
      profit), costs (including all reasonable judicial and extrajudicial and
      legal fees and expenses), damages, interest, fines, penalties, dues and
      expenses to which Fonds F.T.Q., or any of Fonds F.T.Q.&#146;s Affiliates,
      agents, directors, officers, shareholders or employees may be subject or
      which Fonds F.T.Q., or any of Fonds F.T.Q.&#146;s Affiliates, agents,
      directors, officers, shareholders or employees may suffer or incur,
      whether under the provisions of any statute or otherwise, in any way
      caused by, or arising directly or indirectly from or in consequence
    of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any misrepresentation or alleged misrepresentation
      contained in any part of the Disclosure Documents filed by or on behalf of
      the Corporation (except for any statement relating to Fonds F.T.Q. and
      based on information provided by Fonds F.T.Q.);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>any order made by one or more authorities of competent
      jurisdiction at the Closing Time or any inquiry, investigation (whether
      formal or informal) or other proceeding commenced, announced or imminent
      as at the Closing Time from such authorities (not based on the activities
      or alleged activities of Fonds F. T.Q.) prohibiting, restricting or
      materially affecting the trading or distribution of the Subscribed
      Shares;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>any material actual or alleged breach of, material
      default under or material non-compliance by the Corporation with any
      requirements of Applicable Securities Laws or the by-laws, rules or
      regulations of any stock exchange existing as at the Closing Time;
    or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>any (A) actual or alleged untruth, inaccuracy or breach
      of any of the representations and warranties of the Corporation existing
      at the Closing Time or (B) breach of the covenants or other obligations of
      the Corporation, in each case contained in the Agreement or in any other
      certificate or document delivered by or on behalf of the Corporation under
      the Agreement or such other documents.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Fonds F.T.Q. shall indemnify, defend and hold the
      Corporation harmless against and from all liabilities, claims, actions,
      suits, proceedings, demands, losses (other than losses of profit), costs
      (including reasonable legal fees and expenses), damages and expenses to
      which the Corporation may be subject or which the Corporation may suffer
      or incur, whether under the provisions of any statute or otherwise, in any
      way caused by, or arising directly or indirectly from or in consequence of
      the untruth, inaccuracy or breach of any of the (A) representations and
      warranties of Fonds F.T.Q. or (B) covenants of Fonds F.T.Q., in each case
      contained in the Agreement or in any other certificate or document
      delivered by or on behalf of Fonds F.T.Q. under the Agreement or such
      other documents.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>If any claim contemplated by Section 7(a) shall be
      asserted against any of the persons or corporations in respect of which
      indemnification is or might reasonably be considered to be provided for in
      Section 7(a), such person or corporation (the &#147;<B>Indemnified Person</B>&#148;)
      shall notify the Corporation (the &#147;<B>Indemnifying Party</B>&#148;) (provided
      that failure to sonotify the Indemnifying Party of the
nature of such claim in a timely fashion shall relieve the Indemnifying Party of
liability hereunder only if and to the extent that such failure materially
prejudices the Indemnifying Party&#146;s ability to defend such claim) as soon as
possible of the nature of such claim and the Indemnifying Party shall be
entitled (but not required) to assume the defence of any suit brought to enforce
such claim, provided, however, that the defence shall be through legal counsel
selected by the Indemnifying Party and acceptable to the Indemnified Person,
acting reasonably, and that no settlement may be made by the Indemnifying Party
or the Indemnified Person without the prior written consent of the other, such
consent not to be unreasonably withheld. The Indemnified Person shall have the
right to retain separate counsel in any proceeding relating to a claim
contemplated by Section 7(a) but the fees and expenses of such counsel shall be
at the expense of the Indemnified Person, unless:</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=center>- 14 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Indemnified Person has been advised by counsel that
      there may be a reasonable legal defense available to the Indemnified
      Person which is different from or additional to a defense available to an
      Indemnifying Party and that representation of the Indemnified Person and
      the Indemnifying Party by the same counsel would be inappropriate due to
      the actual or potential differing interests between them (in which case
      the Indemnifying Party shall not have the right to assume the defense of
      such proceedings on the Indemnified Person&#146;s behalf);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Indemnifying Party shall not have taken the defense
      of such proceedings and employed counsel within ten days after notice has
      been given to the Indemnifying Party of commencement of such proceedings
      or, having employed such counsel, have diligently pursued such defense;
      or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the employment of such counsel has been authorized by the
      Indemnifying Party in connection with the defense of such
    proceedings;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>and, in any such event, the reasonable
fees and expenses of such Indemnified Person&#146;s counsel (on a solicitor and his
client basis) shall be paid by the Indemnifying Party, provided that the
Indemnifying Party shall not, in connection with any one such action or separate
but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the fees and
expenses of more than one separate law firm (in addition to any local counsel)
for the Indemnified Persons of or related to Fonds F.T.Q.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>If the Indemnifying Party has assumed the defense of any
      suit brought to enforce a claim hereunder, the Indemnified Person shall
      provide the Indemnifying Party with copies of all documents and
      information in its possession pertaining to the claim, take all reasonable
      actions necessary to preserve its rights to object to or defend against
      the claim, consult and reasonably cooperate with the Indemnifying Party in
      determining whether the claim and any legal proceeding resulting therefrom
      should be resisted, compromised or settled and reasonably cooperate and
      assist in any negotiations to compromise or settle, or in any defense of,
      a claim undertaken by the Indemnifying Party.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>If the indemnification provided for in this Section 7 is
      held by a court of competent jurisdiction to be unavailable to an
      Indemnified Person with respect to any liabilities, claims, actions,
      suits, proceedings, demands, losses (other than losses of profit), costs
      (including reasonable legal fees and expenses), damages and expenses
      referred to in this Section 7, then the Indemnifying Party, in lieu of
      indemnifying such Indemnified Person hereunder, shall contribute to the
      amount paid or payable by such proportion as is appropriate to reflect the
      relative fault of the Indemnifying Party, on the one hand, and of the
      Indemnified Party, on the other, in connection with the statement or
      omissions that resulted in such liabilities, claims, actions, suits,
      proceedings, demands, losses, costs, damages or expenses, as well as any
  other relevant and equitable considerations.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A>
<P align=center>- 15 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>The payment of any amount due by way of indemnification
      as provided in this Section 7 shall be made by the Indemnifying Party
      within 15 days following a written claim by the Indemnified Person in this
      effect. Any amount unpaid after expiry of this time limit shall bear
      interest until full payment at the base per annum interest rate required
      by the National Bank of Canada for commercial loans granted in Canada in
      Canadian funds, as published or announced from time to time, plus 5%,
      which rate shall be set at the time any such amount becomes due, and
      revised, on the first day of each month, based on the then current base
      per annum interest rate at such financial institution.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>The Corporation hereby acknowledges and agrees that, with
      respect to this Section 7, Fonds F.T.Q. is contracting on its own behalf
      and as agent for the other Indemnified Persons referred to in this Section
      7. In this regard, Fonds F.T.Q. shall act as trustee or agent for such
      Indemnified Persons of the covenants of the Corporation under this Section
      7 with respect to such Indemnified Persons and accepts these trusts and
      shall hold and enforce those covenants on behalf of such Indemnified
      Persons.</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 8</B> </TD>
    <TD align=left width="90%"><B>Expenses</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Whether or not the transactions
contemplated hereunder are completed, all costs and expenses (including
applicable goods and services tax) incurred by the Corporation in connection
with or incidental to the transactions contemplated hereby, including those
relating to the distribution of the Subscribed Shares, shall be borne by the
Corporation, including the fees and expenses of the Corporation&#146;s counsel, the
fees and expenses of the Corporation&#146;s transfer agent, the auditors and other
outside consultants of the Corporation and all stock exchange listing fees and
dues payable to the Securities Regulatory Authorities as a result of the Private
Placement. Moreover, whether or not the transactions contemplated hereunder are
completed, Fonds F.T.Q. shall bear its expenses in connection with the Private
Placement, including the fees and expenses of its legal counsel.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 9</B> </TD>
    <TD align=left width="90%"><B>Closing Conditions</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The purchase of the Subscribed
Shares shall be completed at the Closing Time at the offices of the
Corporation&#146;s counsel in Montreal, Qu&#233;bec or at such other place as the
Corporation and Fonds F.T.Q. may agree. The obligations of each party hereto
shall be subject to compliance with the obligations and undertakings of the
other party set forth in the Agreement and to the accuracy at the Closing Date
of the representations and warranties of such other party. </P>
<P align=justify style="text-indent:5%">Fonds F.T.Q.&#146;s obligation to
purchase the Subscribed Shares shall further be subject to the following
conditions being met at the Closing Date, which conditions are set forth for the
benefit and in the exclusive interest of, and may only be waived by, Fonds
F.T.Q.: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Fonds F.T.Q. shall pay to the Corporation, by wire
      transfer or such other means as the Corporation and Fonds F.T.Q. may
      agree, an aggregate amount of $75,000,001.44 in consideration for the
      issuance of the Subscribed Shares against delivery by the Corporation to
      CDS Clearing and Depository Services Inc. (&#147;CDS&#148;) of one or
  more global certificates in fully registered form representing
      each of the Subscribed Shares subscribed by Fonds F.T.Q., as the case, or
      electronic evidence of issuance of such, in any case registered in the
      name of &#147;CDS &amp; Co.&#148; as the nominee of CDS, to be held by CDS as a
      book-based security or a non-certificated security (in the case of an
      electronic delivery), as the case may be, in accordance with the rules and
      procedures of CDS, or in such other names as Fonds F.T.Q. shall notify the
      Corporation in writing not less than 48 hours prior to the Closing
  Time;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A>
<P align=center>- 16 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Corporation shall deliver to Fonds
  F.T.Q.:</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>by way of wire transfer or by other means agreed to
      between the Corporation and Fonds F.T.Q., as Fonds F.T.Q.&#146;s capital
      commitment, an amount equivalent to 5% of the Subscription Price of the
      Subscribed Shares subscribed by Fonds F.T.Q. as well as 105,125 Common
      Shares, as set forth in Section 3(d) hereof;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>favourable legal opinions from the Corporation&#146;s legal
      counsel addressed to Fonds F.T.Q., which shall reasonably satisfy Fonds
      F.T.Q. as regards form and content, with respect to the transactions
      contemplated hereunder;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>evidence judged satisfactory by Fonds F.T.Q. of the fact
      that the Concurrent Private Placement has been completed, or shall be
      completed at the Closing Time;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>evidence judged satisfactory by Fonds F.T.Q. of the
      Corporation&#146;s shareholders approval of the issuance of the Subscribed
      Shares and of the fact that the Subscribed Shares have been accepted by
      the TSX and the NYSE, at the Subscription Price, subject only to customary
      conditions judged acceptable by Fonds F.T.Q., and that same shall be
      accepted for purposes of trading on the TSX and the NYSE;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>the other certificates and documents mentioned in the
      closing agenda agreed to by the Corporation and Fonds F.T.Q. in connection
      with the completion of the Private Placement, including without limitation
      a certificate duly signed for and on behalf of the Corporation by the
      President and Chief Financial Officer attesting to the completion of the
      prior conditions listed in this Section, the compliance with the
      obligations and undertakings of the Corporation set forth in the Agreement
      and the accuracy at the Closing Date of the representations and warranties
      of the Corporation, as well as any other factual matter in respect of
      which Fonds F.T.Q. may require certification;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Acquisition Agreement shall have been executed
      essentially in the form joint in Schedule A to this Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the absence of any cease trading order on the securities
      of the Corporation issued by the Securities Regulatory
  Authorities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>no Public Body shall have passed, published, promulgated,
      applied, introduced, rendered or handed down a law, statute, judgment,
      order or decision that results in a material adverse change affecting the
      Corporation or its securities, which makes the completion of the
      transactions contemplated herein illegal or otherwise prohibited, or which
      prevents, prohibits or significantly restricts the transactions
      contemplated herein or the trading of the Corporation&#146;s securities, nor shall have announced
  its intention of doing any of the foregoing;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=center>- 17 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>there shall be no current or pending Litigation and, to
      the best of the Corporation&#146;s knowledge, no threat of Litigation against
      the parties hereto before any Public Body which, if it resulted in an
      adverse judgment, order or decision, could result in a material adverse
      change affecting the Corporation or its securities, make the completion of
      the transactions contemplated herein illegal or otherwise prohibited, or
      prevent, prohibit or significantly restrict the transactions contemplated
      herein or the trading of the Corporation&#146;s securities; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>the absence of any material adverse change affecting the
      Corporation or its securities since the date
hereof.</P></TD></TR></TABLE>
<P align=justify>The Corporation agrees to make all reasonable efforts to
satisfy the prior conditions set forth in this Section as quickly as possible
and to complete and finalize the transactions contemplated herein. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Section 10</B> </TD>
    <TD align=left width="90%"><B>Notices</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Any notice or other communication to be given hereunder
      shall, in the case of notice to be given to the Corporation, be addressed
      to:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify><B>OSISKO GOLD ROYALTIES
LTD<BR></B>1100 Canadiens-de-Montr&#233;al Avenue, Suite 300 <BR>Montreal, Qu&#233;bec H3B
2S2 </P>
<P style="MARGIN-LEFT: 10%"
align=justify>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Bryan A. Coates, President
<BR>Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
514-940-0669
<BR>E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
bcoates@osiskogr.com</P>
<P style="MARGIN-LEFT: 10%" align=justify>with a copy to:</P>
<P style="MARGIN-LEFT: 10%" align=justify>Lavery, de Billy</P>
<P style="MARGIN-LEFT: 10%"
align=justify>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Josianne Beaudry
<BR>Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
514-871-8977
<BR>E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
jbeaudry@lavery.ca</P>
<P style="MARGIN-LEFT: 10%" align=justify>and, in the case of notice to be given
to Fonds F.T.Q., be addressed to: </P>
<P style="MARGIN-LEFT: 10%" align=justify><B>FONDS DE SOLIDARIT&#201; DES
TRAVAILLEURS DU QU&#201;BEC (F.T.Q)<BR></B>545 Cr&#233;mazie Blvd. East, Suite 200
<BR>Montreal, Qu&#233;bec H2M 2W4</P>
<P style="MARGIN-LEFT: 10%"
align=justify>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice-President, Legal Affairs
<BR>Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
514-383-2500
<BR>E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
affairesjuridiques@fondsftq.com</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=center>- 18 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>or to such other address as a party may designate by
      notice given to the others. Each communication shall be personally
      delivered to the addressee or sent by facsimile transmission to the
      addressee;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a communication which is personally delivered shall, if
      delivered before 4:30 p.m. (local time at the place of delivery) on a
      Business Day, be deemed to be given and received on that day and, in any
      other case, be deemed to be given and received on the first business day
      following the day on which it is delivered; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>a communication which is sent by facsimile transmission
      shall, if sent on a Business Day before 4:30 p.m. (local time at the place
      of receipt), be deemed to be given and received on that day and, in any
      other case, be deemed to be given and received on the first Business Day
      following the day on which it is sent.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 11</B> </TD>
    <TD align=left width="90%"><B>Waiver</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">By executing this Agreement, the
Corporation acknowledges that the truthfulness and accuracy of each of its
representations and warranties, as well as the full and punctual compliance with
each of its undertakings and the other terms agreed to for the benefit of Fonds
F.T.Q. hereunder, represent essential considerations for Fonds F.T.Q., absent
which Fonds F.T.Q. would not have presented this subscription. </P>
<P align=justify style="text-indent:5%">Fonds F.T.Q. may waive in whole
or in part any breach of, default under or non-compliance with any
representation, warranty, covenants, term or condition hereunder, or extend the
time for compliance therewith, without prejudice to any of its rights in respect
of any other representation, warranty, covenant, term or condition hereunder or
any other breach of, default under or non-compliance with any other
representation, warranty, covenant, term or condition hereof, in its sole
discretion, provided that any such waiver or extension shall be binding on Fonds
F.T.Q. only if the same is in writing.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 12</B> </TD>
    <TD align=left width="90%"><B>Gender and Number</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Any reference in the Agreement to
gender includes all genders (including neuter) and words denoting the singular
number only shall include the plural and vice versa.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 13</B> </TD>
    <TD align=left width="90%"><B>Parties to Discuss Press Releases</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The parties shall cooperate with
each other in relaying to third parties information concerning the Agreement and
the transactions contemplated herein, and shall discuss drafts of all press
releases and other releases of information for dissemination to the public
pertaining hereto. However, nothing in this Section 13 shall prevent a party
from furnishing any information to any governmental agency or regulatory
authority or stock exchange or to the public, insofar only as is required by the
Agreement or Applicable Securities Laws, provided that a party which proposes to
make such a public disclosure shall, to the extent reasonably possible, provide
the other parties with a draft of such information in sufficient time prior to
its release to enable such other parties to review such draft and advise that
party of any comments they may have with respect thereto. In particular, the
Corporation agrees that it shall, subject to the requirements of Applicable
Securities Laws and the QBCA, obtain the consent of Fonds F.T.Q. to the
disclosure of any information regarding Fonds F.T.Q. to be contained in any news
release or other document filed with any authorized authority or disclosed to
the public.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=center>- 19 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 14</B> </TD>
    <TD align=left width="90%"><B>Severance</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If one or more of the provisions
contained herein shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of the Agreement, but the Agreement shall
be construed as if such invalid, illegal or unenforceable provision or
provisions had never been contained herein.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 15</B> </TD>
    <TD align=left width="90%"><B>Qualifying Law</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Agreement shall be governed
by and construed in accordance with the laws of the Province of Qu&#233;bec (without
giving effect to any conflict of laws principles thereunder) and the laws of
Canada applicable therein. Each of the Corporation and Fonds F.T.Q. hereby
attorns to the exclusive jurisdiction of the courts of the Province of
Qu&#233;bec.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 16</B> </TD>
    <TD align=left width="90%"><B>Assignment and Enurement</B>
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Neither the Agreement nor any
benefits or duties accruing under the Agreement shall be assignable by any party
without the prior written consent of the other party, except that Fonds F.T.Q.
shall be entitled to assign the Agreement or the benefits or duties accruing
hereunder to a wholly-owned Affiliate without the prior consent of the
Corporation. Subject to the foregoing, the Agreement shall enure to the benefit
of and be binding upon the parties hereto and their respective successors and
permitted assigns.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 17</B> </TD>
    <TD align=left width="90%"><B>Public Filing</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The parties hereby consent to the
public filing of the Agreement if any party is required to do so by law or by
applicable regulations or policies of any regulatory agency of competent
jurisdiction or any stock exchange.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 18</B> </TD>
    <TD align=left width="90%"><B>Time of the Essence</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Time shall be of the essence of the Agreement.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 19</B> </TD>
    <TD align=left width="90%"><B>Amendments or Modifications</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">No amendment or modification to,
or waiver of, any one or more provisions of this Agreement shall bind a party
hereto unless such is set out in writing and signed by all parties hereto, in
the case of an amendment or modification, or by said party, in the case of a
waiver. A waiver of a provision of this Agreement does not constitute a waiver
of any other provision hereof. No waiver of a provision of this Agreement shall
constitute a waiver of the right to enforce same in the future unless the
waiving party should expressly set out in writing that such is the case.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 20</B> </TD>
    <TD align=left width="90%"><B>Counterpart Execution</B>
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Agreement may be executed in
one or more counterparts each of which so executed shall constitute an original
and all of which together shall constitute one and the same agreement. Delivery
of counterparts may be effected by facsimile or PDF format transmission.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=center>- 20 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 21</B> </TD>
    <TD align=left width="90%"><B>Further Assurances</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Each party to the Agreement
covenants and agrees that, from time to time, it will, at the request of the
requesting party, execute and deliver all such documents and do all such other
acts and things as any party hereto, acting reasonably, may from time to time
request be executed or done in order to better evidence or perfect or effectuate
any provision of the Agreement or of any agreement or other document executed
pursuant to the Agreement or any of the respective obligations intended to be
created hereby or thereby.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 22</B> </TD>
    <TD align=left width="90%"><B>Entire Agreement</B> </TD></TR></TABLE>
<P align=justify style="text-indent:5%">It is agreed that the terms of
the Agreement shall supersede any prior verbal or written agreement entered into
between Fonds F.T.Q., its Affiliates and the Corporation. </P>
<P align=center><B><I>[Remainder of page intentionally left blank.]</I></B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P align=center>- 21 -</P>
<P align=justify style="text-indent:5%">If the foregoing is in accordance
with your understanding and is agreed to by you, please confirm your acceptance
by signing the enclosed copies of this letter at the place indicated and by
returning the same to Fonds F.T.Q.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="50%" >&nbsp;</TD>
    <TD align=left colSpan=2><B>FONDS DE SOLIDARIT&#201; DES TRAVAILLEURS DU</B>
  </TD></TR>
  <TR vAlign=top>
    <TD width="50%">&nbsp;</TD>
    <TD align=left colSpan=2><B>QU&#201;BEC (F.T.Q.)</B> </TD></TR>
  <TR>
    <TD width="50%">&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="50%">&nbsp;</TD>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%"><I>(s)
      Dany Pelletier</I> </TD></TR>
  <TR>
    <TD width="50%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="47%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="50%">&nbsp;</TD>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%"><I>(s)
      Carl Gilbert</I> </TD></TR></TABLE>
<P align=justify>ACCEPTED AND AGREED, June 4, 2017</P>
<P align=justify><B>OSISKO GOLD ROYALTIES LTD</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"><I>(s)
      Bryan A. Coates</I> </TD>
    <TD align=left width="51%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=center width="45%">
      <P align=justify>Bryan A. Coates&nbsp;&nbsp;</P></TD>
    <TD align=center width="51%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="45%">President </TD>
    <TD align=left width="51%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="45%">&nbsp; </TD>
    <TD width="51%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="45%">&nbsp; </TD>
    <TD width="51%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"><I>(s)
      Elif L&#233;vesque</I> </TD>
    <TD align=left width="51%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="45%">Elif L&#233;vesque </TD>
    <TD align=left width="51%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="45%">Chief Financial Officer and </TD>
    <TD align=left width="51%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="45%">Vice-President, Finance </TD>
    <TD align=left width="51%" >&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=center><B>SCHEDULE A </B></P>
<P align=center><B>Acquisition Agreement</B></P>
<P align=justify>See attached.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=right><B>EXECUTION VERSION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=left
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>ACQUISITION AGREEMENT</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR></TABLE>
<P align=center><B>dated June 4, 2017</B></P>
<P align=center><B>between </B></P>
<P align=center><B>ORION MINE FINANCE (MASTER) FUND I LP, <BR>|ORION MINE
FINANCE (MASTER) FUND I-A LP, <BR>ORION CO-INVESTMENTS I (STREAM) LLC, <BR>ORION
CO-INVESTMENTS II LP, <BR>ORION CO-INVESTMENTS IV LP, <BR>8248567 CANADA LIMITED
and <BR>LYNX METALS LIMITED </B></P>
<P align=center><B>and</B></P>
<P align=center><B>OSISKO GOLD ROYALTIES LTD </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></A>
<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp; </TD>
    <TD align=right width="10%"><B>Page</B> </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE 1 - CERTAIN DEFINITIONS
    </TD>
    <TD align=right width="10%" bgColor=#eeeeee>2 </TD></TR>
  <TR>
    <TD align=left colSpan=2 nowrap>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;1.1 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Definitions </TD>
    <TD align=right width="10%" bgColor=#eeeeee>2 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE 2 - BASIC TRANSACTIONS
</TD>
    <TD align=right width="10%" bgColor=#eeeeee>15 </TD></TR>
  <TR>
    <TD align=left colSpan=2 nowrap>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;2.1 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Purchase and Sale of Purchased
      Securities and Directly Transferred Assets </TD>
    <TD align=right width="10%" bgColor=#eeeeee>15 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;2.2 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Purchase Price </TD>
    <TD align=right width="10%" bgColor=#eeeeee>16 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;2.3 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Assumed Liabilities </TD>
    <TD align=right width="10%" bgColor=#eeeeee>19 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;2.4 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Amounts Received Post-Closing
    </TD>
    <TD align=right width="10%" bgColor=#eeeeee>19 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;2.5 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Tax Withholdings </TD>
    <TD align=right width="10%" bgColor=#eeeeee>19 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE 3 - REPRESENTATIONS AND
      WARRANTIES </TD>
    <TD align=right width="10%" bgColor=#eeeeee>20 </TD></TR>
  <TR>
    <TD align=left colSpan=2 nowrap>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;3.1 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Sellers' Representations and
      Warranties </TD>
    <TD align=right width="10%" bgColor=#eeeeee>20 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;3.2 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Buyer's Representations and
      Warranties </TD>
    <TD align=right width="10%" bgColor=#eeeeee>20 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE 4 - ACKNOWLEDGEMENTS OF
      THE BUYER </TD>
    <TD align=right width="10%" bgColor=#eeeeee>20 </TD></TR>
  <TR>
    <TD align=left colSpan=2 nowrap>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;4.1 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Limited Representations and
      Warranties </TD>
    <TD align=right width="10%" bgColor=#eeeeee>20 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE 5 - COVENANTS </TD>
    <TD align=right width="10%" bgColor=#eeeeee>21 </TD></TR>
  <TR>
    <TD align=left colSpan=2 nowrap>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.1 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Confidentiality </TD>
    <TD align=right width="10%" bgColor=#eeeeee>21 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.2 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Third Party Consents and
      Notices </TD>
    <TD align=right width="10%" bgColor=#eeeeee>22 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.3 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Tax Matters </TD>
    <TD align=right width="10%" bgColor=#eeeeee>25 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.4 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Closing Conditions </TD>
    <TD align=right width="10%" bgColor=#eeeeee>26 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.5 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Interim Period Covenants of the
      Sellers </TD>
    <TD align=right width="10%" bgColor=#eeeeee>27 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.6 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Interim Period Covenants of the
      Buyer </TD>
    <TD align=right width="10%" bgColor=#eeeeee>28 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.7 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Buyer Meeting </TD>
    <TD align=right width="10%" bgColor=#eeeeee>29 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.8 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Buyer Circular </TD>
    <TD align=right width="10%" bgColor=#eeeeee>30 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.9 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Regulatory Approvals </TD>
    <TD align=right width="10%" bgColor=#eeeeee>31 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.10 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Pre-Closing Reorganization </TD>
    <TD align=right width="10%" bgColor=#eeeeee>34 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.11 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Technical Report and Marketing
    </TD>
    <TD align=right width="10%" bgColor=#eeeeee>35 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.12 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Transition Services Agreement
    </TD>
    <TD align=right width="10%" bgColor=#eeeeee>35 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.13 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Exclusivity Agreement </TD>
    <TD align=right width="10%" bgColor=#eeeeee>35 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;5.14 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Notices </TD>
    <TD align=right width="10%" bgColor=#eeeeee>35 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE 6 - CONDITIONS PRECEDENT
    </TD>
    <TD align=right width="10%" bgColor=#eeeeee>35 </TD></TR>
  <TR>
    <TD align=left colSpan=2 nowrap>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;6.1 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Conditions to the Buyer's
      Obligations </TD>
    <TD align=right width="10%" bgColor=#eeeeee>35 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp; &nbsp; &nbsp;6.2 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Conditions to the Sellers'
      Obligations </TD>
    <TD align=right width="10%" bgColor=#eeeeee>37 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A>
<P align=center>- ii - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 7 - CLOSING </TD>
    <TD align=right width="10%" bgColor=#eeeeee>39 </TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Closing; Time and Place </TD>
    <TD align=right width="10%" bgColor=#eeeeee>39 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Sellers' Closing Deliveries </TD>
    <TD align=right width="10%" bgColor=#eeeeee>40 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Buyer's Closing Deliveries </TD>
    <TD align=right width="10%" bgColor=#eeeeee>41 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE 8 - POST-CLOSING
      COVENANTS </TD>
    <TD align=right width="10%" bgColor=#eeeeee>41 </TD></TR>
  <TR>
    <TD align=left colSpan=2 nowrap>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Post-Closing Access to Books
      and Records </TD>
    <TD align=right width="10%" bgColor=#eeeeee>41 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Holding Entity Name Changes </TD>
    <TD align=right width="10%" bgColor=#eeeeee>42 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Security </TD>
    <TD align=right width="10%" bgColor=#eeeeee>42 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Transfer of the
    <EM>[Redacted]</EM>&nbsp; Royalty </TD>
    <TD align=right width="10%" bgColor=#eeeeee>42 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Conduct of [&nbsp;Redacted
      ]&nbsp; Litigation </TD>
    <TD align=right width="10%" bgColor=#eeeeee>43 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Mantos Silver Stream [ Redacted
      ]</TD>
    <TD align=right width="10%" bgColor=#eeeeee>43 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE 9 - TERMINATION </TD>
    <TD align=right width="10%" bgColor=#eeeeee>44 </TD></TR>
  <TR>
    <TD align=left colSpan=2 nowrap>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Termination Events </TD>
    <TD align=right width="10%" bgColor=#eeeeee>44 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Effect of Termination </TD>
    <TD align=right width="10%" bgColor=#eeeeee>44 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE 10 - INDEMNIFICATION </TD>
    <TD align=right width="10%" bgColor=#eeeeee>44 </TD></TR>
  <TR>
    <TD align=left colSpan=2 nowrap>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Indemnification by the Sellers
      Generally </TD>
    <TD align=right width="10%" bgColor=#eeeeee>44 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Indemnification by the Buyer
</TD>
    <TD align=right width="10%" bgColor=#eeeeee>45 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Procedure for Indemnified Third
      Party Claim </TD>
    <TD align=right width="10%" bgColor=#eeeeee>45 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Determination of
      Indemnification Amounts; Time For Making Claims </TD>
    <TD align=right width="10%" bgColor=#eeeeee>46 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Survival </TD>
    <TD align=right width="10%" bgColor=#eeeeee>47 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Sole Remedy </TD>
    <TD align=right width="10%" bgColor=#eeeeee>47 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE 11 - MISCELLANEOUS
      PROVISIONS </TD>
    <TD align=right width="10%" bgColor=#eeeeee>48 </TD></TR>
  <TR>
    <TD align=left colSpan=2 nowrap>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Expenses </TD>
    <TD align=right width="10%" bgColor=#eeeeee>48 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Waivers </TD>
    <TD align=right width="10%" bgColor=#eeeeee>48 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Single Agent for Payment and
      Notice </TD>
    <TD align=right width="10%" bgColor=#eeeeee>48 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Notices </TD>
