<SEC-DOCUMENT>0001104659-24-061291.txt : 20240515
<SEC-HEADER>0001104659-24-061291.hdr.sgml : 20240515
<ACCEPTANCE-DATETIME>20240514183614
ACCESSION NUMBER:		0001104659-24-061291
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20240514
FILED AS OF DATE:		20240515
DATE AS OF CHANGE:		20240514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31722
		FILM NUMBER:		24946366

	BUSINESS ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3320
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3
		BUSINESS PHONE:		(416) 324-6000

	MAIL ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3320
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2413902d7_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of May&nbsp;2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number 001-31722</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<IMG SRC="tm2413902d7_6kimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New Gold Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Suite&nbsp;3320 - 181 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Toronto, Ontario M5J 2T3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant files
or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT> Form&nbsp;40-F <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Exhibits
99.1, 99.2 and 99.3 of this Form&nbsp;6-K&nbsp;are incorporated by reference as additional exhibits to the registrant&rsquo;s Registration
Statement on Form&nbsp;F-10&nbsp;(File&nbsp;No.&nbsp;333</FONT>-<FONT STYLE="background-color: white">279369).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DOCUMENTS FILED AS PART&nbsp;OF THIS FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2413902d7_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2413902d7_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement dated May&nbsp;14, 2024</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2413902d7_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2413902d7_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Davies Ward Phillips&nbsp;&amp; Vineberg LLP</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2413902d7_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2413902d7_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Borden Ladner Gervais LLP</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2413902d7_ex99-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2413902d7_ex99-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial Royalty Repurchase and Amending Agreement dated May&nbsp;13, 2024</FONT></A></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEW GOLD INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sean Keating</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May&nbsp;14, 2024</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sean Keating</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, General Counsel and Corporate Secretary </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2413902d7_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERWRITING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May&nbsp;14, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>New Gold Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;3320, 181 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Toronto, Ontario M5J 2T3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention:&#9;&#8239;&#8239;&#8239;&#8239;&#8239;Patrick
Godin, President and Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sir:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CIBC
World Markets Inc. (the &ldquo;<B>Lead Underwriter</B>&rdquo;), </FONT>BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital
Inc., National Bank Financial Inc., TD Securities Inc., Merrill Lynch Canada Inc., Canaccord Genuity Corp., Laurentian Bank Securities
Inc. and Raymond James Ltd. (together with the Lead Underwriter, the &ldquo;<B>Underwriters</B>&rdquo; and each individually an &ldquo;<B>Underwriter</B>&rdquo;)
hereby severally, and not jointly nor jointly and severally, agree to purchase from New Gold Inc. (the &ldquo;<B>Company</B>&rdquo;) in
the respective percentages set forth in Section&nbsp;21, and the Company hereby agrees to issue and sell to the Underwriters, upon and
subject to the terms hereof, an aggregate of 87,300,000 common shares of the Company (the &ldquo;<B>Firm Shares</B>&rdquo;) on an underwritten
 &ldquo;bought deal&rdquo; basis at a price of US$1.72 per Firm Share (the &ldquo;<B>Offering Price</B>&rdquo;) for aggregate gross proceeds
of US$150,156,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon and subject to the terms and conditions contained
herein, the Company hereby grants to the Underwriters an option (the &ldquo;<B>Over-Allotment Option</B>&rdquo;) to purchase severally,
and not jointly nor jointly and severally, in the respective percentages set forth in Section&nbsp;21 hereof, up to an additional 13,095,000&nbsp;common
shares of the Company (the &ldquo;<B>Additional Shares</B>&rdquo;) at a price of US$1.72 per Additional Share for the purpose of covering
over-allotments, if any. The Over-Allotment Option may be exercised in accordance with Section&nbsp;15 hereof. The Firm Shares and the
Additional Shares are collectively referred to herein as the &ldquo;<B>Offered Shares</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Underwriters understand that the Company has prepared and filed with each of the Canadian Securities Commissions (as hereinafter defined)
the Canadian Base Shelf Prospectus (as hereinafter defined) in respect of common shares, debt securities, subscription receipts, warrants
and units of the Company, omitting the Shelf Information (as hereinafter defined) in accordance with the Shelf Procedures (as hereinafter
defined) and that the Company has received a Receipt (as hereinafter defined) for the Canadian Base Shelf Prospectus on May&nbsp;13, 2024.
The term &ldquo;<B>Canadian Base Shelf Prospectus</B>&rdquo; means the (final) short form base shelf prospectus dated May&nbsp;13, 2024
at the time the Receipt was issued with respect thereto in accordance with Canadian Securities Laws (as hereinafter defined), including
the Shelf Procedures (as hereinafter defined), CSA Staff Notice 44-306 &ndash; <I>Blanket Orders Exempting Well-known Seasoned Issuers
from Certain Prospectus Requirements </I>(&ldquo;<B>CSA Staff Notice 44-306</B>&rdquo;)</FONT>, the Ontario WKSI Blanket Order and the
equivalent blanket orders adopted by the other Canadian Securities Commissions (together with CSA Staff Notice 44-306 and the Ontario
WKSI Blanket Order, the &ldquo;<B>WKSI Blanket Orders</B>&rdquo;) and includes all Documents Incorporated by Reference therein and the
documents otherwise deemed to be a part thereof or included therein pursuant to Canadian Securities Laws. The Company has also prepared
and filed a preliminary prospectus supplement relating to the Offering (as hereinafter defined), which excluded certain Shelf Information,
with the Canadian Securities Commissions (including the Documents Incorporated by Reference therein, the &ldquo;<B>Canadian Preliminary
Prospectus Supplement</B>&rdquo;). The Canadian Preliminary Prospectus Supplement, together with the Canadian Base Shelf Prospectus, is
hereinafter called the &ldquo;<B>Canadian Preliminary Prospectus</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriters also understand that the Company
has prepared and filed with the United States Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) pursuant to the Canada/U.S.
Multijurisdictional Disclosure System adopted by the SEC, a registration statement on Form&nbsp;F-10 (File No.&nbsp;333-279369) covering
the public offering and sale of the securities qualified under Applicable Securities Laws (as hereinafter defined) by the Canadian Base
Shelf Prospectus, including the Offered Shares, under the United States Securities Act of 1933, as amended (the &ldquo;<B>U.S. Securities
Act</B>&rdquo;), and the rules&nbsp;and regulations of the SEC thereunder (the Canadian Base Shelf Prospectus, together with any Documents
Incorporated by Reference therein, any supplements or amendments thereto and with such deletions therefrom and additions or changes thereto
as are permitted or required by Form&nbsp;F-10 and the applicable rules&nbsp;and regulations of the SEC, in the form included in such
Form&nbsp;F-10, the &ldquo;<B>U.S. Base Prospectus</B>&rdquo; and such registration statement, including the prospectus contained therein
at the time it become effective, as amended or supplemented, and the exhibits thereto and the Documents Incorporated by Reference therein,
in the form in which it became effective, is herein called the &ldquo;<B>Registration Statement</B>&rdquo;). The Company has also prepared
and filed with the SEC an appointment of agent for service of process upon the Company on Form&nbsp;F-X (the &ldquo;<B>Form&nbsp;F-X</B>&rdquo;)
in conjunction with the filing of the Registration Statement. The Company has also prepared and filed with the SEC, in accordance with
General Instruction&nbsp;II.L of Form&nbsp;F-10, the Canadian Preliminary Prospectus Supplement, with such deletions therefrom and additions
or changes thereto, as are permitted or required by Form&nbsp;F-10 and the applicable rules&nbsp;and regulations of the SEC (the &ldquo;<B>U.S.
Preliminary Prospectus Supplement</B>&rdquo;). The U.S. Preliminary Prospectus Supplement, together with the U.S. Base Shelf Prospectus,
is hereinafter called the &ldquo;<B>U.S. Preliminary Prospectus</B>&rdquo;. The U.S. Preliminary Prospectus and the Canadian Preliminary
Prospectus are hereinafter collectively referred to as the &ldquo;<B>Preliminary Prospectuses</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Underwriters also understand
that the Company will (i)&nbsp;prepare and file, as promptly as practicable and in any event by 5:00 p.m.&nbsp;(Eastern time) on May&nbsp;14,
2024, with the Canadian Securities Commissions, in accordance with the Shelf Procedures, a (final) prospectus supplement setting forth
the Shelf Information (including any Documents Incorporated by Reference therein and any supplements or amendments thereto, the &ldquo;<B>Canadian
Prospectus Supplement</B>&rdquo;, and, together with the Canadian Base Shelf Prospectus, the &ldquo;<B>Canadian Prospectus</B>&rdquo;),
and (ii)&nbsp;prepare and file with the SEC, within one Business Day following the filing of the Canadian Prospectus Supplement with the
Canadian Securities Commissions, in accordance with General Instruction&nbsp;II.L of Form&nbsp;F-10, the Canadian Prospectus Supplement,
with such deletions therefrom and additions or changes thereto as are permitted or required by Form&nbsp;F-10 and the applicable rules&nbsp;and
regulations of the SEC (the &ldquo;<B>U.S. Prospectus Supplement</B>&rdquo;, and together with the U.S. Base Prospectus, the &ldquo;<B>U.S.&nbsp;Prospectus</B>&rdquo;).
The information, if any, included in the Canadian Prospectus Supplement that is omitted from the Canadian Base Shelf Prospectus for which
a Receipt has been obtained, but that is deemed under the Shelf Procedures to be incorporated by reference into the Canadian Base Shelf
Prospectus as of the date of the Canadian Prospectus Supplement, is referred to herein as the &ldquo;<B>Shelf Information</B>&rdquo;.
The U.S. Prospectus Supplement and the Canadian Prospectus Supplement are hereinafter collectively referred to as the &ldquo;<B>Prospectus
Supplements</B>&rdquo; and the U.S. Prospectus and the Canadian Prospectus are hereinafter collectively sometimes referred to as the &ldquo;<B>Prospectuses</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any reference herein to any &ldquo;amendment&rdquo;
or &ldquo;supplement&rdquo; to the U.S. Base Prospectus, the U.S. Prospectus, the Canadian Base Shelf Prospectus or the Canadian Prospectus
shall be deemed to refer to and include (i)&nbsp;the filing of any document with the Canadian Securities Commissions or the SEC after
the date of such U.S. Base Prospectus, U.S. Prospectus, Canadian Base Shelf Prospectus or Canadian Prospectus, as the case may be, which
is incorporated therein by reference or is otherwise deemed to be a part thereof or included therein by the U.S. Securities Act or Canadian
Securities Laws, as applicable, and (ii)&nbsp;any such document so filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. Preliminary Prospectus, as supplemented
by the Issuer Free Writing Prospectuses (as hereinafter defined), if any, and the information listed in Schedule&nbsp;&ldquo;B&rdquo;
hereto, taken together, are hereinafter referred to as the &ldquo;<B>Pricing Disclosure Package</B>&rdquo;. For purposes of this Agreement,
the &ldquo;<B>Applicable Time</B>&rdquo; is 4:30&nbsp;p.m.&nbsp;(Eastern time) on May&nbsp;13, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company understands that: (i)&nbsp;any offers
or sales of the Offered Shares in Canada (other than other than Qu&eacute;bec) will be conducted through the Underwriters, or one or more
affiliates of the Underwriters, duly registered in compliance with applicable Canadian Securities Laws; and (ii)&nbsp;any offers or sales
of the Offered Shares in the United States will be conducted through the Underwriters, or one or more affiliates of the Underwriters,
duly registered as a broker-dealer in compliance with applicable U.S. Securities Laws (as hereinafter defined) and the requirements of
the Financial Industry Regulatory Authority,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration of the services rendered and
to be rendered by the Underwriters hereunder, the Company hereby agrees to pay to the Lead Underwriter, on behalf of the Underwriters,
at the Closing Time (as hereinafter defined), and at the Option Closing Time (as hereinafter defined), if any, a cash fee equal to 4.0%
of the aggregate gross proceeds of the Offering (the &ldquo;<B>Underwriting Commission</B>&rdquo;), the payment of such fee by the Company
to be reflected by the Underwriters making payment of the gross proceeds of the sale of the Firm Shares or the Additional Shares, as the
case may be, to the Company, less the amount of the Underwriting Commission paid by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement shall be subject to the following
terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;1</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Interpretation</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Definitions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where used in this Agreement or in any amendment
hereto, the following terms shall have the following meanings, respectively:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Additional Shares</B>&rdquo; has the
meaning given to it in the second paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>affiliate</B>&rdquo; has the meaning
given to it in the BCBCA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Agreement</B>&rdquo; means the agreement
resulting from the acceptance by the Company of the offer made by the Underwriters by this underwriting agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Applicable Securities Laws</B>&rdquo;
means the Canadian Securities Laws and the U.S. Securities Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Applicable Time</B>&rdquo; has the meaning
given to it in the seventh paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Authorization</B>&rdquo; means any certificate,
consent, order, permit, approval, waiver, licence, qualification, registration or similar authorization of any Governmental Authority
having jurisdiction over a Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>BCBCA</B>&rdquo; means the <I>Business
Corporations Act </I>(British Columbia);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means any day,
other than a Saturday or Sunday, on which banks are open for business in Toronto, Ontario, and New York, New York;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Canadian Base Shelf Prospectus</B>&rdquo;
has the meaning given to it in the third paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Canadian Offering Documents</B>&rdquo;
means each of the Canadian Prospectus and any Canadian Prospectus Amendment, including the Documents Incorporated by Reference and any
Marketing Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Canadian Preliminary Prospectus</B>&rdquo;
has the meaning given to it in the third paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Canadian Preliminary Prospectus Supplement</B>&rdquo;
has the meaning given to it in the third paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Canadian Prospectus</B>&rdquo; has the
meaning given to it in the fifth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Canadian Prospectus Amendment</B>&rdquo;
means any amendment to the Canadian Prospectus, including the Documents Incorporated by Reference;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Canadian Prospectus Supplement</B>&rdquo;
has the meaning given to it in the fifth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Canadian Securities Commissions</B>&rdquo;
means the securities regulatory authorities in each of the Qualifying Jurisdictions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Canadian Securities Laws</B>&rdquo;
means all applicable securities laws of each of the Qualifying Jurisdictions and the respective rules&nbsp;and regulations under such
laws together with applicable published national, multilateral and local instruments, blanket orders and rulings of the securities regulatory
authorities in the Qualifying Jurisdictions including, but not limited to, the WKSI Blanket Orders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>CDS</B>&rdquo; means CDS Clearing and
Depository Services Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Claims</B>&rdquo; has the meaning given
to it in Section&nbsp;9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Closing Date</B>&rdquo; has the meaning
given to it in Section&nbsp;13;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Closing Time</B>&rdquo; has the meaning
given to it in Section&nbsp;13;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Commission</B>&rdquo; means the Ontario Securities Commission;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Common Shares</B>&rdquo; means the common shares in the capital
of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Company</B>&rdquo; means New Gold Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Company Contract</B>&rdquo; has the meaning given to it in
Section&nbsp;7(16);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Credit Facility</B>&rdquo; means the
credit facility established pursuant to the Fourth Amended and Restated Credit Agreement (as may be amended, modified, amended and restated,
revised or supplemented from time to time);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>CSA Staff Notice 44-306</B>&rdquo; has
the meaning given to it in the third paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>CSP Mine</B>&rdquo; means the Cerro
San Pedro gold-silver mine in San Luis Potosi, Mexico;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Debt Instrument</B>&rdquo; means any
material loan, bond, debenture, promissory note or other instrument evidencing indebtedness (demand or otherwise) for borrowed money,
to which the Company or any of its subsidiaries is a party or by which any of their property or assets are bound;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Distribution</B>&rdquo; means &ldquo;distribution&rdquo;
or &ldquo;distribution to the public&rdquo; as those terms are defined in the Canadian Securities Laws, except for where otherwise specified
in this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Documents Incorporated by Reference</B>&rdquo;
means all interim and annual financial statements, management&rsquo;s discussion and analysis, business acquisition reports, management
information circulars, annual information forms, material change reports, Marketing Documents and other documents that are or are required
by Applicable Securities Laws to be incorporated by reference into the Offering Documents, as applicable, except to the extent that such
documents, or certain parts thereof, are modified or superseded by a statement contained in the Prospectuses or Prospectus Supplements
or any other document subsequently filed that is also incorporated by reference with the Prospectuses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>EDGAR</B>&rdquo; means the SEC&rsquo;s
Electronic Document Gathering and Retrieval System;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Employee Plans</B>&rdquo; has the meaning
given to it in Section&nbsp;7(46);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Encumbrance</B>&rdquo; means any encumbrance
of whatever kind or nature, regardless of form, whether or not registered or registrable and whether or not consensual or arising by law
(statutory or otherwise), including any mortgage, lien, charge, pledge or security interest, whether fixed or floating, or any assignment,
lease, option, right of pre-emption, right of first refusal, acquisition right, privilege, easement, right of way, servitude, restrictive
covenant, right of use or any other right or claim of any kind or nature whatsoever which affects ownership or possession of, or title
to, any interest in, or right to use or occupy property or assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Environmental Laws</B>&rdquo; has the
meaning given to it in Section&nbsp;7(29)(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Financial Statements</B>&rdquo; means,
collectively (i)&nbsp;the audited consolidated financial statements of the Company as of and for the year ended December&nbsp;31, 2023,
the related notes thereto and the independent auditors&rsquo; report thereon; and (ii)&nbsp;the unaudited condensed interim consolidated
financial statements of the Company as of and for the three months ended March&nbsp;31, 2024 and the related notes thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Firm Shares</B>&rdquo; has the meaning
given to it in the first paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Foreign Corruption Laws</B>&rdquo; has
the meaning given to it in Section&nbsp;7(52);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Form&nbsp;F-X</B>&rdquo; has the meaning
given to it in the fourth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Fourth Amended and Restated Credit Agreement</B>&rdquo;
means the fourth amended and restated credit agreement dated as of April&nbsp;26, 2023 among the Company (as borrower), The Bank of Nova
Scotia and RBC Capital Markets (as co-lead arrangers and joint bookrunners), The Bank of Nova Scotia (as administrative agent), Royal
Bank of Canada (as syndication agent), The Toronto-Dominion Bank and Canadian Imperial Bank of Commerce (as co-documentation agents),
and The Bank of Nova Scotia, Royal Bank of Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Montreal, Bank
of America, N.A., Canada Branch, and National Bank of Canada (as lenders);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Governmental Authority</B>&rdquo; means
federal, provincial, state or local, domestic or foreign, governments, regulatory authorities, governmental departments, agencies, stock
exchanges, commissions, bureaus, officials, ministers, crown corporations, courts, bodies, boards, tribunals or dispute settlement panels
or other law, rule&nbsp;or regulation-making organizations or entities (a)&nbsp;having or purporting to have jurisdiction on behalf of
any nation, province, territory or state or any other geographic or political subdivision of any of them, or (b)&nbsp;exercising, or entitled
or purporting to exercise any administrative, executive, judicial, legislative, policy, regulatory or taxing authority or power;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Hazardous Materials</B>&rdquo; has the
meaning given to it in Section&nbsp;7(29)(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>IFRS</B>&rdquo; means International
Financial Reporting Standards as issued by the International Accounting Standards Board, as the same may be amended or supplemented from
time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Indemnified Party</B>&rdquo; or &ldquo;<B>Indemnified
Parties</B>&rdquo; has the meaning given to it in Section&nbsp;9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Indenture</B>&rdquo; means the indenture
dated as of June&nbsp;24, 2020 among the Company (as issuer), Minera San Xavier S.A. de C.V. and New Gold CSP Ltd. (as guarantors) and
Computershare Trust Company, N.A. (as trustee) relating to the aggregate principal amount of $400 million 7.50% senior notes due July&nbsp;15,
2027;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Intellectual Property</B>&rdquo; has
the meaning given to it in Section&nbsp;7(25);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Issuer Free Writing Prospectus</B>&rdquo;
means an &ldquo;issuer free writing prospectus&rdquo; as defined in Rule&nbsp;433 under the U.S. Securities Act relating to the Offered
Shares that (i)&nbsp;is required to be filed with the SEC by the Company, (ii)&nbsp;is a &ldquo;road show that is a written communication&rdquo;
within the meaning of Rule&nbsp;433(d)(8)(i)&nbsp;under the U.S. Securities Act whether or not required to be filed with the SEC or (iii)&nbsp;is
exempt from filing pursuant to Rule&nbsp;433(d)(5)(i)&nbsp;under the U.S. Securities Act because it contains a description of the Offered
Shares or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed with the SEC or,
if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule&nbsp;433(g)&nbsp;under the U.S. Securities
Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>IT Systems and Data</B>&rdquo; has the
meaning given to it in Section&nbsp;7(56);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>ITA</B>&rdquo; means the <I>Income Tax
Act </I>(Canada), as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Lead Underwriter</B>&rdquo; has the
meaning given to it in the first paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Marketing
Documents</B>&rdquo; means any marketing materials approved in accordance with </FONT>Section&nbsp;3(2);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>marketing materials</B>&rdquo; has the
meaning given to it in NI&nbsp;41-101;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Material Adverse Effect</B>&rdquo; or
 &ldquo;<B>Material Adverse Change</B>&rdquo; means any change, effect, event, occurrence, circumstance, violation or inaccuracy, as the
case may be, that: (i)&nbsp;has or would reasonably be expected to have a material and adverse effect on the business, assets, properties,
affairs, liabilities (absolute, accrued, contingent or otherwise), capitalization, condition (financial or otherwise), results of operations,
cash flows or prospects of the Company and its subsidiaries (on a consolidated basis); or (ii)&nbsp;would result in any Offering Document
containing a misrepresentation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Material Agreement</B>&rdquo; means
any Debt Instrument, contract, commitment, agreement (written or oral), instrument, lease or license to which the Company or its subsidiaries
are a party and which is material to the Company and its subsidiaries (on a consolidated basis), including, but not limited to, the Indenture,
the Fourth Amended and Restated Credit Agreement, the New Afton PA Agreement, the New Afton Royalty Agreement, the New Afton Royalty Amending
Agreement and any document filed as a material contract on SEDAR+ or EDGAR;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>material change</B>&rdquo; means a material
change in or relating to the Company for the purposes of Applicable Securities Laws or any of them, or where undefined under the Applicable
Securities Laws of an Offering Jurisdiction means a change in or relating to the business, operations or capital of the Company and its
subsidiaries taken as a whole that would reasonably be expected to have a significant effect on the market price or value of any securities
of the Company and includes a decision to implement such a change made by the board of directors of the Company or by senior management
who believe that confirmation of the decision by the board of directors of the Company is probable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>material fact </B>means a material fact
for the purposes of Applicable Securities Laws or any of them, or where undefined under the Applicable Securities Laws of an Offering
Jurisdiction means a fact that would reasonably be expected to have a significant effect on the market price or value of any securities
of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Material Properties</B>&rdquo; means
all of the tenements, concessions and claims associated with the New Afton Mine and the Rainy River Mine, as described, in all material
respects, in the Technical Reports and the Offering Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Mining Rights</B>&rdquo; means all interests
in mining claims, concessions, mining leases, leases of occupation, prospecting, exploration, exploitation, mining or extraction rights,
participating interests or other property interests or rights or similar rights, as applicable, relating to the Material Properties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>misrepresentation</B>&rdquo; means a
misrepresentation for the purposes of the Applicable Securities Laws of an Offering Jurisdiction or any of them, or where undefined under
the Applicable Securities Laws of an Offering Jurisdiction means: (i)&nbsp;an untrue statement of a material fact, or (ii)&nbsp;an omission
to state a material fact that is required to be stated or that is necessary to make a statement not misleading in the light of the circumstances
in which it was made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>New Afton Mine</B>&rdquo; means the
New Afton gold-copper mine in British Columbia, Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>New Afton PA</B>&rdquo; means the purchase
agreement between the Company and 2742150 Ontario Limited, an affiliate of OTPPB, dated February&nbsp;24, 2020 in respect of certain interests
in the New Afton Mine;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>New Afton Royalty Amending Agreement</B>&rdquo;
means the partial repurchase and royalty amending agreement dated May&nbsp;13, 2024 between the Company and an affiliate of OTPPB, pursuant
to which the parties have agreed to amend the New Afton Royalty Agreement to reflect amendments with respect to certain interests OTPPB
indirectly holds in New Afton;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>New Afton Royalty Agreement</B>&rdquo;
means the free cash flow royalty agreement dated as of March&nbsp;31, 2020 between the Company and an affiliate of OTPPB;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Money Laundering Laws</B>&rdquo; has
the meaning given to it in Section&nbsp;7(52);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>NI&nbsp;41-101</B>&rdquo; means National
Instrument 41-101 &ndash; <I>General Prospectus Requirements</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>NI&nbsp;43-101</B>&rdquo; means National
Instrument 43-101 &ndash; <I>Standards for Disclosure for Mineral Projects</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>NI&nbsp;44-101</B>&rdquo; means National
Instrument 44-101 &ndash; <I>Short Form&nbsp;Prospectus Distributions</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>NI&nbsp;44-102</B>&rdquo; means National
Instrument 44-102 &ndash; <I>Shelf Distributions</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>NI&nbsp;51-102</B>&rdquo; means National
Instrument 51-102 &ndash; <I>Continuous Disclosure Obligations</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>NYSE American</B>&rdquo; means the NYSE
American LLC;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>OFAC</B>&rdquo; has the meaning given
to it in Section&nbsp;7(53);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Offered Shares</B>&rdquo; has the meaning
given to it in the second paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Offering</B>&rdquo; means the sale of
Offered Shares pursuant to this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Offering Documents</B>&rdquo; means
the Canadian Offering Documents and the U.S. Offering Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Offering Jurisdictions</B>&rdquo; means
the United States and the Qualifying Jurisdictions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Offering Price</B>&rdquo; has the meaning
given to it in the first paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Ontario
WKSI Blanket Order</B>&rdquo; means </FONT>Ontario Instrument 44-501 &ndash; <I>Exemption from Certain Prospectus Requirements for Well-known
Seasoned Issuers (Interim Class&nbsp;Order)</I>, as extended by OSC Rule&nbsp;44-502 &ndash; <I>Extension to Ontario Instrument 44-501
- Certain Prospectus Requirements for Well-Known Seasoned Issuers</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Option Closing Date</B>&rdquo; has the
meaning given to it in Section&nbsp;15(1);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Option Closing Time</B>&rdquo; has the
meaning given to it in Section&nbsp;15(1);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>OTPPB</B>&rdquo; means Ontario Teachers&rsquo;
Pension Plan Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Over-Allotment Option</B>&rdquo; has
the meaning given to it in the second paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Person</B>&rdquo; shall be interpreted
broadly and include any individual (whether acting as an executor, trustee administrator, legal representative or otherwise), partnership,
limited partnership, limited liability partnership, corporation, limited liability company, unlimited liability company, joint stock company,
trust, unincorporated association, joint venture or any other entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Preliminary Prospectuses</B>&rdquo;
has the meaning given to it in the fourth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Pricing Disclosure Package</B>&rdquo;
has the meaning given to it in the seventh paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Prospectus Supplements</B>&rdquo; has
the meaning given to it in the fifth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Prospectuses</B>&rdquo; has the meaning
given to it in the fifth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Purchasers</B>&rdquo; means, collectively,
each of the purchasers of the Offered Shares arranged by the Underwriters pursuant to the Offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Qualifying Jurisdictions</B>&rdquo;
means each of the provinces and territories of Canada other than Qu&eacute;bec, and such other jurisdictions to which the Underwriters
and the Company may agree;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Rainy River Mine</B>&rdquo; means the
Rainy River gold-silver mine in Ontario, Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Receipt</B>&rdquo; means the receipt
issued by the Commission, which is deemed to also be a receipt of the other Canadian Securities Commissions pursuant to Multilateral Instrument
11-102 &mdash; <I>Passport System </I>and National Policy 11-202 &mdash; <I>Process for Prospectus Reviews in Multiple Jurisdictions</I>,
for the Canadian Base Shelf Prospectus and any Canadian Prospectus Amendment, as the case may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Registration Statement</B>&rdquo; has
the meaning given to it in the fourth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Returns</B>&rdquo; has the meaning given
to it in Section&nbsp;7(37);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>SEC</B>&rdquo; has the meaning given
to it in the fourth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>SEDAR+</B>&rdquo; means the System for
Electronic Document Analysis and Retrieval +;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Selling Firm</B>&rdquo; has the meaning
given to it in Section&nbsp;2(1);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Shelf Information</B>&rdquo; has the
meaning given to it in the fifth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Shelf Procedures</B>&rdquo; means NI&nbsp;44-101
and NI&nbsp;44-102;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Standard Listing Conditions</B>&rdquo;
has the meaning given to it in Section&nbsp;14(1)(f);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>subsidiary</B>&rdquo; has the meaning
given to it in the BCBCA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Supplementary Material</B>&rdquo; means,
collectively, any amendment to the Offering Documents and any amendment or supplemental prospectus or ancillary materials that may be
filed by or on behalf of the Company under Applicable Securities Laws relating to the Offering and/or the distribution of the Offered
Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Technical Reports</B>&rdquo; means,
collectively, the following technical reports of the Company: (i)&nbsp;&ldquo;NI 43-101 Technical Report for the Rainy River Mine, Ontario,
Canada&rdquo; with an effective date of March&nbsp;28, 2022; and (ii)&nbsp;&ldquo;Technical Report on the New Afton Mine, British Columbia,
Canada&rdquo; dated February&nbsp;28, 2020;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>template version</B>&rdquo; has the
meaning ascribed to such term in NI&nbsp;41-101 and includes any revised template version of marketing materials as contemplated by NI&nbsp;41-101;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>TSX</B>&rdquo; means the Toronto Stock
Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Underwriters</B>&rdquo; has the meaning
given to it in the first paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Underwriting Commission</B>&rdquo; has
the meaning given to it in the ninth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>United States</B>&rdquo; means the United
States of America, its territories and possessions, any State of the United States and the District of Columbia;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>U.S. Amended Prospectus</B>&rdquo; means
any amendment or supplement to the U.S. Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>U.S. Base Prospectus</B>&rdquo; has
the meaning given to it in the fourth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>U.S. Exchange Act</B>&rdquo; means the
United States Securities Exchange Act of 1934, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>U.S. Offering Documents</B>&rdquo; means
the Registration Statement, any U.S. Registration Statement Amendment, the U.S. Prospectus, any U.S. Amended Prospectus and the Pricing
Disclosure Package;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>U.S. Preliminary Prospectus</B>&rdquo;
has the meaning given to it in the fourth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>U.S. Preliminary Prospectus Supplement</B>&rdquo;
has the meaning given to it in the fourth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>U.S. Prospectus</B>&rdquo; has the meaning
given to it in the fifth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>U.S. Prospectus Supplement</B>&rdquo;
has the meaning given to it in the fifth paragraph&nbsp;of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>U.S. Registration Statement Amendment</B>&rdquo;
means any amendment to the Registration Statement and any post- effective amendment to the Registration Statement filed with the SEC during
the Distribution of the Offered Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>U.S. Securities Act</B>&rdquo; has the
meaning given to it in the fourth paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>U.S. Securities Laws</B>&rdquo; means
all applicable United States securities laws, including, without limitation, the U.S. Securities Act, the U.S. Exchange Act and the rules&nbsp;and
regulations promulgated thereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>WKSI Blanket Orders</B>&rdquo; has the
meaning given to it in the third paragraph&nbsp;of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">Capitalized terms used but not defined herein have the meanings ascribed to them in the Canadian Prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">Any reference in this Agreement to a Section&nbsp;or Subsection shall refer to a section or subsection
of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">All words and personal pronouns relating thereto shall be read and construed as the number and gender
of the party or parties referred to in each case required and the verb shall be construed as agreeing with the required word and/or pronoun.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify">Any reference in this Agreement to &ldquo;C$&rdquo; or to &ldquo;dollars&rdquo; shall refer to the lawful
currency of Canada and any reference to &ldquo;US$&rdquo; shall refer to the lawful currency of the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following are the schedules to this
Agreement, which schedules are deemed to be a part hereof and are hereby incorporated by reference herein</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Schedule&nbsp;&ldquo;A&rdquo; &ndash;
Matters to be Addressed in the Company&rsquo;s Canadian Counsel Opinion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Schedule&nbsp;&ldquo;B&rdquo; &ndash;
Pricing Terms Included in the Pricing Disclosure Package</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Schedule&nbsp;&ldquo;C&rdquo; &ndash;
Form&nbsp;of Lock-Up Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Distribution of the Offered Shares</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Each Underwriter shall be permitted to appoint additional investment dealers or brokers (each, a &ldquo;<B>Selling
Firm</B>&rdquo;) as its agents in the Offering and each such Underwriter may determine the remuneration payable to such Selling Firm but
at no additional cost to the Company. The Underwriters may offer the Offered Shares, directly and through Selling Firms or any affiliate
of an Underwriter, in the Offering Jurisdictions for sale to the public only in accordance with Applicable Securities Laws and in any
jurisdiction outside of the Offering Jurisdictions (subject to Section&nbsp;6 hereof) to Purchasers permitted to purchase the Offered
Shares only in accordance with Applicable Securities Laws and applicable securities laws in such jurisdiction, and upon the terms and
conditions set forth in the Offering Documents and in this Agreement. Each Underwriter shall require any Selling Firm appointed by such
Underwriter to agree to the foregoing and such Underwriter shall be severally responsible for the compliance by such Selling Firm with
the provisions of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">For purposes of this Section&nbsp;2, the Underwriters shall be entitled to assume that the Offered Shares
are qualified for Distribution in any Qualifying Jurisdiction, unless otherwise notified in writing by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The Lead Underwriter shall promptly notify the Company when, in its opinion, the Distribution of the Offered
Shares has ceased and will provide to the Company, as soon as practicable thereafter but in any event within 30&nbsp;days after completion
of the Distribution, a breakdown of the number of Offered Shares distributed in each of the Offering Jurisdictions where such breakdown
is required for the purpose of calculating fees payable to the Canadian Securities Commissions and, if applicable, in the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">The Underwriters shall not, in connection with the services provided hereunder, make any representations
or warranties with respect to the Company, its securities or the Offering, other than as set forth in the Offering Documents, any Issuer
Free Writing Prospectus or in any Marketing Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding the foregoing provisions of this Section&nbsp;2, no Underwriter will be liable to the
Company under this Section&nbsp;2 with respect to a default or breach by another Underwriter or another Underwriter&rsquo;s duly registered
broker-dealer affiliate in the United States or another Underwriter&rsquo;s Selling Firm, as the case may be.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify">Subject to Section&nbsp;6, the Underwriters acknowledge that the Company is not taking any steps to qualify
the Offered Shares for Distribution or register the Offered Shares or the Distribution thereof with any securities regulatory authority
outside of the Offering Jurisdictions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;3</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Preparation of Prospectus Supplements; Marketing Documents; Due Diligence</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">During the period of the Distribution of the Offered Shares, the Company shall co-operate with the Underwriters
to allow and assist the Underwriters to participate in the preparation of, and allow the Underwriters to approve, acting reasonably, the
form and content of, the Prospectus Supplements and any amendments thereto and any Issuer Free Writing Prospectus and shall allow the
Underwriters to conduct all &ldquo;due diligence&rdquo; investigations which the Underwriters may reasonably require to fulfil the Underwriters&rsquo;
obligations under Applicable Securities Laws as underwriters and, in the case of the Canadian Prospectus Supplement and any Canadian Prospectus
Amendment, to enable the Underwriters to execute any certificate required under Applicable Securities Laws to be executed by the Underwriters.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">Without limiting the generality of clause&nbsp;(1)&nbsp;above, during the distribution of the Offered
Shares:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">subject to Section&nbsp;7(1)(d), the Company shall prepare, in consultation with the Underwriters, and
shall approve in writing, prior to the time that any such marketing materials are provided to potential Purchasers, a template version
of any marketing materials reasonably requested to be provided by the Underwriters to any such potential Purchasers, and such marketing
materials shall comply with Applicable Securities Laws and shall be acceptable in form and substance to the Underwriters and their U.S.
and Canadian counsel, acting reasonably;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the Lead Underwriter, on behalf of the Underwriters, shall approve a template version of any such marketing
materials in writing prior to the time that such marketing materials are provided to potential Purchasers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">the Company shall file a template version of any such marketing materials on SEDAR+ and on EDGAR as soon
as reasonably practical after such marketing materials are so approved in writing by the Company and the Lead Underwriter, on behalf of
the Underwriters, and in any event on or before the day that the Lead Underwriter has specified that the marketing materials will be first
provided to any potential Purchaser, and any comparables shall be removed from the template version in accordance with NI&nbsp;44-101
prior to filing such on SEDAR+ (provided that if any such comparables are removed, the Company shall deliver a complete template version
of any such marketing materials to the Commission), and the Company shall provide a copy of such filed template version to the Underwriters
as soon as practicable following such filing; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">following the approvals and filings set forth in Section&nbsp;3(2)(a)&nbsp;to Section&nbsp;3(2)(c)&nbsp;above,
the Underwriters may provide a limited use version of such marketing materials to potential Purchasers and which shall comply with Applicable
Securities Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The Company and each Underwriter, on a several basis, covenants and agrees not to provide any potential
Purchaser with any marketing materials except for marketing materials which have been approved as contemplated in Section&nbsp;3(2).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;4</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Material Changes</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">During the period from the date of this Agreement to the completion of the Distribution of the Offered
Shares, the Company covenants and agrees with the Underwriters that it shall promptly notify the Underwriters in writing of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">any material change (actual, anticipated, contemplated or threatened) in or relating to the business,
affairs, operations, assets (including contractual arrangements), liabilities (contingent or otherwise), capital or ownership of the Company
and its subsidiaries (on a consolidated basis);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">any material fact which has arisen or been discovered and would have been required to have been stated
in any of the Offering Documents or any Issuer Free Writing Prospectus had the fact arisen or been discovered on or prior to the date
of such document;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">any change in any material fact (which for purposes of this Agreement shall be deemed to include the disclosure
of any previously undisclosed material fact) contained in the Canadian Offering Documents, as they exist immediately prior to such change,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">in each case, which fact or change is,
or may reasonably be expected to be, of such a nature as (x)&nbsp;to render any statement in such Canadian Offering Documents, as they
exist taken together in their entirety immediately prior to such change, misleading or untrue in any material respect, (y)&nbsp;which
would result in the Canadian Offering Documents, as they exist immediately prior to such change, containing a misrepresentation or which
would result in the Canadian Offering Documents, as they exist immediately prior to such change, not complying in any material respect
with the laws of any Qualifying Jurisdiction in which the Offered Shares are to be offered for sale, or (z)&nbsp;which change would reasonably
be expected to have a significant effect on the market price or value of any securities of the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">the occurrence of any event as a result of which (i)&nbsp;the Registration Statement or any U.S. Registration
Statement Amendment, in each case as amended immediately prior to such occurrence, would include any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or
(ii)&nbsp;the U.S. Prospectus, any U.S. Amended Prospectus, the Pricing Disclosure Package or any Issuer Free Writing Prospectus, in each
case as then amended or supplemented (in the case of the Pricing Disclosure Package, as of the Applicable Time), would include any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances in which they are made, not misleading.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">The Underwriters agree, and will require each Selling Firm to agree, to cease the Distribution of the
Offered Shares upon the Underwriters receiving written notification of any change or material fact with respect to any Offering Document
contemplated by this Section&nbsp;4 and to not recommence the Distribution of the Offered Shares until Supplementary Materials disclosing
such change are filed in such Offering Jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The Company shall promptly comply with all applicable filing and other requirements under Applicable Securities
Laws whether as a result of such change, material fact or otherwise; provided that the Company shall not file any Supplementary Material
or other document without first providing the Underwriters with a copy of such Supplementary Material or other document and consulting
with the Underwriters with respect to the form and content thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">If during the Distribution of the Offered Shares there is any change in any Applicable Securities Laws,
which results in a requirement to file a Canadian Prospectus Amendment or U.S. Registration Statement Amendment, the Company shall, subject
to Section&nbsp;4(3)&nbsp;above, make any such filing under Applicable Securities Laws as soon as possible.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify">The Company shall in good faith discuss with the Underwriters any fact or change in circumstances (actual,
anticipated, contemplated or threatened, financial or otherwise) which is of such a nature that there is reasonable doubt whether written
notice need be given under this Section&nbsp;4.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;5</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Deliveries to the Underwriters</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">The Company shall deliver or cause to be delivered to the Underwriters:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">copies of the Canadian Prospectus and any Marketing Documents duly signed as required by the laws of all
of the Qualifying Jurisdictions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">copies of the Registration Statement, signed as required by the U.S. Securities Act and the rules&nbsp;and
regulations of the SEC thereunder and any documents included as exhibits to the Registration Statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">copies of any Canadian Prospectus Amendment required to be filed under Section&nbsp;4 hereof duly signed
as required by the laws of all of the Qualifying Jurisdictions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">any U.S. Registration Statement Amendment or U.S. Amended Prospectus required to be filed under Section&nbsp;4
hereof, signed as required by the U.S. Securities Act and the rules&nbsp;and regulations of the SEC thereunder and any documents included
as exhibits to the U.S. Registration Statement Amendment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">provided, that with respect to (i)&nbsp;clauses
(a)&nbsp;and (c)&nbsp;of this Section&nbsp;5(1), if the documents are publicly available on SEDAR+, they shall be deemed to have been
delivered to the Underwriters as required by this Section&nbsp;5(1); and (ii)&nbsp;clauses (b)&nbsp;and (d)&nbsp;of this Section&nbsp;5(1),
if the documents are publicly available on EDGAR, they shall be deemed to have been delivered to the Underwriters as required by this
Section&nbsp;5(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">The Company shall forthwith cause to be delivered to the Underwriters in such cities in the Offering Jurisdictions
as they may reasonably request, without charge, such numbers of commercial copies of the Canadian Base Shelf Prospectus and the Canadian
Prospectus Supplement and any Marketing Documents and U.S. Prospectus, excluding in each case the Documents Incorporated by Reference,
as the Underwriters shall reasonably require. The Company shall similarly cause to be delivered to the Underwriters commercial copies
of any Canadian Prospectus Amendment or U.S. Amended Prospectus, excluding in each case the Documents Incorporated by Reference. The Company
agrees that such deliveries shall be effected as soon as possible and, in any event not later than 12:00&nbsp;noon (Eastern time) on the
Business Day following the filing of the Canadian Prospectus or Canadian Prospectus Amendment, as applicable, provided that the Underwriters
have given the Company written instructions as to the number of copies required and the places to which such copies are to be delivered
not less than 24&nbsp;hours prior to the time requested for delivery. Such delivery shall also confirm that the Company consents to the
use by the Underwriters and Selling Firms of the Offering Documents in connection with the Distribution of the Offered Shares in compliance
with the provisions of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">By the act of having delivered the Offering Documents to the Underwriters (or in the case of the Pricing
Disclosure Package, having conveyed such information to prospective investors), the Company shall have represented and warranted to the
Underwriters that all information and statements (except information and statements relating solely to the Underwriters, which have been
furnished by the Underwriters in writing for inclusion therein) contained in such documents, at the respective dates of initial delivery
thereof (or as of the Applicable Time in the case of the Pricing Disclosure Package), comply with the Applicable Securities Laws and are
true and correct in all material respects, and that such documents, at such dates, contain no misrepresentation or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading and constitute full, true and plain disclosure of all material facts relating to the Company and the Offering as required
by the Applicable Securities Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">The Company shall also deliver or cause to be delivered to the Underwriters, concurrently with the execution
of this Agreement, a &ldquo;long form&rdquo; comfort letter of the Company&rsquo;s auditors, in form and substance satisfactory to the
Underwriters, acting reasonably, addressed to the Underwriters and the directors of the Company, with respect to certain financial and
accounting information relating to the Company and its subsidiaries contained in the Offering Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;6</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Regulatory Approvals</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will make all necessary filings, obtain all necessary consents and approvals (if any) and pay all filing fees required to be paid
in connection with the transactions contemplated by this Agreement. The Company will qualify the Offered Shares for offer and sale under
the Applicable Securities Laws of the Offering Jurisdictions and maintain such qualifications in effect for so long as required for the
Distribution of the Offered Shares; provided, however, that (i)&nbsp;the Company shall not be obligated to make any material filing, file
any prospectus, registration statement or similar document, consent to service of process, or qualify as a foreign corporation or as a
dealer in securities in any of such other jurisdictions, or subject itself to taxation in respect of doing business in any of such other
jurisdictions in which it is not otherwise so subject, or become subject to any additional periodic reporting or continuous disclosure
obligations in such other jurisdictions and (ii)&nbsp;the Underwriters and the Selling Firms shall comply </FONT>in all material respects
with the applicable laws in any such designated jurisdiction in making offers and sales of Offered Shares therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;7</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Representations and Warranties of the Company</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company represents and warrants to each of
the Underwriters as set forth below and acknowledges that the Underwriters are relying on such representations and warranties in entering
into this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><I>Prospectus Matters</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">The Company is eligible to file a short form prospectus in each of the Qualifying Jurisdictions pursuant
to applicable Canadian Securities Laws and on the date of and upon filing of the Canadian Prospectus Supplement there will be no documents
required to be filed under the Canadian Securities Laws in connection with the distribution of the Offered Shares that will not have been
filed as required. The Company (i)&nbsp;satisfies the definition of &ldquo;well-known seasoned issuer&rdquo; or &ldquo;WKSI&rdquo; in
compliance with the WKSI Blanket Orders by virtue of the fact that, as of May&nbsp;10, 2024, the Company&rsquo;s public float (as defined
in each of the WKSI Blanket Orders) of outstanding listed equity securities was approximately US$1.3&nbsp;billion; and (ii)&nbsp;discloses
in its audited financial statements (a)&nbsp;a gross revenue, derived from mining operations, of at least C$55&nbsp;million for the Company&rsquo;s
most recently completed financial year; and (b)&nbsp;gross revenue, derived from mining operations, of at least C$165&nbsp;million in
the aggregate over the Company&rsquo;s three most recently completed financial years.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">The Canadian Base Shelf Prospectus complied, as of the time of filing thereof, and all other Canadian
Offering Documents as of the time of filing thereof will comply, in all material respects with the applicable requirements of Canadian
Securities Laws; the Canadian Base Shelf Prospectus, as of the time of filing thereof, did not, and all other Canadian Offering Documents,
as of the time of filing thereof and as of the Closing Time and the Option Closing Time, as the case may be, will not, contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading; and the Canadian Base Shelf Prospectus, as of the time
of filing thereof, constituted, and all other Canadian Offering Documents, as of the time of filing thereof and as of the Closing Time
and the Option Closing Time, as the case may be, will constitute, full, true and plain disclosure of all material facts relating to the
Offered Shares and to the Company; provided, however, that this representation and warranty shall not apply to any information contained