    <TD align=right width="10%" bgColor=#eeeeee>48 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Entire Agreement; Amendments
</TD>
    <TD align=right width="10%" bgColor=#eeeeee>50 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Conflict between Documents </TD>
    <TD align=right width="10%" bgColor=#eeeeee>50 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Binding Effect; Benefits </TD>
    <TD align=right width="10%" bgColor=#eeeeee>50 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Headings, Schedules, and
      Exhibits </TD>
    <TD align=right width="10%" bgColor=#eeeeee>50 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Counterparts; Facsimile or
      Electronic Signature </TD>
    <TD align=right width="10%" bgColor=#eeeeee>50 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Further Assurances </TD>
    <TD align=right width="10%" bgColor=#eeeeee>50 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Governing Law, Disputes and
      Arbitration </TD>
    <TD align=right width="10%" bgColor=#eeeeee>50 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Severability </TD>
    <TD align=right width="10%" bgColor=#eeeeee>51 </TD></TR>
  <TR>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left width="85%">
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 </TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Third Parties; Joint Ventures
    </TD>
    <TD align=right width="10%" bgColor=#eeeeee>51 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF nowrap>&nbsp;</TD>
    <TD align=left width="85%" bgColor=#FFFFFF>
    <p style="margin-left: 3pt">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee nowrap>
    <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14</TD>
    <TD align=left width="85%" bgColor=#eeeeee>
    <p style="margin-left: 3pt">Construction
    </TD>
    <TD align=right width="10%" bgColor=#eeeeee>51 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P align=center>- iii - </P>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE A &#150; DIRECTLY TRANSFERRED ASSETS
</TD>
    <TD align=right width="15%" bgColor=#eeeeee>A-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE B &#150; DIRECTLY HELD ENTITIES </TD>
    <TD align=right width="15%">B-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE C &#150; HOLDING ENTITIES </TD>
    <TD align=right width="15%" bgColor=#eeeeee>C-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE D &#150; OFFTAKE INSTRUMENTS </TD>
    <TD align=right width="15%">D-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE E &#150; ROYALTY INSTRUMENTS </TD>
    <TD align=right width="15%" bgColor=#eeeeee>E-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE F &#150; STREAM INSTRUMENTS </TD>
    <TD align=right width="15%">F-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE G &#150; REPRESENTATIONS AND WARRANTIES
      OF SELLERS </TD>
    <TD align=right width="15%" bgColor=#eeeeee>G-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE H &#150; REPRESENTATIONS AND WARRANTIES OF BUYER </TD>
    <TD align=right width="15%">H-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE I &#150; EXCLUDED ROYALTIES </TD>
    <TD align=right width="15%" bgColor=#eeeeee>I-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE J &#150; SELLERS&#146; DISCLOSURE SCHEDULE </TD>
    <TD align=right width="15%">J-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE K &#150; BUYER&#146;S DISCLOSURE SCHEDULE
</TD>
    <TD align=right width="15%" bgColor=#eeeeee>K-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE L &#150; ASSIGNMENT AGREEMENTS </TD>
    <TD align=right width="15%">L-1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE M &#150; FORM OF SHAREHOLDER
      PARTICIPATION AGREEMENT </TD>
    <TD align=right width="15%" bgColor=#eeeeee>M-1 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=center><B>ACQUISITION AGREEMENT </B></P>
<P align=justify><B>THIS AGREEMENT</B> (this "<B>Agreement</B>") is made and
entered into as of June 4, 2017,</P>
<P align=justify><B>BETWEEN </B></P>
<P align=justify><B>Orion Mine Finance (Master) Fund I LP</B>, a Bermuda
exempted partnership and limited partnership ("<B>Fund I</B>"); </P>
<P align=justify><B>Orion Mine Finance (Master) Fund I-A LP</B>, a Bermuda
exempted partnership and limited partnership ("<B>Fund I-A</B>");</P>
<P align=justify><B>Orion Co-Investments I (Stream) LLC</B>; a Delaware limited
liability company ("<B>Orion LLC</B>"); </P>
<P align=justify><B>Orion Co-Investments II LP</B>, a Bermuda limited
partnership ("<B>Co-Investments II</B>"); </P>
<P align=justify><B>Orion Co-Investments IV LP</B>, a Bermuda limited
partnership ("<B>Co-Investments IV</B>");</P>
<P align=justify><B>8248567 Canada Limited (</B>"<B>8248567</B>"<B>)</B>, a
corporation incorporated under the laws of Canada; and </P>
<P align=justify><B>Lynx Metals Limited</B>, a Bermuda corporation
("<B>Lynx</B>"), </P>
<P align=justify>(collectively, the "<B>Sellers</B>" and each a
"<B>Seller</B>")</P>
<P align=justify><B>AND: </B></P>
<P align=justify><B>OSISKO GOLD ROYALTIES LTD</B>, a Quebec corporation (the
"<B>Buyer</B>"). </P>
<P align=justify><B>RECITALS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">A. </TD>
    <TD>
      <P align=justify>The Sellers own certain rights, title and interests,
      directly and indirectly, in mineral royalty interests, stream agreements,
      offtake agreements and similar assets.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">B. </TD>
    <TD>
      <P align=justify>The Sellers and the Buyer desire to enter into
      transactions in which, among other things, the Sellers shall (i) directly
      or (ii) through the sale of shares or other equity ownership interests of
      wholly-owned or partially-owned entities, sell and transfer to the Buyer,
      all of the Sellers' right, title and interest in such mineral royalty
      interests, stream agreements, offtake agreements and similar assets all on
      the terms and conditions stated in this
Agreement.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A>
<P align=center>- 2 - </P>
<P align=center><B>AGREEMENTS </B></P>
<P align=justify>In consideration of the mutual covenants in this Agreement, the
Sellers and the Buyer agree as follows: </P>
<P align=center><B>ARTICLE 1 - CERTAIN DEFINITIONS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.1</B> </TD>
    <TD>
      <P align=justify><B>Definitions</B></P></TD></TR></TABLE>
<P align=justify>As used in this Agreement, the following terms, whether in
singular or plural forms, shall have the following meanings: </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Affiliate</B>" means, with respect
to any Person, any other Person controlling, controlled by or under common
control with such Person, with "control" for such purpose meaning the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities or voting interests, by contract or otherwise.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Anti-Bribery Legislation</B>" means
the Foreign Corrupt Practices Act of 1977 (United States) and the rules and
regulations made thereunder, the <I>Corruption of Foreign Public Officials Act
</I>(Canada) and any other similar anti-bribery or anti-corruption laws or
conventions applicable to Buyer or any of its subsidiaries. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Assumed Liabilities</B>" has the
meaning given in Section 2.3. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Base Purchase Price</B>" has the
meaning given in Section 2.2(a)(i). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Books and Records</B>" means all
material books and records which relate to the Holding Entities or the Portfolio
Assets and over which the Sellers or the Holding Entities have possession and
control, including without limitation books, records and audit reports or
financial information, but specifically excluding any books, records and
information or portions thereof which (i) do not relate exclusively to the
Holding Entities or the Portfolio Assets in which case the Sellers shall redact
and exclude any information that does not relate to the Holding Entities or the
Portfolio Assets, (ii) the Sellers or the Holding Entities are required to
retain pursuant to any Legal Requirement, (iii) are subject to confidentiality
provisions and (iv) are proprietary in nature developed by the Sellers (which
books, records and data referred to in the immediately preceding sub-paragraphs
(i) to (iv) are referred to in this Agreement as the "<B>Excluded Books and
Records</B>"). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Brazil Agreement</B>" means the
share purchase and settlement agreement dated May 29, 2017 between Vaaldiam
Mining Inc., Kenneth Johnson and Fund I.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Business Day</B>" means any day
other than Saturday, Sunday or a day on which banking institutions in New York
or Montr&#233;al are required or authorized to be closed. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Board</B>" means the board of
directors of the Buyer as the same is constituted from time to time. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Board Recommendation</B>" has
the meaning given thereto in Section 5.8(c)(i) . </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=center>- 3 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Circular</B>" means the
notice of the Buyer Meeting and accompanying management information circular,
including all schedules thereto and documents incorporated by reference therein,
to be sent to Buyer Shareholders in connection with the Buyer Meeting, and
includes any amendments thereto. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Entitled Amounts</B>" means:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the aggregate dollar value, expressed in U.S. dollars, of
      all cash payments if any, received by the Sellers (or any Affiliate of the
      Sellers) from, with respect to or on account of the Directly Transferred
      Assets, except to the extent such payments are receivable in respect of a
      Pre-Effective Date Period; <U>plus</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the aggregate dollar value, expressed in U.S. dollars, of
      all cash received, by the Sellers (or any Affiliate of the Sellers) from
      the sale of material purchased by the Sellers in connection with the
      Directly Transferred Assets, if any, less the price paid, expressed in
      U.S. dollars, by the Sellers for such material, except to the extent such
      amounts are receivable in respect of a Pre-Effective Date Period;
      <U>less</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any fees, commissions or other expenses paid by the
      Sellers in respect of Directly Transferred Assets.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Indemnified Taxes</B>" means
Buyer Sales Taxes and Post-Effective Date Period Taxes, but excluding: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Taxes arising as a direct or indirect result of the
      consummation of the transactions described in Section 5.10(a), whether
      arising before or after the Effective Date; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Taxes based upon, relating to, resulting from, arising
      out of or in respect of any Excluded Royalties, whether arising before or
      after the Effective Date.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Investee</B>" means any
Person in which the Buyer has disclosed in the Buyer Public Record, as of the
date hereof, a 10% or greater interest. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Material Adverse Effect</B>"
means any change, effect, event, state of facts or occurrence that, individually
or together with any other changes, effects, events, states of facts or
occurrences, is or would reasonably be expected to (i) be material and adverse
to the business, operations, results of operations, assets, properties,
capitalization, financial condition or liabilities (contingent or otherwise) of
Buyer and its subsidiaries, taken as a whole or (ii) materially impede the
completion of the transactions contemplated under this Agreement, other than any
change, effect, event, state of facts or occurrence: (i) affecting the worldwide
gold mining industry in general; (ii) in or relating to general political,
economic, financial or capital market conditions generally (including any
reduction in market indices); (iii) in or relating to, IFRS or regulatory
accounting requirements; (iv) in or relating to any change in Legal Requirements
or any interpretation, application or
non-application thereof by any Governmental Authority; (v) relating to a change
in the market trading price of shares of Buyer arising from the announcement of
the execution of this Agreement or the transactions contemplated hereby or,
subject to the proviso in the last clause of this definition, any change event
or occurrence excluded from this definition under clauses (i) to (iv) and (vi);
or (vi) resulting from changes in the price of gold; <i>provided, however</i>,
that such change, effect, event, state of facts or occurrence referred to in
clauses (i) to (iv) and (vi) above, does not have a disproportionate effect on
Buyer and its subsidiaries (taken as a whole) compared to other companies of
similar size operating in the mining industry. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=center>- 4 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Meeting</B>" means the
special meeting, including any adjournments or postponements thereof, of the
Buyer Shareholders to be held to consider and, if deemed advisable, to approve
the Share Issuance Resolution. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Public Record</B>" means,
collectively, all of the documents which have been filed by or on behalf of the
Buyer with the relevant securities regulators pursuant to the requirements of
securities laws, including all documents publicly available on the Buyer's SEDAR
profile. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Sales Taxes</B>" has the
meaning given in Section 2.2(d). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Shareholder Approval</B>"
means the requisite approval for the Share Issuance Resolution, being a majority
of the votes cast on the Share Issuance Resolution by holders of Buyer Shares
present in person or represented by proxy at the Buyer Meeting. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Shareholders</B>" means, at
any time, the holders of the Buyer Shares. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Buyer Shares</B>" means common
shares in the capital of Buyer. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Cash Consideration</B>" has the
meaning given in Section 2.2(b)(i). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Change of Business</B>" means a
transaction or series of transactions as a result of which the Buyer&#146;s resources
are redirected and the nature of the Buyer&#146;s business of acquiring and managing
precious metal and other royalties, streams and a direct or indirect interest in
mining development businesses and properties and similar interests changes,
including through the acquisition of an interest in another business which
represents a material amount of the Buyer&#146;s market value, assets or operations,
or which becomes the principal enterprise of the Buyer; <I>provided,
however</I>, that the transition of the principal enterprise of the Buyer to the
operation of mineral projects shall constitute a Change of Business;
<I>provided, further</I>, that in no event will (i) continued operatorship over
current assets of the Buyer, or (ii) increased participation in a Buyer Investee
constitute a Change of Business.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Closing</B>" has the meaning given
in Section 7.1. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Closing Date</B>" means July 31,
2017, or such other date as is agreed to in writing by the Buyer and the
Sellers, each acting reasonably; <I>provided</I>, however, that if all
conditions to Closing set forth in Sections 6.1 and 6.2 have been satisfied or,
where applicable, waived as of the Closing Date other than
receipt of one or more of the Required Approvals, the Closing Date shall be
automatically extended for successive 10-day periods until the earlier of (i)
the date that is 2 days following the date on which all Required Approvals have
been obtained (or the date on which any party to this Agreement receives written
notification from the relevant Governmental Authority that a Required Approval
is unlikely to be obtained) and (ii) September 30, 2017. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></A>
<P align=center>- 5 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Closing Purchase Price
Adjustment</B>" has the meaning given in Section 2.2(d). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Code of Civil Procedure Arbitration
Provisions</B>" has the meaning given in Section 11.11(c). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Competition Act</B>" means the
<I>Competition Act</I>, R.S.C. 1985, c. C-34, as amended. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Competition Act Approval</B>" means
any of: (i) the Commissioner of Competition having issued an advance ruling
certificate pursuant to section 102 of the Competition Act in respect of the
transactions contemplated by this Agreement; (ii) the Commissioner of
Competition having waived the obligation to file notifications under section 114
of the Competition Act and having issued a No Action Letter; or (iii) the
parties having filed notifications under section 114 of the Competition Act and
the applicable waiting period under section 123 of the Competition Act having
expired or been terminated and the Commissioner of Competition having issued a
No Action Letter. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Confidentiality Agreements</B>"
means, collectively, (i) the Confidentiality Agreement between Fund I, Fund I-A
and the Buyer made effective the 21<SUP>st</SUP> day of January, 2017 and (ii)
the Confidentiality Agreement between Fund I, Fund I-A and the Buyer made
effective the 25<SUP>th</SUP> day of May, 2017. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Consideration Shares</B>" means
30,906,594 Buyer Shares at an agreed price on the date hereof of Cdn$14.56 per
Buyer Share. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Contract</B>" means any contract,
mortgage, deed of trust, bond, indenture, lease, license, note, franchise,
certificate, option, warrant, right, or other instrument, document, obligation,
or agreement, and any other obligation, right, or agreement, whether written or
oral. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Counterparty Public Records</B>"
means, collectively, all of the documents which have been filed by or on behalf
of any counterparty to the Royalty Instruments, Stream Instruments and Offtake
Instruments (or, in the event such counterparty is not a public company, by its
public company parent) with the relevant securities regulators pursuant to the
requirements of securities laws, including all documents publicly available on
any such counterparty&#146;s SEDAR profile. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Directly Transferred Assets</B>"
means those Portfolio Assets that are listed on Schedule A as being transferred
directly to the Buyer. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Directly Held Entities</B>" means
Holding Entities that are held directly by one or more of the Sellers, as set
out in Schedule B. </P>
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<P align=center>- 6 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Disclosing Party</B>" has the
meaning given in Section 5.9(g). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Dispute</B>" has the meaning given
in Section 5.9(g)11.11(b). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Effective Date</B>" means June 1,
2017. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Effective Date Working Capital</B>"
means the sum of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the aggregate dollar value, expressed in United States
      dollars, of all cash deposits held by the Holding Entities as at the close
      of business on May 31, 2017; <U>plus</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the aggregate dollar value based upon the US$ London
      Bullion Market PM Fixing Price, expressed in United States dollars, of all
      bullion held by the Holding Entities as at the close of business on May
      31, 2017; <U>less</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the aggregate dollar value, expressed in United States
      dollars, of all payables of the Holding Entities due and outstanding as at
      the close of business on May 31, 2017.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Employee Obligations</B>" means any
and all claims, actions, causes of action, damages, losses, liabilities,
obligations, penalties, judgments, settlements, costs, disbursements, or
expenses (including without limitation, attorneys&#146; fees and experts&#146; fees) of
any kind or of any nature whatsoever for liability relating to any compensation,
salaries, wages, bonus, overtime pay, vacation pay, or benefits (including the
Benefit Plans), including termination pay, severance pay, compensation in lieu
of notice or damages for wrongful dismissal, workers' compensation premiums and
all statutory withholdings and remittances, payable to or in respect of (i) any
employees or contractors, or former employees or contractors, of the Sellers,
and (ii) any employees or contractors, or former employees or contractors, of
the Holding Entities in respect of any period up to and including the Closing
Date. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Encumbrance</B>" means any security
interest, lien, mortgage, hypothec, charge, indenture, pledge, claim, option, or
other encumbrance. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Environmental Law</B>" means any
Legal Requirement relating to pollution or protection of public health, safety
or welfare or the environment, including those relating to the generation,
emission, discharge, release or threatened release of Hazardous Substances into
the environment (including ambient air, surface water, ground water or land), or
otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport, handling, remediation, or clean-up of Hazardous
Substances.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Environmental Liabilities</B>"
means any and all claims, actions, causes of action, damages, losses,
liabilities, obligations, penalties, judgments, settlements, costs,
disbursements, or expenses (including without limitation, attorneys' fees and
experts' fees) of any kind or of any nature whatsoever for liability (including
without limitation, liability for study, testing or investigatory costs, cleanup
costs, response actions or costs, removal actions or costs, remediation costs,
containment costs, restoration costs, reclamation costs, corrective action
costs, closure costs, natural resources damages, nuisance, property damages,
business losses, penalties or fines), whether threatened or otherwise, arising
out of, based upon or resulting from, relating to, connected with or caused by
the Portfolio Assets or operations thereon or related thereto, however and by
whomsoever caused, and whether caused by a breach of the Legal Requirements,
arising under common law or otherwise, which exist or arise in whole or in part
prior to, at or subsequent to the Closing, and regardless of whether a
reclamation certificate has been issued, including, without limiting the
generality of the foregoing, those existing or arising from or related to:</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 7 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the presence, release, threatened release, discharge or
      emission into the environment of any Hazardous Substance;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the violation or alleged violation of any Environmental
      Law;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Reclamation obligations;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>surface, underground, air, ground water, surface water or
      marine environment contamination;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the breach of Legal Requirements in effect at any
      time;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the removal of or failure to remove foundations,
      structures or equipment; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>damages and losses suffered, sustained, paid or incurred
      by third parties as a result of any of the matters described in the
      foregoing provisions of this definition.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Exchange Rate</B>" means 0.7416,
being the average of the daily exchange rate published by the Bank of Canada for
Cdn$1.00, expressed in US$, for each of the five Business Days preceding the
date of this Agreement. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Excluded Royalties</B>" means the
Altar Royalty, the Lithium Nevada-Kings Valley Royalty, the Pukaqaqa Royalty,
the Pukaqaqa Norte Royalty, the Pukaqaqa Sur Royalty, Admiral Bay GOR Royalty
and the Admiral Bay NSR Royalty, each as described in Schedule I.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Exclusivity Agreement</B>" means
the Exclusivity Agreement dated as of May 22, 2017 between Orion Mine Finance
Management I Limited, on behalf of funds managed by it, and the Buyer. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Fairness Opinion</B>" means the
opinion of Maxit Capital LP to the effect that, as of the date of such opinion,
and subject to the assumptions, limitations and qualifications set forth
therein, the transactions contemplated by this Agreement are fair, from a
financial point of view, to the Buyer. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Filing-Due Date</B>" has the
meaning given in Section 5.3(b). </P>
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noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=center>- 8 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Final Purchase Price
Adjustment</B>" has the meaning given in Section 2.2(e). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Final Purchase Price Adjustment
Statement</B>" has the meaning given in Section 2.2(e). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Governmental Authority</B>" means
the government of the United States of America, Canada or any province or
territory thereof, or any other country or sovereign entity, any state,
commonwealth, territory, or possession thereof, and any political subdivision or
quasi-governmental authority of any of the same, including but not limited to
courts, tribunals, arbitrators, departments, commissions, boards, bureaus,
agencies, counties, municipalities, provinces, parishes, and other
instrumentalities. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Governmental Permits</B>" means
franchises, approvals, authorizations, permits, licenses, easements,
registrations, qualifications, leases, variances and similar rights obtained
from any Governmental Authority. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Hazardous Substances</B>" means any
waste, material or other substance that is hazardous, radioactive, toxic, a
pollutant or a contaminant, or that is regulated, listed, defined, designated,
prohibited, or classified, or otherwise determined to be, as such under or
pursuant to any Environmental Law, including any mixture or solution thereof,
and including pollutants, contaminants, chemicals, deleterious substances,
dangerous goods, hazardous or industrial toxic wastes or substances, tailings,
wasterock, radioactive materials, flammable substance, explosives,
polychlorinated biphenyl, chlorinated solvents, hydrogen sulphide, arsenic,
cadmium, copper, lead, mercury, urea-formaldehyde insulation, petroleum and all
derivatives thereof or synthetic substitutes thereof. asbestos or
asbestos-containing materials, cyanide or cyanide-containing compounds and any
other material, substance pollutant or contaminant that could result in lability
under, any applicable Environmental Law.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Holding Entities</B>" means the
subsidiaries or other entities wholly or partially owned by the Sellers that
hold Portfolio Assets, as set out in Schedule C. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>IFRS</B>" means International
Financial Reporting Standards formulated by the International Accounting
Standards Board, as updated and amended from time to time. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Income Tax</B>" or "<B>Income
Taxes</B>" shall mean all Taxes based upon, measured by, or calculated with
respect to:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>gross or net income or gross or net receipts or profits
      (including, but not limited to, any capital gains, minimum taxes and any
      Taxes on items of tax preference, but not including sales, use, goods and
      services, real or personal property transfer or other similar
    Taxes),</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>multiple bases (including, but not limited to, corporate
      franchise, doing business or occupation Taxes) if one or more of the bases
      upon which such Tax may be based upon, measured by, or calculated with
      respect to, is described in clause (i) above,
or</P></TD></TR></TABLE><BR>
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noShade SIZE=5>
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<P align=center>- 9 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>withholding taxes measured by, or calculated with respect
      to, any payments or distributions (other than
wages).</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Indemnitee</B>" has the meaning
given in Section 10.3. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Indemnitor</B>" has the meaning
given in Section 10.3. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Indigenous</B>" means any
indigenous Person(s), tribe(s) and/or band(s), in any other country, state or
territory, in each case as such term is defined or accepted under Legal
Requirements.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Indigenous Claims</B>" means any
claims, assertions or demands, written or oral, whether proven or unproven, made
by any Indigenous, or any representatives thereof, in respect of asserted or
proven Indigenous rights affecting all or any portion of the conduct of the
operations or the ownership, possession, control or management of the assets and
properties associated with the Portfolio Assets.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Indigenous Information</B>" means
any and all written and material oral communications and documentation,
including electronic or other form related to any (i) Indigenous Claims; (ii)
Indigenous making any Indigenous Claims; (iii) Indigenous groups, or (iv) any
Governmental Authority, or representatives thereof, in respect of any matter,
including the issuance of required permits, licences and other governmental
authorizations, involving any Indigenous Claims or Indigenous groups in relation
to the assets and properties and properties associated with the Portfolio
Assets. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Intercreditor Agreement</B>" means
the Intercreditor Agreement dated October 13, 2016 between (1) Societe Generale,
London Branch, acting as Facility Agent, (2) the financial institutions named in
Part 1 of Schedule 1 thereto, as Senior Term Lenders, (3) Ohridska Banka Ad
Skopje, as Senior Revolving Lender, (4) Societe Generale London Generale, London
Branch and Investec Bank PLC, as Arrangers, (5) the entities named in Part 2 of
Schedule 1 thereto, as Hedge Counterparties, (6) Lynx Metals Limited, as
Subordinated Creditor, (7) the companies named in Part 3 of Schedule 1 thereto,
as Intra-Group Lenders, (8) the subsidiaries of Lynx Resources Limited ("<B>Lynx
Resources</B>") named in Part 4 of Schedule 1 thereto, Lynx Resources and Lynx
Metals Limited, as Debtors and (9) Societe Generale, London Branch, as security
trustee for the Secured Parties thereunder. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Investment Canada Act</B>" means
the <I>Investment Canada Act</I>, R.S.C. 1985, c. 28 (1<SUP>st </SUP>Supp), as
amended. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Judgment</B>" means any judgment,
writ, order, injunction, award, or decree of any court, judge, justice,
magistrate or arbitrator, including any bankruptcy court or judge, and any order
of or by any Governmental Authority. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Knowledge</B>" of any Person with
respect to any matter means (i) in the case of the Buyer, the actual knowledge
of any senior officer of the Buyer of such matter and all information which
ought to have been known by any of them after conducting a reasonable inquiry
into the matters in question, whether or not any such inquiry was actually made; and (ii) in the case of
the Sellers, the actual knowledge of or any portfolio manager, officer or
director of Orion Mine Finance Management I Limited, Orion Resource Partners
(USA) LP, and Orion Resource Partners (Aus) Pty Ltd. and all information which
ought to have been known by any of them after conducting a reasonable inquiry
into the matters in question, whether or not any such inquiry was actually
made.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 10 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Legal Requirements</B>" means
applicable common law and any statute, ordinance, code or other law,
Regulations, order, requirement, or procedure enacted, adopted, promulgated,
applied, or followed by any Governmental Authority, including any Judgment. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Litigation</B>" means any claim,
action, suit, proceeding, arbitration, investigation, hearing, or other
activity, including, to the Knowledge of the applicable party, any threat
related to any of the foregoing, in each case, that could result in a Judgment.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Losses</B>" means any claims,
losses (excluding loss of profits and consequential losses), liabilities,
damages, Encumbrances, penalties, costs, and expenses, including but not limited
to interest which may be imposed in connection therewith, and reasonable fees
and disbursements of counsel. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Macedonian Competition Act
Approval</B>" means the issuance of a clearance, or the expiration or early
termination of the review period, and any extension thereof, following a merger
notification made with the MCC, applicable to the transactions contemplated by
this Agreement, specifically the SASA Stream. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Mantos Silver Stream</B>" means the
Stream more particularly described in Schedule F as the Mantos Silver Stream.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>MCC</B>" means the Macedonian
Competition Commission. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>misrepresentation</B>" has the
meaning ascribed thereto in the Securities Act. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Neutral Auditor</B>" means an
accounting firm of recognized national standing as agreed by the parties or as
may be appointed as Neutral Auditor in accordance with Section 2.2(f).</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>NI 43-101</B>" has the meaning
given in Section 5.11(a). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Nimbus Silver Offtake</B>" means
the Offtake more particularly described in Schedule D as the Nimbus Silver
Offtake. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>No Action Letter</B>" means written
confirmation from the Commissioner of Competition confirming that he does not,
at that time, intend to make an application under section 92 of the Competition
Act in respect of the transactions contemplated by this Agreement. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>NYSE</B>" means the New York Stock
Exchange. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_37></A>
<P align=center>- 11 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Offtake Instruments</B>" means the
Contracts memorializing and containing the terms and conditions for the
Offtakes, as described in Schedule D attached hereto. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Offtakes</B>" means the offtake
rights and obligations held by the Sellers or the Holding Entities or any of
them pursuant to the Offtake Instruments, and "<B>Offtake</B>" means any one of
the foregoing. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Operator</B>" has the meaning given
in Section 4.1(a)(i). </P>
<P style="MARGIN-LEFT: 5%" align=justify>" [ <B>Redacted </B>] " has the meaning
given in [ Redacted ].</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Parral Gold and Silver Offtake</B>"
means the Offtake more particularly described in Schedule D as the Parral Gold
and Silver Offtake. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Payor</B>" has the meaning given in
Section 2.5. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Person</B>" means any natural
person, Governmental Authority, corporation, general or limited partnership,
joint venture, limited liability company, trust, association, or unincorporated
entity of any kind. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Portfolio Assets</B>" means </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Royalties other than the Excluded
Royalties;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Streams; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Offtakes.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Post-Effective Date Period
Taxes</B>" means: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>with respect to Taxes imposed, or that will be imposed,
      upon the Holding Entities, with respect to taxation years or other periods
      commencing on or after the Effective Date, all such Taxes; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>with respect to Taxes imposed, or that will be imposed,
      upon the Holding Entities, with respect to any Straddle Period, the
      portion of any such Taxes that is allocable to the portion of the Straddle
      Period commencing on the Effective Date. For the purposes of this
      paragraph (b), the income of the Holding Entities shall be apportioned to
      the period up to the Effective Date and the period after the Effective
      Date by closing the books of the Holding Entities as of the last moment on
      May 31, 2017.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Pre-Closing Reorganization</B>" has
the meaning given in Section 5.10(a)(v). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Pre-Effective Date Period</B>"
means any period ending before the Effective Date. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Pre-Effective Date Period
Taxes</B>" means: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_38></A>
<P align=center>- 12 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>with respect to Taxes imposed, or that will be imposed,
      upon the Holding Entities, with respect to taxation years or other periods
      ending before the Effective Date (regardless of whether a Tax Return is
      required to be filed before the Effective Date), all such Taxes;
  and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>with respect to Taxes imposed, or that will be imposed,
      upon the Holding Entities, with respect to any Straddle Period, the
      portion of any such Taxes that is allocable to the portion of the Straddle
      Period ending immediately prior to the Effective Date. For the purposes of
      this paragraph (b), the income of the Holding Entities shall be
      apportioned to the period up to the Effective Date and the period after
      the Effective Date by closing the books of the Holding Entities as of the
      last moment on May 31, 2017.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Purchased Securities</B>" has the
meaning given in Section 2.1. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Purchase Price</B>" has the meaning
given in Section 2.2(a). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>QBCA</B>" means the <I>Business
Corporations Act</I> (Qu&#233;bec) and the Regulations made thereunder. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Receiving Party</B>" has the
meaning given in Section 5.9(g). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Reclamation</B>" means the
reclamation, restoration or closure, to the satisfaction of the relevant
Governmental Authority, of any facility or land utilized in any exploration,
mining or processing operation required by any Legal Requirement or any
Governmental Permits.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Regulations</B>" means all rules,
regulations and directions in effect from time to time and made by any
Governmental Authority having jurisdiction over the parties to this Agreement or
the transactions contemplated hereby. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Renard Diamond Stream</B>" means
the Stream more particularly described in Schedule F as the Renard Diamond
Stream. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Required Approvals</B>" means,
collectively, Competition Act Approval and Macedonian Competition Act Approval;
</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Royalties</B>" means the royalties
payable to the Holding Entities or Sellers or any of them pursuant to the
Royalty Instruments, and "<B>Royalty</B>" means any one of the foregoing. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Royalty Instruments</B>" means the
Contracts memorializing and containing the terms and conditions for the
Royalties, as described in Schedule E attached hereto. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Sales Taxes</B>" has the meaning
given thereto in Section 2.2(d). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>SASA Silver Stream</B>" means the
Stream more particularly described in Schedule F as the SASA Silver Stream. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></A>
<P align=center>- 13 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Securities Act</B>" means the
<I>Securities Act</I> (Qu&#233;bec) and the rules and regulations promulgated
thereunder. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Securities Authorities</B>" means
the securities regulatory authorities in each of the provinces and territories
of Canada, the TSX and the NYSE. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Security</B>" means all security
documents, guarantees and indemnities in favour of or for the benefit of any
Seller or Holding Entity in connection with any Portfolio Asset. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>SEDAR</B>" means the System for
Electronic Document Analysis and Retrieval of the Canadian Securities
Administrators. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Sellers Indemnified Taxes</B>"
means: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Pre-Effective Date Period Taxes;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Taxes arising as a direct or indirect result of the
      consummation of the transactions described in Section 5.11(a), whether
      arising before or after the Effective Date;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Taxes based upon, relating to, resulting from, arising
      out of or in respect of any Excluded Royalties, whether arising before or
      after the Effective Date; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any Withholding Taxes paid by Buyer or any Payor to the
      applicable Governmental Authority,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>but excluding (A) any Buyer Sales Taxes
and (B) such amounts that arise or are imposed as a result of the Buyer or its
Affiliate (i) making any Tax election, (ii) changing any method of tax
accounting, (iii) entering into any closing agreement relating to Taxes, (iv)
amending, or taking any position on, any Tax Returns relating to any
Pre-Effective Date Period or Straddle Period, or (v) agreeing to an extension of
a statute of limitations, unless such action is required by Legal Requirement or
is consented to in writing by the Sellers (such consent not be unreasonably
withheld, delayed or conditioned). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Sellers Material Adverse
Effect</B>" means any change, effect, event, state of facts or occurrence that,
individually or together with any other changes, effects, events, states of
facts or occurrences, is or would reasonably be expected to (i) be material and
adverse to the Directly Transferred Assets and the Holding Entities, taken as a
whole or (ii) materially impede the completion of the transactions contemplated
under this Agreement, other than any change, effect, event, state of facts or
occurrence: (i) affecting the worldwide gold, silver, copper or diamond mining
industry in general; (ii) in or relating to general political, economic or
financial or market conditions generally (including any reduction in market
indices); (iii) in or relating to, IFRS or regulatory accounting requirements;
(iv) in or relating to any change in Legal Requirements or any interpretation,
application or non-application thereof by any Governmental Authority; or (v)
resulting from changes in the price of gold, silver, copper or diamonds;
<I>provided,</I><i> however, </i>that such change,
effect, event, state of facts or occurrence referred to in clauses (i) to (v)
above does not have a disproportionate effect on the counterparties under the
Royalty Instruments, Stream Instruments or Offtake Instruments, taken as a
whole, compared to other companies of similar size operating in the mining
industry. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A>
<P align=center>- 14 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>&nbsp;</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Sellers Representatives</B>" has
the meaning given in Section 5.1(b). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Share Issuance Resolution</B>"
means the ordinary resolution of the Buyer Shareholders authorizing and
approving the issuance of the Consideration Shares pursuant to the transactions
contemplated by this Agreement. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Shareholder Participation
Agreement</B>" means the shareholder participation agreement, in the form set
forth in Schedule M, between the Buyer and the holder(s) of Consideration
Shares, providing for certain rights and obligations of such holder(s) of
Consideration Shares following the Closing.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Straddle Period</B>" means any
taxation year or other period beginning before the Effective Date and ending on
or after the Effective Date. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Straddle Period Tax Returns</B>"
has the meaning given in Section 5.3(b). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Stream Instruments</B>" means the
Contracts memorializing and containing the terms and conditions for the Streams,
as described in Schedule F attached hereto. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Streams</B>" means the mineral
purchase rights and obligations held by the Sellers or the Holding Entities or
any of them pursuant to the Stream Instruments, and "<B>Stream</B>" means any
one of the foregoing. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>subsidiary</B>" means, with respect
to any Person, a Person that is controlled directly or indirectly by that Person
and includes a subsidiary of any subsidiary and, for purposes of this
definition, a Person controls a second Person if (i) the Person, directly or
indirectly, beneficially owns or exercises control or direction over securities
of the second Person carrying votes which, if exercised, would entitle the
Person to elect a majority of the directors of the second Person, unless the
Person beneficially owns or exercises control or direction over voting
securities only to secure an obligation, (ii) the second Person is a
partnership, the Person beneficially owns or exercises control or direction over
more than 50 per cent of the interests in the partnership, or (iii) the second
Person is a limited partnership, the Person is the general partner of the
limited partnership or controls the general partner. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Tax Attributes</B>" means any loss,
allowance, credit, relief, deduction or set-off of any kind in respect of, or
taken into account, or capable of being taken into account in the calculation of
a liability for Tax of any Holding Entity or any right to repayment of Tax of
any Holding Entity. </P>
<P style="MARGIN-LEFT: 5%" align=justify>" <B>[&nbsp;Redacted ] </B>" has the
meaning given in Section 5.3(d). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_41></A>
<P align=center>- 15 - </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Tax Returns</B>" shall mean
returns, reports, information statements and other documentation (including any
additional or supporting material) filed or maintained, or required to be filed
or maintained, in connection with the calculation, determination, assessment,
claim for refund or collection of any Tax and shall include any amended returns
required as a result of examination adjustments made by the Internal Revenue
Service, the Canada Revenue Agency, Revenu Qu&#233;bec or other Tax authority. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Tax</B>" or <B>Taxes</B>" means all
levies, charges and assessments of any kind or nature imposed by any
Governmental Authority, including but not limited to all income, sales, use, ad
valorem, value added, franchise, severance, net or gross proceeds, withholding,
payroll, employment, excise, or property taxes, together with any interest
thereon and any penalties, additions to tax, or additional amounts applicable
thereto. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Transition Services Agreement</B>"
means a transition services agreement between Orion Resource Partners (USA) LP,
Orion Merchant, LLC and the Buyer relating to the provision of certain
transition services that may be provided by the Sellers or their Affiliates to
the Buyer and its Affiliates, with a view to assisting the Buyer and its
Affiliates with the integration of the operations and administration of the
Portfolio Assets and the Holding Entities, with a three-month term beginning on
the Closing Date or such other longer term as the parties thereto may reasonably
agree upon, each acting reasonably.</P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>TSX</B>" means Toronto Stock
Exchange. </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Underlying Interests</B>" has the
meaning given in Section 4.1(a)(i). </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Withholding Taxes</B>" means all
Taxes, if any, payable by the Buyer or any Person acting on behalf of the Buyer
to a Governmental Authority in respect of amounts that may be required to be
deducted or withheld under any Legal Requirements from any consideration or
amount payable or otherwise deliverable under this Agreement to any Seller,
including, without in any way limiting the generality of the foregoing, any U.S.
federal withholding taxes applicable in respect of the sale of the equity
interests of Orion Royalty Company, LLC, MF2 Investment Company 1 LP and MF2
Investment Company 1 Limited. </P>
<P align=center><B>ARTICLE 2- BASIC TRANSACTIONS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.1</B> </TD>
    <TD>
      <P align=justify><B>Purchase and Sale of Purchased Securities and Directly
      Transferred Assets</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Subject to the terms and conditions of
this Agreement, at Closing the Sellers shall sell and convey to the Buyer, and
the Buyer shall purchase for the Purchase Price, (i) all of the issued and
outstanding shares of capital stock or other equity ownership interests of the
Directly Held Entities held by the Sellers (the "<B>Purchased Securities</B>")
and (ii) all of the Sellers' right, title and interest in and to the Directly
Transferred Assets; provided that, in the case of the Renard Diamond Stream, the
Sellers may satisfy their obligations hereunder by causing an interest
equivalent to the Sellers&#146; interest in the Renard Diamond Stream to be sold and
conveyed to the Buyer and such sale and conveyance shall be deemed to be a sale and conveyance by
the Sellers as a Directly Transferred Asset pursuant to this Agreement.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_42></A>
<P align=center>- 16 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.2</B> </TD>
    <TD>
      <P align=justify><B>Purchase Price</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The purchase price for the Purchased Securities and the
      Sellers' right, title and interest in and to the Directly Transferred
      Assets (the "<B>Purchase Price</B>") shall be equal
to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Cdn$1,125,000,000 (the "<B>Base Purchase Price</B>");
      <U>plus</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the amount of the Effective Date Working Capital (for
      greater certainty, if the amount of the Effective Date Working Capital is
      a negative amount, then such amount shall constitute a deduction from the
      Purchase Price); <U>less</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the amount of the Buyer Entitled Amounts;
    <U>less</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the aggregate amount of (i) any Employee Obligations
      payable by the Holding Entities in respect of any period prior to the
      Effective Date, to the extent such amounts were not paid prior to the
      Effective Date, and (ii) any Employee Obligations payable by the Holding
      Entities that arise on or after the Effective
Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Buyer shall pay the Base Purchase Price to the
      Sellers as follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>at the Closing, the Buyer shall pay to the Sellers, by
      wire transfer of immediately available funds to one or more bank accounts
      that have been designated in writing by the Sellers at least two Business
      Days before the Closing Date (the "<B>Designated Account(s)</B>"), cash in
      an aggregate amount (the "<B>Cash Consideration</B>") in U.S. dollars
      equal to the amount of Cdn$675,000,000 multiplied by the Exchange Rate;
      and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>at the Closing, the Buyer shall deliver, or cause to be
      to delivered, to the Sellers (or as the Sellers may otherwise direct in
      writing at least two Business Days before the Closing Date) certificates
      representing the Consideration Shares.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The amount payable in cash by the Buyer to the Sellers at
      the Closing as set out in Section 2.2(b)(i) shall be increased or
      decreased, as applicable, by the Sellers' good faith determination, as set
      out in the notice delivered by the Sellers to the Buyer in accordance with
      Section 2.2(d) below, of the amount, if any, equal
to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the amount described in Section 2.2(a)(ii) above;
      <U>less</U></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the sum of the amounts described in Sections 2.2(a)(iii)
      and 2.2(a)(iv) above.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_43></A>
<P align=center>- 17 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>All amounts payable by the Buyer to the Sellers pursuant
      to this Agreement do not include any value-added, sales, use, consumption,
      multi-staged, personal property, customs, excise, stamp, transfer, or
      similar taxes, duties, or charges, (collectively "<B>Sales Taxes</B>") and
      all Sales Taxes payable in respect of amounts payable by the Buyer to the
      Sellers pursuant to this Agreement (collectively "Buyer Sales Taxes") are
      the responsibility and for the account of the Buyer. If any of the Sellers
      are required by Legal Requirements to collect any applicable Buyer Sales
      Taxes from the Buyer, the Buyer shall pay such Buyer Sales Taxes to the
      applicable Seller(s) concurrent with the payment of the consideration upon
      which such Buyer Sales Taxes are calculated. Where the Sellers are not
      required by Legal Requirements to collect applicable Buyer Sales Taxes,
      the Buyer shall pay such Buyer Sales Taxes directly to the appropriate
      taxing authority and shall provide evidence of such payment to the Sellers
      upon request.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>No later than five (5) Business Days before the Closing
      Date, the Sellers shall deliver to the Buyer a notice setting out the
      Sellers' determination of the amount of the adjustment to the Purchase
      Price, if any, determined under Section 2.2(c) (the "<B>Closing Purchase
      Price Adjustment</B>"), along with a detailed computation
  thereof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Not later than thirty (30) Business Days following the
      Closing Date, the Sellers shall deliver to the Buyer a statement (the
      "<B>Final Purchase Price Adjustment Statement</B>") setting forth the
      Sellers' final determination of the amount of the adjustment to the
      Purchase Price, if any, determined under Section 2.2(c) (the "<B>Final
      Purchase Price Adjustment</B>"), along with a detailed computation thereof
      and such supporting documentation as may be reasonably requested by the
      Buyer. If, following the resolution of any dispute in respect of the Final
      Purchase Price Adjustment, as set forth in Section 2.2(f), (i) the Final
      Purchase Price Adjustment exceeds the Closing Purchase Price Adjustment,
      such excess will be payable by the Buyer to the Sellers, and (ii) the
      Final Purchase Price Adjustment is less than the Closing Purchase Price
      Adjustment, such difference will be payable by the Sellers to the Buyer.
      The Party obligated to make such payment shall remit payment to the Party
      entitled to receive such payment within fifteen (15) Business Days of
      receipt of the Final Purchase Price Adjustment Statement provided pursuant
      to this Section 2.2(e) or Section 2.2(g), as applicable.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>If the Buyer disputes one or more items having an
      aggregate value of not less than Cdn$100,000 in the Final Purchase Price
      Adjustment Statement delivered pursuant to Section 2.2(e), the Buyer
      shall, within fifteen (15) Business Days of receipt of such statement,
      deliver to the Sellers a notice of the items in dispute, along with
      reasonable particulars setting forth its reason for such dispute,
      whereupon the Buyer shall be entitled to request a Neutral Auditor to
      determine the correct amount of the disputed items in such statement as an
      independent expert. If the Parties cannot mutually agree upon a Neutral
      Auditor within seven (7) Business Days, the Neutral Auditor shall be
      appointed, upon request of either Party, by the ADR Institute of Canada,
      Inc. The Buyer and Sellers shall instruct the Neutral Auditor to deliver
      its written decision to them no later than
twenty (20) Business Days after the dispute has been referred to
      it (or within any other period of time as mutually agreed between the
      Parties). The Neutral Auditor shall give reasons for its decision
      regarding all specific items which are in dispute between the Buyer and
      the Sellers. The costs and expenses incurred by the Neutral Auditor shall
      be borne by the Parties in proportion to their losing position. Any
      decision rendered by the Neutral Auditor shall be final and binding on the
  Parties.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_44></A>
<P align=center>- 18 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>Not later than ten (10) Business Days following receipt
      of the Neutral Auditor's decision, the Sellers shall prepare and deliver
      to the Buyer a revised Final Purchase Price Adjustment Statement setting
      out the Final Purchase Price Adjustment determined in accordance with the
      Neutral Auditor's decision.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify><I>[Redacted - Section on allocation of purchase
      price</I>]</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>The Sellers acknowledge that the Consideration Shares are
      subject to a statutory four month hold period under applicable securities
      laws, and any certificate or written notice delivered to the Sellers (or
      as the Sellers may otherwise direct) in respect of their ownership of the
      Consideration Shares shall bear the applicable legend(s) provided for
      under the applicable securities laws.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>The Sellers acknowledge and consent to: (i) the fact that
      the Buyer is collecting Personal information (as that term is defined
      under applicable privacy legislation, including, without limitation, the
      <I>Personal Information Protection and Electronic Documents Act      </I>(Canada) and any other applicable similar, replacement or supplemental
      provincial or federal legislation or laws in effect from time to time);
      (ii) the Buyer retaining such Personal information for as long as
      permitted or required by Legal Requirements or business practices; (iii)
      the fact that the Buyer may be required by applicable securities laws, the
      rules and policies of any stock exchange or the rules of the Investment
      Industry Regulatory Organization of Canada to provide regulatory
      authorities with any Personal information provided by the Sellers in or in
      connection with this Agreement; and (iv) the collection, use and
      disclosure of the Sellers' Personal information by the TSX.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>The Buyer agrees to reimburse the Sellers for reasonable
      salaries and wages payable to employees or contractors of the Sellers and
      the Holding Entities that are required to maintain the Holding Entities in
      good standing and to maintain the business of owning the Portfolio Assets
      in the ordinary course of business and in accordance with past practice
      during the period beginning on the Effective Date and ending on the
      Closing Date. The Sellers agree that such reimbursement shall exclude
      salaries and wages payable to employees or contractors of the Sellers and
      the Holding Entities in respect of preparing the financial statements of
      the Holding Entities and the Portfolio Assets up to May 31, 2017
      (including reviewed financial statements for the first quarter of 2017)
      and the audited financial statements for the year ended December
31, 2016 in respect of the Holding Entities and the Portfolio Assets.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_45></A>
<P align=center>- 19 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.3 </B></TD>
    <TD>
      <P align=justify><B>Assumed Liabilities</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>From and after Closing, the Buyer
shall, and shall cause the Holding Entities (in respect of the Portfolio Assets
relating to such Holding Entities) to assume, pay, discharge, and perform all
obligations and liabilities with respect to each of the Directly Transferred
Assets and the Holding Entities, except for the Employee Obligations and <I>[Redacted- Commercial sensitive] </I>( the "<B>Assumed Liabilities</B>").</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.4 </B></TD>
    <TD>
      <P align=justify><B>Amounts Received
Post-Closing</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>If following Closing any of the Sellers receives any
      benefits, income, profits, monies or other amounts under or in respect of
      the Directly Transferred Assets or Holding Entities (for greater
      certainty, excluding any amounts received from Buyer in accordance with
      this Agreement) with respect to periods commencing on or after the
      Effective Date, it shall promptly provide the Buyer with (i) a statement
      of all such amounts received in such period, (ii) a wire transfer of
      immediately available funds equal to such amounts and (iii) a certificate
      signed by an officer or equivalent of the Sellers certifying that the
      Sellers have complied with the provisions of this Section 2.4.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>In the event of any dispute between the Buyer or the
      Sellers with respect to any such amounts, each shall provide the other
      reasonable access to its books and records relating to such amounts and
      shall endeavour in good faith to resolve such
dispute.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.5 </B></TD>
    <TD>
      <P align=justify><B>Tax Withholdings</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Notwithstanding any other provision of
this Agreement, the Buyer and any Person acting on behalf of the Buyer (the
"<B>Payor</B>") shall be entitled to deduct and withhold from any consideration
or amount payable or otherwise deliverable under this Agreement any amounts
required to be delivered and withheld therefrom under any applicable Legal
Requirement. The Buyer acknowledges to the Sellers that as of the date hereof it
is not aware of any Legal Requirement to deduct and withhold, and it does not
intend to deduct and withhold, any Withholding Taxes <EM>[ Redacted- Commercial
sensitive ]</EM>&nbsp;. To the extent any amounts are so deducted or withheld by
the Payor, the Payor shall pay the amounts deducted or withheld to the relevant
Governmental Authority in accordance with the applicable Legal Requirements, in
which event such amounts shall be treated for all purposes under this Agreement
as having been paid to the Seller to whom such amounts would otherwise have been
paid.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_46></A>
<P align=center>- 20 - </P>
<P align=center><B>ARTICLE 3- REPRESENTATIONS AND WARRANTIES </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.1</B> </TD>
    <TD>
      <P align=justify><B>Sellers' Representations and
  Warranties</B></P></TD></TR></TABLE>
<P align=justify>The Sellers jointly and severally represent and warrant to the
Buyer, in each case subject to the limitations in Article 4, as to those matters
set forth in Schedule G and acknowledge that the Buyer will rely on such
representations and warranties in entering into this Agreement, and in
concluding the transactions contemplated hereunder. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.2</B> </TD>
    <TD>
      <P align=justify><B>Buyer's Representations and
  Warranties</B></P></TD></TR></TABLE>
<P align=justify>The Buyer represents and warrants to the Sellers as to those
matters set forth in Schedule H and acknowledges that the Sellers will rely on
such representations and warranties in entering into this Agreement, and in
concluding the transactions contemplated hereunder.</P>
<P align=center><B>ARTICLE 4- ACKNOWLEDGEMENTS OF THE BUYER </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>4.1</B> </TD>
    <TD>
      <P align=justify><B>Limited Representations and
  Warranties</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Buyer acknowledges and agrees that except for the
      representations and warranties in Schedule G, no express or implied
      representations or warranties are or have been made relating to the
      Portfolio Assets or the Underlying Interests and all implied
      representations or warranties of any kind or nature whatsoever with
      respect to the Portfolio Assets or the Underlying Interests are expressly
      excluded to the maximum extent allowed by Legal Requirements. Except for
      representations made by the Sellers in Schedule G, the Buyer acknowledges
      that it is relying solely upon its own investigations with respect to, and
      that the Sellers do not make any representations or warranties with
      respect to, the following matters:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the value, merchantability or fitness for any purpose of
      the mineral or real property interests underlying the Portfolio Assets
      (the "<B>Underlying Interests</B>"); the existence or presence of any
      mineral substances, ore, the feasibility or profitability of any operation
      on or with respect to the Underlying Interests; the value of the Portfolio
      Assets; the right or ability of any operator of the Underlying Interests
      (an "<B>Operator</B>") to mine or produce minerals or ore from the
      Underlying Interests; the likelihood that minerals or ore can or will be
      removed from the Underlying Interests in commercially saleable quantities;
      the physical condition of the Underlying Interests; the existence of
      contaminants on the Underlying Interests; and any Environmental
      Liabilities associated with the Portfolio Assets or the Underlying
      Interests;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the right or ability of any of the Operators to perform
      their obligations under the Royalty Instruments, Stream Instruments or
      Offtake Instruments, or the legal status or financial condition of any of
      the Operators;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_47></A>
<P align=center>- 21 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the title, if any, of any of the Operators to the
      Underlying Interests; the absence of third-party claims to or interests in
      the Underlying Interests; the status or good standing of the Underlying
      Interests; whether any or all of the Underlying Interests continue to
      exist; whether Taxes required to maintain the Underlying Interests in good
      standing have been paid; or whether any rights in respect of the
      Underlying Interests were validly obtained by conversion, extension or
      substitution of concessions;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>any engineering, geological or other interpretations or
      economic evaluations respecting the Underlying Interests;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>the quality, condition (physical or otherwise) or
      serviceability of the Portfolio Assets or the suitability of their use for
      any purpose;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>the accuracy or completeness of any information,
      documentation or data provided to the Buyer pursuant to or in connection
      with the negotiation hereof, relating to the Portfolio Assets, the
      Underlying Interests or otherwise, including information, documentation or
      data provided to the Buyer by way of data rooms, electronic transfer of
      records or other computer records, file summaries or other interpretive
      records that were prepared by the Sellers or any of the Holding Entities
      for internal use; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>any other matter whatsoever with respect to any
      Underlying Interests.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Without restricting the generality of
the foregoing, the Buyer acknowledges that it has made (and will, prior to
Closing, continue to make) its own independent evaluation of the Portfolio
Assets as part of its due diligence process, and that, subject to Schedule G, it
has relied on that independent review for its assessment of the condition,
quantum and value of the Portfolio Assets. </P>
<P align=center><B>ARTICLE 5- COVENANTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.1</B> </TD>
    <TD>
      <P align=justify><B>Confidentiality</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Any non-public information that Buyer may obtain from
      Sellers in connection with this Agreement with respect to Sellers, the
      Holding Entities and the Portfolio Assets, shall be deemed confidential,
      and Buyer shall not disclose any such information to any third party
      (other than its directors, officers and employees, and representatives of
      its advisers and lenders whose knowledge thereof is necessary in order to
      facilitate the consummation of the transactions contemplated hereby) or
      use such information for any commercial purpose; provided, however, that
      (i) Buyer may use and disclose any such information once it has been
      publicly disclosed (other than by Buyer in breach of its obligations under
      this Section 5.1(a)) or which rightfully has come into the possession of
      Buyer (other than from Sellers); (ii) Buyer may disclose such information
      to its officers, directors, agents, employees, advisors and lenders
      ("<B>Buyer Representatives</B>") as necessary in connection with the
      transactions contemplated in this Agreement provided such Buyer
      Representatives either agree to be bound by
the confidentiality provisions of this Agreement or are,
      prior to such disclosure, bound to confidentiality agreements or
      professional standards that are at least as restrictive as the
      confidentiality provisions of this Agreement; and (iii) to the extent that
      Buyer may become compelled by Legal Requirements to disclose any of such
      information, Buyer may disclose such information if it shall have used all
      reasonable efforts, and shall have afforded Sellers the opportunity, to
      obtain an appropriate protective order, or other satisfactory assurance of
      confidential treatment, for the information compelled to be
  disclosed.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_48></A>
<P align=center>- 22 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Any non-public information that Sellers shall obtain from
      Buyer in connection with this Agreement with respect to Buyer shall be
      deemed confidential, and Seller shall not disclose such information to any
      third party or use such information for any commercial purpose; provided,
      however, that (i) Sellers may use and disclose any such information once
      it has been publicly disclosed (other than by Sellers in breach of their
      obligations under this Section 5.1(b)) or which rightfully has come into
      the possession of Sellers (other than from Buyer); (ii) Sellers may
      disclose such information to their respective officers, directors, agents,
      employees, representatives, advisors, lenders, limited partners and
      limited partner or advisory committee of a fund managed by Orion Mine
      Finance Management I Limited or Orion Mine Finance Management I-A Limited
      ("<B>Sellers Representatives</B>") as necessary in connection with the
      transactions contemplated in this Agreement provided such Sellers
      Representatives either agree to be bound by the confidentiality provisions
      of this Agreement or are, prior to such disclosure, bound to
      confidentiality agreements or professional standards that are at least as
      restrictive as the confidentiality provisions of this Agreement; and (iii)
      to the extent that Sellers may become compelled by Legal Requirements to
      disclose any of such information, Sellers may disclose such information if
      it shall have used all reasonable efforts, and shall have afforded Buyer
      the opportunity, to obtain an appropriate protective order, or other
      satisfactory assurance of confidential treatment, for the information
      compelled to be disclosed.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Each of Fund I, Fund I-A and the Buyer acknowledge and
      agree that the provisions of this Section 5.1 are intended to replace and
      supersede the Confidentiality Agreements, which shall terminate and be of
      no further force and effect as of the Closing Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Subject to Legal Requirements, none of the parties shall
      issue any news release or make any public disclosure relating to the
      subject matter of this Agreement without providing the other parties at
      least three (3) Business Days to review and comment on the same. The
      provisions of this Section 5.1 shall survive and continue to bind the
      parties notwithstanding that any party ceases to be a party to this
      Agreement or this Agreement is terminated for any reason
  whatsoever.</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.2</B> </TD>
    <TD>
      <P align=justify><B>Third Party Consents and
Notices</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>On or before Closing, the Sellers shall deliver all
      notices, requests for consents and approvals for Governmental Authorities
      and other Persons required for the consummation of the transactions
      contemplated by this Agreement. As of thedate hereof, to the Knowledge of the
Sellers and the Buyer, third party consent and notices have been identified with
respect to the following Portfolio Assets:</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_49></A>
<P align=center>- 23 - </P>
<P style="MARGIN-LEFT: 10%" align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_50></A>
<P align=center>- 24 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ix) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(xi) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(xii) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive
  ]</EM></P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_51></A>
<P align=center>- 25 - </P>
<P align=center><EM>[ Redacted- Commercial sensitive ]</EM></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.3</B> </TD>
    <TD>
      <P align=justify><B>Tax Matters</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Sellers shall prepare and file, or cause to be
      prepared and filed, with the appropriate Governmental Authorities all Tax
      Returns related to Income Taxes relating to the Holding Entities for
      periods ending prior to the Effective Date, such Tax Returns to be
      prepared on a basis that is consistent in all material respects with the
      basis on which the Holding Entities have prepared and filed such Tax
      Returns in the past unless otherwise required by Legal Requirements, and
      shall pay all Pre-Effective Date Period Taxes due with respect to such Tax
      Returns.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Buyer shall prepare and file, or cause to be prepared
      and filed, with the appropriate Governmental Authorities all Tax Returns
      related to Income Taxes relating to the Holding Entities for periods
      ending on or following the Effective Date and shall pay all Post-Effective
      Date Period Taxes due with respect to such Tax Returns. With respect to
      any such Tax Returns relating to a Straddle Period ("<B>Straddle Period
      Tax Returns</B>"), the Buyer shall deliver to the Sellers not less than
      thirty (30) days before the date on which such Straddle Period Tax Returns
      are required by Legal Requirements to be filed (subject to any applicable
      extension) with the relevant Governmental Authority (the "<B>Filing-Due
      Date</B>"), a draft copy of such Straddle Period Tax Returns proposed to
      be filed, together with a calculation of the applicable Pre-Effective Date
      Period Taxes. All such Straddle Period Tax Returns shall be prepared on a
      basis that is consistent in all material respects with the basis on which
      the Holding Entities have prepared and filed such Tax Returns in the past,
      unless otherwise required by Legal Requirements. The Sellers shall have
      the right to notify the Buyer in writing, not less than fifteen (15) days
      prior to the applicable Filing-Due Date for a Straddle Period Tax Return,
      of any proposed changes to such Straddle Period Tax Return or with respect
      to the proposed calculation of the applicable Pre-Effective Date Period
      Taxes, whereupon the Buyer shall forthwith consider in good faith any such
      changes proposed by the Sellers. To the extent the Buyer does not agree
      with any changes proposed by the Sellers, the Buyer and Sellers shall act
      in good faith to resolve any disagreements with respect to the Straddle
      Period Tax Return at issue, provided that if they are unable to do so
      prior to the applicable Filing-Due Date, an internationally recognized
      accounting firm mutually agreed to by the Sellers and Buyer shall
      determine how the item in question shall be reported on the applicable
      Straddle Period Tax Return and how such item is reflected in the
      calculation of the applicable Pre-Effective Date Period Taxes, and the
      Sellers and Buyer agree that Buyer shall file or cause to be filed the
      Straddle Period Tax Return at issue in accordance with such determination.