in or omitted from any Canadian Offering Document in reliance upon and in conformity with information furnished in writing to the Company
by or on behalf of any Underwriter through the Lead Underwriter specifically for use therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">As of the applicable effective date of the Registration Statement and any post-effective amendment thereto,
the Registration Statement and any such post-effective amendment thereto will comply in all material respects with the U.S. Securities
Act and the applicable rules&nbsp;and regulations of the SEC, and will not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; the U.S. Preliminary
Prospectus complied, as of the time of filing thereof, and the U.S. Prospectus and any U.S. Amended Prospectus, as of the time of filing
thereof, will comply, in all material respects with the applicable requirements of U.S. Securities Laws; the U.S. Preliminary Prospectus
did not, as of the time of filing thereof, and the U.S. Prospectus and any U.S. Amended Prospectus, as of the time of filing thereof and
as of the Closing Date and the Option Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading; the Pricing Disclosure Package, as of the Applicable Time, did not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply
to any information contained in or omitted from any U.S. Offering Document in reliance upon and in conformity with information furnished
in writing to the Company by or on behalf of any Underwriter through the Lead Underwriter specifically for use therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">The Company (including its agents and representatives, other than the Underwriters in their capacity as
such) has not prepared, used, authorized, approved or referred to and will not prepare, use, authorize, approve or refer to any Issuer
Free Writing Prospectus related to the offering of the Offered Shares that is a &ldquo;written communication&rdquo; (as defined in Rule&nbsp;405
under the U.S. Securities Act), except in accordance with Section&nbsp;3 hereof. Each such Issuer Free Writing Prospectus complied in
all material respects with the applicable U.S. Securities Laws, has been or will be (within the time period specified in Rule&nbsp;433
under the U.S. Securities Act) filed in accordance with the U.S. Securities Act (to the extent required thereby) and, when taken together
with the Pricing Disclosure Package as of the Applicable Time, each such Issuer Free Writing Prospectus, did not, and as of the Closing
Date and the Option Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided, however, that this representation and warranty shall not apply to any information contained in or omitted from any Issuer Free
Writing Prospectus in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Underwriter
through the Lead Underwriter specifically for use therein. Each such Issuer Free Writing Prospectus did not, does not and will not include
any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the U.S. Prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">The Company meets the general eligibility requirements for the use of Form&nbsp;F-10 under the U.S. Securities
Act and at the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that
the Company or any offering participant made a bona fide offer (within the meaning of Rule&nbsp;164(h)(2)&nbsp;under the U.S. Securities
Act) of the Offered Shares and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer&rdquo;, as defined in Rule&nbsp;405
under the U.S. Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><I>Good Standing of the Company. </I>The Company is a corporation existing under the laws of British Columbia,
is current and up-to-date, in all material respects, with all filings required to be made under its incorporating statute, and has the
corporate power and capacity to own, lease and operate its properties and to conduct its business as is now carried on by it or proposed
to be carried on by it, in each case as described in the Offering Documents, and to issue and sell the Offered Shares, grant the Over-Allotment
Option and to enter into, deliver and perform its obligations under this Agreement, and, except as would not reasonably be expected to
be material to the Company, is duly qualified to transact business and is in good standing in each jurisdiction in which such qualification
is required, whether by reason of the ownership or leasing of property or the conduct of business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><I>No Material Subsidiaries.</I> The Company has no direct or indirect material subsidiaries or any material
investment or proposed material investment in any person. The CSP Mine is not a property that is material to the Company for the purposes
of NI 43-101.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><I>Share Capital. </I>The authorized capital of the Company consists of an unlimited number of Common
Shares without par value, of which, as of the close of business on May&nbsp;10, 2024, 690,079,951 Common Shares were outstanding as fully
paid and non-assessable common shares of the Company. The attributes of the Common Shares (including the Offered Shares) and the Over-Allotment
Option conform in all material respects with their description in the Offering Documents. All of the issued and outstanding Common Shares
have been issued in compliance with all Applicable Securities Laws and were not issued in violation of any pre-emptive rights or contractual
rights to purchase securities of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify"><I>No Shareholder or Voting Agreements. </I>The Company is not a party to, nor is the Company aware of,
any shareholders&rsquo; agreements, pooling agreements, voting agreements or voting trusts or other similar agreements with respect to
the ownership or voting of any of the securities of the Company or any subsidiary or pursuant to which any Person may have any right or
claim in connection with any existing or past equity interest in the Company or any subsidiary. The Company has not adopted a shareholders&rsquo;
rights plan or any similar plan or agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify"><I>Stock Exchange Listing, Filings and Fees. </I>The Common Shares are duly listed and posted for trading
on the TSX and NYSE American and are registered pursuant to Section&nbsp;12(b)&nbsp;of the U.S. Exchange Act. The Company has taken no
action designed to, or likely to have the effect of, terminating the registration of the Common Shares of the Company under the U.S. Exchange
Act or de-listing the Common Shares from the TSX or NYSE American, nor has the Company received any notification that the Commission,
the TSX or NYSE American is contemplating terminating such registration or listing. The Company is not in default in any material respects
of its listing requirements on the TSX and NYSE American and the Company will, prior to the Closing Time, apply to list the Offered Shares
on the TSX and NYSE American.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="text-align: justify"><I>Form&nbsp;of Share Certificates</I>. The form of certificate respecting the Common Shares has been
approved and adopted by the board of directors of the Company and does not conflict with any laws and complies with the rules&nbsp;and
regulations of the TSX.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD><TD STYLE="text-align: justify"><I>Offered Shares. </I>The Offered Shares have been duly and validly authorized for issuance and sale
and when issued and delivered by the Company pursuant to this Agreement, the Offered Shares will be validly issued as fully paid and non-assessable
Common Shares. The Offered Shares will not be issued in violation of or subject to any pre-emptive rights or contractual rights to purchase
securities of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD><TD STYLE="text-align: justify"><I>Eligibility for Investment</I>. Subject to the qualifications, assumptions, limitations, exceptions
and understandings set out in the Canadian Prospectus Supplement under the heading &ldquo;Eligibility For Investment&rdquo;, the statements
therein are an accurate summary of the matters described therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT></TD><TD STYLE="text-align: justify"><I>Corporate Actions. </I>All necessary corporate action has been taken by the Company so as to (a)&nbsp;authorize
the execution, delivery and performance of this Agreement; (b)&nbsp;validly issue and sell the Offered Shares; and (c)&nbsp;grant the
Over-Allotment Option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT></TD><TD STYLE="text-align: justify"><I>Execution and Filing of Offering Documents. </I>All necessary corporate action has been taken by the
Company to authorize the execution and delivery by it of the Offering Documents, as applicable, and the filing thereof, as the case may
be, in each of the Qualifying Jurisdictions under Canadian Securities Laws and in the United States under the U.S. Securities Laws, as
applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT></TD><TD STYLE="text-align: justify"><I>Transfer Agent. </I>Computershare Investor Services Inc. at its office in Vancouver, British Columbia
has been duly appointed as the registrar and transfer agent in respect of the Common Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT></TD><TD STYLE="text-align: justify"><I>Absence of Rights. </I>Other than as disclosed in the Offering Documents, and other than the Company&rsquo;s
stock options, share units or other securities issued pursuant to the Company&rsquo;s equity compensation plans and the Company&rsquo;s
cooperation or impact benefit agreements with First Nations or other indigenous groups, no person has any right, agreement or option,
present or future, contingent or absolute, or any right capable of becoming a right, agreement or option, for the issue or allotment of
any unissued shares of the Company or any other agreement or option for the issue or allotment of any unissued shares of the Company or
any other security convertible into or exchangeable for any such shares or to require the Company to purchase, redeem or otherwise acquire
any of the issued and outstanding shares of the Company; no holder of securities of the Company has any rights to require registration
or qualification under Applicable Securities Laws of any security of the Company in connection with the offer and sale of the Offered
Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</FONT></TD><TD STYLE="text-align: justify"><I>Compliance, Generally</I>. The Company is conducting and, except as would not reasonably be expected
to have a Material Adverse Effect, has conducted, its business in compliance in all material respects with all laws of each jurisdiction
in which its business is carried on and its assets are owned, leased or operated. The Company has complied, in all material respects,
with all laws required to be complied with in connection with the Offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</FONT></TD><TD STYLE="text-align: justify"><I>Due Execution</I>. This Agreement has been duly authorized, executed and delivered by the Company and
constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except
as enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors
generally and except as limited by the application of general equitable principles, including the limitation that rights of indemnity,
contribution and waiver may be limited by laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</FONT></TD><TD STYLE="text-align: justify"><I>No Breach,&nbsp;etc.</I> Neither the Company nor any of its subsidiaries is in violation or default
of, nor will the execution of this Agreement, and the performance by the Company of its obligations hereunder (including the issuance
and sale of the Offered Shares), result in any breach or violation of, or be in conflict with, or constitute a default under, or create
a state of facts which after notice or lapse of time, or both, would constitute a default under, or give rise to any right to accelerate
the maturity or require the prepayment of any indebtedness for borrowed money under, or result in the imposition of any Encumbrance upon
any property or assets of the Company or any subsidiary pursuant to (a)&nbsp;any term or provision of the constating documents of the
Company or any subsidiary or any resolution of the directors or shareholders of the Company or any subsidiary, (b)&nbsp;any contract,
mortgage, note, indenture, joint venture or partnership arrangement, agreement (written or oral), instrument, lease (including for real
property) or licence to which the Company or any of its subsidiaries is a party or bound or to which any of the business, operations,
property or assets of the Company or any subsidiary is subject (each, a &ldquo;<B>Company Contract</B>&rdquo; and, collectively, the &ldquo;<B>Company
Contracts</B>&rdquo;), or (c)&nbsp;any law applicable to the Company or any subsidiary or their business, operations or assets, of any
court, Governmental Authority, arbitrator or other authority having jurisdiction over the Company or such subsidiary, except, in each
of cases (a), (b)&nbsp;and (c), for any such conflicts, breaches, violations, defaults, rights, Encumbrances that would not reasonably
be expected to have a Material Adverse Effect. There is no requirement to obtain a consent, approval or waiver of a party under any Company
Contract in respect of any of the transactions contemplated by this Agreement, other than such consents, approvals and waivers as have
been obtained by the Company as at the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17)</FONT></TD><TD STYLE="text-align: justify"><I>Continuous Disclosure.</I> The Company is in compliance in all material respects with its timely disclosure
obligations under Applicable Securities Laws and the rules&nbsp;and regulations of the TSX and the NYSE American and, without limiting
the generality of the foregoing, since December&nbsp;31, 2023 no Material Adverse Change has occurred, which has not been publicly disclosed
on a non-confidential basis; the information and statements in the Documents Incorporated by Reference were true and correct in all material
respects at the time such documents were filed on SEDAR+ and contained no misrepresentation as of the respective dates of such information
and statements. The Documents Incorporated by Reference conformed in all material respects to Applicable Securities Laws at the time such
documents were filed on SEDAR+. The Company has not filed any confidential material change reports which remain confidential as at the
date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18)</FONT></TD><TD STYLE="text-align: justify"><I>Forward-Looking Information and Statements. </I>No forward-looking statement or forward-looking information
(within the meaning of Section&nbsp;27A of the U.S. Securities Act and Section&nbsp;21E of the U.S. Exchange Act or Canadian Securities
Laws) included or incorporated by reference in the Prospectuses or any Issuer Free Writing Prospectus has been made or reaffirmed without
a reasonable basis or has been disclosed other than in good faith and in accordance with Applicable Securities Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19)</FONT></TD><TD STYLE="text-align: justify"><I>Financial Statements. </I>The Financial Statements: (a)&nbsp;present fairly, in all material respects,
the financial position of the Company on a consolidated basis and its financial performance and its cash flows on a consolidated basis
for the periods specified in such Financial Statements; (b)&nbsp;have been prepared in conformity with IFRS, applied on a consistent basis
throughout the periods involved; and; (c)&nbsp;do not contain any misrepresentation, with respect to the period covered by the Financial
Statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20)</FONT></TD><TD STYLE="text-align: justify"><I>Financial Books And Records.</I> The books and records of the Company and its subsidiaries disclose
all of the financial transactions that are material on a consolidated basis and such transactions have been fairly and accurately recorded
in all material respects. Neither the Company nor any of its subsidiaries owes any amount to, nor has the Company or any of its subsidiaries
made any present loans to, or borrowed any amount from or is otherwise indebted to, any officer, director or employee or any Person not
dealing at &ldquo;arm&rsquo;s-length&rdquo; (as such term is defined in the ITA) with any of them, except for usual employee reimbursements
and compensation paid in the ordinary and normal course of the business of the Company or any of its subsidiaries. Except as disclosed
in the Offering Documents and usual employee or consulting arrangements made in the ordinary and normal course of business, neither the
Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any officer, director or employee or any
other Person not dealing at arm&rsquo;s-length with the Company and its subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21)</FONT></TD><TD STYLE="text-align: justify"><I>Accounting Policies.</I> There has been no material change in accounting policies or practices of the
Company or any of its subsidiaries since December&nbsp;31, 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(22)</FONT></TD><TD STYLE="text-align: justify"><I>Liabilities.</I> Other than as disclosed in the Offering Documents, neither the Company nor any of
its subsidiaries has any material liabilities, obligations, indebtedness or commitments, whether accrued, absolute, contingent or otherwise,
which are not disclosed or referred to in the Financial Statements, other than liabilities, obligations, or indebtedness or commitments
incurred in the normal course of business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23)</FONT></TD><TD STYLE="text-align: justify"><I>Independent Auditors. </I>Deloitte LLP, which has audited the financial statements of the Company for
the financial year ended December&nbsp;31, 2023, is an independent registered public accounting firm as required by the U.S. Securities
Act and the rules&nbsp;and regulations of the SEC and the applicable rules&nbsp;and regulations adopted by the Public Company Oversight
Board (United States) and are independent within the meaning of the relevant rules&nbsp;and related interpretations prescribed by the
relevant professional bodies in Canada and Canadian Securities Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24)</FONT></TD><TD STYLE="text-align: justify"><I>Real and Personal Property. </I>The Company and its subsidiaries have good and marketable title in
fee simple to all real property (other than the Material Properties, which are subject to representations and warranties contained in
Section&nbsp;7(26)) and all personal property owned by them, in each case free and clear of all Encumbrances except such as are described
in the Offering Documents or such as do not materially affect the value of such property and do not interfere with the use made of such
property by the Company and its subsidiaries; and any material real property and buildings held under lease by the Company and its subsidiaries
are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the
use made of such property and buildings by the Company and its subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25)</FONT></TD><TD STYLE="text-align: justify"><I>Intellectual Property.</I> The Company and its subsidiaries own or have the right to use all material
patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, domain names
and other source indicators, copyrights and copyrightable works, know-how, trade secrets, systems, procedures, proprietary or confidential
information and all other worldwide intellectual property (collectively, &ldquo;<B>Intellectual Property</B>&rdquo;) necessary to conduct
their consolidated business. To the knowledge of the Company, except as would not reasonably be expected to have a Material Adverse Effect,
the Company and its subsidiaries&rsquo; conduct of their consolidated business does not infringe, misappropriate or otherwise violate
any Intellectual Property of any Person. The Company and its subsidiaries have not received any written notice of any material claim relating
to Intellectual Property.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26)</FONT></TD><TD STYLE="text-align: justify"><I>Material Properties and Mining Rights.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">The Company is the legal and beneficial owner of and has good, valid and marketable title in fee simple
to, or has valid rights to lease or otherwise use the Material Properties and all Mining Rights that are material to the consolidated
business of the Company and its subsidiaries as currently conducted, in each case free and clear of all Encumbrances except for security
interests granted in connection with the Credit Facility and those that (i)&nbsp;do not materially interfere with the use made and proposed
to be made of such property by the Company and its subsidiaries, (ii)&nbsp;would not reasonably be expected to have a Material Adverse
Effect, or (iii)&nbsp;are disclosed in the Offering Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Except as disclosed in the Offering Documents, the Material Properties and Mining Rights of the Company
and its subsidiaries are, in all material respects, in good standing, valid and enforceable, and, other than as set out in the Offering
Documents, no material royalty, commission or similar payment is payable in respect of any of them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Except as disclosed in the Offering Documents, no property rights other than the Mining Rights are necessary
for the conduct of the Company&rsquo;s business at the Material Properties as now conducted or proposed to be conducted as set out in
the Offering Documents; and except as set out in the Offering Documents or pursuant to applicable laws, there are no material restrictions
on the ability of the Company to use, transfer or otherwise exploit any such rights. The Mining Rights held by the Company cover the areas
required by it for such purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">There are no expropriations or similar proceedings or any challenges, including by First Nation or other
indigenous groups, to title or ownership, actual or threatened, of which the Company or any of its subsidiaries has received notice against
the Mining Rights or any part thereof and, to the knowledge of the Company, no such expropriations, proceedings or challenges are contemplated,
which would reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">Except as may be required by law, there are no material restrictions on the ability of the Company or
its subsidiaries to use, transfer (other than the restrictions on transfer contained in the Credit Facility and the Indenture) or otherwise
exploit any of their respective Mining Rights, and the Company does not know of any claim or basis for a claim that may adversely affect
such rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">Neither the Company nor any of its subsidiaries has granted any other person any right to acquire the
Material Properties, the Mining Rights or any portion thereof other than as described in the Offering Documents or as may be applicable
if and when such Material Properties and Mining Rights are no longer required by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">Other than as disclosed in the Technical Reports and the Offering Documents, the Company and its subsidiaries
have no responsibility or obligation to pay any commission, royalty, license fee, milestone payment or similar payment with respect to
the Mining Rights and&nbsp;there are no outstanding options, rights of first refusal or other pre-emptive rights of purchase which entitle
any Person to acquire any of the rights, title or interests in the Material Properties or the Mining Rights or minerals produced thereon.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27)</FONT></TD><TD STYLE="text-align: justify"><I>Technical Compliance.</I> The Company has complied with the requirements of NI 43-101 in all material
respects, including, but not limited to, the preparation and filing of technical reports and each of the technical reports filed with
respect to the Material Properties accurately and completely sets forth all material facts relating to the properties that are subject
thereto as at the date of such report and there is no new material scientific or technical information nor any other fact or circumstance
that has triggered the requirements to file updated reports.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28)</FONT></TD><TD STYLE="text-align: justify"><I>Mineral Information.</I> The information set forth in the Offering Documents relating to the estimates
of the mineral resources and reserves of the Material Properties has been prepared in accordance with Canadian industry standards set
forth in NI 43-101 and the method of estimating the mineral resources and reserves has been verified, to the extent required by law, by
 &ldquo;qualified persons&rdquo; (as such term is defined in NI 43-101) and the information upon which such estimates were based, was,
at the time of delivery thereof, complete and accurate in all material respects and there have been no Material Adverse Changes to such
information since the date of delivery or preparation thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(29)</FONT></TD><TD STYLE="text-align: justify"><I>Environmental Matters.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Except as disclosed in the Offering Documents, the Company and each of its subsidiaries is in compliance
in all material respects with all laws relating to pollution or protection of human health, the environment (including, without limitation,
ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws relating
to the release or threatened release of chemicals, pollutants, contaminants, wastes, tailings, waste rock, toxic substances, hazardous
substances, petroleum or petroleum products (collectively, &ldquo;<B>Hazardous Materials</B>&rdquo;) or to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials and all reclamation and other closure obligations
(collectively, &ldquo;<B>Environmental Laws</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Except as described in the Offering Documents, each of the Company and its subsidiaries have all material
Authorizations required under any Environmental Laws and are in material compliance with the terms and conditions of all such Authorizations
and all such Authorizations are valid and in full force and effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Except as would not reasonably be expected to have a Material Adverse Effect, there are no pending or,
to the knowledge of the Company, threatened, material administrative, regulatory or judicial actions, suits, demands, demand letters,
claims, liens, notices of non-compliance or violation, investigation or proceedings relating to any Environmental Laws against the Company
or any of its subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(30)</FONT></TD><TD STYLE="text-align: justify"><I>Possession of Authorizations</I>. Except as disclosed in the Offering Documents, the Company and its
subsidiaries have all material Authorizations required under any law currently necessary to own, lease, exploit, use, stake or maintain
the Material Properties and the Mining Rights and to conduct the business now operated by the Company and its subsidiaries. The Company
and its subsidiaries are in material compliance with the terms and conditions of all such Authorizations, and all such Authorizations
are valid and in full force and effect. Neither the Company nor any subsidiary has received any notice of proceedings relating to the
revocation, suspension or modification of any such Authorizations, which could reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31)</FONT></TD><TD STYLE="text-align: justify"><I>Insurance. </I>The Company and its subsidiaries maintain insurance against loss of, or damage to, their
assets, including the Material Properties, on a basis consistent with reasonably prudent persons in comparable businesses. All of the
policies in respect of such insurance coverage are in good standing in all material respects and not in default and neither the Company
nor any subsidiary has failed to promptly give any notice of any material claim thereunder; and there are no material claims thereunder
or to which any insurance company is denying liability or defending under a reservation of rights clause. The Company is not aware of
any reason that it will not be able to renew such existing insurance coverage as and when such coverage expires or to obtain similar coverage
from similar insurers as may be necessary to continue its business at a cost that would not reasonably be expected to have a Material
Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(32)</FONT></TD><TD STYLE="text-align: justify"><I>Material Agreements. </I>All of the Material Agreements have been disclosed in the Offering Documents
and are valid, subsisting, in good standing and in full force and effect, enforceable in accordance with the terms thereof. Neither the
Company, nor to the knowledge of the Company, any other party is in breach, violation or default of any material term, condition or covenant
contained in any Material Agreement, and no event has occurred which, with the notice or lapse of time, or both, would constitute such
a default, in any such case which breach, violation, default or event would reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(33)</FONT></TD><TD STYLE="text-align: justify"><I>No Material Change.</I> Since December&nbsp;31, 2023, except as disclosed in the Offering Documents,
(a)&nbsp;there has been no material change in the condition (financial or otherwise), or in the properties, capital, affairs, prospects,
operations, assets or liabilities of the Company and its subsidiaries taken as a whole, whether or not arising in the ordinary course
of business, and (b)&nbsp;there have been no transactions that are material with respect to the Company and its subsidiaries taken as
a whole, entered into by the Company or its subsidiaries, other than those in the ordinary course of business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(34)</FONT></TD><TD STYLE="text-align: justify"><I>No Actions or Proceedings. </I>There is no action, suit, proceeding, inquiry or investigation before
or brought by any Governmental Authority, now pending or, to the knowledge of the Company, threatened against or affecting the Company
or any of its subsidiaries, which is required under Applicable Securities Laws to be disclosed in the Offering Documents but not so disclosed.
The aggregate of all pending legal or governmental proceedings to which the Company or any of its subsidiaries is a party or of which
any of their respective property or assets is subject which are not described in the Offering Documents include only ordinary routine
proceedings incidental to the business, properties and assets of the Company and its subsidiaries and would not reasonably be expected
to have a Material Adverse Effect. There are no judgments or orders against the Company or any of its subsidiaries which are unsatisfied,
nor are there any consent decrees or injunctions to which the Company or its subsidiaries or their assets, properties or business are
subject.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(35)</FONT></TD><TD STYLE="text-align: justify"><I>Labour/Employment Matters. </I>No material labour dispute with the employees of the Company or its
subsidiaries currently exists or, to the knowledge of the Company, is imminent. Neither the Company nor any of its subsidiaries is a party
to any collective bargaining agreement and, to the knowledge of the Company, as at the date hereof, no action has been taken or is contemplated
to organize any employees of the Company or its subsidiaries. Except as would not reasonably be expected to have a Material Adverse Effect,
the Company and its subsidiaries are currently in material compliance with all laws and regulations respecting employment and employment
practices, workers&rsquo; compensation, occupational health and safety and similar legislation, including payment in full of all amounts
owing thereunder, and there are no pending claims, complaints, outstanding orders or settlements of a material nature against any of them
under applicable human rights legislation, employment standards legislation, workers&rsquo; compensation legislation, occupational health
and safety or similar legislation nor, to the knowledge of the Company, has any event occurred which may give rise to any such material
claim or complaint which would reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36)</FONT></TD><TD STYLE="text-align: justify"><I>Necessary Consents and Approvals. </I>Except for any consents and approvals: (i)&nbsp;as have been
obtained and are in full force and effect, or (ii)&nbsp;as may be required under the rules&nbsp;of the TSX and the NYSE American and state
securities or blue sky laws of the various jurisdictions in which the Offered Shares are being offered, the distribution of the Offered
Shares and the consummation of the transactions as contemplated by this Agreement do not and will not require the consent, approval, authorization,
registration or qualification of or with any governmental authority, stock exchange, securities commission or other third party to be
obtained by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(37)</FONT></TD><TD STYLE="text-align: justify"><I>Taxes. </I>The Company and its subsidiaries, as the case may be, have each (a)&nbsp;timely filed (or
has had timely filed on their behalf) all material returns, declarations, reports, information returns, and statements (&ldquo;<B>Returns</B>&rdquo;)
required to be filed with an applicable taxing authority and all such Returns have, in all material respects, been prepared in accordance
with the provisions of all laws and are true, correct and complete in all material respects, (b)&nbsp;timely and properly paid (or has
had paid on its behalf), all material governmental taxes and other charges due or claimed to be due by a Governmental Authority (including
all instalments on account of taxes for the current year), and (c)&nbsp;has properly withheld or collected and remitted all material amounts
required to be withheld or collected and remitted by it in respect of any governmental taxes or other charges.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38)</FONT></TD><TD STYLE="text-align: justify"><I>No Acquisition or Disposition.</I> The Company has not completed any &ldquo;significant acquisition&rdquo;
(as such term is defined in NI 51-102), nor is it proposing any &ldquo;probable acquisitions&rdquo; that would require disclosure under
Form&nbsp;44-101F1, that would require the inclusion of any additional financial statements or pro forma financial statements in the Offering
Documents pursuant to Applicable Securities Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(39)</FONT></TD><TD STYLE="text-align: justify"><I>No Loans.</I> Other than as set out in the Offering Documents, neither the Company nor its subsidiaries
have made any material loans to or provided material guarantees for the obligations of any Person other than the Company and its subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(40)</FONT></TD><TD STYLE="text-align: justify"><I>Directors and Officers.</I> To the knowledge of the Company, none of the current directors or officers
of the Company are now, or have ever been, subject to an order or ruling of any securities regulatory authority or stock exchange prohibiting
such individual from acting as a director or officer of a public company or of a company listed on a particular stock exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(41)</FONT></TD><TD STYLE="text-align: justify"><I>Stock Exchange and Commission Compliance.</I> Neither the Commission, the SEC, any other securities
regulatory authority, any stock exchange nor any similar regulatory authority has issued any order which is currently outstanding preventing
or suspending trading in any securities of the Company or the use of any Offering Document and no proceedings for such purposes have been
instituted or are pending or, to the knowledge of the Company, are threatened.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(42)</FONT></TD><TD STYLE="text-align: justify"><I>Non-arm&rsquo;s Length Transactions.</I> To the knowledge of the Company, except as disclosed in the
Offering Documents, none of the directors, officers or employees of the Company or any of its subsidiaries, any known holder of more than
10% of any class of shares of the Company, or any known associate or affiliate of any of the foregoing Persons has had any material interest,
direct or indirect, in any material transaction within the previous two years or has any material interest in any proposed material transaction
involving the Company which, as the case may be, materially affected, is material to or will materially affect the Company and any such
subsidiaries (taken as a whole).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43)</FONT></TD><TD STYLE="text-align: justify"><I>Minute Books. </I>The minute books and records of the Company which have been made available to the
Underwriters and their counsel in connection with their due diligence investigation of the Company for the period from January&nbsp;1,
2019 to the date of examination thereof contain copies of all material proceedings (or certified copies thereof or drafts thereof pending
approval) of the shareholders, the boards of directors and committees of the boards of directors of the Company to the date of review
of such corporate records and minute books. Except as related to the Offering and the New Afton Royalty Amending Agreement, there have
been no other meetings, resolutions or proceedings of the shareholders, board of directors of the Company or any committees of the board
of directors of the Company since January&nbsp;1, 2019 to the date hereof not reflected in such minute books and other records provided
to counsel to the Underwriters other than as disclosed to the Underwriters or which are not material in the context of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(44)</FONT></TD><TD STYLE="text-align: justify"><I>Reporting Issuer Status. </I>The Company is a &ldquo;reporting issuer&rdquo; in each of the Qualifying
Jurisdictions within the meaning of Applicable Securities Laws in such jurisdictions and is not in default in any material respect of
any requirement of the Applicable Securities Laws of such jurisdictions and the Company is not included on a list of defaulting reporting
issuers maintained by the Canadian Securities Commissions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(45)</FONT></TD><TD STYLE="text-align: justify"><I>Purchase and Sales.</I> Other than as disclosed in the Offering Documents, neither the Company nor
its subsidiaries has approved, has entered into any agreement in respect of, or has any knowledge of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the purchase of any material property or any interest therein or the sale, transfer or other disposition
of any of the Material Properties or any interest therein currently owned, directly or indirectly, by the Company whether by asset sale,
transfer of shares, or otherwise; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the change of control (by sale or transfer of shares or sale of all or substantially all of the assets
of the Company) of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(46)</FONT></TD><TD STYLE="text-align: justify"><I>Employee Plans. </I>The Documents Incorporated by Reference disclose, to the extent required by Applicable
Securities Laws, each material plan for retirement, bonus, stock purchase, profit sharing, stock option, deferred compensation, severance
or termination pay, insurance, medical, hospital, dental, vision care, drug, sick leave, disability, salary continuation, legal benefits,
unemployment benefits, vacation, incentive or otherwise contributed to, or required to be contributed to, by the Company for the benefit
of any current or former director, officer, employee or consultant of the Company (the &ldquo;<B>Employee Plans</B>&rdquo;), each of which
has been maintained in all material respects with its terms and with the requirements prescribed by any and all statutes, orders, rules&nbsp;and
regulations that are applicable to such Employee Plans.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(47)</FONT></TD><TD STYLE="text-align: justify"><I>No Dividends</I>. During the previous 12 months, the Company has not, directly or indirectly, declared
or paid any dividend or declared or made any other distribution on any of its shares or equity securities of any class, or, directly or
indirectly, redeemed, purchased or otherwise acquired any of the Common Shares or equity securities or agreed to do any of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(48)</FONT></TD><TD STYLE="text-align: justify"><I>No Reportable Event. </I>There has not been a &ldquo;reportable event&rdquo; (within the meaning of
NI 51-102) with the present auditors of the Company and the auditors of the Company have not provided any material comments or recommendations
to the Company regarding its accounting policies, internal control systems or other accounting or financial practices that have not been
implemented by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(49)</FONT></TD><TD STYLE="text-align: justify"><I>System of Internal Control.</I> The Company maintains a system of internal control over financial reporting
(as such term is defined in Rule&nbsp;13a-15(f)&nbsp;under the U.S. Exchange Act) that has been designed by the Company&rsquo;s principal
executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles, including IFRS, as applicable, in Canada, including but not limited to internal accounting controls sufficient to provide
reasonable assurance that (a)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations,
(b)&nbsp;transactions are recorded as necessary to permit the preparation of financial statements in conformity with IFRS and to maintain
asset accountability, (c)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific authorization,
and (d)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. Management of the Company assessed internal control over financial reporting of the Company
as of December&nbsp;31, 2023 and concluded internal control over financial reporting was effective as of such date. Since December&nbsp;31,
2023, there has been no change in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably
likely to materially affect, the Company&rsquo;s internal control over financial reporting. The Company is not aware of any material weaknesses
in its internal controls over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50)</FONT></TD><TD STYLE="text-align: justify"><I>System of Disclosure Control.</I> The Company maintains disclosure controls and procedures (as such
term is defined in Rule&nbsp;13a-15(e)&nbsp;under the U.S. Exchange Act); such disclosure controls and procedures have been designed to
ensure that information required to be disclosed by the Company in the reports that it files or submits under the U.S. Exchange Act is
recorded, processed, summarized and reported within the time periods specified in the SEC&rsquo;s rules&nbsp;and forms; management of
the Company assessed the Company&rsquo;s disclosure controls and procedures and concluded that such disclosure controls and procedures
were effective as of December&nbsp;31, 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(51)</FONT></TD><TD STYLE="text-align: justify"><I>Action to Manipulate Price. </I>Neither the Company nor any of its subsidiaries has taken, nor will
the Company or any such subsidiary take, directly or indirectly, any action which is designed to, or which might reasonably be expected
to cause or result in, the stabilization or manipulation of the price of any security of the Company in connection with the Offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(52)</FONT></TD><TD STYLE="text-align: justify"><I>Anti-Bribery and Anti-Corruption Laws. </I>Neither the Company nor any of its subsidiaries nor, to
the knowledge of the Company, any director, officer, agent or employee or other Person acting on behalf of the Company or any of its subsidiaries
is aware of or has (a)&nbsp;made any unlawful contribution to any candidate for non-United States or Canadian office, or failed to disclose
fully any such contribution in violation of law, or (b)&nbsp;made any payment to any federal or state governmental officer or official,
or other Person charged with similar public or quasi-public duties, other than payments required or permitted by the laws of the United
States or Canada or any jurisdiction thereof. Without limiting the generality of the foregoing, none of the Company, its subsidiaries
or, to the knowledge of the Company, any director, officer, agent or employee of the Company or any of its subsidiaries is aware of or
has taken any action, directly or indirectly, that would result in a violation by such persons of the Canadian <I>Corruption of Foreign
Public Officials Act</I> or the Foreign Corrupt Practices Act of 1977, as amended, and the rules&nbsp;and regulations thereunder (collectively
the &ldquo;<B>Foreign Corruption Laws</B>&rdquo;), including, without limitation, making use of the mails or any means or instrumentality
of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or
other property, gift, promise to give, or authorization of the giving of anything of value to any &ldquo;foreign official&rdquo; (as such
term is defined in the Foreign Corruption Laws) or any foreign political party or official thereof or any candidate for foreign political
office, in contravention of the Foreign Corruption Laws; and the Company and each of its subsidiaries have conducted their businesses
in compliance in all material respects with the Foreign Corruption Laws and have instituted and maintain policies and procedures designed
to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. The operations of the Company and
each of its subsidiaries are and have been conducted at all times in compliance in all material respects with applicable financial record-keeping
and reporting requirements of the <I>Proceeds of Crime (Money Laundering) and Terrorist Financing Act</I> (Canada) and the U.S. Currency
and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules&nbsp;and
regulations thereunder and any related or similar rules&nbsp;or regulations administered or enforced by any Governmental Authority (collectively,
the &ldquo;<B>Money Laundering Laws</B>&rdquo;), and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Company or any such subsidiary with respect to the Money Laundering Laws is pending or, to the
best knowledge of the Company, threatened.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(53)</FONT></TD><TD STYLE="text-align: justify"><I>U.S. Sanctions.</I> Neither the Company, any of its subsidiaries nor, to the knowledge of the Company,
any director, officer, agent, employee or Person acting on behalf of the Company is currently subject to or the target of any U.S. sanctions,
including, without limitation, administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<B>OFAC</B>&rdquo;),
or other relevant sanctions authority; and the Company will not directly or indirectly use the proceeds of the Offering, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other Persons, for the purpose of financing the
activities of any Person currently subject to any such sanctions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(54)</FONT></TD><TD STYLE="text-align: justify"><I>No Other Fees Payable. </I>Other than the Underwriters (or any Selling Firm) pursuant to this Agreement,
there is no Person acting or purporting to act at the request of the Company who is entitled to any brokerage, agency underwriting, or
other fiscal advisory or similar fee in connection with the Offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(55)</FONT></TD><TD STYLE="text-align: justify"><I>Passive Foreign Investment Company Status. </I>The Company does not expect to be classified as a passive
foreign investment company within the meaning of section&nbsp;1297 of the U.S. Internal Revenue Code of 1986, as amended, for its prior
taxable year, the year of the Offering or in the foreseeable future.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(56)</FONT></TD><TD STYLE="text-align: justify"><I>Cybersecurity. </I>There has been no material security breach or other compromise of or relating to
any of the Company&rsquo;s information technology and computer systems, networks, hardware, software, data (including the data of its
customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively,
 &ldquo;<B>IT Systems and Data</B>&rdquo;) and (i)&nbsp;the Company has not been notified of, and has no knowledge of any event or condition
that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data; (ii)&nbsp;the Company
is presently in compliance with all applicable laws or statutes and all judgments, orders, rules&nbsp;and regulations of any court or
arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security
of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification,
except in the cases of (i)&nbsp;and (ii), as would not reasonably be expected to have a Material Adverse Effect; (iii)&nbsp;the Company
has implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the
integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv)&nbsp;the Company has implemented backup
and disaster recovery technology substantially consistent with industry standards and practices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(57)</FONT></TD><TD STYLE="text-align: justify"><I>Investment Company. </I>The Company is not and, after giving effect to application of the net proceeds
of the offering of the Offered Shares as described in the Offering Documents, will not be, required to register as an &ldquo;investment
company&rdquo; under the Investment Company Act of 1940, as amended<I>.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(58)</FONT></TD><TD STYLE="text-align: justify"><I>Sarbanes-Oxley Act</I>. The Company is in compliance in all material respects with all applicable effective
provisions of the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and regulations promulgated in connection therewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(59)</FONT></TD><TD STYLE="text-align: justify"><I>New Afton Royalty Amending Agreement. </I>The Company has full corporate power and authority to enter
into the New Afton Royalty Amending Agreement and to perform its obligations set out therein, and the New Afton Royalty Amending Agreement
has been duly authorized, executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as the enforcement may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to or affecting creditors&rsquo; rights generally or general equitable principles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(60)</FONT></TD><TD STYLE="text-align: justify"><I>Description of New Afton Royalty Amending Agreement</I>. The description of the terms and conditions
of the New Afton Royalty Amending Agreement set forth in the Offering Documents conforms in all material respects to those specific terms
and conditions of the New Afton Royalty Amending Agreement; the representations and warranties of the Company in the New Afton Royalty
Amending Agreement are true and correct in all material respects and the New Afton Royalty Amending Agreement has not been amended in
a manner materially adverse to the Company or terminated; the Company has no reason to believe that the representations and warranties
of OTPPB in the New Afton Royalty Amending Agreement are not true and correct in all material respects or that OTPPB is in breach in any
material respect of any of its covenants in the New Afton Royalty Amending Agreement; and to the Company&rsquo;s knowledge, no event has
occurred or condition exists which is reasonably likely to prevent the transaction under the New Afton Royalty Amending Agreement from
being completed. There have been no disputes or claims between the parties to the New Afton Royalty Amending Agreement and, to the Company&rsquo;s
knowledge, there are no threatened or pending disputes or claims, relating to the subject matter of or the transactions contemplated under
the New Afton Royalty Amending Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;8</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Representations, Warranties and Covenants of the Underwriters</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Each Underwriter hereby severally, and not jointly, nor jointly and severally, represents and warrants
to the Company that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">it is, and will remain so, until the completion of the Offering, appropriately registered under Applicable
Securities Laws so as to permit it to lawfully fulfill its obligations hereunder; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">it has good and sufficient right and authority to enter into this Agreement and complete the transactions
contemplated under this Agreement on the terms and conditions set forth herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">The Underwriters hereby covenant and agree with the Company to the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><I>Compliance with Securities Laws</I>. The Underwriters will offer the Offered Shares for sale to the
public in Canada and the United States, directly (including through any affiliate of an Underwriter) and through the Selling Firms, only
in compliance with all Applicable Securities Laws, upon the terms and conditions set forth in the Canadian Prospectus or the U.S. Prospectus,
as applicable, any Canadian Prospectus Amendment or U.S. Amended Prospectus, the Pricing Disclosure Package and this Agreement and will
offer the Offered Shares for sale to the public outside of Canada and the United States, directly (including through any affiliate of
an Underwriter) and through other Selling Firms, only in compliance with all applicable laws and regulations in each jurisdiction into
and from which they may offer or sell the Offered Shares, upon the terms and conditions set forth in the Canadian Prospectus or the U.S.
Prospectus, as applicable, any Canadian Prospectus Amendment or U.S. Amended Prospectus, the Pricing Disclosure Package and this Agreement.
The Underwriters shall not, directly or indirectly, solicit offers to purchase or sell the Offered Shares or deliver any Offering Documents
so as to require registration of the Offered Shares or filing of a prospectus or registration statement with respect to the Offered Shares
or compliance by the Company with regulatory requirements (including any continuous disclosure obligations or similar reporting obligations)
under the laws of any jurisdiction other than the Offering Jurisdictions and the Underwriters shall not make any representations or warranties
with respect to the Company or the Offered Shares, other than as set forth in the Offering Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><I>Completion of Distribution</I>. The Underwriters will use their commercially reasonable efforts to
complete the Distribution of the Offered Shares as promptly as possible after the Closing Time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The Company agrees that the Underwriters are acting severally and not jointly (nor jointly and severally)
in performing their respective obligations under this Agreement and, except otherwise provided herein, that no Underwriter shall be liable
for any act, omission or conduct by any other Underwriter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">No Underwriter that is a non-resident as defined in the ITA will render any services pursuant to this
Agreement in Canada for purposes of the ITA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;9</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Indemnity, Contribution and Limitation of Liability</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">The Company hereby covenants and agrees to indemnify and save harmless the Underwriters and their respective
subsidiaries and affiliates, and each of their respective directors, officers, employees, partners, agents and shareholders (collectively,
the &ldquo;<B>Indemnified Parties</B>&rdquo; and individually, an &ldquo;<B>Indemnified Party</B>&rdquo;) from and against any and all
losses, claims, actions, suits, proceedings, damages, liabilities or expenses of whatsoever nature or kind (excluding loss of profits
or other consequential damages), including the aggregate amount paid in reasonable settlement of any actions, suits, proceedings, investigations
or claims and the reasonable fees, disbursements and related goods and services taxes of their counsel in connection with any action,
suit, proceeding, investigation or claim that is made or threatened against any Indemnified Party or in enforcing their rights under this
Section&nbsp;9 (each, a &ldquo;<B>Claim</B>&rdquo; and collectively, the &ldquo;<B>Claims</B>&rdquo;) to which an Indemnified Party becomes
subject or otherwise involved in any capacity insofar as the Claims relate to, are caused by, result from, arise out of, are based upon
or are a consequence of, directly or indirectly:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">(i)&nbsp;any information or statement contained in any Offering Document which at the time and in light
of the circumstances under which it was made contains or is alleged to contain a misrepresentation; (ii)&nbsp;any untrue statement or
alleged untrue statement of a material fact contained (A)&nbsp;in an Offering Document, in any Issuer Free Writing Prospectus, or (B)&nbsp;in
any Marketing Documents, or (iii)&nbsp;the omission or alleged omission to state in any Offering Document, in any Issuer Free Writing
Prospectus filed or required to be filed pursuant to Rule&nbsp;433(d)&nbsp;under the U.S. Securities Act or in any Marketing Documents,
a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading; provided, however, that the Company will not be liable in any such case to the extent such liabilities, claims,
losses, costs, damages and expenses arise out of or are based upon any such misrepresentation or alleged misrepresentation, untrue statement
or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished
to the Company by or on behalf of any Underwriter through the Lead Underwriter expressly for use therein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">any omission or alleged omission to state (A)&nbsp;in an Offering Document, in any Issuer Free Writing
Prospectus filed or required to be filed pursuant to Rule&nbsp;433(d)&nbsp;under the U.S. Securities Act or (B)&nbsp;in any Marketing
Documents, any material fact required to be stated in such document or necessary to make any statement, in light of the circumstances
under which it was made, in such document not misleading; provided, however, that the Company will not be liable in any such case to the
extent such liabilities, claims, losses, costs, damages and expenses arise out of or are based upon any such omission or alleged omission
made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of any Underwriter through
the Lead Underwriter expressly for use therein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">any order made or any enquiry, investigation or proceedings commenced or threatened by any securities
commission or other competent authority based upon any actual or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact required to be stated or necessary to make any statement not misleading in light of the circumstances under which
it was made or any misrepresentation or alleged misrepresentation contained in or omitted from (A)&nbsp;any Offering Document, any Issuer
Free Writing Prospectus filed or required to be filed pursuant to Rule&nbsp;433(d)&nbsp;under the U.S. Securities Act or (B)&nbsp;any
Marketing Documents, preventing or restricting the trading in or the sale or distribution of the Offered Shares; provided, however, that
the Company will not be liable in any such case to the extent such order made or any enquiry, investigation or proceedings arise out of
or are based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon
and in conformity with written information furnished to the Company by or on behalf of any Underwriter through the Lead Underwriter expressly
for use therein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">the non-compliance or alleged non-compliance by the Company with any requirement of Applicable Securities
Laws relating to or connected with the Distribution of the Offered Shares; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">any breach by the Company of any of its representations, warranties, covenants or obligations to be complied
with under this Agreement,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
to reimburse each Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party in connection with any
Claim; except that, if and to the extent that a court of competent jurisdiction in a final judgement that has become non-appealable determines
that a Claim was caused by or resulted from an Indemnified Party&rsquo;s breach of this Agreement or breach of applicable laws, or the
fraud, gross negligence or wilful misconduct of the Indemnified Party claiming indemnity, such Indemnified Party shall reimburse any funds
advanced by the Company to such Indemnified Party in respect of such Claim and thereafter such Indemnified Party shall be disentitled
to indemnification pursuant to this Section&nbsp;9(1)&nbsp;shall cease to apply to such Indemnified Party in respect of such Claim. </FONT>For
greater certainty, the Company and the Underwriters agree that they do not intend that any failure by the Underwriters to conduct such
reasonable investigation as necessary to provide the Underwriters with reasonable grounds for believing the Prospectuses contained no
misrepresentation shall constitute &ldquo;gross negligence&rdquo; or &ldquo;wilful misconduct&rdquo; for purposes of this Section&nbsp;9
or otherwise disentitle the Underwriters from indemnification hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">The Company agrees to waive any right it may have of first requiring the Indemnified Parties to proceed
against or enforce any other right, power, remedy or security or claim payment from any other Person before claiming under this Section&nbsp;9.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">Promptly after receiving notice of an action, suit, proceeding or claim against an Indemnified Party or
receipt of notice of the commencement of any investigation which is based, directly or indirectly, upon any matter in respect of which
indemnification may be sought from the Company, such Indemnified Party will notify the Company and the Underwriters in writing of the
particulars thereof, provided that the omission to so notify the Company shall not relieve the Company of any liability which the Company
may have to any Indemnified Party except and only to the extent that any such delay in or failure to give notice as herein required materially
prejudices the Company&rsquo;s substantive rights or the defense of such action, suit, proceeding, claim or investigation or results in
any material increase in the liability which the Company has under this Section&nbsp;9. The Company may at its election and at its own
expense, assume the defence of any action, suit, proceeding or claim in respect of which indemnification may be sought under this Section&nbsp;9,
provided, however, that the defence shall be conducted through legal counsel acceptable to the Indemnified Party, acting reasonably. If
the Company undertakes, conducts and controls the settlement or defence of any action, suit, proceeding or claim, an Indemnified Party
shall have the right to participate in, but not control, the settlement or defence of same. Any Indemnified Party may retain counsel of
its own choice to separately represent it in the defence of a Claim, which shall be at the expense of the Company if: (i)&nbsp;the Company
does not promptly (or in any event, within ten&nbsp;days of notice thereof) assume the defence of the Claim; (ii)&nbsp;the Company agrees
to separate representation; or (iii)&nbsp;such Indemnified Party is advised by counsel in writing that there is an actual or potential
conflict in the Company&rsquo;s or such Indemnified Party&rsquo;s respective interests or additional defences are available to such Indemnified
Party such that representation by the same counsel would be inappropriate; but, the Company shall only be liable to pay the reasonable
fees and disbursements of one firm of separate counsel (in addition to local counsel) for all Indemnified Parties in any jurisdiction.