      Not later than two (2) Business Days prior to the due date for the payment
      of Taxes with respect to any such Straddle Period Tax Return, the Sellers
      shall remit to the Buyer the amount of Pre-Effective Date Period Taxes reflected on any such
  Tax Return for which the Sellers are responsible.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_52></A>
<P align=center>- 26 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>After the Closing Date, the Buyer, on the one hand, and
      the Sellers, on the other hand, agree to furnish or cause to be furnished
      to each other, upon request, as promptly as practicable, such information
      and assistance (including access to books, records, work papers and Tax
      Returns for taxation years or other periods, or portions thereof, that end
      on or before the Closing Date) relating to the Holding Entities as is
      reasonably necessary for the preparation of any Tax Return, any Tax audit
      and the prosecution or defense of any claim, suit or proceeding relating
      to any proposed Tax adjustment. Upon reasonable notice, each of the
      Sellers and the Buyer shall make their, or shall cause the Holding
      Entities, as applicable, to make their, employees and facilities available
      on a mutually convenient basis to provide reasonable explanation of any
      documents or information provided hereunder. The requesting party shall
      indemnify the other party for any out-of-pocket expenses incurred by such
      party in connection with providing any information or documentation
      pursuant to this Section 5.3(b). Any information obtained under this
      Section 5.3(b) shall be kept confidential, except as otherwise reasonably
      may be necessary in connection with the filing of any Tax Return, any
      claim for a Tax refund, or any Tax audit, dispute or proceeding.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive; Section on Tax
      Matters&nbsp;]</EM></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify><EM>[ Redacted- Commercial sensitive; Section on Tax
      Matters&nbsp;]</EM></P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.4</B> </TD>
    <TD>
      <P align=justify><B>Closing Conditions</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Buyer and the Sellers shall each
use commercially reasonable efforts to take such actions as are necessary to
expeditiously satisfy the closing conditions set forth in Sections 6.1 and 6.2
and not take or agree to take any action that would reasonably be expected to delay or prevent the
consummation of the transactions contemplated by this Agreement.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_53></A>
<P align=center>- 27 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.5</B> </TD>
    <TD>
      <P align=justify><B>Interim Period Covenants of the
  Sellers</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Other than: (i) as expressly required
or permitted by this Agreement; (ii) as required pursuant to Legal Requirements;
(iii) as consented to in writing by the Buyer (such consent not to be
unreasonably withheld, delayed or conditioned); or (iv) as contemplated by the
Brazil Agreement, during the period of time from the date of this Agreement to
and including the Closing Date, the Sellers shall: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>cause each Holding Entity to conduct its business only in
      the ordinary and normal course of business and shall use commercially
      reasonable efforts to maintain and preserve the Holding Entities' business
      organization, assets, employees, goodwill and business
    relationships;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall: (i) amend or modify
      its charter documents; (ii) alter the terms and conditions of its shares
      or any of its securities (including any share split or conversion or
      exchange of securities for other securities or property); (iii) create,
      authorize or agree to issue or grant any equity securities or securities
      convertible into or exchangeable or exercisable for equity securities of
      any Holding Entity; or (iv) adopt a plan of liquidation or resolution
      providing for the liquidation or dissolution of any Holding
  Entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>not take any action or permit any action to be taken or
      not taken by the Sellers, inconsistent with the provisions of this
      Agreement or which would reasonably be expected to have a Sellers Material
      Adverse Effect;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>not amend or modify, or permit or cause a Holding Entity
      to amend or modify, the terms of any Offtake Instrument, Royalty
      Instrument or Stream Instrument, and shall ensure the Holding Entities do
      not amend or modify the terms of any Contract;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall, declare, set aside
      or pay any dividend, distribution or payment (whether in cash, securities
      or property) in respect of any of its securities of any class;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall acquire any
      business;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall sell, transfer,
      dispose of, lease, encumber, relinquish, abandon, grant any option to
      purchase or right of first offer/refusal over any Holding Entity or
      Portfolio Asset;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall grant to any of its
      employees or contractors an increase in compensation, except in the
      ordinary course of business and consistent with past practice or as is
      necessary to comply with Legal Requirements or an existing employment or
      services agreement;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_54></A>
<P align=center>- 28 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>provide prompt notice to the Buyer of any resignation,
      injury, disability or death of any employee or contractor of a Holding
      Entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall make any material
      change in its method of accounting except as required by Legal
      Requirements;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall make or change any
      material Tax election, change any annual Tax accounting period, adopt or
      change any method of Tax accounting, enter into any closing agreement with
      respect to a material amount of Taxes or settle any material Tax claim,
      audit or assessment;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall: (A) incur any
      indebtedness for borrowed money; and (B) grant any additional security
      over any Portfolio Assets or the securities or assets of any Holding
      Entity to any lender;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall make any loans or
      advances to any Person or assume or guarantee the liabilities of any
      Person;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall settle, offer or
      propose to settle, compromise, assign or release any material Litigation
      brought against it or any other Holding Entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall enter into any
      Contract creating a joint venture or partnership or effecting a business
      combination or other similar arrangement with another Person;
and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>ensure that no Holding Entity shall attempt or agree to
      do any of the foregoing matters listed in paragraphs (b) through (o) of
      this Section 5.5, as applicable,</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.6</B> </TD>
    <TD>
      <P align=justify><B>Interim Period Covenants of the
  Buyer</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Other than: (i) as expressly required
or permitted by this Agreement; (ii) as required pursuant to Legal Requirements;
or (iii) as consented to in writing by the Sellers (such consent not to be
unreasonably withheld, delayed or conditioned), during the period of time from
the date of this Agreement to and including the Closing Date, the Buyer shall:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>conduct its business only in the ordinary and normal
      course of business and shall use commercially reasonable efforts to
      maintain and preserve its business organization, assets, employees,
      goodwill and business relationships;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>not take any action inconsistent with the provisions of
      this Agreement or which would reasonably be expected to have a Buyer
      Material Adverse Effect;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>not: (i) amend or modify its constituting documents; (ii)
      alter the terms and conditions of its shares or any of its securities
      (including any share split or conversion or exchange of securities for
      other securities or property); (iii) create, authorize or agree to issue
      or grant any equity securities or securities convertible into or
      exchangeable or exercisable for equity securities of the Buyer, including
      Buyer Shares, except (A) pursuant to the terms of any securities incentive
      plan in existence on the date hereof or (B) for purposes of
      financing all or any portion of the Cash Consideration; provided that (I)
      any Buyer Shares issued pursuant to such financing shall be issued at a
      price per Buyer Share that is no less (before taking account of any
      brokerage fees or commissions incurred in connection with such financing)
      than the price per Buyer Share at which the Consideration Shares are
      issued; and (II) the Buyer shall be permitted to issue an aggregate of
      385,457 Buyer Shares to Caisse de d&#233;p&#244;t et placement du Qu&#233;bec or its
      wholly owned subsidiary, CDP Investissements Inc., and the Fonds de
      Solidarit&#233; des Travailleurs du Qu&#233;bec (F.T.Q.) as a financing fee in
      connection with such financing, which represents a fee of less than 7%; or
      (iv) adopt a plan of liquidation or resolution providing for the
  liquidation or dissolution of the Buyer;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_55></A>
<P align=center>- 29 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>not amend or modify the terms of any of its material
      Contracts;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>not declare, set aside or pay any cash dividends or
      non-cash distribution or payment (whether in securities or property) in
      respect of any of its securities of any class in excess of an aggregate of
      Cdn$15,000,000;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>not acquire any business or otherwise engage in any
      activity that would result in a Change of Business;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>not sell, transfer, dispose of, lease, encumber,
      relinquish, abandon, grant any option to purchase or right of first
      offer/refusal over any of its material assets;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>not incur any material indebtedness for borrowed money
      other than the incurrence of up to Cdn$200,000,000 for purposes of
      financing a portion of the Cash Consideration;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>not assume or guarantee any material liabilities of any
      Person; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>not attempt or agree to do any of the foregoing matters
      listed in paragraphs (b) through (h) of this Section
5.6.</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.7</B> </TD>
    <TD>
      <P align=justify><B>Buyer Meeting</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Subject to the terms of this Agreement
and any Legal Requirements, Buyer shall:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>convene and conduct the Buyer Meeting in accordance with
      Buyer's by-laws and Legal Requirements as soon as reasonably practicable,
      and in any event on or before July 31, 2017;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>not, except as required for quorum purposes or otherwise
      as permitted under this Agreement, adjourn, postpone or cancel (or propose
      or permit the adjournment, postponement or cancellation of) the Buyer
      Meeting without the Sellers&#146; prior written consent;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>subject to the terms of this Agreement, solicit proxies
      in favour of the approval of the Share Issuance Resolution and against any
      resolution submitted by any Person that is inconsistent with the Share
      Issuance Resolution and the completion of any of the transactions contemplated by this Agreement,
      including, if so requested by the Sellers, acting reasonably, using proxy
  solicitation services firms;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_56></A>
<P align=center>- 30 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>provide the Sellers with copies of or access to
      information regarding the Buyer Meeting generated by any proxy
      solicitation services firm, as requested from time to time by the
      Sellers;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>consult with the Sellers in fixing the date of the Buyer
      Meeting and the record date of the Buyer Meeting and give notice to the
      Sellers of the Buyer Meeting and allow the Sellers' representatives and
      legal counsel to attend at the Buyer Meeting;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>promptly advise the Sellers, at such times as the Sellers
      may reasonably request, and at least on a daily basis on each of the last
      ten (10) Business Days prior to the date of the Buyer Meeting, as to the
      aggregate tally of the proxies received by Buyer in respect of the Share
      Issuance Resolution; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>not change the record date for the Buyer Meeting in
      connection with any adjournment or postponement of the Buyer Meeting
      unless required by Legal Requirements.</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.8</B> </TD>
    <TD>
      <P align=justify><B>Buyer Circular</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>As promptly as reasonably practicable following execution
      of this Agreement, Buyer shall (i) prepare the Buyer Circular, (ii) file
      the Buyer Circular in all jurisdictions where the same is required to be
      filed, and (iii) mail the Buyer Circular as required under Legal
      Requirements.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Buyer shall ensure that the Buyer Circular complies in
      all material respects with all Legal Requirements, does not contain any
      misrepresentation (except that Buyer shall not be responsible for any
      information provided by the Sellers relating to the Holding Entities or
      the Portfolio Assets) and contains sufficient detail to permit the
      shareholders of the Buyer to form a reasoned judgment concerning the Share
      Issuance Resolution.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Without limiting the generality of the foregoing, the
      Buyer Circular must include:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>a copy of the Fairness Opinion;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>a statement that the Buyer Board, after receiving an
      opinion of its financial advisor and legal advice, has unanimously
      determined that the transactions contemplated by this Agreement are in the
      best interests of Buyer, and unanimously recommends that the Buyer
      Shareholders vote in favour of the Share Issuance Resolution;
and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>a statement that each director and officer of Buyer has
      determined to vote all of such Person&#146;s Buyer Shares in favour of the
      Share Issuance Resolution.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_57></A>
<P align=center>- 31 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Subject to the provisions of Section 5.11(a), the Sellers
      shall provide to Buyer in a timely manner and no later than June 18, 2017
      all information regarding the Holding Entities and the Portfolio Assets as
      required by Legal Requirements for inclusion in the Buyer Circular or in
      any amendments or supplements to such Buyer Circular. As soon as
      reasonably practicable after the date hereof, Sellers shall cause to be
      prepared all audited and unaudited financial statements by Legal
      Requirements for inclusion in the Buyer Circular or in any amendments or
      supplements to such Buyer Circular. The Sellers shall also use their best
      efforts to obtain any necessary consents from any of their auditors and
      any other advisors to the use of any financial, technical or other expert
      information required to be included in the Buyer Circular and to the
      identification in the Buyer Circular of each such advisor. The Sellers
      shall ensure that such information does not include any misrepresentation
      concerning the Holding Entities and the Portfolio Assets.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Sellers and their legal counsel shall be given a
      reasonable opportunity to review and comment on the Buyer Circular prior
      to the Buyer being printed and filed with any Governmental Authority, and
      reasonable consideration shall be given to any comments made by the
      Sellers and their legal counsel; <I>provided</I>, however, that all
      information relating solely to the Holding Entities and the Portfolio
      Assets included in the Buyer Circular shall be in form and content
      satisfactory to the Sellers, acting reasonably. Sellers shall provide
      comments on each draft of the Buyer Circular promptly, and in any event
      not later than two Business Days after receipt of each draft. Buyer shall
      provide the Sellers with final copies of the Buyer Circular prior to the
      mailing thereof to the Buyer Shareholders.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Buyer and the Sellers shall each promptly notify the
      other if at any time before the Closing Date they become aware that the
      Buyer Circular contains a misrepresentation, or otherwise requires an
      amendment or supplement and the Parties shall co-operate in the
      preparation of any amendment or supplement to the Buyer Circular as
      required or appropriate, and Buyer shall promptly mail or otherwise
      publicly disseminate any amendment or supplement to the Buyer Circular to
      Buyer Shareholders and, if required by Legal Requirements, file the same
      with any Governmental Authority and as otherwise
  required.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.9</B> </TD>
    <TD>
      <P align=justify><B>Regulatory Approvals</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>As soon as reasonably practicable, and in any event no
      later than 10 Business Days from the date of this Agreement, the Buyer
      shall file with the Commissioner of Competition a submission in support of
      a request for an advance ruling certificate under section 102 of the
      Competition Act or, in the event that the Commissioner of Competition will
      not issue an advance ruling certificate, a No Action Letter in respect of
      the transactions contemplated by this Agreement. If an advance ruling
      certificate or No Action Letter shall not have been obtained within 16
      calendar days after the filing thereof, the Buyer or the Seller may at any
      time thereafter, acting reasonably, notify the other party that it intends
      to file a notification pursuant to paragraph 114(1) of the Competition
      Act, in which case the Buyer and the Seller shall each file their
      respective notification pursuant to section 114(1) of the Competition Act as promptly as
      practicable but in any event within 10 Business Days following the date
      the Buyer or the Seller, as applicable, notified the other party of its
  intention to file a notification.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_58></A>
<P align=center>- 32 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>As soon as reasonably practicable, and in any event no
      later than 10 Business Days from the date of this Agreement, each party
      shall, if necessary, make the required filings with the MCC in connection
      with obtaining the Macedonian Competition Act Approval.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The costs of any filings with the Commissioner of
      Competition in respect of Competition Act Approval and with the MCC in
      respect of Macedonian Competition Act Approval shall be borne by the
      Buyer. The Sellers shall cooperate and collaborate with the Buyer with
      respect to documentation required to be prepared in connection with such
      filings and the Sellers' costs of such cooperation, collaboration and
      document review shall be borne by the Sellers.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Each of the Buyer and the Seller shall use its
      commercially reasonable efforts to:</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>obtain the Competition Act Approval and the Macedonian
      Competition Act Approval at the earliest possible date;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>respond promptly to any request for additional
      information or documentary materials made by any Governmental Authority in
      connection with the Competition Act Approval and Macedonian Competition
      Act Approval; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>make such further filings as may be necessary, proper or
      advisable in connection therewith.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The parties shall cooperate with each other in connection
      with the preparation and submission of all applications, notices, filings,
      submissions, undertakings, correspondence and communications of any nature
      (including responses to requests for information and inquiries from any
      Governmental Authority) as may be or become necessary or desirable
      pertaining to the Competition Act Approval and Macedonian Competition Act
      Approval in connection with the consummation of the transactions
      contemplated herein. The Buyer and the Seller shall furnish to the other
      party such information and assistance as a party may reasonably request
      from another party in order to obtain the Competition Act Approval and
      Macedonian Competition Act Approval.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Each party shall:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>promptly inform the other party of any material
      communication received by that party from any Governmental Authority in
      respect of obtaining or concluding the Competition Act Approval and
      Macedonian Competition Act Approval;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_59></A>
<P align=center>- 33 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>use reasonable commercial efforts to respond promptly to
      any request or notice from any Governmental Authority requiring the
      parties, or any one of them, to supply additional information that is
      relevant to the review of the transactions contemplated by this Agreement
      in respect of obtaining or concluding the Competition Act Approval and
      Macedonian Competition Act Approval;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>permit the other party to review in advance any proposed
      applications, notices, filings, submissions, undertakings, correspondence
      and communications of any nature (including responses to requests for
      information and inquiries from any Governmental Authority) in respect of
      obtaining the Competition Act Approval and Macedonian Competition Act
      Approval and shall provide the other party a reasonable opportunity to
      comment thereon and agree to consider those comments in good
  faith;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>promptly provide the other party with copies of any
      applications, notices, filings, submissions, undertakings, correspondence
      and communications of any nature (including responses to requests for
      information and inquiries from any Governmental Authority) that were
      submitted to a Governmental Authority in respect of obtaining the
      Competition Act Approval or Macedonian Competition Act Approval;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>not participate in any substantive meeting or discussion
      (whether in person, by telephone or otherwise) with a Governmental
      Authority in respect of obtaining the Competition Act Approval and
      Macedonian Competition Act Approval unless it consults with the other
      party in advance and gives the other party the opportunity to attend and
      participate thereat, provided that the Buyer shall only be under an
      obligation to provide the Seller's external counsel with the opportunity
      to attend, observe and/or participate; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>keep the other parties informed of the status of
      discussions relating to obtaining the Competition Act Approval and
      Macedonian Competition Act Approval.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>Notwithstanding any requirement in this Section 5.9 in
      connection with obtaining the Competition Act Approval and Macedonian
      Competition Act Approval, where a party (in this Section 5.9 only, a
      "<B>Disclosing Party</B>") is required under this Section 5.9 to provide
      information to another party (a "<B>Receiving Party</B>") that the
      Disclosing Party deems to be competitively sensitive information, the
      Disclosing Party may restrict the provision of such competitively
      sensitive information to only the external legal counsel of the Receiving
      Party, provided that the Disclosing Party also provides a redacted version
      of any such application, notice, filing, submissions, undertakings,
      correspondence or communications (including responses to requests for
      information and inquiries from any Governmental
  Authority).</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_60></A>
<P align=center>- 34 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.10 </B></TD>
    <TD>
      <P align=justify><B>Pre-Closing
Reorganization</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Prior to the Closing Date, the Sellers shall, and shall
      cause the Holding Entities to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>transfer the Excluded Royalties (except [<I>Redacted]
      </I>) and the outstanding securities of Tiomin Peru S.A.C. to one or more
      entities other than a Holding Entity, such that at the commencement of the
      Closing Date none of the Excluded Royalties (except [<I>Redacted]</I>) and
      the outstanding securities of Tiomin Peru S.A.C. are held by any of the
      Holding Entities;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>sell the following interests, currently held by Vaaldiam
      Mining Inc., to one or more Persons other than a Holding Entity or any
      subsidiary of a Holding Entity:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>[<I>Redacted] </I>quotas in the capital of Chapada Brasil
      Minera&#231;&#227;o Ltda.;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>[<I>Redacted] </I>quotas in the capital of Vaaldiam do
      Brasil Minera&#231;&#227;o Ltda; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>[<I>Redacted] </I>quotas in the capital of Minera&#231;&#227;o
      Montes Claros Ltda.;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>terminate the indemnity agreement dated June 27, 2012
      between [<I>Redacted];</I></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>terminate the consulting agreement dated June 29, 2012
      between [<I>Redacted]; </I>and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>terminate the consulting agreement dated June 29, 2012
      between [<I>Redacted]</I>.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>In addition to the foregoing, the Sellers shall, and
      shall cause their Affiliates to, effect such transactions (collectively,
      the "<B>Pre-Closing Reorganization</B>") prior to Closing as the Buyer may
      request, acting reasonably, provided that the Pre- Closing Reorganization
      (i) is not prejudicial to the Sellers, their Affiliates and their ultimate
      investors in any respect; (ii) would not be prejudicial to the Sellers,
      their Affiliates and their ultimate investors in any respect in the event
      that Closing is not completed; (iii) does not result in any breach by the
      Sellers of any of their representations, warranties, covenants and
      agreements (except if the Buyer waives in writing such breach); and (iv)
      does not result in any delay in the completion of the transactions
      contemplated by this Agreement. The Buyer shall provide the Sellers with
      written notice of any proposed Pre-Closing Reorganization at least ten
      (10) Business Days prior to the Closing Date. Subject to the foregoing,
      upon receipt of such notice, the Sellers and the Buyer shall work
      cooperatively and use commercially reasonable efforts to prepare all
      documentation necessary and do all such other acts and things as are
      necessary to give effect to the Pre-Closing
  Reorganization.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_61></A>
<P align=center>- 35 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.11</B> </TD>
    <TD>
      <P align=justify><B>Technical Report and
Marketing</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Sellers shall use commercially reasonable efforts to
      cause the authors of the technical report in respect of the Mantos Silver
      Stream to prepare and deliver, on or prior to June 25, 2017, a technical
      report which complies with National Instrument 43-101 &#150; <I>Standards of
      Disclosure for Mineral Projects </I>of the Canadian Securities
      Administrators ("<B>NI 43-101</B>") and includes a reconciliation of any
      material differences between the mineral resource and mineral reserve
      categories used and the categories set out in Section 1.2 and 1.3 of NI
      43-101.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Until the Closing Date, the Sellers shall use
      commercially reasonable efforts to provide to the Buyer all such
      reasonable and timely cooperation as may be requested by the Buyer in
      connection with marketing activities in relation to any subject matter of
      this Agreement, including making available to the Buyer [<I>Redacted]
      </I>and other appropriate portfolio managers, officers and directors of
      the Sellers, and using commercially reasonable efforts to cause Orion
      Resource Partners (USA) LP, Orion Mine Finance Management I Limited and
      Orion Resource Partners (AUS) Pty Ltd. to make available their portfolio
      managers, officers and directors to prepare for and participate in
      meetings, conference calls, presentations and similar marketing
      activities.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.12</B> </TD>
    <TD>
      <P align=justify><B>Transition Services
Agreement</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Buyer and the Sellers agree to use
their commercially reasonable efforts to negotiate and settle a Transition
Services Agreement on terms that are acceptable to the Sellers and the Buyer.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.13</B> </TD>
    <TD>
      <P align=justify><B>Exclusivity Agreement</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%">[<I>Redacted - Commercially sensitive]</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.14</B> </TD>
    <TD>
      <P align=justify><B>Notices</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Sellers shall promptly forward to
the Buyer any notices received by them in respect of the Portfolio Assets.</P>
<P align=center><B>ARTICLE 6- CONDITIONS PRECEDENT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>6.1</B> </TD>
    <TD>
      <P align=justify><B>Conditions to the Buyer's
  Obligations</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The obligations of the Buyer to
consummate the transactions contemplated by this Agreement shall be subject to
the following conditions for the exclusive benefit of the Buyer, which may be
waived by the Buyer in whole or in part: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_62></A>
<P align=center>- 36 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left >(a) </TD>
    <TD align=left width="89%">
      <P align=justify>The Sellers shall have performed and complied in all
      material respects with all covenants and obligations of this Agreement to
      be complied with and performed by the Sellers at or before Closing.
  </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="89%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >(b) </TD>
    <TD align=left width="89%">
      <P align=justify>The Sellers shall have assigned, transferred and assumed
      all obligations of the Excluded Royalties (except [<I>Redacted]</I>) and
      the outstanding securities of Tiomin Peru S.A.C. to entities other than
      the Holding Entities on terms and conditions to the satisfaction of the
      Buyer, acting reasonably, and the cost of such assignment, transfer and
      assumption shall be borne entirely by the Sellers. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="89%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >(c) </TD>
    <TD align=left width="89%">
      <P align=justify>All representations and warranties of the Sellers in this
      Agreement shall be true and correct in all material respects (or, if
      qualified by materiality, in all respects) as of the date of Closing, with
      the same force and effect as if made on and as of that date, except:
    </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to the extent that such representations and warranties
      refer to an earlier date, in which case such representations and
      warranties shall have been true and correct as of such earlier date;
      and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>for changes contemplated by this
  Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The Sellers shall have delivered to the Buyer a
      certificate, dated as of the date of Closing, executed by one executive
      officer or the equivalent of each of the Sellers, certifying that the
      conditions stated in Sections 6.1(a) and 6.1(c) have been
  satisfied.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Competition Act Approval and Macedonian Competition
      Act Approval shall have been obtained and shall remain in full force and
      effect on the Closing and shall not have been rescinded.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>The Buyer Shareholder Approval shall have been obtained
      at the Buyer Meeting in accordance with Legal Requirements.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>The TSX and the NYSE shall have conditionally approved
      the listing thereon, subject to official notice of issuance, of the
      Consideration Shares to be issued on the Closing Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>There shall be no pending or threatened third party
      Litigation seeking to obtain damages in connection with, or to restrain,
      prohibit, invalidate, set aside, in whole or in part, the consummation of
      this Agreement or the transactions contemplated by this Agreement or which
      if successful could have the effect of any of the foregoing or any
      Judgment providing for any of the foregoing, other than those which would
      not reasonably be expected to have a Sellers Material Adverse
    Effect.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Legal opinions dated the Closing Date and addressed to
      the Buyer, in form and substance satisfactory to the Buyer and its
      counsel, acting reasonably, shall have been delivered by counsel to the
      Sellers to the Buyer with respect to:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_63></A>
<P align=center>- 37 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the incorporation or formation and existence of each
      Holding Entity under the laws of its jurisdiction of incorporation or
      formation;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the holders of all of the issued and outstanding shares
      or other equity ownership interests of each Holding Entity; and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>that each Holding Entity has all requisite power and
      capacity under the laws of its jurisdiction of incorporation or formation
      to carry on its business as presently carried on and own its
      properties.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>Sellers shall have caused Orion Fund JV Limited to sell
      its ownership interest in Nanjo Royalties, S. de R.L. de C.V. to the Buyer
      on Closing.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>No Sellers Material Adverse Effect shall have occurred
      since the date of this Agreement and the Sellers shall have provided to
      the Buyer a certificate, dated as of the Closing Date, executed by one
      executive officer or the equivalent of each of the Sellers, to such
      effect.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>Sellers shall have caused Orion Resource Partners (USA)
      LP and Orion Merchant, LLC to execute and deliver to the Buyer the
      Transition Services Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>Sellers shall have caused the holder(s) of Consideration
      Shares to execute and deliver to the Buyer the Shareholder Participation
      Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>The Stream Instrument in respect of the Mantos Silver
      Stream shall have been amended on terms satisfactory to the Buyer and
      Sellers, each acting reasonably, to amend the term of the Stream
      Instrument to (i) be the life of mine, (ii) be a stream percentage of 100%
      of payable silver until 19,300,000 ounces have been delivered, after which
      the stream percentage will be 30% and (iii) [<I>Redacted - Commercially
      sensitive]</I>.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The foregoing conditions are for the
exclusive benefit of the Buyer and any such condition may be waived in whole or
in part by the Buyer at or prior to the Closing by delivering to the Sellers a
written waiver to that effect executed by the Buyer. Delivery of any such waiver
shall be without prejudice to any rights and remedies at law and in equity the
Buyer may have, including any claims the Buyer may have for breach of covenant,
representation or warranty by the Sellers, and also without prejudice to the
rights of termination of the Buyer in the event of non-performance of any other
conditions in whole or in part. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>6.2</B> </TD>
    <TD>
      <P align=justify><B>Conditions to the Sellers'
  Obligations</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The obligations of the Sellers to
consummate the transactions contemplated by this Agreement shall be subject to
the following conditions, for the exclusive benefit of the Sellers, which may be
waived by the Sellers in whole or in part: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_64></A>
<P align=center>- 38 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Buyer shall have performed and complied in all
      material respects with all covenants and obligations in this Agreement to
      be complied with and performed by the Buyer at or before
Closing.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>All representations and warranties of the Buyer in this
      Agreement shall be true and correct in all material respects (or, if
      qualified by materiality, in all respects) as of the date of Closing with
      the same force and effect as if such representations and warranties had
      been made on and as of that date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Buyer shall have delivered to the Sellers a
      certificate dated as of the date of Closing, executed by one of its
      executive officers, certifying that the conditions stated in Sections
      6.2(a) and 6.2(b) have been satisfied.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The Competition Act Approval and Macedonian Competition
      Act Approval shall have been obtained and shall remain in full force and
      effect on the Closing and shall not have been rescinded.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Buyer Shareholder Approval shall have been obtained
      at the Buyer Meeting in accordance with Legal Requirements.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>The TSX and the NYSE shall have conditionally approved
      the listing thereon, subject to official notice of issuance, of the
      Consideration Shares to be issued on the Closing Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>There shall be no pending or threatened third party
      Litigation seeking to obtain damages in connection with, or to restrain,
      prohibit, invalidate, set aside, in whole or in part, the consummation of
      this Agreement or the transactions contemplated by this Agreement or which
      if successful could have the effect of any of the foregoing or any
      Judgment providing for any of the foregoing, other than those which would
      not reasonably be expected to have a Buyer Material Adverse
  Effect.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>Legal opinions dated the Closing Date and addressed to
      the Sellers, in form and substance satisfactory to the Sellers and their
      counsel, acting reasonably, shall have been delivered by counsel to the
      Buyer to the Sellers with respect to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the incorporation or formation and existence of Buyer
      under the laws of its jurisdiction of incorporation or
formation;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>that the Buyer has all requisite power and capacity under
      the laws of its jurisdiction of incorporation or formation to carry on its
      business as presently carried on and own its properties;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the authorized share capital of Buyer;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the valid issuance of the Consideration Shares;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>that the Consideration Shares have been issued pursuant
      to an available exemption under the Securities Act;
and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_65></A>
<P align=center>- 39 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>that the TSX and the NYSE shall have conditionally
      approved the listing thereon, subject to official notice of issuance, of
      the Consideration Shares to be issued on the Closing
  Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>No Buyer Material Adverse Effect shall have occurred
      since the date of this Agreement and Buyer shall have provided to the
      Sellers a certificate, dated as of the Closing Date, executed by one
      executive officer of the Buyer, to such effect.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>The Buyer shall have executed and delivered to Orion
      Resource Partners (USA) LP and Orion Merchant, LLC the Transition Services
      Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>Buyer shall have executed and delivered to the holder(s)
      of Consideration Shares the Shareholder Participation Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>Oskar Lewnowski, or such other individual as the Sellers
      may designate by written notice to Buyer not less than 2 Business Days
      prior to the Closing Date, shall have been appointed the Buyer Board,
      effective immediately upon Closing.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>[<I>Redacted - Section on allocation of purchase
      price]</I></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>Buyer shall have executed and delivered to Societe
      Generale, London Branch, as Security Agent under the Intercreditor
      Agreement, a Creditor Accession Undertaking in the form set forth in
      Schedule 2 to the Intercreditor Agreement, acceding as Subordinated
      Creditor to the Intercreditor Agreement in place of Lynx Metals
      Limited.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The foregoing conditions are for the
exclusive benefit of the Sellers and any such condition may be waived in whole
or in part by the Sellers at or prior to the Closing by delivering to the Buyer
a written waiver to that effect executed by the Sellers. Delivery of any such
waiver shall be without prejudice to any rights and remedies at law and in
equity the Sellers may have, including any claims the Sellers may have for
breach of covenant, representation or warranty by the Buyer, and also without
prejudice to the rights of termination of the Sellers in the event of
non-performance of any other conditions in whole or in part. </P>
<P align=center><B>ARTICLE 7- CLOSING </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>7.1</B> </TD>
    <TD>
      <P align=justify><B>Closing; Time and Place</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Other than as specifically contemplated
in this Agreement, the consummation and closing of the transactions contemplated
by this Agreement ("<B>Closing</B>") shall take place at the offices of Fasken
Martineau DuMoulin LLP, 333 Bay Street, Suite 2400, Bay Adelaide Centre, Box 20,
Toronto, Ontario M5H 2T6, or such other location as the Buyer and the Sellers
agree upon, on the Closing Date.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_66></A>
<P align=center>- 40 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>7.2</B> </TD>
    <TD>
      <P align=justify><B>Sellers' Closing
Deliveries</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>At Closing, the Sellers shall deliver
or cause to be delivered to the Buyer the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><I>Securities</I>. The original certificates for the
      Purchased Securities, where applicable, executed in blank for transfer or
      with separate stock powers or equivalent instruments executed for transfer
      in blank, and the original certificates for all securities or other
      ownership interests, where applicable, in each of the Holding Entities
      that are not Directly Held Entities.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><I>Constituent Documents</I>. Copies of the articles of
      incorporation, bylaws or other constating documents of each of the Holding
      Entities, certified as being true and correct by a senior officer or
      equivalent of each of the Sellers, and the original minute books and share
      or ownership ledgers of each of the Holding Entities.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><I>Royalty Instruments, Stream Instruments and Offtake
      Instruments. </I>Copies (originally executed if available) of the Royalty
      Instruments, Stream Instruments and Offtake Instruments, certified as
      being true and correct by a senior officer or equivalent of each of the
      Sellers (provided that, in the case of the Royalty Instruments, such
      certification shall be provided to the Knowledge of such senior officer or
      equivalent), and copies of such documents as the Buyer may reasonably
      require that the Sellers have in their possession and the Books and
      Records not previously provided to the Buyer.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><I>Assignment Documents</I>. Assignment and assumption
      agreements, in the forms supplied by the counterparties to the Royalty
      Instruments and Stream Instruments comprising the Directly Transferred
      Assets or, where no such forms are supplied, substantially in the form
      attached hereto as Schedule L, assigning each of the Directly Transferred
      Assets to the Buyer, together with any other related instruments required
      or appropriate in connection therewith.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify><I>Security and Encumbrances</I>. Instruments of
      assignment or amendment, as applicable, necessary or appropriate under
      Legal Requirements to give effect to the transactions contemplated
      hereunder with respect to the Security and any Encumbrances in executed
      form to the extent such instruments are capable of being executed on the
      Closing Date, with the remainder to be delivered in unexecuted
  form.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify><I>Resignations and Releases</I>. Resignations of the
      officers and directors or other authorized signatories of each of the
      Holding Entities other than [<I>Redacted]</I>, legal representative of
      Vaaldiam Mining Inc. SA and executed mutual releases from each such
      individual, substantially in a form to be agreed by the Sellers and the
      Buyer, acting reasonably, such resignations and releases to be effective
      as at the Closing Date, and duly executed terminations of all powers of
      attorney granted to such individuals; provided, however, that the
      resignation of [<I>Redacted] </I>as legal representative of Vaaldiam
      Mining Inc. S.A. shall not take effect until such time as his replacement
      can be appointed pursuant to Legal Requirements in
  Argentina.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_67></A>
<P align=center>- 41 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify><I>Holding Entity Releases. </I>A release from the
      Sellers in favour of each Holding Entity, releasing and discharging each
      Holding Entity from and against all claims, demands, damages, debts,
      liabilities, obligations, costs, expenses, actions and causes of action to
      the extent arising prior to Closing in respect of the Holding Entities and
      the Portfolio Assets, in a form satisfactory to the Buyer, acting
      reasonably, duly executed by the Sellers.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify><I>Other</I>. Such other documents and instruments as
      shall be necessary to effect the intent of this Agreement and consummate
      the transactions contemplated hereby.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>7.3</B> </TD>
    <TD>
      <P align=justify><B>Buyer's Closing Deliveries</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>At Closing, the Buyer shall deliver or
cause to be delivered to the Sellers or such of the Sellers' Affiliates as the
Sellers shall direct the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><I>Purchase Price</I>. The Purchase Price in accordance
      with Section 2.2.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><I>Assignment Documents</I>. An executed copy of the
      assignment agreements to be delivered pursuant to Section
7.2(d).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><I>Changes to Directors/Officers/Legal Representatives.
      </I>Such documentation and instruments required to appoint new officers,
      directors, legal representatives and other authorized representatives of
      the Holding Entities, effective the Closing Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><I>Sellers Releases. </I>A release from each Holding
      Entity in favour of the Sellers and their Affiliates, releasing and
      discharging the Sellers and their Affiliates from and against all claims,
      demands, damages, debts, liabilities, obligations, costs, expenses,
      actions and causes of action to the extent arising following the Closing
      in respect of the Holding Entities and the Portfolio Assets, in a form
      satisfactory to the Sellers, acting reasonably, duly executed by each
      Holding Entity.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify><I>Other</I>. Such other documents and instruments as
      shall be necessary to effect the intent of this Agreement and consummate
      the transactions contemplated hereby.</P></TD></TR></TABLE>
<P align=center><B>ARTICLE 8 - POST-CLOSING COVENANTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.1</B> </TD>
    <TD>
      <P align=justify><B>Post-Closing Access to Books and
  Records</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For a period of one year from and after
Closing, the Buyer and the Sellers will afford each other, and their respective
advisors, during normal business hours, reasonable access to the Books and
Records, and Excluded Books and Records, in its possession with respect to
periods through the Closing and the right to make copies and extracts therefrom
to the extent that such access may be reasonably required by the requesting
party, including without limitation in connection with (i) the preparation of
Tax Returns or financial statements, (ii) any Tax audit, Tax protest or other
proceeding relating to Taxes, (iii) the determination or enforcement of rights
and obligations under this Agreement or the transactions contemplated hereby,
(iv) compliance with the requirements of any Governmental
Authority, (v) any actual or threatened lawsuit, legal proceeding,
administrative enforcement proceeding or arbitration before any Governmental
Authority or (v) for purposes of determining and/or verifying the amounts
payable pursuant to Section 2.4.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_68></A>
<P align=center>- 42 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.2 </B></TD>
    <TD>
      <P align=justify><B>Holding Entity Name
Changes</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>On or prior to the Closing, the Sellers
shall, at the sole expense of the Buyer, take all necessary action as may be
required to change the name of each Holding Entity to a name that is provided by
the Buyer to the Sellers, provided such name does not contain the name "Orion".
Buyer shall provide such new names to the Sellers not later than 10 Business
Days prior to the Closing Date.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.3 </B></TD>
    <TD>
      <P align=justify><B>Security</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For a period of 90 days from and after
Closing, the Sellers shall cooperate with the Buyer to arrange for such
assignments or amendments, as applicable, necessary or appropriate under Legal
Requirements to give effect to the transactions contemplated hereunder with
respect to the Security and any Encumbrances. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.4 </B></TD>
    <TD>
      <P align=justify><STRONG>Transfer of the
      </STRONG><B>[<I>Redacted]</I></B><I>
</I><STRONG>Royalty</STRONG></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>[<I>Redacted - Subject to confidentially; Section on transfer of
      royalty]</I></TD></TR></TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_69></A>
<P align=center>- 43 - </P>
<P align=center>[<I>Redacted - Subject to confidentially; Section on transfer of
royalty]</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.5</B> </TD>
    <TD>
      <P align=justify><B>Conduct of Litigation</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >[<I>Redacted - Commercially
Sensitive]</I></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.6</B> </TD>
    <TD>
      <P align=justify><B>Mantos Silver Stream</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >[<I>Redacted - Commercially
Sensitive]</I></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_70></A>
<P align=center>- 44 - </P>
<P align=center><B>ARTICLE 9- TERMINATION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>9.1</B> </TD>
    <TD>
      <P align=justify><B>Termination Events</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement may be terminated and
the transactions contemplated hereby may be abandoned:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>at any time, by the mutual written agreement of the Buyer
      and the Seller;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>by the Buyer upon written notice to the Sellers, if any
      of the conditions in Section 6.1 shall not have been satisfied on or
      before the Closing Date, for any reason other than a material breach or
      default by the Buyer of its covenants, agreements, or other obligations
      hereunder, or any of its representations herein not being true and
      accurate in all material respects when made or when otherwise required by
      this Agreement to be true and accurate in all material respects;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>by the Sellers upon written notice to the Buyer, if any
      of the conditions in Section 6.2 shall not have been satisfied on or
      before the Closing Date, for any reason other than a material breach or
      default by the Sellers of their covenants, agreements, or other
      obligations hereunder, or any of their representations herein not being
      true and accurate in all material respects when made or when otherwise
      required by this Agreement to be true and accurate in all material
      respects; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>by either the Buyer or the Sellers if there shall be
      enacted or made any Legal Requirement that makes consummation of the
      transactions contemplated in this Agreement illegal or otherwise
      prohibited or enjoins the Buyer or Sellers from consummating the
      transactions contemplated in this Agreement and such applicable Legal
      Requirement (if applicable) or enjoinment shall have become final and
      non-appealable.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>9.2</B> </TD>
    <TD>
      <P align=justify><B>Effect of Termination</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>If this Agreement shall be terminated
pursuant to Section 9.1, all obligations of the parties hereunder shall
terminate, except for the obligations in this Section 9.2 and Article 11. Any
termination under Section 9.1 shall be without prejudice to any right or remedy
of any party with respect to a breach of this Agreement by any other party. The
terms of the Confidentiality Agreement will continue in full force and effect.
</P>
<P align=center><B>ARTICLE 10 - INDEMNIFICATION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.1</B> </TD>
    <TD>
      <P align=justify><B>Indemnification by the Sellers
  Generally</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>From and after Closing, the Sellers
shall severally and individually, indemnify and hold harmless the Buyer and its
Affiliates and their respective officers and directors, employees, agents, and
representatives, and any Person claiming by or through any of them, as the case
may be, from and against any and all Losses arising out of or resulting from:
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_71></A>
<P align=center>- 45 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any representations and warranties of the Sellers in this
      Agreement not being true and accurate when made or at Closing;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any failure by the Sellers to perform any of their
      respective covenants, agreements, or obligations in this
  Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any Sellers Indemnified Taxes;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any Employee Obligations, to the extent such Employee
      Obligations are not reflected in the determination of the Final Purchase
      Price Adjustment;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the Excluded Royalties or Tiomin Peru S.A.C;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>[ Redacted ]; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>any failure by the Sellers and/or the Holding Entities to
      complete any of the matters referred to in Section 5.10(a) prior to the
      Closing Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.2</B> </TD>
    <TD>
      <P align=justify><B>Indemnification by the
Buyer</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>From and after Closing, the Buyer shall
indemnify and hold harmless the Sellers and their Affiliates and their
respective officers and directors, employees, agents, and representatives, and
any Person claiming by or through any of them, as the case may be, from and
against any and all Losses arising out of or resulting from: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any representations and warranties of the Buyer in this
      Agreement not being true and accurate when made or at Closing;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any failure by the Buyer to perform any of its covenants,
      agreements, or obligations in this Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Assumed Liabilities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>[ Redacted - Commercially sensitive&nbsp;]; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>any Buyer Indemnified Taxes.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.3</B> </TD>
    <TD>
      <P align=justify><B>Procedure for Indemnified Third Party
  Claim</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Promptly after receipt by a party
entitled to indemnification hereunder (the "<B>Indemnitee</B>") of written
notice of the assertion or the commencement of any Litigation with respect to
any matter referred to in Sections 10.1 or 10.2, the Indemnitee shall give
written notice thereof to the Sellers if the Indemnitee is a Person entitled to
indemnification under Section 10.1, or the Buyer, if the Indemnitee is a Person
entitled to indemnification under Section 10.2 (in either case, the
"<B>Indemnitor</B>"), and thereafter shall keep the Indemnitor reasonably
informed with respect thereto; provided, however, that failure of the Indemnitee
to give the Indemnitor notice as provided herein shall not relieve the
Indemnitor of its obligations hereunder except to the extent that the Indemnitor
is prejudiced thereby. If any third party commences any Litigation against any Indemnitee, the Indemnitor shall be
entitled to participate in such Litigation and, at its option, assume the
defense thereof with counsel reasonably satisfactory to the Indemnitee, at the
Indemnitor's sole expense; provided, however, that the Indemnitor shall not have
the right to assume the defense of any Litigation if: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_72></A>
<P align=center>- 46 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Indemnitee shall have one or more legal or equitable
      defenses available to it which are different from or in addition to those
      available to the Indemnitor, and, in the reasonable opinion of the
      Indemnitee, counsel for the Indemnitor could not adequately represent the
      interests of the Indemnitee because such interests could be in conflict
      with those of the Indemnitor;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>such Litigation is reasonably likely to have a material
      adverse effect on any other matter beyond the scope or limits of the
      indemnification obligation of the Indemnitor; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Indemnitor shall not have assumed the defense of the
      Litigation in a timely fashion (but in any event within thirty days of
      notice of such Litigation).</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>If the Indemnitor shall assume the
defense of any Litigation, the Indemnitee shall be entitled to participate in
any Litigation at its expense, and the Indemnitor shall not settle such
Litigation unless the settlement shall include as an unconditional term thereof
the giving by the claimant or the plaintiff of a full and unconditional release
of the Indemnitee, from all liability with respect to the matters that are
subject to such Litigation, or otherwise shall have been approved reasonably by
the Indemnitee. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.4</B> </TD>
    <TD>
      <P align=justify><B>Determination of Indemnification Amounts; Time For
      Making Claims</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Buyer shall not be entitled to indemnification under
      Section 10.1(a) in respect of any Losses for breaches of representation
      and warranties in Sections 8, 9 to 13 other than 9(a) and 15 to 28 and
      29(b) of Schedule G unless and until the aggregate amount of all such
      Losses exceeds an amount equal to one percent (1%) of the Base Purchase
      Price (the "<B>Threshold Amount</B>"), upon which the Buyer shall be
      entitled to indemnification only for such Losses in excess of the
      Threshold Amount. In no event shall the aggregate liability of the Sellers
      in respect of all Losses subject to indemnification pursuant to Section
      10.1(a) for breaches of representations and warranties in Sections 8, 9 to
      13 other than 9(a) and 15 to 28 and 29(b) of Schedule G, exceed an amount
      equal to ten percent (10%) of the Base Purchase Price in the aggregate,
      and in no event shall the aggregate liability of the Sellers for all
      Losses subject to indemnification pursuant to Section 10.1 exceed the Base
      Purchase Price.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Sellers shall not be entitled to indemnification
      under Section 10.2(a) unless and until the aggregate amount of all such
      Losses exceeds an amount equal to Cdn$2,000,000, upon which the Sellers
      shall be entitled to indemnification only for such Losses in excess of
      Cdn$2,000,000. In no event shall the aggregate liability of the Buyer for
      all Losses subject to indemnification pursuant to Section 10.2(a) exceed
      Cdn$20,000,000.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_73></A>
<P align=center>- 47 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>No Person shall be entitled to indemnification under
      Sections 10.1 or 10.2 unless it shall have given the Indemnitor written
      notice of the Losses for which it seeks indemnification on or before the
      last day of the relevant survival period provided in Section
  10.5.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>In determining the amount of the Losses of any party
      entitled to indemnification under this Article 10, such Losses shall be
      reduced by the amount of any insurance proceeds, Tax benefits or other
      recoupment received or realized by such party for or as a result of the
      circumstance or occurrence giving rise to its indemnification
  claim.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The amount of any Losses for which any party is entitled
      to indemnification under Section 10.1(c) in respect of the transfer of the
      securities of Tiomin Peru S.A.C. contemplated in Section 5.10(a)(i) (other
      than Losses attributable to withholding Taxes in respect of such transfer)
      shall be reduced by the amount of any Tax Attributes of Vaaldiam Mining
      Inc. immediately prior to the Effective Date, to the extent such Tax
      Attributes would otherwise have been available to reduce any Pre-Effective
      Date Period Taxes of Vaaldiam Mining Inc. arising as a result of such
      transfer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>In no event shall any party be entitled to
      indemnification under this Article 10 for breaches of representations or
      warranties of which such party had Knowledge prior to Closing.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>For purpose of this Article 10 (i) any dollar amounts
      referred to in Sections 10.4(a) or 10.4(b) shall be converted into US
      dollars based on the Exchange Rate, and (ii) any Losses that are subject
      to indemnification and that are expressed in Canadian dollars shall be
      paid in U.S. dollars based on the Exchange
Rate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.5</B> </TD>
    <TD>
      <P align=justify><B>Survival</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The representations and warranties of the Sellers and the
      Buyer contained in this Agreement shall survive
Closing:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>for a period ending on [ Redacted ] in the case of
      Sections 1 to 7, 9(a), 14 and 29(a) of Schedule G; and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>for a period of 12 months after Closing in all other
      cases.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Other than claims for indemnification made under Sections
      10.1(a) and 10.2(a) (which shall be governed by, and must be made within
      the periods specified in, Section 10.5(a)), any claim for indemnification
      under Sections 10.1 or 10.2 must be made on or before <EM>[ Redacted
].</EM></P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_74></A>
<P align=center>- 48 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>10.6</B> </TD>
    <TD>
      <P align=justify><B>Sole Remedy</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>No party may make any claim for damages
in respect of this Agreement or any certificate or other document (except for
the Shareholder Participation Agreement or the Transition Services Agreement)
delivered pursuant hereto, or in respect of any breach or termination thereof,
against any other party except by making a claim pursuant to and in accordance
with the provisions of this Article 10; <I>provided</I>, however, that if the
provisions of this Article 10 shall be invalid or unenforceable, the Buyer and
the Sellers shall have any other rights and remedies available to them under law
or in equity. </P>
<P align=center><B>ARTICLE 11 - MISCELLANEOUS PROVISIONS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.1</B> </TD>
    <TD>
      <P align=justify><B>Expenses</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Except as otherwise set out in this
Agreement, each of the parties shall bear its own costs and expenses arising
from the transactions contemplated by this Agreement.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.2</B> </TD>
    <TD>
      <P align=justify><B>Waivers</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>No action taken pursuant to this
Agreement, including any investigation by or on behalf of any party hereto,
shall be deemed to constitute a waiver by the party taking the action of
compliance with any representation, warranty, covenant or agreement contained in
this Agreement. The waiver by any party hereto of any condition or of a breach
of another provision of this Agreement shall not operate or be construed as a
waiver of any other condition or subsequent breach. The waiver by any party of
any of the conditions precedent to its obligations under this Agreement shall
not preclude it from seeking redress for breach of this Agreement other than
with respect to the condition so waived. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.3</B> </TD>
    <TD>
      <P align=justify><B>Single Agent for Payment and
  Notice</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Sellers hereby appoint Fund I as
their single agent for payment and notice required under this Agreement. Payment
or notice to Fund I shall constitute payment or notice to both Sellers. In the
event that the Sellers wish to designate new single agent for payment or notice,
the Sellers shall appoint, and shall deliver to the Buyer, a document executed
by all Sellers that designates the name and address of the new single agent for
payment or notice, and upon receipt by the Buyer, the new designation shall
become effective. If the Buyer makes a payment or delivers notice to an
appointed agent in accordance with the provisions of this Section 11.3, it shall
be conclusively deemed that such payment or notice has been received by all
Sellers. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.4</B> </TD>
    <TD>
      <P align=justify><B>Notices</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>All notices, requests, demands,
applications, services of process, and other communications which are required
to be or may be given under this Agreement shall be in writing and shall be
deemed to have been duly given if sent by electronic mail or facsimile
transmission or delivered by courier or mailed, certified first class mail,
postage prepaid, return receipt requested, to the parties hereto at the
following addresses: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_75></A>
<P align=center>- 49 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>To the Sellers:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Orion Resource Partners (USA) LP <BR>1211 Avenue of the
      Americas, Suite 3000 <BR>New York, NY 10036</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Attention: General Counsel <BR>Facsimile: 212 596
      3489<BR>Email: notices@orionresourcepartners.com</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>With a copy (which shall not constitute notice)
  to:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Fasken Martineau DuMoulin LLP <BR>333 Bay Street, Suite
      2400 <BR>Toronto, ON M5H 2T6</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Attention: Nancy Eastman <BR>Facsimile: 416 364 7813
      <BR>Email: neastman@fasken.com</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>To the Buyer:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Osisko Gold Royalties Ltd</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>1100 Avenue des Canadiens-de-Montr&#233;al,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Suite 300, PO Box 211 <BR>Montr&#233;al QC H3B 2S2</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Attention: Bryan Coates <BR>Facsimile: (514) 940-0669
      <BR>Email: bcoates@osiskogr.com</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>With a copy (which shall not constitute notice)
  to:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Bennett Jones LLP</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>3400, One First Canadian Place, P.O. Box 130 <BR>Toronto,
      ON M5X 1A4</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Attention: Sander Grieve <BR>Facsimile: (416) 863-1716
      <BR>Email: grieves@bennettjones.com</P></TD></TR></TABLE>
<P align=justify>or to such other address as any party shall have furnished to
the other by notice given in accordance with this Section. Such notice shall be
effective, (i) if delivered in person or by courier, upon actual receipt by the
intended recipient, or (ii) if sent by electronic mail or facsimile
transmission, upon receipt, or (iii) if mailed, upon the date of first attempted
delivery.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_76></A>
<P align=center>- 50 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.5</B> </TD>
    <TD>
      <P align=justify><B>Entire Agreement;
Amendments</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement embodies the entire
agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and understandings, oral or written, with
respect thereto. This Agreement may not be modified orally, but only by an
agreement in writing signed by the party or parties against whom any waiver,
change, amendment, modification, or discharge may be sought to be enforced. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.6</B> </TD>
    <TD>
      <P align=justify><B>Conflict between Documents</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Unless otherwise specifically stated,
the provision of this Agreement shall govern and prevail in the event of any
inconsistency or conflict between the terms hereof and of any assignment
agreements or other document or instrument executed or delivered by any party in
connection with the transactions contemplated hereunder. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.7</B> </TD>
    <TD>
      <P align=justify><B>Binding Effect; Benefits</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement shall inure to the
benefit of and will be binding upon the parties hereto and their respective
successors and permitted assigns. Neither the Buyer nor the Sellers shall assign
this Agreement or delegate any of its duties hereunder to any other Person
without the prior written consent of the other. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.8</B> </TD>
    <TD>
      <P align=justify><B>Headings, Schedules, and
Exhibits</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The section and other headings in this
Agreement are for reference purposes only and will not affect the meaning of
interpretation of this Agreement. Reference to Schedules shall, unless otherwise
indicated, refer to the Schedules to this Agreement, each of which shall be
incorporated in and constitute a part of this Agreement by such reference.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.9</B> </TD>
    <TD>
      <P align=justify><B>Counterparts; Facsimile or Electronic
    Signature</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement may be executed by
facsimile or by electronic mail in any number of counterparts, each of which,
when executed, shall be deemed to be an original and all of which together will
be deemed to be one and the same instrument. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.10</B> </TD>
    <TD>
      <P align=justify><B>Further Assurances</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For a period of one year from and after
the Closing, each of the Buyer and the Sellers shall do all such things and
provide all such reasonable assurances as may be required to consummate the
transactions contemplated by this Agreement, and each such party shall provide
such further documents or instruments required by any other party as may be
reasonably necessary or desirable to effect the purpose of this Agreement and
carry out its provisions.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.11</B> </TD>
    <TD>
      <P align=justify><B>Governing Law, Disputes and
  Arbitration</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The validity, performance, and enforcement of this
      Agreement shall be governed by the laws of the Province of Qu&#233;bec, without
      giving effect to the principles of conflicts of law of such
    Province.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_77></A>
<P align=center>- 51 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>In the event of any dispute, claim, question or
      disagreement (each a "<B>Dispute</B>") arising out of or relating to this
      Agreement, the parties shall use all reasonable endeavours to settle such
      Dispute. To this effect, they shall consult and negotiate with each other
      in good faith and attempt to reach a just and equitable solution to the
      Dispute within a period of thirty (30) days from the matter in dispute