The Company will not, without the Indemnified Party&rsquo;s prior written consent (such consent not to be unreasonably withheld, conditioned
of delayed), settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any action, suit, proceeding,
investigation or claim in respect of which indemnification may be sought under this Section&nbsp;9 (whether or not any Indemnified Party
is a party thereto), unless such settlement, compromise, judgment or termination (x)&nbsp;includes an unconditional release of the Indemnified
Parties from all liability arising out of such claim, investigation, action or proceeding and (y)&nbsp;does not include a statement as
to or an admission of fault, culpability or any failure to act, by or on behalf of any Indemnified Party. No Indemnified Party will, without
the Company&rsquo;s prior written consent (such consent not to be unreasonably withheld, conditioned of delayed), settle, compromise,
consent to the entry of any judgment in or otherwise seek to terminate any action, suit, proceeding, investigation or claim in respect
of which indemnification may be sought under this Section&nbsp;9 (whether or not any Indemnified Party is a party thereto).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">In order to provide for just and equitable contribution in circumstances in which the indemnity provided
in this Section&nbsp;9 would otherwise be available in accordance with its terms but is, for any reason not attributable to any one or
more of the Indemnified Parties, held to be unavailable to or unenforceable by an Indemnified Party or is insufficient to hold the Indemnified
Party harmless, the Company shall contribute to the amount paid or payable (or, if such indemnity is unavailable only in respect of a
portion of the amount so paid or payable, such portion of the amount so paid or payable) by such Indemnified Party as a result of such
liabilities, claims, demands, losses, costs, damages and expenses (excluding loss of profits or other consequential damages):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">in such proportion as is appropriate to reflect the relative benefits received by the Company on the one
hand and the Underwriters on the other from the offering of the Firm Shares and Additional Shares, if any; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">if the allocation provided by clause (a)&nbsp;above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (a)&nbsp;above but also the relative fault of the Company
on the one hand and the Underwriters on the other hand in connection with the matters or things referred to in which resulted in such
liabilities, claims, demands, losses, costs, damages or expenses, as well as any other relevant equitable considerations,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">provided that the Underwriters shall
not in any event be liable to contribute, in the aggregate, any amount in excess of the Underwriting Commission or any portion thereof
actually received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The relative benefits received by the
Company on the one hand and the Underwriters on the other shall be deemed to be in the same ratio as the total proceeds from the offering
of the Firm Shares and Additional Shares, if any, (net of the Underwriting Commission payable to the Underwriters but before deducting
expenses) received by the Company is to the Underwriting Commission received by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The relative fault of the Company on
the one hand and of the Underwriters on the other shall be determined by reference to, among other things, whether the matters or things
referred to in this Section&nbsp;9 which resulted in such liabilities, claims, demands, losses, costs, damages and expenses relate to
information supplied by or steps or actions taken or done or not taken or done by or on behalf of the Company or to information supplied
by or steps or actions taken or done or not taken or done by or on behalf of the Underwriters and the relative intent, knowledge, access
to information and opportunity to correct or prevent such statement, omission or misrepresentation, or other matter or thing referred
to in this Section&nbsp;9. The amount paid or payable by an Indemnified Party as a result of the liabilities, claims, demands, losses,
costs, damages and expenses referred to above shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified
Party in connection with investigating or defending any such liabilities, claims, demands, losses, costs, damages and expenses, whether
or not resulting in an action, suit, proceeding or claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The parties agree that it would not
be just and equitable if contribution pursuant to this Section&nbsp;9(4)&nbsp;were determined by any method of allocation which does not
take into account the equitable considerations referred to in this Section&nbsp;9(4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify">The Company hereby acknowledges that each of the Underwriters acts as trustee for each of the other Indemnified
Parties related thereto of the Company&rsquo;s covenants and obligations under this Section&nbsp;9 to such Persons and each of the Underwriters
agrees to accept such trust and to hold and enforce such covenants and obligations on behalf of such Persons.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify">No Indemnified Party shall be entitled to contribution pursuant to Section&nbsp;9(4)&nbsp;to the extent
that any losses, expenses, claims, actions, damages or liabilities are determined by a court of competent jurisdiction in a final judgement
that has become non-appealable to have resulted from the breach of this Agreement or breach of applicable laws by, or the fraud, gross
negligence or wilful misconduct of, such Indemnified Party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="text-align: justify">The indemnity, contribution and other obligations and agreements of the Company under this Section&nbsp;9
shall be in addition to, and not in substitution for, any liability which the Company may otherwise have at law or in equity, shall extend
upon the same terms and conditions to all of the Indemnified Parties and shall be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Company and the Indemnified Parties. The foregoing provisions shall survive the termination
of this Agreement or the completion of the Offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;10</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Covenants of the Company</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">The Company covenants and agrees with the Underwriters that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the Company will advise the Underwriters, promptly after receiving notice thereof, of the time when each
Offering Document or Issuer Free Writing Prospectus has been filed, and will provide evidence satisfactory to the Underwriters of each
such filing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">between the date hereof and the date of completion of the Distribution of the Offered Shares, the Company
will advise the Underwriters, promptly after receiving notice or obtaining knowledge thereof, of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the issuance by any Canadian Securities Commission or the SEC of any order suspending or preventing the
use of any of the Offering Documents or any Issuer Free Writing Prospectus, including without limitation the issuance by the SEC of any
stop order suspending the effectiveness of the Registration Statement, or, to the knowledge of the Company, the threatening of any such
order;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the issuance by any Canadian Securities Commission, the SEC, the TSX or the NYSE American of any order
having the effect of ceasing or suspending the Distribution of the Common Shares or the trading in any securities of the Company or, to
the knowledge of the Company, threatening of any proceeding for any such purpose; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">any requests made by any Canadian Securities Commission or the SEC for amending or supplementing any of
the Offering Documents or any Issuer Free Writing Prospectus or for additional information;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">and the Company will use its reasonable
best efforts to prevent the issuance of any order referred to in subparagraph&nbsp;(b)(i)&nbsp;above or subparagraph&nbsp;(b)(ii)&nbsp;above
and, if any such order is issued, to obtain the withdrawal thereof at the earliest possible time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">the Company will use its reasonable best efforts to obtain the conditional listing of the Offered Shares
on the TSX by the Closing Time, subject only to the Standard Listing Conditions, and the Company will use its reasonable best efforts
to have the Offered Shares listed and admitted and authorized for trading on the NYSE American by the Closing Time, subject only to the
official notice of issuance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">as soon as practicable, but in any event not later than 18 months after the effective date of the Registration
Statement (as defined in Rule&nbsp;158(c)&nbsp;under the U.S. Securities Act), the Company will make generally available to its security
holders and to the Lead Underwriter an earnings statement or statements of the Company and its subsidiaries which will satisfy the provisions
of Section&nbsp;11(a)&nbsp;of the U.S. Securities Act and Rule&nbsp;158 under the U.S. Securities Act; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">the Company will use the net proceeds from the Offering as described in, and subject to the qualifications
set out in, the Pricing Disclosure Package and the Prospectuses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">Prior to the completion of the Distribution of the Offered Shares, the Company will file all documents
required to be filed with or furnished to the Canadian Securities Commissions and the SEC pursuant to Applicable Securities Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The Company shall not issue, agree or publicly disclose the intention to issue, create, allot, authorize,
offer, secure, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, or otherwise lend, transfer or dispose of, directly or indirectly, any equity securities of
the Company, any rights to purchase any equity securities of the Company, or other securities convertible into or exercisable or exchangeable
for any equity securities of the Company or enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of equity securities of the Company, for a period of 90&nbsp;days following the Closing Date
without the prior written consent of the Lead Underwriter, such consent not to be unreasonably withheld, provided that, notwithstanding
the foregoing, the Company may (i)&nbsp;effect the transaction contemplated hereby; (ii)&nbsp;grant options, share units or other securities
pursuant to the Company&rsquo;s outstanding stock option plan, share unit plan, deferred share unit plan or other equity compensation
plans made in accordance with the terms of such plans, and issue Common Shares upon the exercise of such options or vesting of such securities;
and (iii)&nbsp;issue equity securities pursuant to the Company&rsquo;s existing agreements with First Nations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>All Terms to be Conditions</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company agrees that the conditions contained
in this Agreement will be complied with insofar as the same relate to acts to be performed or caused to be performed by the Company. It
is understood that the Underwriters may waive, in whole or in part, or extend the time for compliance with, any of such terms and conditions
without prejudice to the rights of the Underwriters in respect of any such terms and conditions or any other or subsequent breach or non-
compliance, provided that to be binding on the Underwriters any such waiver or extension must be in writing and signed by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;12</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Termination by Underwriters</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Each Underwriter shall also be entitled to terminate its obligation to purchase the Offered Shares by
written notice to that effect to the Company and the Lead Underwriter, at or prior to the Closing Time or the Option Closing Time, as
applicable, if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">there shall have occurred any material change or have arisen or been discovered any new material fact,
other than a material fact relating solely to any of the Underwriters, required to be disclosed in the Pricing Disclosure Package or the
Prospectuses or any amendment thereto, in each case, that would be expected to, in the opinion of the Underwriter, acting reasonably,
have a significant adverse effect on the market price or value of the Offered Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">any inquiry, investigation, action, suit, investigation or other proceeding (formal or informal) is made
by any Governmental Authority, including without limitation, the TSX, NYSE American or any securities regulatory authority, unless solely
based on the activities or alleged activities of the Underwriters, which, in the reasonable opinion of the Underwriter, acting reasonably,
(i)&nbsp;prevents or materially restricts trading of the securities of the Company or (ii)&nbsp;would be expected to have a significant
adverse effect on the market price or value of the Offered Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">if there should develop, occur or come into effect or existence any event, action, state, condition or
major financial occurrence of national or international consequence or any law or regulation, which, in the opinion of the Underwriter,
acting reasonably, materially adversely affects or involves, or would be expected to materially adversely affect or involve, the financial
markets or the business, operations or affairs of the Company and its subsidiaries (on a consolidated basis); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">the Company is in breach of any term, condition or covenant of this Agreement in any material respect
or any representation or warranty given by the Company in this Agreement is or becomes false in any material respect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">If this Agreement is terminated by any of the Underwriters pursuant to Section&nbsp;12(1)&nbsp;or if this
Agreement terminates automatically under Section&nbsp;13, there shall be no further liability on the part of such Underwriter or of the
Company to such Underwriter, except in respect of any liability which may have arisen or may thereafter arise under Section&nbsp;9 and
Section&nbsp;16.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The right of the Underwriters or any of them to terminate their respective obligations under this Agreement
is in addition to such other remedies as they may have in respect of any default, act or failure to act of the Company in respect of any
of the matters contemplated by this Agreement. A notice of termination given by one Underwriter under this Section&nbsp;12 shall not be
binding upon the other Underwriters.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;13</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Closing</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">The closing of the purchase and sale of the Firm Shares herein provided for shall be completed electronically
at 8:00&nbsp;a.m.&nbsp;(Eastern time) on May&nbsp;17, 2024, or such other date and/or time as may be agreed upon in writing by the Company
and the Underwriters (respectively, the &ldquo;<B>Closing Time</B>&rdquo; and the &ldquo;<B>Closing Date</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">At the Closing Time, the Company shall issue to the Underwriters the Firm Shares and deposit with CDS
or its nominee, if requested by the Lead Underwriter, the Firm Shares electronically through the non-certificated inventory system of
CDS against payment of the Offering Price per Firm Share by wire transfer or certified cheque payable to the Company or as otherwise directed
by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">Concurrently with the deliveries and payment under paragraph (2), the Company shall pay the Underwriting
Commission applicable to the Firm Shares in the manner provided in the ninth paragraph of this Agreement against delivery of a receipt
for that payment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;14</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Conditions of Closing and Option Closing</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">The obligations of the Underwriters under this Agreement are subject to (i)&nbsp;the representations and
warranties of the Company contained in this Agreement being true and correct in all material respects (or, if qualified by materiality,
in all respects) as at the date of this Agreement, the Closing Time and the Option Closing Time, as applicable, except for such representations
and warranties which are in respect of a specific date in which case such representations and warranties shall be true and correct, in
all material respects (or, if qualified by materiality, in all respects), as of such date, (ii),&nbsp;the performance by the Company of
its obligations under this Agreement in all material respects and (iii)&nbsp;receipt by the Underwriters, at the Closing Time or Option
Closing Time, as applicable, of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">such legal opinions, dated the Closing Date and Option Closing Date, as applicable, from Davies Ward Phillips&nbsp;&amp;
Vineberg LLP, the Company&rsquo;s Canadian counsel, or other local counsel as required, addressed to the Underwriters, in form and content
acceptable to the Underwriters, acting reasonably, relating to the matters set forth in Schedule&nbsp;&ldquo;A&rdquo; subject to customary
limitations, assumptions and qualifications;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">such legal opinions, dated the Closing Date and the Option Closing Date, as applicable, from Paul, Weiss,
Rifkind, Wharton&nbsp;&amp; Garrison LLP, the Company&rsquo;s U.S. counsel, or other local counsel as required, addressed to the Underwriters,
acting reasonably, subject to customary limitations, assumptions and qualifications, which shall be accompanied by a &ldquo;10b-5 letter&rdquo;
addressed to the Underwriters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">a &ldquo;10b-5 letter&rdquo;, dated the Closing Date and the Option Closing Date, as applicable, from
Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP, the Underwriters&rsquo; U.S. counsel, addressed to the Underwriters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">a legal opinion, dated as of the Closing Date, from the Company&rsquo;s Canadian legal counsel, or other
local counsel as required, addressed to the Underwriters, in form and content acceptable to the Underwriters, acting reasonably, with
respect to title and ownership rights in the Material Properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">the auditor&rsquo;s comfort letter dated the Closing Date and the Option Closing Date, as applicable,
updating the comfort letter referred to in Section&nbsp;5(4)&nbsp;above with such changes as may be necessary from the comfort letter
delivered previously to bring the information therein forward to a date which is within two&nbsp;Business days of the Closing Date and
Option Closing Date, as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">evidence satisfactory to the Lead Underwriter that the Offered Shares shall have been (A)&nbsp; listed
and admitted and authorized for trading on the NYSE American, subject only to official notice of issuance, and (B)&nbsp; conditionally
approved for listing on the TSX, subject only to satisfaction by the Company of customary conditions imposed by the TSX in similar circumstances
(the &ldquo;<B>Standard Listing Conditions</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">a certificate, dated the Closing Date and the Option Closing Date, as applicable, and signed on behalf
of the Company, but without personal liability, by the Chief Executive Officer and by the Chief Financial Officer of the Company, or such
other officers of the Company as may be reasonably acceptable to the Underwriters, certifying: (i)&nbsp;the matters specified in clauses
(i)&nbsp;and (ii)&nbsp;of Section&nbsp;14(1); (ii)&nbsp;that there has been no material change relating to the Company since the date
hereof which has not been generally disclosed, except for the Offering and the New Afton Royalty Amending Agreement, and with respect
to which the requisite material change statement or report has not been filed and no such disclosure has been made on a confidential basis;
and (iii)&nbsp;to the best of the knowledge, information and belief of the Persons signing such certificate, after having made reasonable
inquiries, no order, ruling or determination having the effect of ceasing or suspending trading in the Common Shares or any other securities
of the Company has been issued and no proceedings for such purpose are pending or are contemplated or threatened;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">at the Closing Time or Option Closing Time, as applicable, certificates dated the Closing Date or the
Option Closing Date, as applicable, signed on behalf of the Company, but without personal liability, by the Chief Executive Officer of
the Company or another officer acceptable to the Lead Underwriter, acting reasonably, in form and content satisfactory to the Lead Underwriter,
acting reasonably, with respect to the constating documents of the Company; the resolutions of the directors of the Company relevant to
the Offering, including the allotment, issue (or reservation for issue) and sale of the Firm Shares and Additional Shares, the grant of
the Over-Allotment Option, the authorization of this Agreement and the listing of the Firm Shares and the Additional Shares on the TSX
and NYSE American; and the incumbency and signatures of signing officers of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">at the Closing Time and the Option Closing Time, as applicable, a certificate of status (or equivalent)
for the Company, dated within one Business Day (or such earlier or later date as the Lead Underwriter may accept) of the Closing Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">at the Closing Time, executed lock-up agreements from each of the directors and executive officers of
the Company substantially in the form attached to Schedule&nbsp;&ldquo;C&rdquo;; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify">such other documents as the Underwriters or Canadian and U.S. counsel to the Underwriters may reasonably
require and as is customary; and all proceedings taken by the Company in connection with the issuance and sale of the Offered Shares shall
be satisfactory in form and substance to the Lead Underwriter and Canadian and U.S. counsel for the Underwriters, acting reasonably.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;15</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Over-Allotment Option</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">The Over-Allotment Option may be exercised by the Lead Underwriter, on behalf of the Underwriters, at
any time and from time to time, in whole or in part, by delivering notice to the Company not later than 12:00&nbsp;noon (Eastern time)
on the 30<SUP>th</SUP> day after the Closing Date, which notice will specify the number of Additional Shares to be purchased by the Underwriters
and the date (the &ldquo;<B>Option Closing Date</B>&rdquo;) and time (the &ldquo;<B>Option Closing Time</B>&rdquo;) on and at which such
Additional Shares are to be purchased. Such Option Closing Date may be the same as (but not earlier than) the Closing Date and will not
be earlier than two Business&nbsp;days nor later than three Business&nbsp;days after the date of delivery of such notice (except to the
extent a shorter or longer period shall be agreed to by the Company). Subject to the terms of this Agreement, upon the Underwriters furnishing
this notice, the Underwriters will be committed to purchase, in the respective percentages set forth in Section&nbsp;21, and the Company
will be committed to issue and sell in accordance with and subject to the provisions of this Agreement, the number of Additional Shares
indicated in the notice. Additional Shares may be purchased by the Underwriters only for the purpose of satisfying over-allotments made
in connection with the Offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">In the event that the Over-Allotment Option is exercised in accordance with its terms, the closing of
the issuance and sale of that number of Additional Shares in respect of which the Underwriters are exercising the Over- Allotment Option
shall take place at the Option Closing Time electronically or as may be otherwise agreed to by the Underwriters and the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">At the Option Closing Time, the Company shall issue to the Underwriters that number of Additional Shares
in respect of which the Underwriters are exercising the Over-Allotment Option and deposit with CDS or its nominee, if requested by the
Lead Underwriter, the Additional Shares electronically through the non-certificated inventory system of CDS against payment of the Offering
Price per Additional Share by wire transfer or certified cheque payable to the Company or as otherwise directed by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">Concurrently with the deliveries and payment under paragraph&nbsp;(3), the Company shall pay the Underwriting
Commission applicable to the Additional Shares in the manner provided in the ninth paragraph&nbsp;of this Agreement against delivery of
a receipt for that payment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify">The obligation of the Underwriters to make any payment or delivery contemplated by this Section&nbsp;15
is subject to the conditions set forth in Section&nbsp;14.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;16</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Expenses</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will be solely responsible for all
expenses related to the Offering, including all fees and disbursements of its counsel, its &ldquo;out of pocket&rdquo; costs, printing
costs and filing fees, whether or not the Offering is completed. For the avoidance of doubt, the Underwriters shall pay all of their own
costs and expenses, including the fees of their counsel, and any experts or consultants retained by them, in connection with the transactions
contemplated by this Agreement. If the Offering is not completed due to a breach of this Agreement by the Company, the Company will reimburse
the Underwriters for their reasonable expenses incurred pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;17</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>No Advisory or Fiduciary Relationship</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company acknowledges and agrees that </FONT>(a)&nbsp;the purchase and sale of the Offered Shares pursuant to this Agreement, including
the determination of the Offering Price of the Offered Shares and any related discounts and commissions, is an arm&rsquo;s-length commercial
transaction between the Company, on the one hand, and the several Underwriters, on the other hand, (b)&nbsp;in connection with the Offering
and the process leading to such transaction each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary
of the Company or its shareholders, creditors, employees or any other party, (c)&nbsp;no Underwriter has assumed or will assume an advisory
or fiduciary responsibility in favour of the Company with respect to the Offering or the process leading thereto (irrespective of whether
such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter has any obligation to the Company
with respect to the Offering except the obligations expressly set forth in this Agreement, (d)&nbsp;the Underwriters and their respective
affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company, and (e)&nbsp;the
Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the Offering and the Company has consulted
its own legal, accounting, regulatory and tax advisors to the extent it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;18</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Notices</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any notice to be given hereunder shall be in writing
and may be given by email or by hand delivery and shall, in the case of notice to the Company, be addressed and emailed or delivered to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">New Gold Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Suite&nbsp;3320, 181 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Toronto, Ontario M5J 2T3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 15%">Attention:</TD>
  <TD STYLE="text-align: left; width: 79%">Keith Murphy, Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 15%">Email:</TD>
  <TD STYLE="text-align: left; width: 79%">keith.murphy@newgold.com</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">with a copy to (such copy not to constitute
notice)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Davies Ward Phillips&nbsp;&amp; Vineberg
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">155 Wellington Street West, 40<SUP>th</SUP> Floor<BR>
Toronto, ON M5V 3J7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:</FONT></TD>
  <TD STYLE="text-align: justify; width: 79%">Richard Fridman</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</FONT></TD>
  <TD STYLE="text-align: left; width: 79%">rfridman@dwpv.com</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-and-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Paul, Weiss, Rifkind, Wharton&nbsp;&amp;
Garrison LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Toronto-Dominion Centre<BR>
77 King Street West, Suite&nbsp;3100<BR>
P.O.&nbsp;Box 226<BR>
Toronto, ON M5K 1J3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 15%">Attention:</TD>
  <TD STYLE="text-align: justify; width: 79%">Christopher J. Cummings</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 15%">Email:</TD>
  <TD STYLE="text-align: justify; width: 79%">ccummings@paulweiss.com</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and in the case of the Lead Underwriter (on behalf
of the Underwriters), be addressed and emailed or delivered to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">CIBC World Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">161 Bay Street<BR>
Toronto, Ontario M5J 2S8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 15%">Attention:</TD>
  <TD STYLE="text-align: left; width: 79%">Steven Reid, Managing Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 15%">Email:</TD>
  <TD STYLE="text-align: left; width: 79%">steven.m.reid@cibc.com</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">with a copy to (such copy not to constitute
notice)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Borden Ladner Gervais LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Suite&nbsp;3400, 22 Adelaide Street
West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Toronto, Ontario M5H 4E3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 15%">Attention:</TD>
  <TD STYLE="text-align: justify; width: 79%">Tim McCormick</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 15%">Email:</TD>
  <TD STYLE="text-align: justify; width: 79%">TMccormick@blg.com</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-and-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Skadden, Arps, Slate, Meagher&nbsp;&amp;
Flom LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">222 Bay Street, Suite&nbsp;1750</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Toronto, Ontario M5K 1J5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 15%">Attention:</TD>
  <TD STYLE="text-align: justify; width: 79%">Ryan Dzierniejko</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 15%">Email:</TD>
  <TD STYLE="text-align: justify; width: 79%">ryan.dzierniejko@skadden.com</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and the Lead Underwriter may change
their respective addresses for notice by notice given in the manner referred to above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;19</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Actions on Behalf of the Underwriters</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All steps which must or may be taken by the Underwriters
in connection with this Underwriting Agreement, with the exception of the matters contemplated by Section&nbsp;9 and Section&nbsp;12,
shall be taken by the Lead Underwriter on the Underwriters&rsquo; behalf and the execution of the Agreement by the Underwriters shall
constitute the Company&rsquo;s authority for accepting notification of any such steps from, and for giving notice to, for delivering any
electronic deposits or definitive certificate(s)&nbsp;representing the Offered Shares and for paying the Underwriting Commission to, or
to the order of, the Lead Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><B>Survival</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The representations, warranties, obligations and
agreements of the Company and of the Underwriters contained herein or delivered pursuant to this Agreement shall survive the purchase
by the Underwriters of the Offered Shares for a period of three years following the Closing Date and shall continue in full force and
effect notwithstanding any subsequent disposition by the Underwriters of the Offered Shares and the Underwriters shall be entitled to
rely on the representations and warranties of the Company contained in or delivered pursuant to this Agreement notwithstanding any investigation
which the Underwriters may undertake or which may be undertaken on the Underwriters&rsquo; behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;21</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Underwriters&rsquo; Obligations</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Subject to the terms of this Agreement, the Underwriters&rsquo; obligations under this Agreement to purchase
the Offered Shares shall be several and not joint and several and the liability of each of the Underwriters to purchase the Offered Shares
shall be limited to the following percentages of the purchase price paid for the Offered Shares</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-right: 0.5in">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CIBC
    World Markets Inc.<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">25.0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BMO Nesbitt Burns Inc.<SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RBC Dominion Securities Inc.</FONT><SUP>(2)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scotia Capital Inc.</FONT><SUP>(2)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">National Bank Financial Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">TD Securities Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Merrill Lynch Canada Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Canaccord Genuity Corp.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Laurentian Bank Securities Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Raymond James Ltd.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">TOTAL:</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">100.0</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;Sole Bookrunner. 5% work fee payable to CIBC World Markets
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;Co-lead Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">In the event that an Underwriter shall at the Closing Time or the Option Closing Time, as the case may
be, fail to purchase its percentage of the Firm Shares or Additional Shares as provided in Section&nbsp;21(1)&nbsp;(a &ldquo;<B>Non-Purchasing
Underwriter</B>&rdquo;), whether upon the exercise of any termination rights or otherwise, and the percentage of Firm Shares or Additional
Shares that have not been purchased by one or more Non-Purchasing Underwriters represents 10% or less of the aggregate Firm Shares or
Additional Shares, the other Underwriters shall be severally and not jointly (or jointly and severally) obligated to purchase all of the
Firm Shares or Additional Shares, as the case may be, that the Non-Purchasing Underwriter has failed to purchase; the Underwriters shall
purchase such Firm Shares or Additional Shares, as the case may be, <I>pro rata </I>to their respective percentages as provided in Section&nbsp;21(1)&nbsp;or
in such other proportions as they may otherwise agree. In the event that the percentage of Firm Shares or Additional Shares that have
not been purchased by one or more Non-Purchasing Underwriters represents in aggregate more than 10% of the aggregate Firm Shares or Additional
Shares, as the case may be, the other Underwriters shall have the right, but shall not be obligated, to purchase all of the Firm Shares
or Additional Shares, as the case may be, which would otherwise have been purchased by the Non-Purchasing Underwriters and the Underwriters
exercising such right shall purchase such Firm Shares or Additional Shares, as the case may be, <I>pro rata </I>to their respective percentages
as provided in Section&nbsp;21(1)&nbsp;or in such other proportions as they may otherwise agree. In the event that the continuing Underwriters
purchase more Offered Shares pursuant to this Section&nbsp;21(2)&nbsp;than they otherwise would have pursuant to this Agreement, the continuing
Underwriters shall have the right, by notice to the Company, to postpone the Closing Time or the Option Closing Time, as the case may
be, for such period not exceeding five Business&nbsp;days as they shall determine and notify the Company in order that required changes,
if any, to the Offering Document or to any other documents or arrangements may be effected. Nothing in this Section&nbsp;21(2)&nbsp;shall
oblige the Company to sell to the Underwriters less than all of the Firm Shares or, in the event of the exercise of the Over- Allotment
Option in whole or in part, the Additional Shares in respect of which the Over-Allotment Option has been exercised, or relieve from liability
to the Company any Underwriter which shall be in default of its obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">Without affecting the firm obligation of the Underwriters to purchase from the Company the Firm Shares
at the Offering Price in accordance with this Agreement (assuming due satisfaction of the terms and conditions contained in this Agreement),
after the Underwriters have made reasonable effort to sell all of the Firm Shares at the Offering Price, the price payable by the Purchasers
may be decreased by the Underwriters and further changed from time to time to an amount not greater than the Offering Price per Firm Share
in compliance with applicable Canadian Securities Laws. In such case, the Underwriting Commission realized by the Underwriters will be
decreased by the amount that the aggregate price paid by the Purchasers for the Firm Shares is less than the gross proceeds to be paid
by the Underwriters to the Company for the Firm Shares and such reduced price sales will not affect the net proceeds to be received by
the Company under the Offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;22</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Market Stabilization</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the distribution of the Offered
Shares, the Underwriters (or any of them) may effect transactions which stabilize or maintain the market price of the Common Shares at
levels other than those which might otherwise prevail in the open market, but in each case as permitted by Applicable Securities Laws.