      being raised by a party.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>If the parties cannot resolve the Dispute within the
      thirty (30) days period, a party may refer the Dispute to arbitration
      pursuant to the Book VII (section 940 and following) of the Code of Civil
      Procedure (Qu&#233;bec) (the "<B>Code of Civil Procedure Arbitration
      Provisions</B>"). The arbitration shall be held in the City of Montreal
      and determined by a single arbitrator. The arbitrator shall be qualified
      by experience and skill in the area(s) covered by the Dispute and, unless
      both parties agree in writing following full disclosure of any facts
      giving rise to a possible conflict, free from legal or business conflicts
      of interest in relation to the parties.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>If the parties do not agree upon the selection of the
      arbitrator within fifteen (15) days following the expiration of the
      thirty-day period referred to above, either party may apply to a judge of
      the Superior Court of Justice of Qu&#233;bec for the appointment of the
      arbitrator. Unless the parties agree to share the costs of the
      arbitration, the arbitrator shall determine what portion of the costs and
      expenses incurred in such proceeding shall be borne by each party
      participating in the arbitration. The award of the arbitrator shall be
      final and binding on each of the parties and shall not be subject to any
      appeal on any ground, including an error of law. The arbitration shall be
      governed by the laws of Qu&#233;bec and the laws of Canada applicable therein,
      and judgement upon the award rendered by the arbitrator may be entered in
      any court having jurisdiction. The parties covenant that they shall
      conduct all aspects of such arbitration having regard at all times to
      expediting the final resolution of such arbitration.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The provisions of this Agreement providing for the
      resolution of Disputes shall not operate to prevent recourse to the court
      by any party as permitted by the Code of Civil Procedure Arbitration
      Provisions with respect to injunctions or whenever enforcement of an
      arbitration award reasonably requires access to any remedy which an
      arbitrator has no power to award or enforce.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.12</B> </TD>
    <TD>
      <P align=justify><B>Severability</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Any term or provision of this Agreement
which is invalid or unenforceable shall be ineffective to the extent of such
invalidity or unenforceability without rendering invalid or unenforceable the
remaining rights of the Person intended to be benefited by such provision or any
other provisions of this Agreement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.13</B> </TD>
    <TD>
      <P align=justify><B>Third Parties; Joint
Ventures</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement constitutes an agreement
solely among the parties hereto, and, except as otherwise provided herein, is
not intended to and will not confer any rights, remedies, obligations, or liabilities, legal or
equitable, including any right of employment, on any Person (including but not
limited to any employee or former employee of the Sellers) other than the
parties hereto and their respective successors, or assigns, or otherwise
constitute any Person a third party beneficiary under or by reason of this
Agreement. Nothing in this Agreement, expressed or implied, is intended to or
shall constitute the parties hereto partners or participants in a joint venture.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_78></A>
<P align=center>- 52 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.14</B> </TD>
    <TD>
      <P align=justify><B>Construction</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement has been negotiated by
the Buyer and the Sellers and their respective legal counsel, and legal or
equitable principles that might require the construction of this Agreement or
any provision of this Agreement against the party drafting this Agreement shall
not apply in any interpretation of this Agreement. </P>
<P align=center><B>[Execution Page Follows] </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_79></A>
<P align=center>- 53 - </P>
<P align=justify style="text-indent:5%">The Buyer and the Sellers have
executed this Agreement as of the date first written above.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>ORION MINE FINANCE (MASTER) FUND</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>I LP, by its general partner, Orion Mine</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>Finance GP I Limited</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name: Melanie
      Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Title:
      Authorized Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>ORION MINE FINANCE (MASTER) FUND</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>I-A LP, by its general partner, Orion
      Mine</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>Finance GP I-A Limited</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name: Melanie
      Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Title:
      Authorized Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>ORION CO-INVESTMENTS I (STREAM)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>LLC, by its managing member, Orion Mine</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>Finance Management I Limited</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name: Melanie
      Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Title:
      Authorized Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>ORION CO-INVESTMENTS II LP, by its</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>general partner, Orion Mine Finance GP I</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>LP</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name: Melanie
      Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Title:
      Authorized Signatory </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_80></A>
<P align=center>- 54 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>ORION CO-INVESTMENTS IV LP, by its</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>general partner, Orion Mine Finance GP I</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>LP</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name: Melanie
      Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Title:
      Authorized Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>LYNX METALS LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name: Melanie
      Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Title:
      Authorized Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>8248567 CANADA LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>(signed) "Melanie Simons"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name: Melanie
      Simons </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Title:
      Authorized Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>OSISKO GOLD ROYALTIES LTD</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>(signed) "Sean Roosen"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name: Sean
      Roosen </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Title: Chair
      of the Board and CEO </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>(signed) "Bryan A. Coates"</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name: Bryan
      A. Coates </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Title:
      President </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_81></A>
<P align=center><B>Schedule A <BR>Directly Transferred Assets </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Nimbus Silver Offtake</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Parral Gold and Silver Offtake</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Renard Diamond Stream</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>SASA Silver Stream</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Cameron Lake NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Casino NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Casino NPI Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Seabee NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>Northern Dancer NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>Crowsnest Pass Gross Revenue Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify>Kliyul Creek NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify>Lorraine - Dorothy NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify>Moore Lake NSR Royalty</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify>WO Claim Block 1 Gross Revenue
Royalty</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_82></A>
<P align=center><B>Schedule B <BR>Directly Held Entities </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>MF2 Investment Company I Limited</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>MF2 Investment Company 1 LP</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Orion Royalty Company, LLC</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>BCKP Limited</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Orion TitheCo Limited</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Orion Co-Investments II (Stream) Limited (with respect to
      interests held directly by Orion Co-Investments II LP)</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Orion Co IV (SO) Limited (with respect to interests held
      directly by Orion Co- Investments IV LP)</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

<P align=center><B>Schedule</B><B> C <BR></B><B>Holding</B><B>
</B><B>Entities</B><B> </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left><B>Entity Being Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Jurisdiction</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Being</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Owned</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Ownership Interests</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%"><B>Portfolio Assets Held</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Notes</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Sold</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>by</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Directly</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Entity</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Being</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%"><B>Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" nowrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>MF2 Investment </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Bermuda </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>none </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>GP of MF2 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Company I Limited </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>Investment </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" nowrap>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%" nowrap>Company 1 LP </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" nowrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>MF2 Investment </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Bermuda </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Oracle Ridge Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Company 1 LP </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" nowrap>Unicorn Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" nowrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Orion Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Delaware </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Bald Mountain Alligator Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Company, LLC </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>GSR - Duke Trapper-Royale </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Gabel Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Gabel Columbus Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Gabel Williams Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Gold Rock Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Landmark Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Mt. Hamilton Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Pan Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Rattlesnake Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Taylor Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Tonkin Springs Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Trail Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" nowrap>Treasure Hill Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" nowrap>UNR Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%" nowrap>&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" nowrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>BCKP Limited </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">Cayman </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">Yes </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" nowrap>Admiral Bay NSR Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%" nowrap>Excluded </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_84></A>
<P align=center>C-2</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left><B>Entity Being Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Jurisdiction</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Being</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Owned</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Ownership Interests</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%" ><B>Portfolio Assets Held</B>
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Notes</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Sold</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>by</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%" >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Directly</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Entity</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%" >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Being</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%" >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%"><B>Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="30%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>("<B>BCKP</B>") </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">Islands </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%" >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">Royalties: </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Admiral Bay GOR Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Admiral Bay NSR </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Antamina (Recuays) Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Royalty, Admiral </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Ballarat Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Bay GOR Royalty, </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Century / Lawn Hill Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Pukaqaqa Norte </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >King Island Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Royalty and </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Olleachea Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Pukaqaqa Sur </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Peat - Barunga Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Royalty. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Pukaqaqa Norte Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Pukaqaqa Sur Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Reward / Myrtle Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Silver Swan 1.75% Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Silver Swan 3% Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Tintaya (Rifas) Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Waihi West Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" noWrap >WKP Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" noWrap >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Vaaldiam Mining Inc. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Canada </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Altar Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Excluded </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>("<B>Vaaldiam</B>") </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Beaufor - Pascalis Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Royalties: Altar </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Brauna Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Royalty </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Candle Lake Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Corcoesto Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Gurupi Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap> <EM>[Redacted]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Kwale Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap >Rakkuri Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" noWrap >Western Desert / Crypto Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" noWrap >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>MF2 LLC </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">Delaware </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">Yes </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" noWrap >Ambler-Arctic Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%" noWrap>Excluded </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_85></A>
<P align=center>C-3</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left><B>Entity Being Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Jurisdiction</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Being</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Owned</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Ownership Interests</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%"><B>Portfolio Assets Held</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Notes</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Sold</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>by</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Directly</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Entity</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Being</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%"><B>Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Kings Valley Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Royalty: Kings </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>New Jersey Zinc Database Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>Valley Royalty </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Sandman 1 Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Sandman 2 Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Spring Valley Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" noWrap>Whistler Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>Mining Royalties </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Mexico </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Cumobabi Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>Mexico, S.A. De C.V. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>El Tecolote Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Estacion Llano Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Los Chinos Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Magdalena Basin Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Pozo de Nacho Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" noWrap>San Juan Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>Tiomin Peru S.A.C.<SUP>1</SUP> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">Peru </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">Partially </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" noWrap>Pukaqaqa Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%" noWrap>Excluded Royalty </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" noWrap>&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" noWrap>&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" noWrap>&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" noWrap>&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%" noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>Orion TitheCo </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Bermuda </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Yes </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Back Forty Silver Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>Limited ("<B>TitheCo</B>") </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Mantoverde Gold Stream ROFR </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Mantos Silver Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>Matilda (Wiluna) Gold Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%" noWrap>San Ramon Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left noWrap>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%" noWrap>Sao Jorge Royalty </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%" noWrap>&nbsp; </TD></TR></TABLE></DIV>
<P align=justify><SUP>1</SUP> Tiomin Peru S.A.C. will not be acquired as
Pukaqaqa Royalty is excluded. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_86></A>
<P align=center>C-4</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left><B>Entity Being Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Jurisdiction</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Being</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Owned</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Ownership Interests</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%"><B>Portfolio Assets Held</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Notes</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Sold</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>by</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Directly</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Entity</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%"><B>Being</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%"><B>Sold</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="30%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">Yenipazar Gold Offtake </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Nanjo Royalties, S. de R.L. de C.V. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Mexico </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Partially </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%">Cerro de Gallo Royalty </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Orion Co- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Bermuda </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Partially </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%">Brucejack Gold Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Investments II </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%">Brucejack Gold Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(Stream) Limited </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">Brucejack Silver Stream </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="30%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Orion Co IV (SO) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Bermuda </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">No </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">Partially </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%">Amulsar Gold Offtake </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; <EM>[Redacted]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Limited </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="30%">Amulsar Gold Stream </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">Amulsar Silver Stream </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp; </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_87></A>
<P align=center><B>Schedule D <BR>Offtake Instruments </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="47%"><B>Offtake Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="47%"><B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    noWrap align=left width="47%">Amulsar Gold Offtake </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    noWrap align=left width="47%">&nbsp; <EM>[Redacted - Subject to
      confidentiality]</EM></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap width="47%">&nbsp; </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="47%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="47%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="47%">Brucejack Gold and </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="47%">&nbsp; <EM>[Redacted - Subject to
confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">Silver Offtake </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">&nbsp; </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="47%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="47%">Matilda (Wiluna) Gold </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="47%">&nbsp; <EM>[Redacted - Subject to
confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">Offtake </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="47%">Nimbus Silver Offtake </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="47%">&nbsp; <EM>[Redacted - Subject to
confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="47%">&nbsp; </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="47%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="47%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="47%">Parral Gold and Silver </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="47%">&nbsp; <EM>[Redacted - Subject to
confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">Offtake </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="47%">San Ramon Gold Offtake </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="47%">&nbsp; <EM>[Redacted - Subject to
confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="47%">&nbsp; </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="47%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="47%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">Yenipazar Gold Offtake </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">&nbsp; [Redacted - Subject to
  confidentiality]</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_88></A>
<P align=center><B>Schedule E <br>
Royalty Instruments </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%"><B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="50%" colSpan=2><B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>1. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Ambler-Arctic Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>2. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Antamina - Recuay </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>3. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Bald Mountain Alligator </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>4. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Ballarat Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>5. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Beaufor_Pascalis Royalty</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>6. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Brauna Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>7. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Cameron Lake Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">[Redacted - Subject to
  confidentiality]</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_89></A>
<P align=center>E-2</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="45%"><B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="50%" colSpan=2><B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>8. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Candle Lake Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>9. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Casino NPI Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>10. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Casino NSR Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>11. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Century-Lawn Hill Fixed </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Royalty Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>12. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Century-Lawn Hill NSR </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>13. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Cerro del Gallo Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>14. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Corcoesto Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>15. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Crowsnest Pass Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>16. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Cumobabi Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">[Redacted - Subject to
  confidentiality]</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_90></A>
<P align=center>E-3</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="45%"><B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="50%" colSpan=2><B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">&nbsp; </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>17. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">El Tecolote Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>18. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Estacion Llano Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>19. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Gabel Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>20. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Gabel Columbus Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>21. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Gabel Williams Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>22. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Gold Rock (Monte) </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>23. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">GSR-Duke-Trapper- </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Royale Royalty </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
    width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>24. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Gurupi (Centro Gold) </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_91></A>
<P align=center>E-4</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="45%" ><B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="50%" colSpan=2><B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >25. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >King Island Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >26. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%" >Kliyul Creek Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%" >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >27. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >Kwale Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >28. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >Landmark Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >29. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%" >Lorraine - Dorothy </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%" >Royalty </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
    width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%" >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >30. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%" >Los Chinos Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%" >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >31. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >Magdalena Basin Royalty</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;[Redacted - Subject to
  confidentiality]</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_92></A>
<P align=center>E-5</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="45%"><B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="48%" colSpan=2><B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>32. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Moore Lake Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="43%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="43%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>33. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Mt. Hamilton Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="43%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="43%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>34. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">New Jersey Zinc database</TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="43%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="43%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>35. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Northern Dancer Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="43%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>36. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Olleachea Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="43%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="43%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>37. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Oracle Ridge Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="43%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>38. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Pan Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="43%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="43%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>39. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Peat - Barunga Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="43%">&nbsp;[Redacted - Subject to
  confidentiality]</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_93></A>
<P align=center>E-6</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="45%"><B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="50%" colSpan=2><B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>40. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Pozo de Nacho Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>41. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Rakkuri Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>42. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Rattlesnake Hills Royalty</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>43. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Reward-Myrtle Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>44. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">San Juan Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>45. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Sandman 1 Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>46. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Sandman 2 Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;[Redacted - Subject to
  confidentiality]</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_94></A>
<P align=center>E-7</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="45%"><B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="50%" colSpan=2><B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    noWrap align=left>47. </TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    noWrap align=left width="45%">Sao Jorge Royalty </TD>
    <TD noWrap align=left width="5%" style="border-bottom-style: solid; border-bottom-width: 1">&#149; </TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1" noWrap align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left>48. </TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left width="45%">Seabee-Santoy Royalty </TD>
    <TD align=left width="5%" style="border-bottom-style: solid; border-bottom-width: 1">&#149; </TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>49. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Silver Swan 1.75% Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>50. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Silver Swan 3% Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>51. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Spring Valley Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>52. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Taylor Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>53. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Tintaya-Rifas Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;[Redacted - Subject to
  confidentiality]</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_95></A>
<P align=center>E-8</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="45%" ><B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="50%" colSpan=2><B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%" >&nbsp; </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%" >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >54. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >Tonkin Springs Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >55. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >Trail Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >56. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >Treasure Hill Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >57. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >Unicorn Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >58. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >UNR Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >59. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >Waihi West Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >60. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%" >West Desert &#150; Crypto </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >61. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%" >Whistler Royalty </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%" >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >62. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >WKP Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >63. </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%" >WO Claim Block 1 </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" >Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_96></A>
<P align=center>E-9</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="46%"><B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="49%" colSpan=2><B>Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="46%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="5%">&nbsp;&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="44%"><EM>[Redacted - Subject to confidentiality]</EM></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_97></A>
<P align=center><B>Schedule F <BR>Stream Instruments </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="45%"><B>Stream Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="50%" colSpan=2><B>Stream Instruments</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Amulsar Gold and Silver </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Stream </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
    width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Back Forty Silver Stream </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Brucejack Stream </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Mantos Silver Stream </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="45%">Renard Diamond Stream </TD>
    <TD align=left width="5%">&#149; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="45%">&nbsp;<EM>[Redacted - Subject to confidentiality]</EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">SASA Silver Stream </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;[Redacted - Subject to
  confidentiality]</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_98></A>
<P align=center><B>Schedule G <BR>Representations and Warranties of Sellers
</B></P>
<P align=justify>Each of the Sellers jointly and severally represents and
warrants to the Buyer, in each case subject to the limitations in Article 4, as
follows and acknowledges that the Buyer will rely on such representations and
warranties in entering into this Agreement, and in concluding the transactions
contemplated hereunder. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>Organization of the Sellers</B>. Each of the Sellers
      is organized, validly existing, and in good standing under its
      jurisdiction of organization, and has all requisite power and authority to
      hold its respective Portfolio Assets, to carry on its business as it is
      now being conducted and to execute, deliver and perform its obligations
      under this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>Organization of the Holding Entities</B>. Each Holding
      Entity is organized, validly existing, and in good standing under its
      jurisdiction of incorporation or organization and in each other
      jurisdiction in which the character of its properties and assets owned,
      leased, licensed or otherwise held, or the nature of such activities makes
      such qualification necessary, and has all requisite power and authority to
      hold its respective Portfolio Assets and to carry on its business as it is
      now being conducted. All the outstanding shares of capital stock of each
      corporate Holding Entity, as applicable, have been validly issued and are
      fully paid and non-assessable</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>Ownership of the Holding Entities</B>. The ownership
      interests in each Holding Entity are set out in Schedule C under the
      column titled "Ownership Interests". Such ownership interests are held
      free and clear of all Encumbrances of any kind or nature whatsoever. Apart
      from such ownership interests set forth in Schedule C, no other Person has
      any ownership interest in any of the Holding Entities, and none of the
      Holding Entities own or hold any ownership interest in any Person that is
      not a Holding Entity. There are no options, warrants, conversion
      privileges, puts, calls, rights, commitments (pre-emptive, contingent or
      otherwise), agreements, arrangements or undertakings of any kind
      (collectively, "<B>Options</B>") relating to the issuance, sale or
      transfer of any securities of any Holding Entity or any securities of
      obligations convertible into, or exchangeable or exercisable for, or
      otherwise evidencing a right or obligation to acquire, any securities of
      any Holding Entity, or obligating any Holding Entity to issue, transfer,
      grant, sell or pay for or repurchase any shares of capital stock or other
      equity interests in, or securities convertible or exchangeable for any
      capital stock or other equity interests in, any Holding Entity or
      obligating any Holding Entity to issue, grant, extend or enter into any
      such Options. There are no outstanding contractual or other obligations of
      the Sellers or the Holding Entities with respect to the voting or
      disposition of any outstanding securities of any Holding Entity.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>Portfolio Assets</B>. Except as set out in Schedule J
      or as contemplated in the Royalty Instruments, Stream Instruments or
      Offtake Instruments, there are no outstanding options, rights,
      commitments, agreements, arrangements or undertakings of any kind of the
      Sellers or the Holding Entities relating to the sale or transfer to any
      third party (save the Buyer) of any part of the Portfolio Assets of the
      Sellers or the Holding Entities.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_99></A>
<P align=center>G-2</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>Royalties</B>. The Sellers have made available to the
      Buyer true, correct and, to the Knowledge of the Sellers, complete copies
      of the Royalty Instruments, including all amendments, waivers,
      subordinations or modifications thereto in the possession of the Sellers,
      and, to the Knowledge of the Sellers, all such Royalty Instruments are in
      full force and effect and, to the Knowledge of the Sellers, are valid and
      binding obligations of the parties thereto in accordance with their
      respective terms. To the Knowledge of the Sellers and except as set out in
      Schedule J, the applicable Holding Entities and Sellers are entitled to
      all rights and benefits under the Royalty Instruments in accordance with
      the terms thereof. To the Knowledge of the Sellers, each Royalty is held
      by a Seller or a Holding Entity, as applicable, free and clear of all
      Encumbrances of any kind or nature whatsoever. None of the Holding
      Entities or the Sellers or, to the Knowledge of the Sellers, any other
      party to the Royalty Instruments, is in material default of any obligation
      under the Royalty Instruments, which would reasonably be considered to be
      a material default thereunder. As of the date hereof, neither the Sellers
      nor the Holding Entities have received notice that any party to a Royalty
      Instrument intends to cancel, terminate or otherwise modify such Royalty
      Instrument, and to the Knowledge of the Sellers, no such action has been
      threatened and there are no disputes between the Sellers or the Holding
      Entities and any party to a Royalty Instrument. Except as set out in
      Schedule J, all payments that are due under each Royalty Instrument have
      been paid and there are no amounts outstanding. Except as set out in
      Schedule J, each Holding Entity, as applicable, holds its Royalties for
      its own account on and subject to the terms of the Royalty Instruments.
      Such Holding Entities have not:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>assigned the Royalties or any of their rights with
      respect thereto to any Person or entity; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>granted any options to purchase, rights of first refusal,
      rights of first offer or other similar rights with respect to the
      Royalties except as contemplated in the Royalty
  Instruments.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>Stream Instruments and Offtake Instruments. </B>The
      Sellers have made available to the Buyer true, complete and correct copies
      of the Stream Instruments and Offtake Instruments, including all
      amendments, waivers, subordinations or modifications thereto, and all such
      Stream Instruments and Offtake Instruments are in full force and effect
      and are valid and binding obligations of the parties thereto in accordance
      with their respective terms. The Sellers and the Holding Entities, as
      applicable, are entitled to all rights and benefits under the Stream
      Instruments and the Offtake Instruments in accordance with the terms
      thereof. Each Stream and Offtake is held by a Seller or a Holding Entity,
      as applicable, free and clear of all Encumbrances of any kind or nature
      whatsoever. None of the Holding Entities or the Sellers or, to the
      Knowledge of the Sellers, any other party to the Stream Instruments and
      Offtake Instruments, is in material default of any obligation under the
      Stream Instruments and Offtake Instruments, which would reasonably be
      considered to be a material default thereunder. As of the date hereof,
      neither the Sellers nor the Holding Entities have received notice that any
      party to an Offtake Instrument or a Stream Instrument intends to cancel,
      terminate or otherwise modify such Offtake Instrument or Stream
      Instrument, except as disclosed in Schedule J, and to the Knowledge of the
      Sellers, no such action has been threatened and there are no
    disputesbetween the Sellers or the Holding
Entities and any party to an Offtake Instrument or a Stream Instrument. All
payments that are due under each Offtake Instrument and Stream Instrument have
been paid and there are no amounts outstanding except as disclosed in Schedule
J. All applicable conditions precedent required to be satisfied pursuant to the
Stream Instruments were satisfied prior to the payment of deposits pursuant to
such Stream Instruments. Neither the Sellers nor the Holding Entities have: </P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_100></A>
<P align=center>G-3</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>assigned any Offtake Instrument or Stream Instrument or
      any of their rights with respect thereto to any Person or entity;
  or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>granted any options to purchase, rights of first refusal,
      rights of first offer or other similar rights with respect to the Offtake
      Instruments or the Stream Instruments except as contemplated
    therein.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>Authority. </B>The execution, delivery, and
      performance of this Agreement and the consummation of the transactions
      contemplated hereby by the Sellers have been duly and validly authorized
      by all necessary action on the part of the Sellers. This Agreement has
      been duly and validly executed and delivered by the Sellers, and is a
      valid and binding obligation of the Sellers, enforceable against the
      Sellers in accordance with its terms. The Sellers have caused, or will
      have caused by the Closing, the Holding Entities to have taken all such
      corporate or other action as is necessary by such entities to complete the
      transactions contemplated by this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>Litigation</B>. Except with respect to the litigation
      relating to <I>[Redacted - Commercially sensitive]</I>,
      which is described in Schedule J there is no Litigation pending or, to the
      Knowledge of the Sellers, threatened, or to which the Sellers or their
      Affiliates (including the Holding Entities) are a party, the subject of
      which are the Portfolio Assets (or any of them) or which relates to the
      performance or non-performance of any obligation under a Royalty
      Instrument, Stream Instrument or Offtake Instrument, or which directly
      challenges the validity or enforceability of a Royalty Instrument, Stream
      Instrument or Offtake Instrument, or the transactions contemplated by this
      Agreement, except for any such Litigation which could not reasonably be
      expected to have a Sellers Material Adverse
Effect.</P></TD></TR>
  </TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>No Conflict; Required Consents. </B>Except as
      described on or contemplated by Schedule J, the execution, delivery, and
      performance by the Sellers of this Agreement do not and will
  not:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>conflict with or violate any provision of the charter or
      bylaws or other organizational or constituent documents of the Sellers or
      any of the Holding Entities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>violate any provision of any Legal
Requirements;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>conflict with, violate, result in a breach or termination
      of, constitute a default under or permit the acceleration of the
      performance required by, any Contract or Encumbrance to which the Sellers
      or the Holding Entities are a party or by which the Sellers, Holding
      Entities or the Portfolio Assets are bound or
affected;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_101></A>
<P align=center>G-4</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>result in the imposition of any Encumbrance upon any of
      the Portfolio Assets or upon any of the securities of any Holding
      Entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>result in, or give, a right of first offer, a pre-emptive
      right, right of first refusal or trigger any change of control provisions
      or any other right or option of any Person to acquire any of the Portfolio
      Assets or any securities of any Holding Entity; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>require any consent, approval, notice or authorization of
      or to any Governmental Authority or other Person or under any Legal
      Requirements or pursuant to any contract, except any such consents,
      approvals, notices or authorizations which are contemplated in this
      Agreement or the failure of which to be obtained could not reasonably be
      expected to have a Sellers Material Adverse
Effect.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>Restrictions on Business Activities</B>. There is no
      agreement, judgement, injunction, order or decree binding upon any Holding
      Entity that has, or would reasonably be expected to have, the effect of
      prohibiting, restricting or impairing any business practice of any Holding
      Entity, any acquisition of royalties, streams or offtakes by any Holding
      Entity or the conduct of business by any of them as currently conducted
      other than such agreements, judgements, injunctions, orders or decrees
      which would not, individually or in the aggregate, have a Sellers Material
      Adverse Effect.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>Royalty Revenues</B>. The Sellers have made available
      to the Buyer a statement of the revenues to the Holding Entities
      attributable to the Royalties during calendar year 2016 and during the
      first three months of 2017 and hereby represent that such statement is
      true, complete and correct.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B>Stream and Offtake Purchases</B>. The Sellers have
      made available to the Buyer details of the purchases of the Sellers and
      the Holding Entities pursuant to the Stream Instruments and the Offtake
      Instruments during calendar year 2016 and during the first three months of
      2017 and hereby represent that such statement is true, complete and
      correct.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B>Assets and Liabilities</B>. Except as set out in
      Schedule J, the Holding Entities have no material indebtedness or
      liabilities of any kind whatsoever (whether accrued, contingent or actual)
      and are not party to or bound by any material guarantee, indemnification
      or assumption agreement, or endorsement of, or any other similar
      commitment with respect to the material obligations, liabilities or
      indebtedness of any Person. As of Closing, the Holding Entities will have
      no material assets other than the Portfolio Assets.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><B>Tax Matters</B>.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Each of the Holding Entities has timely filed, or caused
      to be timely filed, with the appropriate Governmental Authority, all
      material Tax Returns required to be filed by or with respect to it. All
      such Tax Returns are true, correct and complete in all material respects
      and have been completed in accordance with Legal Requirements. To the best
      of the Sellers' Knowledge, no such Tax Return contains any misstatement or
      omits any statement that should have been included
  therein.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_102></A>
<P align=center>G-5</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Each of the Holding Entities has timely paid or caused to
      be timely paid all Taxes that are due and payable by it (whether or not
      shown as due on any Tax Returns and whether or not assessed or reassessed
      by the appropriate Governmental Authority), including all instalments on
      account of any Taxes. All assessments and reassessments received by the
      Holding Entities in respect of Taxes have been paid.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Adequate provision has been made by each of the Holding
      Entities in accordance with generally accepted accounting principles in
      the financial statements of such Holding Entity for all Taxes for any
      period for which Tax Returns are not yet required to be filed, or for
      which Taxes are not yet due or payable, up to the Effective
Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>No audit or other proceeding by any Governmental
      Authority is pending or, to the Knowledge of the Sellers, threatened with
      respect to any Taxes due from any of the Holding Entities, and no
      Governmental Authority has given written notice of any intention to assert
      any deficiency or claim for additional material Taxes against any of the
      Holding Entities. There are no matters under discussion, audit or appeal
      with any Governmental Authority relating to Taxes due from or with respect
      to any of the Holding Entities.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>No Governmental Authority of a jurisdiction in which any
      of the Holding Entities does not file Tax Returns has made any written
      claim that such entity is or may be subject to taxation by such
      jurisdiction. To the Knowledge of the Sellers, there is no basis for a
      claim that any of the Holding Entities is subject to Tax in a jurisdiction
      in which it does not file Tax Returns.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>There are no outstanding agreements, waivers, objections
      or arrangements extending the statutory period of limitations applicable
      to any claim for Taxes due from or with respect to any of the Holding
      Entities or their subsidiaries for any taxation period, nor has any such
      agreement, waiver, objection or arrangement been requested.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>None of the Holding Entities is bound by any tax sharing,
      allocation or indemnification or similar agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>The Holding Entities have withheld or collected the
      proper amount of Taxes in all material respects that are required by Legal
      Requirements to be withheld or collected and have timely remitted the
      proper amount of any Taxes in all material respects that have been
      withheld or collected, and are due, to the applicable Governmental
      Authority.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>None of the Holding Entities has received a refund of
      Taxes that it was not entitled to receive.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>No transaction to which any of the Holding Entities is or
      has been a party is subject to a transfer pricing adjustment pursuant to
      any tax legislation.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_103></A>
<P align=center>G-6</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>Each of the Holding Entities has maintained and continues
      to maintain at its place of business in its jurisdiction of residence and
      in each jurisdiction in which it carries on business all records and books
      of account that it is required by Legal Requirements to maintain for Tax
      purposes.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><B>Books and Records</B>. Except as disclosed in Schedule
      J, the financial books, records and accounts of each Holding Entity have
      been maintained in accordance with generally accepted accounting
      principles of its governing jurisdictions, and the combined financial
      statements (i) are stated in reasonable detail and accurately and fairly
      reflect the material transactions and dispositions of the assets of the
      Holding Entities, and (ii) accurately and fairly reflect the basis for the
      financial statements of such Holding Entities for the most recent
      financial year. The corporate records and minute books for each Holding
      Entity contain, in all material respects, complete and accurate minutes of
      all meetings and resolutions of the directors and shareholders such
      Holding Entity held and/or passed, as applicable, since its incorporation,
      formation or amalgamation, as the case may be. There are no off-balance
      sheet transactions, arrangements, obligations (including contingent
      obligations) or other relationships of any of the Holding Entities with
      unconsolidated entities or other Persons.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B>Contracts</B>. There are no material Contracts to
      which any Holding Entity is a party other than the Offtake Instruments,
      the Royalty Instruments and the Stream Instruments.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><B>Employee Benefits</B>.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>There are no agreements, health, welfare, supplemental
      unemployment benefit, bonus, incentive, profit sharing, deferred
      compensation, stock purchase, stock compensation, stock option,
      disability, pension or retirement plans and other employee compensation or
      benefit plans, policies, arrangements, practices or undertakings, whether
      oral or written, formal or informal, funded or unfunded, insured or
      uninsured which are maintained by or binding upon any Holding Entity or in
      respect of which a Holding Entity has any actual or potential liability
      (collectively, the "<B>Benefit Plans</B>") and none of the Holding
      Entities has any material liability under any Benefit
  Plans.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify><B>Labour and Employment</B>.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Except as disclosed in Schedule J, none of the Holding
      Entities has any employees and no Holding Entity will be a party as of the
      Closing Date to any Contract of employment or Contract for services with
      any consultant or independent contractor and no individual is party to a
      change of control, severance, termination, golden parachute or similar
      agreement or provision or would receive payments under any such agreement
      or provision as a result of the transactions contemplated by this
      Agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>None of the Holding Entities or the Buyer shall have any
      liabilities, obligations and amounts payable to any employee or former
      employee of any Holding Entity on or after the Closing
  Date.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_104></A>
<P align=center>G-7</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify><B>Compliance with Laws</B>. The Holding Entities have
      complied in all material respects with and are not in violation in any
      material respect of any Legal Requirements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify><B>Winding Up</B>. No order has been made, petition
      presented or meeting convened for the purpose of winding up the Sellers or
      any of the Holding Entities, or for the appointment of any provisional
      liquidator or in relation to any other process whereby the business is
      terminated and the assets of the Sellers or any of the Holding Entities
      are distributed amongst the creditors and/or shareholders or other
      contributors, and there are no proceedings under any applicable
      insolvency, bankruptcy, reorganisation or similar Legal Requirements in
      any relevant jurisdiction, and no events have occurred which, under Legal
      Requirements, would be reasonably likely to justify any such cases or
      proceedings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">21. </TD>
    <TD>
      <P align=justify><B>Administration and Receivership</B>. No Person has
      taken any step, legal proceeding or other procedure with a view to the
      appointment of an administrator, whether out of court or otherwise, in
      relation to the Sellers or any Holding Entities, and no receiver
      (including any administrative receiver) has been appointed in respect of
      the whole or any part of any of the property, assets and/or undertaking of
      any of the Sellers or any of the Holding Entities nor has any such order
      been made (including, in any relevant jurisdiction, any other order by
      which, during the period it is in force, the affairs, business and assets
      of the company concerned are managed by a Person appointed for the purpose
      by any Governmental Authority).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">22. </TD>
    <TD>
      <P align=justify><B>Voluntary Arrangement, Etc</B>. None of the Sellers or
      the Holding Entities has made any voluntary arrangement with any of its
      creditors or is insolvent or unable to pay its debts as they fall
    due.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">23. </TD>
    <TD>
      <P align=justify><B>Brokers</B>. No broker, investment banker, financial
      advisor or other Person, other than CIBC World Markets Inc. and Haywood
      Securities Inc., the fees and expenses of which will be paid by the
      Sellers, is entitled to any broker's, finder's, financial advisor's or
      other similar fee or commission in connection with the transactions
      contemplated by this Agreement. None of the Sellers or the Holding
      Entities has entered into any agreement that would entitle any Person to
      any valid claims against the Buyer for a broker's commission, finder's
      commission or any like payment in respect of the transactions contemplated
      by this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">24. </TD>
    <TD>
      <P align=justify><B>Security. </B>The Sellers have made available to the
      Buyer true, correct and, to the Knowledge of the Sellers, complete copies
      of the Security, including all amendments, waivers, subordinations and
      modifications thereto, and all legal opinions delivered in connection
      therewith. To the Knowledge of the Sellers, all filings, recordings,
      notifications, registrations and other actions necessary or appropriate
      under Legal Requirements have been made or taken, and all approvals
      obtained, in each jurisdiction where necessary or appropriate to give
      effect to the Security and to validate, preserve, perfect and protect the
      security interests granted in connection with the Security.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">25. </TD>
    <TD>
      <P align=justify><B>Information.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>All information relating to the Mantos Silver Stream, the
      SASA Silver Stream and the Underlying Interests thereof provided to the
      Buyer or any of its representatives or advisors, or made available to the
      Buyer or any of its representatives or advisors, is true and accurate in
      all material respects. There has been no material change to any such
      information provided to the Buyer or its representatives since the date
  provided to the Buyer or its representatives.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_105></A>
<P align=center>G-8</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>To the Knowledge of the Sellers, all other information
      provided to the Buyer or its representatives in relation to the Buyer&#146;s
      due diligence requests is accurate in all material respects as at its
      respective date as stated therein. To the Knowledge of the Sellers, there
      has been no material change to the information provided to the Buyer or
      its representatives since the date provided to the Buyer or its
      representatives.</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">26. </TD>
    <TD>
      <P align=justify><B>Indigenous Matters.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Sellers have no Knowledge of matters not disclosed in
      the Counterparty Public Records relating to: (i) the operations and assets
      associated with the material Portfolio Assets being subject to any
      Indigenous Claims; or (ii) any current or pending Indigenous Claims
      affecting the operations and assets associated with the material Portfolio
      Assets.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Sellers have no Knowledge of matters not disclosed in
      the Counterparty Public Records, relating to any offers to or, written or
      oral agreements with, Indigenous to provide benefits, pecuniary or
      otherwise, with respect to any of the operations and assets associated
      with the material Portfolio Assets that could affect any of the material
      Portfolio Asset.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Sellers have no Knowledge of matters not disclosed in
      the Counterparty Public Records relating to any material disputes or
      disturbances involving local communities.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">27. </TD>
    <TD>
      <P align=justify><B>Title. </B>To the Knowledge of the Sellers, the
      Underlying Interests are owned by the applicable counterparty (or an
      Affiliate thereof) to the Offtake Instrument, Royalty Instrument or Stream
      Instrument, as applicable, and none of the Underlying Interests is subject
      to any reversionary right or expropriation proceeding which would
      invalidate any Portfolio Asset.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">28. </TD>
    <TD>
      <P align=justify><B>Anti-Bribery Legislation. </B>None of Sellers or any
      of the Holding Entities, nor any of their respective officers, directors
      or employees acting on behalf of any of them, has taken, committed to take
      or been alleged to have taken any action which would cause any Seller or
      any Holding Entity to be in violation of any Anti-Bribery Legislation, and
      to the Knowledge of the Sellers no such action has been taken by any
      agents, representatives or other Persons acting on behalf of the Sellers
      or any of the Holding Entities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">29. </TD>
    <TD>
      <P align=justify><B>Environmental Matters.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify></P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_106></A>
<P align=center>G-9</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>To the Knowledge of the Sellers, the operations and
      assets associated with the Mantos Silver Stream and the SASA Silver
      Stream:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>have all material authorizations required under
      Environmental Laws necessary to conduct construction, development and
      operations, any other exploration, development, drilling or mining
      operations being conducted as of the date hereof;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>are all in material compliance with all applicable
      Environmental Laws and all terms and conditions of all environmental
      permits, and have not violated any Environmental Laws, and the Sellers are
      not aware of any facts or circumstances that could materially affect the
      validity of environmental permits or could reasonably give rise to their
      revocation;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>have not been subject of: (i) any proceeding,
      application, order, written request, written notice or directive from any
      Person alleging a violation of any Environmental Law, and which relates to
      any environmental, health or safety matter; or (ii) any demand or notice
      with respect to any Environmental Laws; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>are not involved in remediation operations and do not
      have any release, presence, spill, leak, emission, discharge, leaching,
      dumping or disposal of Hazardous Substance, that could reasonably be
      expected to result in any Environmental Liability or that are in
      concentration and conditions in excess of remediation or Reclamation
      guidelines under applicable Environmental
Laws.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>To the Knowledge of the Sellers, there are no facts,
      circumstances, or conditions relating to Environmental Liability that
      could affect the Mantos Silver Stream and the SASA Silver
Stream.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>The Sellers:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>have made available to the Buyer a true, correct and
      complete copy of each environmental audit, assessment, study or test
      relating to the Mantos Silver Stream and the SASA Silver Stream, including
      any environmental social impact assessment study reports and any other
      material environmental information; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>have made available to the Buyer a true, correct and
      complete copy of each material correspondence with Government Authorities
      relating to Environmental Liability that could affect the Mantos Silver
      Stream or the SASA Silver Stream, including potential future government
      policies that could affect the construction, development and operation of
      the material properties of the Sellers relating to the Mantos Silver
      Stream and the SASA Silver Stream or to conduct any other exploration,
      development, drilling ormining operations being conducted by
it in relation to the Mantos Silver Stream and the SASA Silver Stream.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_107></A>
<P align=center>G-10</P>
<P style="MARGIN-LEFT: 5%" align=justify>(b)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>To the Knowledge of the Sellers, the operations and
      assets associated with the material Portfolio Assets (other than the
      Mantos Silver Stream and the SASA Silver
Stream):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>have all material authorizations required under
      Environmental Laws necessary to conduct construction, development and
      operations, any other exploration, development, drilling or mining
      operations being conducted as of the date hereof;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>are all in material compliance with all applicable
      Environmental Laws and all terms and conditions of all environmental
      permits, and have not violated any Environmental Laws, and the Sellers are
      not aware of any facts or circumstances that could materially affect the
      validity of environmental permits or could reasonably give rise to their
      revocation;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>have not been subject of: (i) any proceeding,
      application, order, written request, written notice or directive from any
      Person alleging a violation of any Environmental Law, and which relates to
      any environmental, health or safety matter; or (ii) any demand or notice
      with respect to any Environmental Laws; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>are not involved in remediation operations and do not
      have any release, presence, spill, leak, emission, discharge, leaching,
      dumping or disposal of Hazardous Substance, that could reasonably be
      expected to result in any Environmental Liability or that are in
      concentration and conditions in excess of remediation or Reclamation
      guidelines under applicable Environmental
Laws.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>To the Knowledge of the Sellers, there are no facts,
      circumstances, or conditions relating to Environmental Liability that
      could affect any of the material Portfolio Assets (other than the Mantos
      Silver Stream and the SASA Silver Stream).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>The Sellers:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>have made available to the Buyer a true and complete copy
      of each environmental audit, assessment, study or test in the Sellers'
      control or possession relating to the material Portfolio Assets (other
      than the Mantos Silver Stream and the SASA Silver Stream), including any
      environmental social impact assessment study reports and any other
      material environmental information; and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_108></A>
<P align=center>G-11</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>have made available to the Buyer a true and complete copy
      of each material correspondence, in its control or possession, with
      Government Authorities relating to Environmental Liability that could
      affect any of the material Portfolio Assets (other than the Mantos Silver
      Stream and the SASA Silver Stream), including potential future government
      policies that could affect the construction, development and operation of
      the material properties of the Sellers relating to the material Portfolio
      Assets (other than the Mantos Silver Stream and the SASA Silver Stream )
      or to conduct any other exploration, development, drilling or mining
      operations being conducted by it in relation to the material Portfolio
      Assets (other than the Mantos Silver Stream and the SASA Silver
      Stream).</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_109></A>
<P align=center><B>Schedule H <BR>Representations and Warranties of
Buyer</B></P>
<P align=justify>The Buyer represents and warrants to the Sellers as follows and
acknowledges that the Sellers will rely on such representations and warranties
in entering into this Agreement, and in concluding the transactions contemplated
hereunder.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>Organization and Qualification of the Buyer</B>. The
      Buyer is a corporation duly organized, validly existing, and in good
      standing under the laws of the Province of Qu&#233;bec. The Buyer has all
      requisite power and authority to carry out its obligations under this
      Agreement. The Buyer and each of its subsidiaries have full corporate or
      legal power and authority to own their respective properties and assets
      and to conduct their respective businesses as currently owned and
      conducted. All of the outstanding shares of each subsidiary of the Buyer
      are validly issued, fully paid and non-assessable. Except as set forth in
      Schedule K, the outstanding shares of each such subsidiary are directly or
      indirectly owned by Buyer.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>Authority</B>. The Buyer has all requisite power and
      authority to execute, deliver, and perform this Agreement and consummate
      the transactions contemplated by this Agreement. The execution, delivery,
      and performance of this Agreement and the consummation of the transactions
      contemplated by this Agreement on the part of the Buyer have been duly and
      validly authorized by all necessary action on the part of the Buyer. This
      Agreement has been duly and validly executed and delivered by the Buyer,
      and is the valid and binding obligation of the Buyer, enforceable against
      it in accordance with its terms. At Closing, all necessary corporate
      action will have been taken by the Buyer to validly issue the
      Consideration Shares as fully paid and non-assessable shares in the
      capital of the Buyer.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>Capitalization</B>. Buyer is authorized to issue an
      unlimited number of Buyer Shares and an unlimited number of preferred
      shares in the capital of Buyer issuable in series, all without par value.
      As at June 1, 2017, there were: (i) 106,664,119 Buyer Shares outstanding;
      (ii) no preferred shares in the capital of Buyer outstanding; and (iii) an
      aggregate of 29,980,302 Buyer Shares reserved for issuance under the
      outstanding securities convertible or exercisable into Buyer Shares.
      Except as disclosed to the Sellers in writing and pursuant to this
      Agreement and the transactions contemplated hereby, there are no options,
      warrants, conversion privileges or other rights, agreements, arrangements
      or commitments (pre-emptive, contingent or otherwise) obligating Buyer to
      issue or sell any shares of Buyer or any securities or obligations of any
      kind convertible into or exchangeable for any shares of Buyer. All
      outstanding Buyer Shares have been authorized and are validly issued and
      outstanding as fully paid and non-assessable shares. As of the date
      hereof, there are no outstanding bonds, debentures or other evidences of
      indebtedness of Buyer having the right to vote with the Buyer Shareholders
      on any matter. There are no outstanding contractual obligations of Buyer
      to repurchase, redeem or otherwise acquire any outstanding Buyer Shares or
      with respect to the voting or disposition of any outstanding Buyer
      Shares.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_110></A>
<P align=center>H-2</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>No Conflict; Required Consents</B>. The execution,
      delivery, and performance by the Buyer of this Agreement do not and will
      not:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>conflict with or violate any provision of the charter or
      bylaws of the Buyer;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>violate any provision of any Legal
Requirements;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>conflict with, violate, result in a breach of, constitute
      a default under or permit the acceleration of the performance required by,
      any Contract or Encumbrance to which the Buyer is a party or by which the
      Buyer or the assets or properties owned or leased by the Buyer are bound
      or affected; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>require any consent, approval or authorization of any
      Governmental Authority or other Person other than the TSX, the NYSE, the
      Buyer Shareholder Approval or as contemplated in this
  Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>Subsidiaries</B>. None of the Buyer's subsidiaries are
      material to the business, operations, results of operations, assets,
      properties, capitalization, financial condition or liabilities (contingent
      or otherwise) of Buyer on a consolidated basis.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>Financial Statements</B>. The (i) audited consolidated
      balance sheets, audited consolidated statements of income, audited
      statements of comprehensive income (loss), audited consolidated statements
      of cash flows and audited consolidated statements of changes in equity for
      years ended December 31, 2016 and 2015, and notes thereto, and related
      management's discussion and analysis and (ii) unaudited consolidated
      balance sheets, unaudited consolidated statements of income (loss),
      unaudited statements of comprehensive income, unaudited consolidated
      statements of cash flows and unaudited consolidated statements of changes
      in equity for the three months ended March 31, 2017 and 2016, and notes
      thereto, and related management's discussion and analysis (collectively,
      the "<B>Buyer Financial Statements</B>"), were prepared in accordance with
      IFRS and, subject to the assumptions contained in the notes thereto,
      fairly present in all material respects the consolidated financial
      condition of Buyer at the respective dates indicated.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>Undisclosed Liabilities</B>. Neither Buyer nor any of
      its subsidiaries has any liabilities or obligations of any nature, whether
      or not accrued, contingent or otherwise, except for: (a) liabilities and
      obligations that are specifically presented in the Buyer Financial
      Statements; or (b) liabilities and obligations incurred in the ordinary
      course of business consistent with past practice since March 31, 2017 or
      liabilities and obligations disclosed in Schedule K. Without limiting the
      foregoing, the Buyer Financial Statements reflect reasonable reserves in
      accordance with IFRS for contingent liabilities relating to pending
      litigation and other contingent obligations of Buyer and its
      subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>Internal Controls and Financial Reporting</B>. Buyer:
      (i) has designed disclosure controls and procedures to provide reasonable
      assurance that financial information relating to Buyer, including its
      consolidated subsidiaries, is accurate and reliable, is made known to the
      Chief Executive Officer and the Chief Financial Officer of Buyer by others
      within those entities, particularly during the periods in which filings
      are being prepared; (ii) has designed internal controls to provide reasonable
      assurance regarding the accuracy and reliability of financial reporting
      and the preparation of financial statements for external purposes in
      accordance with IFRS; and (iii) has disclosed in the management's
      discussion and analysis for its most recently completed financial year,
      for each material weakness relating to design existing at the financial
      year end (x) a description of the material weakness, (y) the impact of the
      material weakness on Buyer's financial reporting and internal controls
      over financial reporting; and (z) Buyer's further plans, if any, or any
      actions already undertaken, for remediating the material
  weakness.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_111></A>
<P align=center>H-3</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>Books and Records</B>. The corporate records and
      minute books of Buyer have been maintained in material compliance with all
      Legal Requirements and are complete and accurate in all material respects.
      Financial books and records and accounts of Buyer (i) have been maintained
      in accordance with good business practices on a basis consistent with
      prior years and past practice; (ii) are stated in reasonable detail and
      accurately and fairly reflect the material transactions and acquisitions
      and dispositions of assets of Buyer; and (iii) accurately and fairly
      reflect the basis for the Buyer Financial Statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>Reporting Status and Securities Laws Matters</B>.
      Buyer is a "reporting issuer" and not on the list of reporting issuers in
      default under applicable Canadian securities laws in any of the provinces
      or territories of Canada. No delisting, suspension of trading in or cease
      trading order with respect to any securities of Buyer and, to the
      knowledge of Buyer, no inquiry or investigation (formal or informal) of
      any Securities Authorities is in effect or ongoing or, to the knowledge of
      Buyer, expected to be implemented or undertaken with respect to the
      foregoing.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>Absence of Cease Trade Orders</B>. No order ceasing or
      suspending trading in Buyer Shares (or any of them) or any other
      securities of Buyer is outstanding and no proceedings for this purpose
      have been instituted or, to the knowledge of Buyer, are pending,
      contemplated or threatened.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B>Stock Exchange Compliance</B>. Buyer is in compliance
      in all material respects with the applicable listing and corporate
      governance rules and regulations of TSX and NYSE.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B>Public Filings</B>. Buyer has filed with all
      applicable Governmental Authorities true and complete copies of all
      documents that Buyer is required to file therewith. Such documents, at the
      time filed: (a) did not contain any misrepresentation; and (b) complied in
      all material respects with the requirements of applicable Securities Laws.
      Buyer has not filed any confidential material change report with any
      Governmental Authority which at the date hereof remains
    confidential.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><B>Restrictions on Business Activities</B>. Other than as
      disclosed to the Sellers, there is no agreement, judgement, injunction,
      order or decree binding upon Buyer or any of its subsidiaries that has, or
      would reasonably be expected to have, the effect of prohibiting,
      restricting or impairing any business practice of Buyer or any of its
      subsidiaries, any acquisition of royalties, streams or offtakes by Buyer
      or any of its subsidiaries or the conduct of business by any of them as
      currently conducted other than such agreements, judgements, injunctions,
      orders or decrees which would not, individually or in the aggregate, have
      a Buyer Material Adverse Effect.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_112></A>
<P align=center>H-4</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><B>Investment Canada</B>. The Buyer is not a
      "non-Canadian" within the meaning of the Investment Canada Act.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B>Investment Representations. </B>The Purchased
      Securities are being acquired by the Buyer as principal for its own
      account and not for the benefit of any other Person, for investment only
      and not with a view of any distribution thereof the Buyer understands that
      the Securities have not been registered under the <I>Securities Act of
      1933 </I>(the "<B>Securities Act</B>") or the securities laws of any
      state, and have not been qualified for distribution under Canadian
      securities laws, and must be held indefinitely unless subsequently
      registered under the Securities Act and any applicable U.S. state
      securities laws or unless an exemption from registration becomes or is
      available and, in the case of a distribution to which Canadian securities
      laws apply, unless qualified for distribution or unless an exemption from
      the prospectus requirements of such laws is available. The Buyer is, and
      will on Closing be, an "accredited investor", as such term is defined in
      Regulation D promulgated under the Securities Act and in National
      Instrument 45-106 - <I>Prospectus and Registration Exemptions of the
      Canadian Securities Administrators</I>, and is not created or used solely
      to purchase or hold securities as an accredited investor.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><B>Contracts</B>. Except as set forth in Schedule K,
      there are no material Contracts to which Buyer or any of its subsidiaries
      is a party other than Contracts relating to investments by Buyer or its
      subsidiaries in streams, royalties and offtakes. All such material
      Contracts are in full force and effect and Buyer or its subsidiaries, as
      applicable, are entitled to all rights and benefits thereunder in
      accordance with the terms thereof. Buyer has made available all such
      material Contracts to the Sellers and all such material Contracts are
      valid and binding obligations of Buyer or its subsidiaries, as applicable,
      enforceable in accordance with their respective terms. Buyer or its
      subsidiaries, as applicable, have complied in all material respects with
      all terms of such material Contracts, have paid all amounts due
      thereunder, have not waived any rights thereunder and no material default
      or breach exists in respect thereof on the part of Buyer or its
      subsidiaries, as applicable, or, to the Knowledge of Buyer, on the part of
      any other party thereto, and no event has occurred which, after the giving
      of notice or the lapse of time or both, would constitute such a material
      default or breach or trigger a right of termination of any of the material
      Contracts. As at the date hereof, none of Buyer or its subsidiaries has
      received notice that any party to a material Contract intends to cancel,
      terminate or otherwise modify or not renew such material Contract, and to
      the Knowledge of Buyer, no such action has been threatened.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify><B>Employee Benefits</B>. Except as disclosed in the
      Buyer Public Record, there are no agreements, health, welfare,
      supplemental unemployment benefit, bonus, incentive, profit sharing,
      deferred compensation, stock purchase, stock compensation, stock option,
      disability, pension or retirement plans and other employee compensation or
      benefit plans, policies, arrangements, practices or undertakings, whether
      oral or written, formal or informal, funded or unfunded, insured or
      uninsured which are maintained by or binding upon Buyer or any of its
      subsidiaries or in respect of which Buyer or any of its subsidiaries have
      any actual or potential liability (collectively, the "<B>Benefit
      Plans</B>") and none of Buyer or any of its subsidiaries has any material
      liability under any Benefit Plans.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_113></A>
<P align=center>H-5</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify><B>Board Approval. </B>As of the date hereof, the Buyer
      Board, after consultation with legal and financial advisors, has
      unanimously: (i) determined that the transactions contemplated by this
      Agreement are in the best interests of Buyer; and (ii) resolved to
      recommend that the Buyer Shareholders vote in favour of the Share Issuance
      Resolution.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify><B>Compliance with Laws</B>. The Buyer has complied in
      all material respects with and are not in violation in any material
      respect of any Legal Requirements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">21. </TD>
    <TD>
      <P align=justify><B>Winding Up</B>. No order has been made, petition
      presented or meeting convened for the purpose of winding up the Buyer, or
      for the appointment of any provisional liquidator or in relation to any
      other process whereby the business is terminated and the assets of the
      Buyer are distributed amongst the creditors and/or shareholders or other
      contributors, and there are no proceedings under any applicable
      insolvency, bankruptcy, reorganisation or similar laws in any relevant
      jurisdiction, and no events have occurred which, under Legal Requirements,
      would be reasonably likely to justify any such cases or
  proceedings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">22. </TD>
    <TD>
      <P align=justify><B>Administration and Receivership</B>. No Person has
      taken any step, legal proceeding or other procedure with a view to the
      appointment of an administrator, whether out of court or otherwise, in
      relation to the Buyer, and no receiver (including any administrative
      receiver) has been appointed in respect of the whole or any part of any of
      the property, assets and/or undertaking of the Buyer nor has any such
      order been made (including, in any relevant jurisdiction, any other order
      by which, during the period it is in force, the affairs, business and
      assets of the company concerned are managed by a Person appointed for the
      purpose by any Governmental Authority).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">23. </TD>
    <TD>
      <P align=justify><B>Voluntary Arrangement, Etc</B>. The Buyer has not made
      any voluntary arrangement with any of its creditors or is insolvent or
      unable to pay its debts as they fall due.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">24. </TD>
    <TD>
      <P align=justify><B>Financing Requirements</B>. The Buyer has sufficient
      financial means and on the Closing Date will have made arrangements to
      have sufficient financing available to pay the Cash
  Consideration.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">25. </TD>
    <TD>
      <P align=justify><B>Tax Matters</B>.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Each of Buyer and its subsidiaries has timely filed, or
      caused to be timely filed, with the appropriate Governmental Authority,
      all material Tax Returns required to be filed by or with respect to it.