Such stabilizing transactions, if any, may be discontinued by the Underwriters at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;23</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Entire Agreement</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any and all previous agreements with respect to
the purchase and sale of the Offered Shares, whether written or oral, including for the avoidance of doubt, the bid letter dated May&nbsp;13,
2024 between the Company and the Lead Underwriter, are terminated and this Agreement constitutes the entire agreement between the Company
and the Underwriters with respect to the purchase and sale of the Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;24</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Governing Law</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement shall be governed by and construed
in accordance with the laws in force in the Province of Ontario and the federal laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;25</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Relationship with the TMX Group Limited</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the Underwriters or affiliates thereof,
each own or control an equity interest in TMX Group Limited (&ldquo;<B>TMX Group</B>&rdquo;) and may have a nominee director serving on
the TMX Group&rsquo;s board of directors. As such, such investment dealers may be considered to have an economic interest in the listing
of securities on any exchange owned or operated by TMX Group, including the Toronto Stock Exchange. No Person is required to obtain products
or services from TMX Group or its affiliates as a condition of any such dealer supplying or continuing to supply a product or service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;26</B></FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Time of the Essence</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Time shall be of the essence of this Agreement.
This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and such counterparts
together shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature page&nbsp;follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the foregoing is in accordance with your understanding
and is agreed to by you, will you please confirm your acceptance by signing the enclosed copies of this Agreement at the place indicated
and returning the same to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yours truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CIBC WORLD MARKETS INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Steven Reid</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Reid</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BMO NESBITT BURNS INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Ilhan Bahar</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; width: 40%">Ilhan Bahar</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify">Managing Director &amp; Co-Head, Global Metals &amp; Mining</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RBC DOMINION SECURITIES INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Hugh Samson</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></P></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">Hugh Samson</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify; width: 40%">Managing Director</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCOTIA CAPITAL INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Matthew Hind</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; width: 40%">Matthew Hind</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify">Managing Director and Head, Global Mining and Metals</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NATIONAL BANK FINANCIAL INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ John O'Sullivan</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; width: 40%">John O'Sullivan</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify">Managing Director</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TD SECURITIES INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Mark Tiberio</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify">Mark Tiberio</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MERRILL LYNCH CANADA INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Jamie Hancock</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; width: 40%">Jamie Hancock</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify">Managing Director, Head of Capital Markets</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CANACCORD GENUITY CORP.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Tom Jakubowski</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; width: 40%">Tom Jakubowski</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify">Managing Director, Global Head of Metals &amp; Mining</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LAURENTIAN BANK SECURITIES INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Joseph Galluci</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; width: 40%">Joseph Galluci</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify">Managing Director, Head of Investment Banking</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RAYMOND JAMES LTD.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Gavin McOuat</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; width: 40%">Gavin McOuat</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify">Senior Managing Director</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing is in accordance with our understanding
and is accepted by us.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NEW GOLD INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keith
    Murphy</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keith Murphy</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President and Chief&#9;Financial Officer</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Schedule&nbsp;&ldquo;A&rdquo;</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
MATTERS TO BE ADDRESSED IN THE COMPANY&rsquo;S CANADIAN COUNSEL OPINION</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company is an amalgamated company and validly existing under the laws of British Columbia and is in good standing with respect to the
filing of annual reports;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company has all necessary corporate power and capacity to own and lease assets and to carry on business as described in the Canadian Prospectus
and the Company has the necessary corporate power and capacity to execute and deliver this Agreement and to carry out the transactions
contemplated hereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
authorized and issued capital of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
necessary corporate action having been taken by Company to authorize: (i)&nbsp;the execution and delivery of this Agreement and the performance
by the Company of its obligations hereunder including the issue, sale and delivery of the Firm Shares, the grant of the Over-Allotment
Option and the issue, sale and delivery of the Additional Shares upon exercise of the Over-Allotment Option; and (ii)&nbsp;to authorize
the issuance, sale and delivery to the Underwriters the Firm Shares and the Additional Shares, if any, pursuant to this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Firm Shares have been duly authorized and when issued, delivered and paid for in accordance with the terms of the this Agreement, will
be validly issued as fully paid and non-assessable Common Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Additional Shares, if any, have been duly authorized and when issued, delivered and paid for in accordance with the terms of this Agreement,
will be validly issued as fully paid and non-assessable Common Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company has all necessary corporate power and capacity to execute and deliver this Agreement and perform its obligations under this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
necessary corporate action has been taken by or on behalf of the Company to authorize the execution of each of the Canadian Base Shelf
Prospectus, the Canadian Prospectus Supplement and, if applicable, any Supplementary Material thereto and the filing thereof with the
Canadian Securities Commissions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;this
Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
execution and delivery by the Company of this Agreement and the performance by the Company of its obligations under this Agreement (including
the issue, sale and delivery of the Firm Shares and, if any, the Additional Shares) do not and will not result in a breach (whether after
notice or lapse of time or both) of any of the terms, conditions or provisions of the articles or notice of articles of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Computershare
Investor Services Inc. is the duly appointed registrar and transfer agent for the common shares of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
necessary documents have been filed, all necessary proceedings have been taken and all necessary approvals, permits, consents and authorizations
of the Canadian Securities Commissions have been obtained, in each case by the Corporation under Canadian Securities Laws, to qualify
the distribution of the Offered Shares to the public in the Qualifying Jurisdictions by or through persons or companies who are registered
in an appropriate category of registration under Canadian Securities Laws and who have complied with the relevant provisions of such Canadian
Securities Laws and the terms and conditions of their registration; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;subject
to the qualifications, assumptions, limitations, exceptions and understandings set out in the Canadian Prospectus Supplement under the
headings &ldquo;Certain Canadian Federal Income Tax Considerations&rdquo; and &ldquo;Eligibility For Investment&rdquo;, insofar as the
statements under such headings constitute statements of law, such statements are an accurate summary, in all material respects, of the
matters described therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 39; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Schedule&nbsp;&ldquo;B&rdquo;</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
PRICING TERMS INCLUDED IN PRICING DISCLOSURE PACKAGE</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price per share for the Common Shares is US$1.72.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of Common Shares purchased by the Underwriters
is 87,300,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has granted the Underwriters an option,
exercisable, in whole or in part, at any time until and including 30&nbsp;days following the closing of the Offering, to purchase up to
an additional 13,095,000 Common Shares at US$1.72 per Common Share to cover over-allotments, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriters receive 4.0% cash commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issuer Free Writing Prospectuses: Press release
dated May&nbsp;13, 2024 announcing the Offering</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 40; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Schedule&nbsp;&ldquo;C&rdquo;</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
FORM&nbsp;OF Lock-Up Agreement</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 500.25pt">___, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CIBC World Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BMO Nesbitt Burns Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RBC Dominion Securities Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Scotia Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">National Bank Financial Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TD Securities Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merrill Lynch Canada Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Canaccord Genuity Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Laurentian Bank Securities Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Raymond James Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Re: New Gold Inc. &ndash; Lock-Up Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, a director or executive officer
of New Gold Inc. (the &ldquo;<B>Corporation</B>&rdquo;), understands that CIBC World Markets Inc. (the &ldquo;<B>Lead Underwriter</B>&rdquo;)
and BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., TD Securities Inc., Merrill
Lynch Canada Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc. and Raymond James Ltd. (together with the Lead Underwriter,
the &ldquo;Underwriters&rdquo; and each individually an &ldquo;<B>Underwriter</B>&rdquo;) have entered into an underwriting agreement,
dated May&nbsp;14, 2024, with the Corporation providing for a public offering in Canada and the United States (the &ldquo;<B>Offering</B>&rdquo;)
of common shares of the Corporation. The undersigned also acknowledges that the Underwriters have requested that the undersigned enter
into this agreement as a condition to the completion of the Offering and that, in consideration of the Offering and for other good and
valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged by the undersigned, the undersigned has
agreed to enter into this agreement (the &ldquo;<B>Lock-Up Agreement</B>&rdquo;) in favour of the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned represents and agrees that during
the period beginning from the date hereof and ending 90&nbsp;days from the closing date of the Offering (the &ldquo;<B>Lock-Up Period</B>&rdquo;),
he, she or it shall not (and shall cause its affiliates not to) directly or indirectly, offer, sell, contract to sell, transfer, assign,
pledge, grant any option to purchase, make any short sale or otherwise dispose of or monetize any common shares of the Corporation, or
any options or warrants to purchase any common shares of the Corporation, or any securities convertible into, exchangeable for, or that
represent the right to receive, common shares of the Corporation, now owned directly or indirectly by the undersigned, or under control
or direction of the undersigned or with respect to which the undersigned has beneficial ownership (collectively, the &ldquo;<B>Undersigned&rsquo;s
Securities</B>&rdquo;), or subsequently acquired, directly or indirectly by the undersigned, or under control or direction of the undersigned
or with respect to which the undersigned acquires beneficial ownership (together with the Undersigned&rsquo;s Securities, the &ldquo;<B>Locked-up
Securities</B>&rdquo;) or enter into any swap, forward or other arrangement that transfers all or a portion of the economic consequences
associated with the ownership of the Locked-up Securities (regardless of whether any such arrangement is to be settled by the delivery
of securities of the Corporation, securities of another person, cash or otherwise) or agree to do any of the foregoing or publicly announce
any intention to do any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, the undersigned
may offer, sell, contract to sell, transfer, assign, pledge, grant an option to purchase, make any short sale or otherwise dispose of
any of the Locked-up Securities, or enter into any swap, forward or other arrangement that transfers all or a portion of the economic
consequences associated with the ownership of the Locked-up Securities, whether directly or indirectly, during the Lock- Up Period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify">with the prior written consent of the Lead Underwriter, such consent not to be unreasonably withheld or
delayed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 41; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify">without the consent of the Lead Underwriter, in order for the undersigned to sell, transfer or tender
the Locked-up Securities (or any of them) to a bona fide takeover bid made to all holders of common shares of the Corporation or in connection
with a merger, business combination, arrangement, amalgamation, consolidation, reorganization, restructuring or similar transaction (a
 &ldquo;<B>reorganization</B>&rdquo;) involving the Corporation; provided, however, that in such case it shall be a condition of the sale,
transfer or tender that if the sale, transfer or take-up of such Locked-up Securities under such take-over bid or reorganization is not
completed during the Lock-Up Period, any Locked-up Securities subject to this Lock-Up Agreement shall remain subject to the restrictions
herein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify">without the consent of the Lead Underwriter, where the undersigned exercises any convertible securities
of the Corporation; provided that any underlying securities issued by the Corporation on such exercise remain part of the Locked-up Securities
for purposes of this Lock-Up Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify">without the consent of the Lead Underwriter, directly or indirectly, (A)&nbsp;pursuant to gifts and transfers
by will or intestacy and (B)&nbsp;pursuant to transfers to (i)&nbsp;the undersigned&rsquo;s affiliates, associates or immediate family
or (ii)&nbsp;a trust or registered retirement savings plan, the beneficiaries of which are the undersigned and/or members of the undersigned&rsquo;s
immediate family; provided in each such case that, as a pre-condition to (A)&nbsp;and (B)&nbsp;the donee or transferee agrees in writing
to be bound by the foregoing in the same manner as it applies to the undersigned. &ldquo;Immediate family&rdquo; shall mean spouse, lineal
descendants, father, mother, brother or sister of the transferor and father, mother, brother or sister of the transferor&rsquo;s spouse;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify">without the consent of the Lead Underwriter, where the undersigned sells Locked-up Securities solely to
use the proceeds from such sale to satisfy the exercise price of any convertible securities of the Corporation exercised by the undersigned
and bona fide tax obligations and other expenses of the undersigned incurred in connection with such exercise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned understands that the Corporation
and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Offering. The undersigned further
understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned&rsquo;s legal representatives, successors,
and assigns, and shall enure to the benefit of the Corporation, the Underwriters and their legal representatives, successors and assigns.
This Lock-Up Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada
applicable therein and the parties hereto hereby agree to attorn to the non-exclusive jurisdictions of the court of the Province of Ontario
in connection with any dispute or claim hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATED</B></FONT>
as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 42; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2413902d7_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%"><IMG SRC="tm2413902d7_ex99-2img001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">155 Wellington Street West<BR>
    Toronto, ON M5V 3J7 Canada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>dwpv.com</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;14, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>BY EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>New Gold Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We refer to the prospectus supplement dated May&nbsp;13, 2024 (the
 &ldquo;<B>Prospectus Supplement</B>&rdquo;) to the short form base shelf prospectus of New Gold Inc. dated May&nbsp;13, 2024, forming
part of the Registration Statement on Form&nbsp;F-10 (Registration No.&nbsp;333-279369) filed by New Gold Inc. with the U.S. Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby&nbsp;consent&nbsp;to the use of our firm name on the inside
cover page&nbsp;of the Prospectus Supplement and under the heading &ldquo;Legal Matters&rdquo; in the Prospectus Supplement and&nbsp;consent&nbsp;to
the use of our firm name and the reference to our legal opinions under the heading &ldquo;Certain Canadian Federal Income Tax Considerations&rdquo;
in the Prospectus Supplement, which legal opinions are provided as of the date of the Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In giving such&nbsp;consent, we do not hereby admit that we are in
the category of persons whose&nbsp;consent&nbsp;is required under the U.S. Securities Act of 1933, as amended, or the rules&nbsp;and regulations
promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yours very truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/&nbsp;Davies Ward&nbsp;Phillips&nbsp;&amp; Vineberg LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Davies Ward Phillips&nbsp;&amp; Vineberg LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2413902d7_ex99-2img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm2413902d7_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit&nbsp;99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">May&nbsp;14, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">730 Fountain Street North</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Building 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Cambridge, Ontario</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">N3H 4R7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Dear Sirs/Mesdames:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Re: New Gold Inc. &ndash; Registration
Statement on Form&nbsp;F-10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We refer to the prospectus supplement dated
May&nbsp;13, 2024 (the &ldquo;<B>Prospectus Supplement</B>&rdquo;) to the short form base shelf prospectus dated May&nbsp;13, 2024, forming
part of the registration statement on Form&nbsp;F-10 (Registration&nbsp;No.&nbsp;333-279369) dated May&nbsp;13, 2024 (the &ldquo;<B>Registration
Statement</B>&rdquo;) of New Gold Inc. We hereby consent to the use of our firm name on the inside cover page&nbsp;of the Prospectus Supplement
and under the heading &ldquo;Legal Matters&rdquo; and consent to the use of our opinion under the heading &ldquo;Certain Canadian Federal
Income Tax Considerations&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In giving such consent we do not hereby admit
that we are in the category of persons whose consent is required by the United States Securities Act 1933, as amended or the rules&nbsp;and
regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Borden Ladner Gervais LLP</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borden Ladner Gervais LLP</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Toronto, ON</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>tm2413902d7_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.4&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B><U>EXECUTION VERSION</U></B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PARTIAL ROYALTY REPURCHASE AND AMENDING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NEW GOLD INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>- and -</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BEAR HOLDINGS LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>May&nbsp;13,
2024</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;1
    INTERPRETATION</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules&nbsp;of Construction</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contra Proferentem</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable Law, Attornment and Language</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedules</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;2
    PURCHASE AND SALE OF Transferable ROYALTIES</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase and Sale</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;3
    REPRESENTATIONS AND WARRANTIES OF the PURCHASER</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Representations and Warranties of the Purchaser</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;4
    REPRESENTATIONS AND WARRANTIES OF the seller</B></FONT></TD>
    <TD STYLE="text-align: right"><B>7</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;5
    COVENANTS</B></FONT></TD>
    <TD STYLE="text-align: right"><B>8</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conduct Prior to Closing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actions to Satisfy Conditions of Closing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conduct Post-Closing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;6
    CONDITIONS OF CLOSING</B></FONT></TD>
    <TD STYLE="text-align: right"><B>10</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions of Closing in Favour of the Seller</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions of Closing in Favour of the Purchaser</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;7
    CLOSING ARRANGEMENTS</B></FONT></TD>
    <TD STYLE="text-align: right"><B>11</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date and Place of Closing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Purchaser&rsquo;s Closing Deliveries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Seller&rsquo;s Closing Deliveries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrent Delivery</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;8
    Termination</B></FONT></TD>
    <TD STYLE="text-align: right"><B>13</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Termination</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Surviving Provisions on Termination</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remedies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;9
    MISCELLANEOUS</B></FONT></TD>
    <TD STYLE="text-align: right"><B>14</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further Assurances</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal and Other Fees and Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire Agreement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality; Public Disclosure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enurement and Assignment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver and Amendment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Third Party Rights</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.10</FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">PARTIAL ROYALTY REPURCHASE AND AMENDING AGREEMENT
dated the 13th day of May, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B E T W E E N:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="text-transform: uppercase"><B>new gold inc.,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">a corporation existing under the Laws<BR>
of the Province of British Columbia,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">(hereinafter referred to as the &ldquo;<B>Purchaser</B>&rdquo;),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -2.75in; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="text-transform: uppercase"><B>bear holdings
lp,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">a limited partnership formed under the Laws of the<BR>
Province of Ontario by <B>3336050 NOVA SCOTIA<BR>
LIMITED </B>as general partner for and on behalf of<BR>
Bear Holdings LP,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">(hereinafter referred to as the &ldquo;<B>Seller</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">WHEREAS the Purchaser
and the Seller entered into a free cash flow royalty agreement dated March&nbsp;31, 2020, providing for the grant by the Purchaser to
the Seller of the FCF Royalty, as defined in the Amended and Restated FCF Royalty Agreement, and setting out the parties&rsquo; respective
rights and obligations with respect to the FCF Royalty (the &ldquo;<B>Original Royalty Agreement</B>&rdquo;)</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">AND WHEREAS the Purchaser wishes to repurchase,
and the Seller wishes to sell, the Repurchased FCF Royalty, as defined herein, and in connection therewith the parties have agreed to
amend and restate the Original Royalty Agreement on and subject to the terms and conditions set out herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">NOW THEREFORE, THIS
AGREEMENT WITNESSES THAT</FONT> in consideration of the respective covenants, agreements, representations and warranties contained herein
and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each party), the parties
covenant and agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;1</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
INTERPRETATION</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.1</B></FONT></TD><TD><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">For the purposes of this Agreement, unless the context
otherwise requires, the following terms shall have the respective meanings set out below and grammatical variations of such terms shall
have corresponding meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Affiliate</B>&rdquo; means, with respect to any
Person, any other Person who directly or indirectly Controls, is Controlled by, or is under direct or indirect common Control with, such
Person, and includes any Person in like relation to an Affiliate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Agreement</B>&rdquo; means this Partial Royalty
Repurchase and Amending Agreement and the schedules hereto, as the same may be further amended or supplemented from time to time in accordance
with the terms hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Amended and Restated
FCF Royalty Agreement</B>&rdquo; means the amended and restated Original Royalty Agreement between the Purchaser and the Seller in the
form attached as </FONT>Schedule&nbsp;A;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Business Day</B>&rdquo; means any day except Saturday,
Sunday or any day on which major banks are generally not open for business in the City of Kamloops, British Columbia or in the City of
Toronto, Ontario;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Charter Documents</B>&rdquo; means Articles, Articles
of incorporation, notice of Articles, certificates or articles of formation, memoranda, constitutions, limited partnership agreement,
by-laws or any similar constating document of a corporation or other legal entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Closing</B>&rdquo; has the meaning given to it
in Section&nbsp;7.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Closing Date</B>&rdquo; has the meaning given
to it in Section&nbsp;7.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Contracts</B>&rdquo; means all written contracts,
agreements, instruments, leases, indentures, deeds, deeds of trust, mortgages, royalties, licenses, options, arrangements, engagements,
transactions and commitments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Control</B>&rdquo; (including, with correlative
meanings, the terms &ldquo;Controlling&rdquo;, &ldquo;Controlled by&rdquo; and &ldquo;under common Control with&rdquo;) as applied to
any Person, means the possession, directly or indirectly of the power to direct or cause the direction of the management and policies
of that Person, whether through the ownership of voting securities, by contract, voting trust or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Encumbrance</B>&rdquo; means, whether or not registered
or registrable or recorded or recordable, and regardless of how created or arising:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD>any mortgage, assignment of receivable,
                                            lien, encumbrance, adverse claim, charge, execution, title defect, exception, right of pre-emption,
                                            right of first refusal, privilege, security interest, hypothec or pledge, whether fixed or
                                            floating, against assets or property (whether real, personal, mixed, tangible or intangible),
                                            conditional sales contract, title retention agreement, and a subordination to any right or
                                            claim of others in respect thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD>a claim, interest or estate against
                                            or in assets or property (whether real, personal, mixed, tangible or intangible), granted
                                            to or reserved or taken by any Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD>an option or other right to acquire,
                                            or to acquire any interest in, any assets or property (whether real, personal, mixed, tangible
                                            or intangible);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD>any other encumbrance of whatsoever
                                            nature and kind against assets or property (whether real, personal, mixed, tangible or intangible);
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD>any Contract to create, or right