      All such Tax Returns are true, correct and complete in all material
      respects and have been completed in accordance with Legal Requirements. To
      the best of Buyer&#146;s Knowledge, no such Tax Return contains any
      misstatement or omits any statement that should have been included
      therein.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Each of Buyer and its subsidiaries has timely paid or
      caused to be timely paid all Taxes that are due and payable by it (whether
      or not shown as due on any Tax Returns and whether or not assessed or
      reassessed by the appropriate Governmental Authority), including all
      instalments on account of any Taxes. All assessments and reassessments
      received by Buyer and its subsidiaries in respect of Taxes have been
      paid.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_114></A>
<P align=center>H-6</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Adequate provision has been made by each of Buyer and its
      subsidiaries in accordance with generally accepted accounting principles
      in its financial statements for all Taxes for any period for which Tax
      Returns are not yet required to be filed, or for which Taxes are not yet
      due or payable, up to the Closing Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>No audit or other proceeding by any Governmental
      Authority is pending or, to the Knowledge of Buyer, threatened with
      respect to any Taxes due from any of Buyer or its subsidiaries, and no
      Governmental Authority has given written notice of any intention to assert
      any deficiency or claim for additional material Taxes against any of Buyer
      or its subsidiaries. There are no matters under discussion, audit or
      appeal with any Governmental Authority relating to Taxes due from or with
      respect to any of Buyer or its subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>No Governmental Authority of a jurisdiction in which
      Buyer and its subsidiaries do not file Tax Returns has made any written
      claim that Buyer or its subsidiaries is or may be subject to taxation by
      such jurisdiction. To the Knowledge of the Buyer, there is no basis for a
      claim that any of Buyer or its subsidiaries is subject to Tax in a
      jurisdiction in which it does not file Tax Returns.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>There are no outstanding agreements, waivers, objections
      or arrangements extending the statutory period of limitations applicable
      to any claim for Taxes due from or with respect to any of Buyer or its
      subsidiaries for any taxation period, nor has any such agreement, waiver,
      objection or arrangement been requested.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>None of Buyer or its subsidiaries is bound by any tax
      sharing, allocation or indemnification or similar agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>Buyer and its subsidiaries have withheld or collected the
      proper amount of Taxes in all material respects that are required by Legal
      Requirements to be withheld or collected and have timely remitted the
      proper amount of any Taxes in all material respects that have been
      withheld or collected, and are due, to the applicable Governmental
      Authority.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>None of Buyer or its subsidiaries has received a refund
      of Taxes that it was not entitled to receive.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>No transaction to which any of Buyer or its subsidiaries
      is or has been a party is subject to a transfer pricing adjustment
      pursuant to any tax legislation.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>Each of Buyer and its subsidiaries has maintained and
      continues to maintain at its place of business in its jurisdiction of
      residence and in each jurisdiction in which it carries on business all
      records and books of account that it is required by Legal Requirements to
      maintain for Tax purposes.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">26. </TD>
    <TD>
      <P align=justify><B>Environmental Matters.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>To the Knowledge of Buyer, the operations and assets
      associated with the material assets of Buyer and its
  subsidiaries:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_115></A>
<P align=center>H-7</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>have all material authorizations required under
      Environmental Laws necessary to conduct construction, development and
      operations any other exploration, development, drilling or mining
      operations being conducted as of the date hereof;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>are all in material compliance with all applicable
      Environmental Laws and all terms and conditions of all environmental
      permits, and have not violated any Environmental Laws, and Buyer is not
      aware of any facts or circumstances that could materially affect the
      validity of environmental permits or could reasonably give rise to their
      revocation;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>except as set out in Schedule K, have not been subject
      of: (i) any proceeding, application, order, written request, written
      notice or directive from any Person alleging a violation of any
      Environmental Law, and which relates to any environmental, health or
      safety matter; or (ii) any demand or notice with respect to any
      Environmental Laws; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>are not involved in remediation operations and do not
      have any release, presence, spill, leak, emission, discharge, leaching,
      dumping or disposal of Hazardous Substance, that could reasonably be
      expected to result in any Environmental Liability or that are in
      concentration and conditions in excess of remediation or Reclamation
      guidelines under applicable Environmental
Laws.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>To the Knowledge of Buyer, there are no facts,
      circumstances, or conditions relating to Environmental Liability that
      could affect any of the material assets of Buyer or its
    subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Buyer:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>has made available to the Sellers a true and complete
      copy of each environmental audit, assessment, study or test in Buyer's
      control or possession relating to the material assets of Buyer or its
      subsidiaries, including any environmental social impact assessment study
      reports and any other material environmental information; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>has made available to the Sellers a true and complete
      copy of each material correspondence, in its control or possession, with
      Government Authorities relating to Environmental Liability that could
      affect any of the material assets of Buyer or its subsidiaries, including
      potential future government policies that could affect the construction,
      development and operation of the properties associated with the material
      assets of the Buyer or its subsidiaries or to conduct any other
      exploration, development, drilling or mining operations being conducted
      thereon.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">27. </TD>
    <TD>
      <P align=justify><B>Indigenous Matters.</B></P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_116></A>
<P align=center>H-8</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Buyer has no Knowledge of matters not disclosed
      publicly by the counterparties to its material stream and royalty assets
      or as otherwise disclosed to the Sellers in writing relating to: (i) the
      operations and assets associated with its material stream and royalty
      assets being subject to any Indigenous Claims, or, (ii) any current or
      pending Indigenous Claims affecting the operations and assets associated
      with stream and royalty assets.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Buyer has no Knowledge of matters not disclosed publicly
      by the counterparties to its material stream and royalty assets or as
      otherwise disclosed to the Sellers in writing, relating to any offers to
      or, written or oral agreements with, Indigenous to provide benefits,
      pecuniary or otherwise, with respect to any of the operations and assets
      associated with its material stream and royalty assets that could affect
      any such asset.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Buyer has no Knowledge of matters not disclosed
      publicly by the counterparties to its material stream and royalty assets
      or as otherwise disclosed to the Sellers in writing relating to any
      material disputes or disturbances involving local
  communities.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">28. </TD>
    <TD>
      <P align=justify><B>Title. </B>To the Knowledge of Buyer, except as set
      out in Schedule K, the mineral or real property interests underlying its
      material stream and royalty assets are owned by the applicable
      counterparty to the Contracts memorializing such stream and royalty
      assets, as applicable, and none of the mineral or real property interests
      underlying such stream and royalty assets is subject to any reversionary
      right or expropriation proceeding which would invalidate any such
      asset.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">29. </TD>
    <TD>
      <P align=justify><B>Anti-Bribery Legislation</B>. None of Buyer or any of
      its subsidiaries, nor any of their respective officers, directors or
      employees acting on behalf of any of them, has taken, committed to take or
      been alleged to have taken any action which would cause Buyer or any of
      its subsidiaries to be in violation of any Anti-Bribery Legislation, and
      to the knowledge of Buyer no such action has been taken by any agents,
      representatives or other Persons acting on behalf of Buyer or any of its
      subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">30. </TD>
    <TD>
      <P align=justify><B>Shareholder and Similar Agreements</B>. Except as
      disclosed in Schedule K, Buyer is not party to any shareholder, pooling,
      voting trust or other similar agreement relating to the issued and
      outstanding shares in the capital of Buyer or any of its
    subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">31. </TD>
    <TD>
      <P align=justify><B>Information. </B>All information provided to the
      Sellers or their representatives in relation to the Seller&#146;s due diligence
      requests is accurate in all material respects as at its respective date as
      stated therein. There has been no material change to the information
      provided to the Sellers or their representatives since the date provided
      to the Sellers or its representatives. All forecasts, projections and
      budgets which have been prepared by or on behalf of the Buyer relating to
      the Buyer, its subsidiaries and their respective businesses, properties
      and assets and delivered to the Sellers represent the Buyer&#146;s reasonable
      estimates and assumptions as to future performance, which the Buyer
      believes to be fair and reasonable as of the time made in the light of
      current and reasonably foreseeable business
conditions.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_117></A>
<P align=center><B>Schedule I <BR>Excluded Royalties </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="45%"><B>Royalty Name </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="50%" colSpan=2><B>Instruments </B></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>1. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Admiral Bay NSR </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">&nbsp;<I>[Redacted - Subject to
    confidentiality]</I></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Royalty/ Admiral Bay </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">GOR Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>2. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Altar Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">&nbsp;<EM><EM>[Redacted - Subject to
  confidentiality]</EM></EM></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>3. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Lithium Nevada-Kings </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">&nbsp;<EM><EM>[Redacted - Subject to
  confidentiality]</EM></EM></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Valley Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>4. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Pukaqaqa Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM><EM>[Redacted - Subject to
confidentiality]</EM></EM></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_118></A>
<P align=center>I-2 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="45%"><B>Royalty Name</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="50%" colSpan=2><B>Instruments</B> </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="5%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>5. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">Pukaqaqa Norte Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="45%">&nbsp;<EM><EM>[Redacted - Subject to
  confidentiality]</EM></EM></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="45%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>6. </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">Pukaqaqa Sur Royalty </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&#149; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%">&nbsp;<EM><EM>[Redacted - Subject to
confidentiality]</EM></EM></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_119></A>
<P align=center><B>Schedule J <BR>Sellers&#146; Disclosure Schedule </B></P>
<P align=justify>This disclosure schedule (&#147;<B>Disclosure Schedule J</B>&#148;) has
been prepared and delivered in accordance with the acquisition agreement dated
June 4, 2017 (the "<B>Agreement</B>") with respect to the proposed transaction
between the Buyer and the Sellers. Capitalized terms used but not defined in
this Disclosure Schedule J shall have the meanings ascribed to such terms in the
Agreement, unless the context otherwise requires. Numbers set forth herein
correspond to paragraph numbers in Schedule G to the Agreement. </P>
<P align=justify>The inclusion of any item in this Disclosure Schedule J shall
not be deemed, in and of itself, to be an admission or evidence of the
materiality of such item, nor shall it establish any standard of materiality for
any purpose whatsoever. No disclosure in this Disclosure Schedule J relating to
any possible breach or violation of any agreement, law or regulation shall be
construed as an admission or indication that any such breach or violation exists
or has actually occurred. </P>
<P align=justify>All information provided in this Disclosure Schedule J shall
qualify (a) the corresponding paragraph of Schedule G of the Agreement and (b)
any and all other sections, subsections or paragraphs of the Agreement
(including Schedule G) in which the relevance of such information would be
reasonably apparent on the face thereof. Matters disclosed in this Disclosure
Schedule J are not necessarily limited to matters required by the Agreement to
be disclosed in this Disclosure Schedule J. Such additional matters are set
forth for information purposes and do not necessarily include all matters of a
similar nature. </P>
<P align=justify>Any description of any document included in this Disclosure
Schedule is qualified in all respects by a reference to the full text of such
documents. Any matter disclosed under a specific heading shall be deemed to have
been disclosed under all other headings.</P>
<P align=justify><EM><EM>[Redacted - Subject to confidentiality]</EM></EM></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_120></A>
<P align=center><B>Schedule K</B><BR><B>Buyesr's Disclosure Schedule</B></P>
<P align=justify>We refer to the Acquisition Agreement (the "<B>Acquisition
Agreement</B>") dated as of June 4, 2017 among Osisko Gold Royalties Ltd
("<B>Osisko</B>"), Orion Mine Finance (Master) Fund I LP, Orion Mine Finance
(Master) Fund I-A LP, Orion Co-Investment I (Stream) LLC, Orion Co-Investments
II LP, Orion Co-Investments IV LP, 8248567 Canada Limited and Lynx Metals
Limited. </P>
<P align=justify>This is the disclosure letter referred to in the Acquisition
Agreement as the "<B>Buyer's Disclosure Letter</B>" and we hereby disclose to
you the information set out below for the purpose of the Acquisition Agreement.
Terms defined in the Acquisition Agreement and not otherwise defined herein
shall have the same meanings in this Buyer's Disclosure Letter. All values are
expressed in Canadian dollars unless noted otherwise. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Osisko does not take any responsibility for any opinion
      which may have been expressed by any person other than Osisko, its
      employees, agents, representatives, officers, directors or consultants or
      any forecast or projection in any information or document by such person
      unless any such opinion, forecast or projection is expressly referred to
      or represented or warranted in the Acquisition Agreement or this Buyer's
      Disclosure Letter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Any matter disclosed in this Buyer's Disclosure Letter
      with respect to the corresponding section or subsection of the Acquisition
      Agreement shall be deemed to be disclosed under any other section or
      subsection of the Acquisition Agreement, as long as the relevance of such
      disclosure to such other section or subsection of the Acquisition
      Agreement is reasonably apparent on its face.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Disclosure of any matter herein shall not be deemed to
      constitute an admission by Osisko, or to otherwise imply, that such matter
      is material, individually or in the aggregate with any other matter(s),
      for purposes of the Acquisition Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>The following matters are specifically
  disclosed:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><U>Acquisition Agreement Reference </U></B></TD>
    <TD align=left width="50%"><B><U>Disclosure Schedule Reference
  </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Schedule H &#150; Section 1 (Organization and Qualification of
      the Buyer) </TD>
    <TD align=left width="50%">See Schedule H-1 &#150; <I>Organization and
      </I><I>Qualification of the Buyer </I></TD></TR>
  <TR vAlign=top>
    <TD align=left>Schedule H &#150; Section 17 (<I>Contracts</I>) </TD>
    <TD align=left width="50%">See Schedule H-17 &#150; <I>Contracts </I></TD></TR>
  <TR vAlign=top>
    <TD align=left>Schedule H &#150; Section 26 (<I>Environmental
      </I><I>Matters</I>) </TD>
    <TD align=left width="50%">See Schedule H-26 &#150; <I>Environmental
      </I><I>Matters </I></TD></TR>
  <TR vAlign=top>
    <TD align=left>Schedule H &#150; Section 28 (<I>Title</I>) </TD>
    <TD align=left width="50%">See Schedule H-28 &#150; <I>Title </I></TD></TR>
  <TR vAlign=top>
    <TD align=left>Schedule H &#150; Section 30 (<I>Shareholder and </I><I>Similar
      Agreements</I>) </TD>
    <TD align=left width="50%">See Schedule H-30 &#150; <I>Shareholder and
      </I><I>Similar Agreements </I></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_121></A>
<P align=center><B>SCHEDULE H-1 <BR>ORGANIZATION AND QUALIFICATION OF BUYER
</B></P>
<P align=justify>Set forth below is the organization structure of Osisko and its
subsidiaries, which includes the ownership of Osisko in its direct and indirect
subsidiaries.</P>
<P align=justify><EM>[Redacted - Commercially sensitive]</EM></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_122></A>
<P align=center><B>SCHEDULE H-17 <BR>CONTRACTS </B></P>
<P align=justify>The following are the material contracts entered into by Osisko
and/or a subsidiary of Osisko: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Canadian Malartic Royalty Agreement </B>(the amended
      and restated net smelter return royalty agreement dated June 16, 2014
      between Osisko and Canadian Malartic GP, a general partnership existing
      under the laws of Ontario). </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>&#201;l&#233;onore Royalty Agreement </B>(the royalty agreement
      dated March 31, 2006 and amended on May 12, 2014, between Goldcorp Inc.,
      Virginia Gold Mines Inc. (now Les Mines Opinaca Lt&#233;e, a wholly-owned
      subsidiary of Goldcorp) and Virginia Mines Inc. (before its amalgamation
      to become "Osisko Exploration James Bay Inc."). </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Virginia Arrangement Agreement </B>(the arrangement
      agreement dated November 16, 2015 between Osisko, Virginia Mines Inc.
      (before its amalgamation to become "Osisko Exploration James Bay Inc.")
      and 9081798 Canada Inc. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Credit Agreement </B>(the $100 million revolving
      credit facility agreement dated November 21, 2014 between Osisko and
      National Bank of Canada). </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>Amended Credit Facility </B>(means the amended
      revolving credit facility dated December 23, 2015 between Osisko and
      National Bank of Canada, which, among other things, increased the amount
      of the facility from $100 million to $150 million and extended the term of
      the facility to December 23, 2017). </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>RQ Subscription Agreement </B>(means the subscription
      agreement dated February 12, 2016 between Osisko and Ressources Qu&#233;bec (A
      wholly-owned subsidiary of Investissement Qu&#233;bec) providing for the
      issuance of a five-year $50 million convertible debenture, bearing
      interest at an annual rate of 4% payable quarterly). </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>2015 Underwriting Agreement </B>(means the
      underwriting agreement dated February 18, 2015 between Osisko and
      Macquarie Capital Markets Canada Ltd., RBC Dominion Securities Inc.,
      National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets
      Inc., TD Securities Inc., Scotia Capital Inc., Cormark Securities Inc.,
      Paradigm Capital Inc. and Edgecrest Capital Corporation). </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>2015 Warrant Indenture </B>(means the warrant
      indenture dated February 18, 2015 between Osisko and CST Trust Company, as
      warrant agent, pursuant to which the common share purchase warrants of
      Osisko were created and issued and by which they are governed). </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>2016 Underwriting Agreement </B>(means the
      underwriting agreement dated February 11, 2016 between Osisko and BMO
      Nesbitt Burns Inc., RBC Dominion Securities Inc., National Bank Financial
      Inc., Macquarie Capital Markets Canada Ltd., CIBC World Markets Inc.,
      Haywood Securities Inc., Scotia Capital Inc., TD Securities Inc., Cormark
  Securities Inc., Dundee Securities Ltd., Paradigm Capital Inc.).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><SUB>&#149;</SUB> </TD>
    <TD align=left width="90%">
      <P align=justify><B>2016 Warrant Indenture </B>(means the warrant
      indenture dated February 26, 2016 between Osisko and CST Trust Company, as
      warrant agent, pursuant to which the common share purchase warrants were
created and issued and by which they are governed). </P></TD></TR></TABLE>
<P align=center>- 3 - </P>
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<P align=justify>The foregoing material contracts have been made available on
the public record (with certain redactions ), but have been disclosed in their
entirety to the Sellers to conduct their due diligence investigation of Osisko.
</P>
<P align=center>- 4 - </P>
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<P align=center><B>SCHEDULE H-26 <BR>ENVIRONMENTAL MATTERS </B></P>
<P align=justify><EM>[Redacted - Commercially sensitive]</EM></P>
<P align=center>- 5 - </P>
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<P align=center><B>SCHEDULE H-28 <BR>TITLE </B></P>
<P align=justify><EM>[Redacted - Commercially Sensitive]</EM></P>
<P align=center>- 6 - </P>
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<P align=center><B>SCHEDULE H-30 <BR>SHAREHOLDER AND SIMILAR AGREEMENTS </B></P>
<P align=justify><B><U>Unanimous Shareholders Agreement</U></B><B> </B></P>
<P align=justify>Reference is made to the unanimous shareholders agreement dated
June 15, 2015 among Sodemex D&#233;velopment, Soci&#233;t&#233; en Commandite, Sidex, Soci&#233;t&#233;
en Commandite, Fonds de Solidarit&#233; des travailleurs du Qu&#233;bec (F.T.Q.), Fonds
R&#233;gional de Solidarit&#233; Nord-du-Qu&#233;bec, Soci&#233;t&#233; en Commandite, Exploration Osisko
&#150; Baie James Inc., Mines Coulon Inc. And Redevances Aurif&#232;res Osisko Lt&#233;e. A
copy of the aforementioned unanimous shareholders' agreement has been made
available to the Sellers. </P>
<P align=justify><B><U>Coulon Exchange Rights Agreement</U></B><B> </B></P>
<P align=justify>Reference is made to the exchange rights agreement dated
January 31, 2014 (the "<B>Exchange Rights Agreement</B>") between Virginia Mines
Inc. and the other holders of Class "A" shares in the capital of Coulon Mines
Inc. (the "<B>Coulon Shares</B>"), as amended effective February 17, 2015
pursuant to the plan of arrangement under Section 192 of the <I>Canada Business
Corporations Act </I>(the "<B>Plan of Arrangement</B>") among Osisko, Virginia
Mines Inc. and 9081798 Canada Inc. to, among other things, enable the holders of
Coulon Shares to exercise their exchange rights thereunder to acquire common
shares of Osisko in exchange for their Coulon Shares. </P>
<P align=justify>The plan of arrangement is described in the joint management
information circular of Osisko and Virginia Mines Inc. dated December 12, 2014
prepared in connection with the acquisition by Osisko of Virginia Mines Inc.,
and has been made available to the Sellers. </P>
<P align=justify><B><I>Background</I></B></P>
<P align=justify>Pursuant to various agreements dated January 31, 2014, Virginia
Mines Inc., of the first part, and each of Sod&#233;mex d&#233;veloppement, s.e.c., le
Fonds de solidarit&#233; des travailleurs du Qu&#233;bec (F.T.Q.), the Fonds regional de
solidarit&#233; Nord-du-Qu&#233;bec, s.e.c. and SIDEX, s.e.c. (collectively, the
"<B>Institutional Shareholders</B>"), of the second part, became involved in an
accelerated exploration program on Virginia Mine Inc.'s then mineral exploration
property known as the "Coulon Property". </P>
<P align=justify>Pursuant to the Exchange Rights Agreement, the Institutional
Shareholders were given the right to exchange their Coulon Shares for common
shares of Virginia Mines Inc. ("<B>Virginia Shares</B>"). The exchange rights
granted to the shareholders of Coulon Mines Inc. (the "<B>Coulon Exchange
Right</B>") were granted to each Institutional Shareholder individually and may
be exercised independently of one another. The Institutional Shareholders that
exercise their Coulon Exchange Right may do so only for the aggregate of the
Coulon Shares they held.</P>
<P align=justify>Pursuant to the Plan of Arrangement, the Exchange Rights
Agreement was amended so that a holder of Coulon Shareholders shall, upon
exercise of such Coulon Exchange Rights, in accordance with the terms and
conditions of the Exchange Rights Agreement, no longer be entitled to receive
Virginia Shares and shall instead be entitled to receive from Osisko such number
of common shares of Osisko (rounded to the nearest whole number with half of a
common share of Osisko rounded upwards) calculated in accordance with the
formula set out in the Plan of Arrangement, as adjusted if applicable.</P>
<P align=center>- 7 - </P>
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<P align=center><B>Schedule L <BR>Assignment Agreements </B></P>
<P align=center><B><U>ROYALTY ASSIGNMENT AND ASSUMPTION AGREEMENT</U></B><B>
</B></P>
<P align=center>[Description of Royalty] </P>
<P align=justify>This Royalty Assignment and Assumption Agreement (this
&#147;<B>Agreement</B>&#148;) is entered into and effective as of &lt;@&gt;, 2017 between
<B>[Seller]</B> (&#147;<B>Assignor</B>&#148;) and <B>[Buyer]</B> (&#147;<B>Assignee</B>&#148;). </P>
<P align=justify>Whereas the Assignor and the Assignee are two of the parties to
the <I>Acquisition Agreement</I> (the &#147;<B>Acquisition Agreement</B>&#148;) dated
&lt;@&gt;, 2017 between Orion Mine Finance (Master) Fund I LP, Orion Mine
Finance (Master) Fund I-A LP, Orion Co-Investments I (Stream) LLC, Orion
Co-Investments II LP, Orion Co-Investments IV LP, 8248567 Canada Limited and
Lynx Metals Limited, as vendors, and Osisko Gold Royalties Ltd., as purchaser,
the Assignor being one of the &#147;<B>Sellers</B>&#148; and the Assignee being the
&#147;<B>Buyer</B>&#148;. </P>
<P align=justify>And whereas this Agreement is the Assignment to be delivered by
the Assignor at Closing as provided in Section 7.2(d) of the Acquisition
Agreement in respect of the <B>[Royalty Agreement, described by Title, Date
&amp; Parties]</B> (the &#147;<B>Royalty Agreement</B>&#148;). </P>
<P align=justify>For good and valuable consideration, the receipt and
sufficiency of which is acknowledged by each of the Assignor and the Assignee,
the Assignor and the Assignee agree as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Capitalized terms and expressions used and not defined
      herein but defined in the Acquisition Agreement shall have the meanings
      assigned to them respectively in the Acquisition Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Assignor hereby assigns and transfers to Assignee the
      Royalty Agreement and all of Assignor&#146;s right, title and interest therein
      free and clear of any lien, claim or encumbrance.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Assignee accepts the assignment of the Royalty Agreement
      and assumes all of the obligations of the Assignor thereunder and
      covenants and agrees with Assignor to pay and discharge as and when due
      and be responsible for and indemnify and save harmless the Assignor from
      and against the Assumed Liabilities and the Environmental Liabilities,
      regardless of when existing or arising in respect of the Royalty in the
      manner and to the extent provided in the Acquisition Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>The rights and obligations of the parties hereto are
      subject to the terms and provisions of the Acquisition Agreement; in the
      event of any inconsistency between the terms hereof and the terms of the
      Acquisition Agreement, the terms of the Acquisition Agreement shall
      govern; the terms and provisions of the Acquisition Agreement shall not
      merge in this Assignment and Assumption Agreement and shall continue in
      full force and effect.</P></TD></TR></TABLE><BR>
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<P align=center>- 2 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>This Assignment and Assumption Agreement shall be
      governed by the laws of <B>[Royalty Agreement jurisdiction] </B>without
      reference to the choice of law or conflicts of law principles
    thereof.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>This Assignment and Assumption Agreement shall be binding
      upon and enure to the benefit of the parties hereto and their respective
      successors and assigns.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>This Assignment and Assumption Agreement may be executed
      in any number of counterparts. Each counterpart is an original, but the
      counterparts together are one and the same agreement. This Assignment and
      Assumption Agreement is binding on the parties on the exchange of
      counterparts. A copy of an executed counterpart sent by facsimile machine
      or as a PDF file by electronic mail (i) shall be treated as an original
      counterpart, (ii) is sufficient evidence of the execution of the original
      and (iii) may be produced in evidence for all purposes in place of the
      original.</P></TD></TR></TABLE>
<P align=justify>IN WITNESS WHEREOF, the parties have executed this Assignment
and Assumption Agreement on the date first written above. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>[SELLER]</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">By:&nbsp;&nbsp;
      _______________________________________________________</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name: </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Title: </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>[BUYER]</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">By:&nbsp;&nbsp;
      ________________________________________________________</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name: </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Title:
  </TD></TR></TABLE><BR>
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<P align=center><B>Schedule M <BR></B><B>Form of Shareholder Participation
Agreemen</B></P>
<P align=justify><EM>[Redacted - Shareholder participation Agreement to be filed
once executed among the parties]</EM></P>
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