                                            capable of becoming, any of the foregoing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Governmental Authority</B>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD>any federal, provincial, municipal
                                            or local government or political subdivision thereof (whether administrative, legislative,
                                            executive or otherwise);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD>any agency, authority, ministry,
                                            department, regulatory body, court, central bank, bureau, board or other instrumentality
                                            having legislative, judicial, taxing, regulatory, prosecutorial or administrative powers
                                            or functions of, or pertaining to, government;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD>any court, tribunal, commission,
                                            individual, arbitrator, arbitration panel or other body having adjudicative, regulatory,
                                            judicial, quasi-judicial, administrative or similar functions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD>any other body or entity created
                                            under the authority of or otherwise subject to the jurisdiction of any of the foregoing,
                                            including any stock or other securities exchange or professional association,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">in each case having jurisdiction over the applicable Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For greater certainty, for purposes of this Agreement &ldquo;Governmental
Authority&rdquo; shall not include any form of Indigenous government, including chiefs, tribal councils, band councils or any other governing
body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Law</B>&rdquo; means any international, national,
provincial, state, municipal and local laws (including common and civil law), treaties, statutes, codes, ordinances, judgments, decrees,
injunctions, writs, certificates and orders, by-laws, rules, regulations, formal interpretations or other requirements enacted, adopted,
promulgated or applied by any Governmental Authority in each case having the force of law, and the term &ldquo;applicable&rdquo; with
respect to such Laws and in a context that refers to one or more parties, means such Laws as are applicable to such party or its business,
undertaking, property or securities and emanate from a Person having jurisdiction over the party or parties or its or their business,
undertaking, property or securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Losses</B>&rdquo;, in respect of any matter, means
all claims, demands, Proceedings, fines, losses, damages, liabilities, taxes, deficiencies, costs and expenses (including all reasonable
out-of-pocket legal and other professional fees and disbursements, interest, penalties and amounts incurred in defending any claim or
paid in settlement) arising directly or indirectly as a consequence of such matter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Offering</B>&rdquo;
means the cross-border public offering of common shares of the Purchaser for gross aggregate proceeds of at least $150,000,000</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Offering Documents</B>&rdquo; has the meaning
given to it in Section&nbsp;5.2(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Original Royalty Agreement</B>&rdquo; has the
meaning given to it in the recitals;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Outside Date</B>&rdquo; has the meaning given
to it in Section&nbsp;7.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Person</B>&rdquo; means any individual, sole proprietorship,
partnership, firm, entity, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate,
Governmental Authority and, where the context requires, any of the foregoing when they are acting as trustee, executor, administrator
or other legal representative;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Proceeding</B>&rdquo; means any action, claim,
demand, lawsuit, assessment, hearing, arbitration, judgment, award, decree, order, injunction, prosecution and investigation, or other
similar proceeding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Purchase Price</B>&rdquo; has the meaning given
to it in Section&nbsp;2.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Purchaser</B>&rdquo; has the meaning given to
it in the recitals;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Repurchased FCF Royalty</B>&rdquo; means that
portion of the FCF Royalty equal to the right to receive payments of 26.1% of Free Cash Flow, as defined in the Amended and Restated
FCF Royalty Agreement, on and after the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Seller</B>&rdquo; has the meaning given to it
in the recitals;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Transaction</B>&rdquo; has the meaning given to
it in Section&nbsp;2.1; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Transaction Documents</B>&rdquo; has the meaning
given to it in Section&nbsp;3.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.2</B></FONT></TD><TD><B>Rules&nbsp;of Construction</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except as may be otherwise specifically provided
in this Agreement and unless the context otherwise requires, in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD>the terms &ldquo;Agreement&rdquo;,
                                            &ldquo;this Agreement&rdquo;, &ldquo;the Agreement&rdquo;, &ldquo;hereto&rdquo;, &ldquo;hereof&rdquo;,
                                            &ldquo;herein&rdquo;, &ldquo;hereby&rdquo;, &ldquo;hereunder&rdquo; and similar expressions
                                            refer to this Agreement in its entirety and not to any particular provision hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD>references to an &ldquo;Article&rdquo;,
                                            &ldquo;Section&rdquo; or &ldquo;Schedule&rdquo; followed by a number or letter refer to the
                                            specified Article&nbsp;or Section&nbsp;of or Schedule to this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD>the division of this Agreement
                                            into Articles and Sections and the insertion of headings are for convenience of reference
                                            only and shall not affect the construction or interpretation of this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD>words importing the singular
                                            number only shall include the plural and vice versa and words importing the use of any gender
                                            shall include all genders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD>the words &ldquo;include&rdquo;,
                                            &ldquo;includes&rdquo; and &ldquo;including&rdquo; mean &ldquo;include&rdquo;, &ldquo;includes&rdquo;
                                            or &ldquo;including&rdquo;, in each case, &ldquo;without limitation&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD>the terms &ldquo;party&rdquo;
                                            and &ldquo;the parties&rdquo; refer to a party or the parties to this Agreement (and, for
                                            greater certainty, unless the context otherwise requires, &ldquo;third party&rdquo; refers
                                            to a Person that is not a party to this Agreement);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD>any reference to a statute shall
                                            be construed to be a reference thereto as the same may from time to time be amended, re-enacted
                                            or replaced, and shall include any regulations or rules&nbsp;made thereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD>reference to any agreement or
                                            other instrument in writing means such agreement or other instrument in writing as amended,
                                            modified, replaced or supplemented from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD>any time period within which
                                            a payment is to be made or any other action is to be taken hereunder shall be calculated
                                            excluding the day on which the period commences and including the day on which the period
                                            ends; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD>whenever any payment is required
                                            to be made, action is required to be taken or period of time is to expire on a day other
                                            than a Business Day, such payment shall be made, action shall be taken or period shall expire
                                            on the next following Business Day.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.3</B></FONT></TD><TD><B>Contra Proferentem</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The parties waive the application of any rule&nbsp;of
law which otherwise would be applicable in connection with the construction of this Agreement that ambiguous or conflicting terms or
provisions should be construed against the party who (or whose counsel) prepared the executed agreement or any earlier draft of the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.4</B></FONT></TD><TD><B>Currency</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except where otherwise expressly provided, all monetary
amounts in this Agreement are stated and shall be paid in United States currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.5</B></FONT></TD><TD><B>Applicable Law, Attornment
                                            and Language</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement shall be construed, interpreted and enforced in accordance with, and the respective rights and obligations of the parties shall
be governed by, the Laws of the Province of Ontario and the federal Laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
of the parties irrevocably and unconditionally: (i)&nbsp;submits to the exclusive jurisdiction of the courts of the Province of Ontario
over any Proceeding arising out of or relating to this Agreement; (ii)&nbsp;agrees to commence such a Proceeding in Toronto, Ontario,
and to cooperate and use its commercially reasonable efforts to bring the Proceeding before the Ontario Superior Court of Justice (Commercial
List); (iii)&nbsp;waives any objection that it might otherwise be entitled to assert to the jurisdiction of such courts; and (iv)&nbsp;agrees
not to assert that such courts are not a convenient forum for the determination of any such Proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>1.6</B></FONT></TD><TD><B>Schedules</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The following Schedules are attached to and form
an integral part of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">Schedule&nbsp;A</FONT>&#8239;&#8239;&#8239;&#8239;&nbsp;&ndash;&#8239;&#8239;&#8239;&#8239;&nbsp;Amended
and Restated FCF Royalty Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">Schedule&nbsp;B</FONT>&#8239;&#8239;&#8239;&#8239;&nbsp;&ndash;&#8239;&#8239;&#8239;&#8239;&nbsp;Payment
Instructions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;2</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
PURCHASE AND SALE OF Transferable ROYALTIES</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.1</B></FONT></TD><TD><B>Purchase and Sale</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">On Closing, (i)&nbsp;the
Seller agrees to sell, assign and transfer to the Purchaser, and the Purchaser agrees to purchase from the Seller, the Repurchased FCF
Royalty free and clear of all Encumbrances, in consideration for $255 million in cash</FONT> (the &ldquo;<B>Purchase Price</B>&rdquo;)
and (ii)&nbsp;the parties shall concurrently therewith each execute and deliver the Amended and Restated FCF Royalty Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>2.2</B></FONT></TD><TD><B>Payment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">The Purchase Price
shall be satisfied by the Purchaser on the Closing Date by payment of the Purchase Price to the Seller by wire transfer in accordance
with the wire transfer instructions specified in </FONT>Schedule&nbsp;B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;3</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
REPRESENTATIONS AND WARRANTIES OF the PURCHASER</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>3.1</B></FONT></TD><TD><B>General Representations and
                                            Warranties of the Purchaser</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Purchaser represents and warrants to the Seller
as follows and acknowledges that the Seller is relying on the following representations and warranties in connection with the consummation
of the transactions contemplated by this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD><U>Status</U>. The Purchaser
                                            is a duly incorporated and validly existing corporation under the Laws of the Province of
                                            British Columbia, has never been dissolved or liquidated, and has full power and authority
                                            to acquire the Repurchased FCF Royalty and to enter into, and perform its obligations under,
                                            this Agreement and any other document, instrument or agreement entered into pursuant to this
                                            Agreement (such documents other than the Agreement, the &ldquo;<B>Transaction Documents</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD><U>Due Authorization</U>. The
                                            execution and delivery of this Agreement and all Transaction Documents required to be executed
                                            and delivered by the Purchaser pursuant to this Agreement, and the consummation of the transactions
                                            contemplated herein and therein, have been duly authorized by all necessary corporate action
                                            on the part of the Purchaser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD><U>Non-Contravention</U>. None
                                            of the execution and delivery of this Agreement or the Transaction Documents required to
                                            be executed and delivered by the Purchaser pursuant to this Agreement, the performance of
                                            the Purchaser&rsquo;s obligations hereunder or thereunder or the completion of the transactions
                                            contemplated herein or therein, will violate, result in a breach of or default under, or
                                            conflict with: (i)&nbsp;any of the provisions of the Charter Documents of the Purchaser;
                                            or (ii)&nbsp;any indenture, Contract, agreement or instrument to which the Purchaser or any
                                            of its Affiliates is a party or by which the Purchaser or any of its Affiliates is bound.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD><U>Enforceability</U>. This Agreement
                                            and each Transaction Document to which the Purchaser is a party has or will be duly executed
                                            and delivered by the Purchaser, and this Agreement constitutes, and each Transaction Document
                                            will, upon execution and delivery thereof, constitute a legal, valid and binding obligation
                                            of the Purchaser enforceable against the Purchaser in accordance with its terms, except as
                                            may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and
                                            other similar laws of general application affecting the enforceability of remedies and rights
                                            of creditors and except that equitable remedies such as specific performance and injunction
                                            are in the discretion of a court.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD><U>Approvals</U>. Except in connection
                                            with the Offering, there is no consent, approval, authorization, release, waiver or other
                                            action of, or any registration, declaration, filing or notice with or to, any Governmental
                                            Authority or other Person, that is required for the execution or delivery by the Purchaser
                                            of this Agreement or any of the Transaction Documents to which it is a party, or the performance
                                            by the Purchaser of its obligations hereunder or thereunder, or the validity thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;4</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
REPRESENTATIONS AND WARRANTIES OF the seller</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>4.1</B></FONT></TD><TD><B>General Representations and
                                            Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Seller represents and warrants to the Purchaser
as follows and acknowledges that the Purchaser is relying on the following representations and warranties in connection with the consummation
of the transactions contemplated by this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD><U>Status</U>. The Seller is
                                            a limited partnership duly organized and validly existing under the Laws of the Province
                                            of Ontario, has never been, nor have any steps been taken for the Seller to be dissolved,
                                            liquidated, wound up or deregistered and the Seller has full power and authority to enter
                                            into, and perform its obligations under, this Agreement and all Transaction Documents to
                                            which it is party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD><U>Due Authorization</U>. The
                                            execution and delivery of this Agreement and all Transaction Documents required to be executed
                                            and delivered by the Seller pursuant to this Agreement, and the consummation of the transactions
                                            contemplated herein and therein, have been duly authorized by all necessary corporate action
                                            on the part of the Seller.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD><U>Non-Contravention</U>. Neither
                                            the execution and delivery of this Agreement or the Transaction Documents required to be
                                            executed and delivered by the Seller pursuant to this Agreement, nor the completion of the
                                            transactions contemplated herein or therein, will violate, result in a breach of or default
                                            under, or conflict with: (i)&nbsp;any of the provisions of the Charter Documents of the Seller;
                                            or (ii)&nbsp;any indenture, Contract, agreement or instrument to which the Seller is a party
                                            or by which the Seller is bound.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD><U>Enforceability</U>. This Agreement
                                            and each Transaction Document to which the Seller is a party has or will be duly executed
                                            and delivered by the Seller, and this Agreement constitutes, and each Transaction Document
                                            will, upon execution and delivery thereof, constitute a legal, valid and binding obligation
                                            of the Seller enforceable against the Seller, as applicable, in accordance with its terms,
                                            except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction
                                            and other similar Laws of general application affecting the enforceability of remedies and
                                            rights of creditors and except that equitable remedies such as specific performance and injunction
                                            are in the discretion of a court.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD><U>Approvals</U>. There is no
                                            consent, approval, authorization, release, waiver or other action of, or any registration,
                                            declaration, filing or notice with or to, any Governmental Authority or other Person, that
                                            is required for the execution or delivery by the Seller of this Agreement or any of the Transaction
                                            Documents to which it is a party, or the performance by the Seller of its obligations hereunder
                                            or thereunder, or the validity thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD><U>No Encumbrances or Transfer</U>.
                                            The Seller is the sole and exclusive owner of the original FCF Royalty and no other Person
                                            has any direct right, title or interest thereon. The Repurchased FCF Royalty is free and
                                            clear of all Encumbrances and has not been sold, assigned, leased, licensed, transferred
                                            or otherwise disposed of.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD><U>No broker&rsquo;s fees and
                                            commissions.</U> The Seller has not engaged any broker, agent or other intermediary to act
                                            on its behalf in connection with the Transaction. To the Seller&rsquo;s knowledge, no Person
                                            has any claim to any brokerage, agency or finder&rsquo;s fee or commission payable in connection
                                            with the Transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD><U>Canadian Partnership</U>.
                                            The Seller is a &ldquo;Canadian partnership&rdquo; as defined in subsection 102(1)&nbsp;of
                                            the <I>Income Tax Act</I> (Canada).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;5</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
COVENANTS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.1</B></FONT></TD><TD><B>Conduct Prior to Closing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except as otherwise provided in this Agreement,
as required by applicable Laws or as otherwise agreed in writing by the Purchaser and the Seller, from the date hereof until the Closing
Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD>the Seller shall:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD>not permit the Repurchased
                                            FCF Royalty to become subject to any Encumbrance on or after the date of this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD>not sell, assign, lease, license,
                                            transfer or otherwise dispose of, or agree to sell, assign, lease, license, transfer or otherwise
                                            dispose of, the Repurchased FCF Royalty or portion thereof; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD>not exercise its Transfer
                                            or the Partnership Option rights under the Original Royalty Agreement (each as defined therein);
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD>the Purchaser shall not exercise
                                            its right to Repurchase under the Original Royalty Agreement (as defined therein).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.2</B></FONT></TD><TD><B>Actions to Satisfy Conditions
                                            of Closing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the Purchaser and the Seller shall: (i)&nbsp;take all reasonable actions as are within its power and otherwise use all commercially
reasonable efforts to (A)&nbsp;ensure that the conditions to Closing in Article&nbsp;6 are satisfied and (B)&nbsp;cause the Closing to
occur as promptly as reasonably practicable following the date of this Agreement; and (ii)&nbsp;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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Seller
shall promptly provide the Purchaser with all information regarding the Seller reasonably requested by the Purchaser for inclusion in
the offering documents used in connection with the Offering (the &ldquo;<B>Offering Documents</B>&rdquo;) and such other assistance as
the Purchaser may reasonably request in connection with the Offering. The Purchaser shall use commercially reasonable efforts to give
the Seller and its counsel a reasonable opportunity to review a draft of the Offering Documents prior to the public filing of the Offering
Documents and the Purchaser shall in good faith consider any comments provided by the Seller or its counsel with respect to the Purchaser,
any of the transactions contemplated in this Agreement and/or the Amended and Restated FCF Royalty Agreement in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
party shall promptly notify the other party in writing (with email being sufficient) upon becoming aware that a condition to Closing
in Article&nbsp;6 has been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
at any time any party becomes aware of a fact or circumstance that might prevent or materially delay any of the conditions to Closing
in Article&nbsp;6 from being satisfied, it shall promptly notify the other party of such fact or circumstance in writing (with email
being sufficient).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>5.3</B></FONT></TD><TD><B>Conduct Post-Closing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">As soon as reasonably practicable following the
Closing Date, the Seller shall do, execute and deliver or cause to be done, executed or delivered, all acts, documents and things as
may be required for the purpose of assisting the Purchaser with the discharge of the Original Royalty Agreement and the registration
of the Amended and Restated FCF Royalty Agreement in accordance with and subject to Section&nbsp;19 of the Amended and Restated FCF Royalty
Agreement, to the extent permissible under applicable Law, against the Property (as defined in the Amended and Restated FCF Royalty Agreement).
The Seller hereby irrevocably authorizes and directs the Purchaser to undertake the foregoing discharge, registration and recording,
and the Seller will cooperate with all such discharges, registrations and recordings and provide its written consent or signature to
any documents and do such other things from time to time as are necessary or desirable to effect all such discharges, registrations or
recordings or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;6</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
CONDITIONS OF CLOSING</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.1</B></FONT></TD><TD><B>Conditions of Closing in
                                            Favour of the Seller</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
obligation of the Seller to complete the transactions contemplated by this Agreement is subject to the following conditions being fulfilled
or performed at or prior to the Closing Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD><U>Representations and Warranties</U>.
                                            The representations and warranties of the Purchaser contained in Section&nbsp;3.1 shall be
                                            true and correct in all material respects on and as of the Closing Date with the same force
                                            and effect as though such representations and warranties had been made at and as of the Closing
                                            Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD><U>Covenants</U>. All of the
                                            terms, covenants, obligations and conditions of this Agreement to be performed, observed
                                            or complied with by the Purchaser on or before the Closing Date shall have been duly performed,
                                            observed or complied with in all material respects by Purchaser;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD><U>No Orders or Proceedings</U>.
                                            No injunction or restraining order or other decision, ruling or order of any Governmental
                                            Authority of competent jurisdiction shall be in effect which prohibits or restrains the transactions
                                            contemplated by this Agreement and no Proceeding shall have been instituted and remain pending
                                            or shall have been threatened and not resolved before any such Governmental Authority to
                                            restrain or prohibit such contemplated transactions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD><U>Closing Deliveries</U>.
                                            The documents required by Section&nbsp;7.2 shall have been delivered by the Purchaser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
conditions in Section&nbsp;6.1(a)&nbsp;are for the exclusive benefit of the Seller and the Seller may waive compliance with any such
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>6.2</B></FONT></TD><TD><B>Conditions of Closing in
                                            Favour of the Purchaser</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
obligation of the Purchaser to complete the transactions contemplated by this Agreement is subject to the following conditions being
fulfilled or performed at or prior to the Closing Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD><U>Representations and Warranties</U>.
                                            The representations and warranties of the Seller contained in Section&nbsp;4.1, shall be
                                            true and correct in all material respects on and as of the Closing Date with the same force
                                            and effect as though such representations and warranties had been made at and as of the Closing
                                            Date, provided that the representations and warranties of the Seller contained in Sections
                                            4.1(f), (g)&nbsp;and (h)&nbsp;shall be true and correct in all respects on and as of the
                                            Closing Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD><U>Covenants</U>. All of the
                                            terms, covenants, obligations and conditions of this Agreement to be performed, observed
                                            or complied with by the Seller on or before the Closing Date shall have been duly performed,
                                            observed or complied with in all material respects by the Seller;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD><U>No Orders or Proceedings</U>.
                                            No injunction or restraining order or other decision, ruling or order of any Governmental
                                            Authority of competent jurisdiction shall be in effect which prohibits or restrains the transactions
                                            contemplated by this Agreement and no Proceeding shall have been instituted and remain pending
                                            or shall have been threatened and not resolved before any such Governmental Authority to
                                            restrain or prohibit such contemplated transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD><U>Financing</U>. The Purchaser
                                            shall have completed the Offering; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD><U>Closing Deliveries</U>.
                                            The documents required by Section&nbsp;7.3 shall have been delivered by the Seller.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
conditions in Section&nbsp;6.2(a)&nbsp;are for the exclusive benefit of the Purchaser and the Purchaser may waive compliance with any
such condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;7</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
CLOSING ARRANGEMENTS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.1</B></FONT></TD><TD><B>Date and Place of Closing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">The closing of the
transactions contemplated by this Agreement (the &ldquo;<B>Closing</B>&rdquo;) shall occur on the earlier of: (a)&nbsp;June&nbsp;30</FONT>,
2024; and (b)&nbsp;the second Business Day after the date on which all of the conditions of closing set out in Article&nbsp;6 have been
satisfied or waived (other than such conditions which are only capable of being satisfied at Closing), or such other date as may be mutually
agreed upon in writing by the parties (the &ldquo;<B>Closing Date</B>&rdquo;). The Closing shall take place via electronic exchange of
signatures at 9:00 a.m.&nbsp;(Toronto time) on the Closing Date, or such other time or manner agreed to in writing by the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.2</B></FONT></TD><TD><B>The Purchaser&rsquo;s Closing
                                            Deliveries</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">At the Closing, the Purchaser shall deliver the
following to the Seller:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD>the Amended and Restated FCF
                                            Royalty Agreement in the form attached as Schedule&nbsp;A, executed by the Purchaser;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD>payment of the Purchase Price
                                            as provided in Section&nbsp;2.2;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD>a certificate of the Purchaser
                                            dated the Closing Date, executed by an authorized senior officer of the Purchaser, certifying
                                            as to the satisfaction of the conditions in Sections 6.1(a)(i)&nbsp;and 6.1(a)(ii); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD>certified copies of the resolutions
                                            of the directors of the Purchaser approving the transactions contemplated by this Agreement
                                            and the Transaction Documents and the execution and delivery of this Agreement and all Transaction
                                            Documents required to be executed and delivered by the Purchaser and the performance by the
                                            Purchaser of its rights and obligations hereunder and thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.3</B></FONT></TD><TD><B>The Seller&rsquo;s Closing
                                            Deliveries</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">At the Closing, the Seller shall deliver the following
to the Purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD>the Amended and Restated FCF
                                            Royalty Agreement in the form attached as Schedule&nbsp;A, executed by the Seller;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD>a certificate of the Seller dated
                                            the Closing Date, executed by an authorized senior officer of the Seller, certifying as to
                                            the satisfaction of the conditions in Sections&nbsp;6.2(a)(i)&nbsp;and 6.2(a)(ii); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD>certified copies of the resolutions
                                            of the directors of the general partner of the Seller, in its capacity as general partner
                                            of the Seller, approving the transactions contemplated by this Agreement and the Transaction
                                            Documents and the execution and delivery of this Agreement and all Transaction Documents
                                            required to be executed and delivered by the Purchaser and the performance by the Seller
                                            of its rights and obligations hereunder and thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.4</B></FONT></TD><TD><B>Concurrent Delivery</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">It shall be a condition of the Closing that all
matters of payment and the execution and delivery of documents by a party to the other party pursuant to the terms of this Agreement
shall be concurrent requirements and that nothing will be complete at the Closing until everything required as a condition precedent
to the Closing has been paid, executed and delivered, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>7.5</B></FONT></TD><TD><B>Survival</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
representations and warranties of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD>the Purchaser in or under this
                                            Agreement and in or under any Transaction Document; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD>the Seller in or under this
                                            Agreement and in or under any Transaction Document,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">shall survive the Closing and shall continue in full force and effect
for a period of 18 months from the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
covenants and obligations of the parties pursuant to this Agreement, to the extent required to be performed after the Closing, shall
survive the Closing and shall not merge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;8</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Termination</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>8.1</B></FONT></TD><TD><B>Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Agreement may be terminated at any time prior
to the Closing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD>by mutual written agreement of
                                            the Purchaser and the Seller;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD>by the Seller by written notice
                                            to the Purchaser if any representation or warranty of the Purchaser contained herein is untrue
                                            or incorrect or shall have become untrue or incorrect such that the condition contained in
                                            Section&nbsp;6.1(a)(i)&nbsp;would be incapable of satisfaction, or the Purchaser is in default
                                            in any material respect of any of its covenants or obligations such that the condition in
                                            Section&nbsp;6.1(a)(ii)&nbsp;would be incapable of satisfaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD>by the Purchaser by written notice
                                            to the Seller if any representation or warranty of the Seller contained herein is untrue
                                            or incorrect or shall have become untrue or incorrect such that the condition contained in
                                            Section&nbsp;6.2(a)(i)&nbsp;would be incapable of satisfaction, or the Seller is in default
                                            in any material respect of any of its covenants or obligations such that the condition in
                                            Section&nbsp;6.2(a)(ii)&nbsp;would be incapable of satisfaction; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD>by either party by written notice
                                            to the other party if a condition to Closing contained in Article&nbsp;6 has become incapable
                                            of being satisfied by June&nbsp;30, 2024; <U>provided</U> that a party may not terminate
                                            this Agreement under this Section&nbsp;8.1(d)&nbsp;if the condition it is relying upon to
                                            terminate this Agreement under this Section&nbsp;8.1(d)&nbsp;became incapable of being satisfied
                                            as a result of such party&rsquo;s failure to fulfill any of its covenants or obligations
                                            or breach of any of its representations and warranties in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>8.2</B></FONT></TD><TD><B>Effect of Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
termination of this Agreement in accordance with Sections 8.1(b)&nbsp;or 8.1(d), the Seller may bring an action against the Purchaser
for Losses suffered by the Seller where the event giving rise to the right of termination is a result of a breach of a covenant, obligation,
representation or warranty of the Purchaser under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
termination of this Agreement in accordance with Sections 8.1(c)&nbsp;or 8.1(d), the Purchaser may bring an action against the Seller
for Losses suffered by the Purchaser where the event giving rise to the right of termination is a result of a breach of a covenant, obligation,
representation or warranty of the Seller under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>8.3</B></FONT></TD><TD><B>Surviving Provisions on Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding any other provisions of this Agreement,
if this Agreement is terminated prior to Closing, the provisions of Sections 1.5, 8.2, 8.3, 9.1, 9.3 and 9.5 (subject to any time limitations
referred to therein) shall survive such termination and remain in full force and effect, along with any other provisions of this Agreement
which expressly or by their nature survive the termination hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>8.4</B></FONT></TD><TD><B>Remedies</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Purchaser and the Seller acknowledge and agree
that an award of money damages would be an inadequate remedy for any breach of this Agreement by any party or its representatives and
any such breach would cause the non-breaching party irreparable harm. Accordingly, the Purchaser and the Seller agree that, in the event
of any breach or threatened breach of this Agreement by the Purchaser or the Seller and provided this Agreement shall not have been terminated
pursuant to Section&nbsp;8.1, the non-breaching party shall also be entitled, without the requirement of posting a bond or other security,
to equitable relief, including injunctive relief and specific performance. Such remedies will not be the exclusive remedies for any breach
of this Agreement but will be in addition to all other remedies available at law or equity to each of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;9</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
MISCELLANEOUS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.1</B></FONT></TD><TD><B>Further Assurances</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Each party covenants and agrees that, from time
to time subsequent to the date hereof, it will, at the request and expense of the requesting party, execute and deliver all such documents,
instruments and agreements, including all such conveyances, transfers, consents, assumption documents, deeds and other assurances and
do all such other acts and things as the other party, acting reasonably, may from time to time request be executed or done in order to
better evidence or perfect or effectuate any provision of this Agreement or any Transaction Document or any of the respective obligations
intended to be created hereby or thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.2</B></FONT></TD><TD><B>Legal and Other Fees and
                                            Expenses</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The parties will pay their respective legal, accounting
and other professional fees and expenses incurred in connection with the negotiation and settlement of this Agreement, the completion
of the Transaction and other matters pertaining hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.3</B></FONT></TD><TD><B>Notices</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
notice, request, demand or other communication required or permitted to be given by any party to another pursuant to this Agreement shall
be in writing and shall be delivered in person, transmitted by email, sent by reliable overnight courier for next Business Day delivery
or sent by prepaid registered mail, addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD>if to the Purchaser:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New Gold Inc.<BR>
181 Bay Street, Suite&nbsp;3320<BR>
Toronto, ON M5J 2T3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;General
Counsel<BR>
Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>&nbsp;</U></FONT><U>general.counsel@newgold.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">with a copy which shall not constitute notice to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Davies Ward Phillips&nbsp;&amp;Vineberg LLP<BR>
155 Wellington Street West<BR>
Toronto, ON M5V 3J7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Richard
Fridman and Aaron Atkinson<BR>
Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>[Redacted]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD>if to the Seller:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">c/o Ontario Teachers&rsquo; Pension Plan Board<BR>
Investment Division</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">160 Front Street West, Suite&nbsp;3200</FONT><BR>
Toronto, ON M5J 0G4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Christopher
Metrakos and James Sikora<BR>
Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>[Redacted]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">with a copy which shall not constitute notice to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Stikeman Elliott LLP<BR>
5300 Commerce Court West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">199 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Toronto, ON M5L 1B9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Jeffrey
Singer and Steven D. Bennett<BR>
Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>[Redacted]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
such notice or other communication shall be deemed to have been given and received: (i)&nbsp;if personally delivered or transmitted,
on the day on which it was delivered; (ii)&nbsp;if sent by reliable overnight courier for next Business Day delivery, on the next Business
Day following the date of deposit; (iii)&nbsp;if mailed, on the third Business Day following the date of mailing; or (iv)&nbsp;if transmitted
by email or other form of electronic transmission, on the day on which it was delivered; <U>provided</U>, however, that: (A)&nbsp;if
any day referred to above is not a Business Day, or if delivery or transmission is made on a Business Day after 5:00 p.m.&nbsp;at the
place of receipt, then reference will be deemed to be made to the next following Business Day; and (B)&nbsp;if at the time of mailing
or within three Business Days thereafter there is or occurs a labour dispute or other event which might reasonably be expected to disrupt
the delivery of documents by mail, any notice or other communication hereunder shall be delivered or transmitted by means of recorded
electronic communication as aforesaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Either
party may, at any time and from time to time, change its address for service by giving notice to the other party in accordance with this
Section&nbsp;9.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.4</B></FONT></TD><TD><B>Entire Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Agreement, together with each of the Transaction
Documents, constitutes the entire agreement between the Purchaser and the Seller pertaining to the subject matter hereof and thereof
and supersedes all prior agreements, undertakings, understandings, negotiations and discussions, whether oral or written, of the Purchaser
and the Seller, and there are no representations, warranties, conditions, covenants, obligations, agreements or other provisions, express
or implied, collateral, statutory or otherwise, between the Purchaser and the Seller except as expressly set forth in this Agreement
and the Amended and Restated FCF Royalty Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.5</B></FONT></TD><TD><B>Confidentiality; Public Disclosure</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to Sections 9.5(b)&nbsp;and 9.5(c), the existence of this Agreement and the contents hereof and any Transaction Documents, shall be maintained
in confidence by the parties and not be disclosed to any other Person, except: (i)&nbsp;as may be required by applicable Law or a securities
regulatory authority (in each case, upon notice by the disclosing party to the other party); (ii)&nbsp;as required in accordance with
the terms of a Transaction Document; (iii)&nbsp;to the extent such information has come into the public domain through no fault of that
party; or (iv)&nbsp;with the prior written approval of the other party (which approval may not be unreasonably withheld, conditioned
or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
Section&nbsp;9.5(a), the Seller acknowledges and agrees that the Purchaser will be required to issue and file a press release with respect
to this Agreement and the Amended and Restated FCF Royalty Agreement and the transactions contemplated hereby and thereby, and include
disclosure of same in the Offering Documents. The Purchaser shall use commercially reasonable efforts to give the Seller a reasonable
opportunity to review a draft of such disclosure prior to the making of such disclosure and the Purchaser shall in good faith consider
any comments provided by the Seller in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
Section&nbsp;9.5(a), the Seller acknowledges and agrees that the Purchaser is required to file this Agreement and the Amended and Restated
FCF Royalty Agreement on SEDAR+ and EDGAR under applicable Law and the Purchaser may file a redacted form of this Agreement subject to
such reasonable redactions as the Seller may request, provided that such redactions are, in the reasonable opinion of the Purchaser,
permitted under applicable Law. Any provision of this Agreement that has been so redacted shall continue to constitute confidential information
for purposes of this Agreement and this Section&nbsp;9.5; <U>provided</U>, however, that if any securities regulatory authority subsequently
requires the Purchaser to disclose any such redacted information or such redacted information shall otherwise become publicly available
pursuant to applicable Law: (i)&nbsp;such redacted information shall cease to be confidential upon such disclosure; and (ii)&nbsp;the
Purchaser shall not be in breach or violation of this Agreement with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.6</B></FONT></TD><TD><B>Enurement and Assignment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Agreement shall enure to the benefit of and
shall be binding on and enforceable by the parties and their respective successors and permitted assigns. Neither party may assign any
of its rights, liabilities and obligations under this Agreement without prior written consent of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.7</B></FONT></TD><TD><B>Severability</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If any provision of this Agreement is determined
by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement
is not affected in any manner materially adverse to any party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --> -&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.8</B></FONT></TD><TD><B>Waiver and Amendment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except as expressly provided in this Agreement,
no amendment or waiver of any provision of this Agreement shall be binding on either party unless consented to by such party in writing
specifically referencing the provision so amended or waived. No waiver of any provision, or any portion of any provision, of this Agreement
will constitute a waiver of any other part of the provision or any other provision of this Agreement nor a continuing waiver unless otherwise
expressly provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.9</B></FONT></TD><TD><B>No Third Party Rights</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Nothing in this Agreement shall be construed as
giving any Person other than the parties any legal or equitable right, remedy or claim under or in respect of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>9.10</B></FONT></TD><TD><B>Counterparts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Agreement may be executed in any number of
counterparts and by the parties on different counterparts. Each of the executed counterparts shall constitute an original of this Agreement
but all the counterparts shall together constitute one and the same Agreement. Delivery of an executed counterpart of a signature page&nbsp;to
this Agreement by electronic means shall be effective as delivery of a manually executed counterpart to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of page&nbsp;intentionally left
blank; signature page&nbsp;follows</I>.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF the parties have executed this
Agreement as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEW
                            GOLD INC.</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Patrick Godin</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patrick Godin</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Sean Keating</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sean Keating</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, General Counsel</FONT></TD></TR>
     </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-size: 10pt"><B>BEAR HOLDINGS LP</B></FONT>,
                            by its general partner<BR>
                            <B>3336050 NOVA SCOTIA LIMITED</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
James Sikora</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James Sikora</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
     </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Signature Page &ndash; Partial Royalty Repurchase
and Amending Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule&nbsp;A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Amended
and Restated FCF Royalty Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(See attached.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
AMENDED AND RESTATED FREE CASH FLOW ROYALTY AGREEMENT (this &ldquo;Agreement&rdquo;) dated as of May&nbsp;</B></FONT><B>&#9632;<FONT STYLE="font-family: Times New Roman, Times, Serif">,
2024.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BETWEEN:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NEW
GOLD INC.</B></FONT>, a corporation existing under the laws of the Province of British Columbia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(the &ldquo;<B>Owner</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>BEAR
HOLDINGS LP</B></FONT>, a limited partnership formed under the laws of the Province of Ontario by <B>3336050 NOVA SCOTIA LIMITED</B>
as general partner for and on behalf of Bear Holdings LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(the &ldquo;<B>Holder</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RECITALS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="text-align: justify">The Owner
                                            is the owner and operator of the New Afton Mine (as hereinafter defined).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify">The Owner
                                            and the Holder entered into a purchase agreement dated February&nbsp;24, 2020 (the &ldquo;<B>Purchase
                                            Agreement</B>&rdquo;) pursuant to which, among other things, the Owner and the Holder entered
                                            into a free cash flow royalty agreement dated March&nbsp;31, 2020 (the &ldquo;<B>Original
                                            Date</B>&rdquo;), providing for the grant by the Owner to the Holder of the FCF Royalty,
                                            as defined herein, and setting out the Parties&rsquo; respective rights and obligations with
                                            respect to the FCF Royalty (the &ldquo;<B>Original Agreement</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="text-align: justify">On May&nbsp;13,
                                            2024, the Parties entered into a Partial Royalty Repurchase and Amending Agreement (as hereinafter
                                            defined), pursuant to which the Owner and the Holder agreed to reduce the rate of the FCF
                                            Payments and terminate the Partnership Option, each as defined in the Original Agreement,
                                            and make certain other related or consequential amendments to each of the Purchase Agreement
                                            and the Original Agreement, in consideration for a one-time cash payment of $255 million
                                            by the Owner to the Holder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="text-align: justify">On the
                                            date hereof, the Parties wish to (i)&nbsp;terminate the Purchase Agreement, and (ii)&nbsp;amend
                                            and restate the Original Agreement in its entirety as set out herein in consideration for
                                            and pursuant to the terms of the Partial Royalty Repurchase and Amending Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOW, THEREFORE</B></FONT>,
in consideration of the premises and mutual covenants and agreements herein contained and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged by each of the Parties hereto, the Parties mutually agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&ldquo;<B>Additional Capital Project</B>&rdquo;
                                            means a proposed capital project on the Properties with a cost greater than $25 million which
                                            is not set out in the LOM Plan. For greater certainty, an &ldquo;Additional Capital Project&rdquo;
                                            will not include (i)&nbsp;any exploration costs or expenses related to a capital project
                                            on the Properties and (ii)&nbsp;any additional costs and/or cost overruns associated with
                                            capital projects currently set out in the LOM Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Affiliate</B>&rdquo;
                                            </FONT>means, with respect to any Person, any other Person who directly or indirectly Controls,
                                            is Controlled by, or is under direct or indirect common Control with, such Person, and includes
                                            any Person in like relation to an Affiliate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&ldquo;<B>Agreed Capital Project</B>&rdquo;
                                            has the meaning set out in Section&nbsp;6(c).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">&ldquo;<B>Agreement</B>&rdquo; means this
                                            Amended and Restated Free Cash Flow Royalty Agreement and the schedules hereto, as the same
                                            may be further amended or supplemented from time to time in accordance with the terms hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">&ldquo;<B>Approval Matter</B>&rdquo; has
                                            the meaning set out in Section&nbsp;6(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">&ldquo;<B>Approval Matter Supporting Material</B>&rdquo;
                                            has the meaning set out in Section&nbsp;6(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">&ldquo;<B>Approved Model</B>&rdquo; means
                                            the model in respect of the New Afton Mine with the file name &ldquo;<I>Project Bear &ndash;
                                            New Afton Financial Model (Phase II updated)</I>&rdquo; provided in section 2.1.3.2.1 of
                                            the Data Room.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means
                                            any day except Saturday, Sunday or any day on which major banks are generally not open for
                                            business in the City of Kamloops, British Columbia or in the City of Toronto, Ontario.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&ldquo;<B>Change of Control Consideration</B>&rdquo;
                                            has the meaning set out in Section&nbsp;5(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">&ldquo;<B>COC Exercise Notice</B>&rdquo;
                                            has the meaning set out in Section&nbsp;5(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">&ldquo;<B>COC Sale Notice</B>&rdquo; has
                                            the meaning set out in Section&nbsp;5(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">&ldquo;<B>COC Sale Price</B>&rdquo; has
                                            the meaning set out in Section&nbsp;5(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">&ldquo;<B>COC Sale Right</B>&rdquo; has
                                            the meaning set out in Section&nbsp;5(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">&ldquo;<B>Confidential Information</B>&rdquo;
                                            has the meaning set out in Section&nbsp;11(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">&ldquo;<B>Concentrate Sales Process Hedges</B>&rdquo;
                                            has the meaning set out in Section&nbsp;9(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">&ldquo;<B>Consideration Securities</B>&rdquo;
                                            has the meaning set out in Section&nbsp;5(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">&ldquo;<B>Control</B>&rdquo; (including,
                                            with correlative meanings, the terms &ldquo;Controlling&rdquo;, &ldquo;Controlled by&rdquo;
                                            and &ldquo;under common Control with&rdquo;) as applied to any Person, means the possession,
                                            directly or indirectly of the power to direct or cause the direction of the management and
                                            policies of that Person, whether through the ownership of voting securities, by contract,
                                            voting trust or otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">&ldquo;<B>Credit Rating</B>&rdquo; means
                                            the rating assigned by the relevant rating agency to the unsecured, senior, long term debt
                                            or deposit obligations of the relevant entity (unsupported by third party credit enhancement).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">&ldquo;<B>Data Room</B>&rdquo; means the
                                            virtual data room set up by the Owner and the contents thereof as of 5:00 p.m.&nbsp;(Eastern
                                            Time) on February&nbsp;19, 2020, the index of documents of which is appended to the Disclosure
                                            Letter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">&ldquo;<B>Disclosure Letter</B>&rdquo;
                                            has the meaning set out in the Purchase Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify">&ldquo;<B>Expenditures</B>&rdquo; means
                                            cash expenditures and all costs, obligations and liabilities incurred or properly accrued
                                            (but not yet met) with respect to Operations including, without limitation, cash expenditures
                                            and all costs, obligations and liabilities incurred or accrued:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">costs and expenses in exploring for, developing,
                                            mining, extracting, removing, and transporting to any processing site Minerals, such costs
                                            and expenses shall include, without limitation, those incurred for labor, machinery operations,
                                            fuel, explosives and other materials, developmental or ore delineation drilling;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">costs and expenses for milling, treating
                                            or processing and transportation costs, all costs, charges and expenses for treatment in
                                            the smelting and refining process (including handling, processing, deductions, tolling charges);
                                            and sales and brokerage costs, and actual costs of transportation (including insurance, storage,
                                            warehousing, port demurrage, delay and forwarding expenses) of Minerals or other products
                                            from the New Afton Mine to the place of treatment and then to the place of sale, without
                                            duplication;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">general and administrative costs and expenses
                                            of the production of Minerals and operation of the New Afton Mine, including without limitation,
                                            all royalties, production royalties, or other payments of any nature whatsoever payable to
                                            third parties having an interest in the any of the Properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">costs and expenses incurred in connection
                                            with the marketing of the Minerals and the delivery of Minerals to points of ultimate delivery
                                            to customers, including without limitation, all shipping and delivery costs, agency fees,
                                            and storage charges, without duplication;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">in holding each Properties in full force
                                            and effect (including land maintenance costs and any monies expended as required to comply
                                            with applicable laws, such as the payment of annual maintenance fees, the completion and
                                            submission of assessment work and filings required in connection with any assessment work
                                            or annual maintenance fees), in curing title defects and in acquiring and maintaining surface
                                            and other ancillary rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">in preparing for and in the application
                                            for and acquisition of environmental and other permits necessary or desirable to commence
                                            and complete exploration, development and operation activities (including in direct connection
                                            with the Properties, payment to charities, contributions, government programs, lobbying costs
                                            pertaining thereto);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">in undertaking geophysical, geochemical
                                            and geological or technical surveys, drilling, assaying and metallurgical testing, including
                                            costs of assays, metallurgical testing and other tests and analyses to determine the quantity
                                            and quality of Minerals, water and other materials or substances;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">in the preparation of work programmes
                                            and the presentation and reporting of data including any program for the preparation of a
                                            feasibility study or other evaluation of a Property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">in connection with the protection of the
                                            environment in relation to the Properties including environmental remediation, rehabilitation,
                                            decommissioning and long-term care and monitoring, whether or not a mine reclamation trust
                                            fund has been established;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">in acquiring facilities, equipment or machinery,
                                            or the use of any of the foregoing things, and for all parts, supplies and consumables;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xi)</TD><TD STYLE="text-align: justify">for salaries and wages, including actual
                                            labour overhead expenses for employees assigned to exploration and development activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xii)</TD><TD STYLE="text-align: justify">travelling expenses and fringe benefits
                                            (whether or not required by Law) of all Persons engaged in work with respect to and for the
                                            benefit of the Operations including for their food, lodging and other reasonable needs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xiii)</TD><TD STYLE="text-align: justify">payments to contractors or consultants
                                            for work done, services rendered or materials supplied;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xiv)</TD><TD STYLE="text-align: justify">all Taxes levied against or in respect
                                            of any Property, or activities on the Properties, and the costs of insurance premiums and
                                            performance bonds or other security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xv)</TD><TD STYLE="text-align: justify">in connection with any impact benefit or
                                            other agreements between the Owner and Indigenous Groups;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xvi)</TD><TD STYLE="text-align: justify">in connection with any other agreements
                                            between the Owner and any other Person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xvii)</TD><TD STYLE="text-align: justify">any and all royalties payable on or in
                                            respect of any Property; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xviii)</TD><TD STYLE="text-align: justify">any Tax payable pursuant to a return
                                            filed under the <I>Mineral Tax Act</I> [RSBC 1996] Chapter 291.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">&ldquo;<B>FCF Payments</B>&rdquo; has
                                            the meaning set out in Section&nbsp;2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify">&ldquo;<B>FCF Royalty</B>&rdquo; means
                                            the free cash flow royalty granted to the Holder by the Owner pursuant to the Original Agreement,
                                            as amended by this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">&ldquo;<B>FMV</B>&quot; means the monetary
                                            consideration that a prudent and informed buyer would pay to a prudent and informed seller
                                            in an open and unrestricted market, each acting at arm's length with the other and under
                                            no compulsion to act; provided, however, that in determining the FMV of the FCF Royalty,
                                            FMV shall not include a downward adjustment to reflect the liquidity of the FCF Royalty,
                                            the effect of the transaction on the FCF Royalty or the fact that the FCF Royalty does not
                                            form part of a controlling interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: a1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify">&ldquo;<B>Free Cash Flow</B>&rdquo; has
                                            the meaning set out in Schedule&nbsp;&ldquo;B&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: justify">&ldquo;<B>Guaranteed FCF Amount</B>&rdquo;
                                            means the lesser of (i)&nbsp;$60,000,000 and (ii)&nbsp;the amount expressed in United States
                                            dollars that is the product of (x)&nbsp;the aggregate amount of &ldquo;<I>Free Cash Flow
                                            (Post-Tax)</I>&rdquo; on Line 217 of tab &ldquo;New Afton Model&rdquo; in the Approved Model
                                            shown as having been generated by the New Afton Mine during the Guaranteed FCF Period calculated
                                            using the Approved Model (on the basis that any years of negative free cash flow from production
                                            shall be deemed to be one dollar ($1.00) and excluding any and all federal or provincial
                                            income taxes) and after adjustment to the Approved Model to reflect the actual realized commodity
                                            prices (excluding the effect of any Trading Activities) and exchange rates during the Guaranteed
                                            FCF Period multiplied by (y)&nbsp;46.0% multiplied by (z)&nbsp;the Guaranteed FCF Percentage.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify">&ldquo;<B>Guaranteed FCF Percentage</B>&rdquo;
                                            means 55%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify">&ldquo;<B>Guaranteed FCF Period</B>&rdquo;
                                            means the period commencing on April&nbsp;1, 2020 and terminating on March&nbsp;31, 2024.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(cc)</TD><TD STYLE="text-align: justify">&ldquo;<B>Holder</B>&rdquo; has the meaning
                                            set out in the recitals to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(dd)</TD><TD STYLE="text-align: justify">&ldquo;<B>IFRS</B>&rdquo; means International
                                            Financial Reporting Standards as issued by the International Accounting Standards Board and
                                            as applicable to entities that are publicly accountable in Canada.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ee)</TD><TD STYLE="text-align: justify">&ldquo;<B>Indigenous Group</B>&rdquo;
                                            means any band, band council, tribal council or other governing body, however organized,
                                            that is established by aboriginal peoples of Canada within the meaning section 35(2)&nbsp;of
                                            the <I>Constitution Act, 1982</I>, within their asserted traditional territory in British
                                            Columbia.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ff)</TD><TD STYLE="text-align: justify">&ldquo;<B>LOM Plan</B>&rdquo; means the
                                            Owner&rsquo;s life of mine model in respect of the New Afton Mine provided in the Data Room.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(gg)</TD><TD STYLE="text-align: justify">&ldquo;<B>Losses</B>&rdquo; means all
                                            damages, claims, losses, liabilities, fines, penalties and expenses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(hh)</TD><TD STYLE="text-align: justify">&ldquo;<B>Mineral Rights</B>&rdquo; has
                                            the meaning set out in Section&nbsp;11(c).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Minerals</B>&rdquo; means all
                                            marketable naturally occurring metallic and non-metallic minerals or mineral bearing material
                                            in whatever form or state in or under the Properties which are owned by the Owner or to which
                                            the Owner is entitled, including, without limitation, any precious metal or any base metal,
                                            owned by the Owner or to which the Owner is entitled and that is mined, extracted, removed,
                                            produced or otherwise recovered from the Properties (other than any rock, sand, gravel or
                                            aggregate used in connection with the conduct of the Operations by the Owner), whether in
                                            the form of ore, dor&eacute;, concentrates, refined metals or any other beneficiated or derivative
                                            products thereof and including any such minerals or mineral bearing materials or products
                                            derived from any processing or reprocessing of any tailings, waste rock or other waste products
                                            originally derived from the Properties (to the extent that the same are owned by the Owner
                                            or to which the Owner is entitled).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(jj)</TD><TD STYLE="text-align: justify">&ldquo;<B>New Afton Mine</B>&rdquo; means
                                            the gold mine owned and operated by New Gold in Kamloops, British Columbia on the area comprised
                                            by the Properties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(kk)</TD><TD STYLE="text-align: justify">&ldquo;<B>North Surface Land</B>&rdquo;
                                            means PID 014-421-666, being that part of the North &frac12; of Section&nbsp;35 which lies
                                            to the North of Savona and Kamloops Wagon Road Township 19 Range 19 West of the 6<SUP>th
                                            </SUP>Meridian Kamloops Division Yale District except Plan 27151.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ll)</TD><TD STYLE="text-align: justify">&ldquo;<B>Operations</B>&rdquo; means
                                            the operations of the New Afton Mine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(mm)</TD><TD STYLE="text-align: justify">&ldquo;<B>Original Agreement</B>&rdquo;
                                            has the meaning set out in the recitals to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(nn)</TD><TD STYLE="text-align: justify">&ldquo;<B>Original Date</B>&rdquo; has
                                            the meaning set out in the recitals to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(oo)</TD><TD STYLE="text-align: justify">&ldquo;<B>Owner</B>&rdquo; has the meaning
                                            set out in the recitals to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(pp)</TD><TD STYLE="text-align: justify">&ldquo;<B>Owner Change of Control</B>&rdquo;
                                            means a &ldquo;Change of Control&rdquo;, as defined in the indenture between the Owner, the
                                            guarantors thereof and Computershare Trust Company, N.A. dated as of June&nbsp;24, 2020,
                                            in respect of the Owner or any publicly-traded successor thereof, as such indenture exists
                                            on the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(qq)</TD><TD STYLE="text-align: justify">&ldquo;<B>Partial Royalty Repurchase
                                            and Amending Agreement</B>&rdquo; means the partial royalty repurchase and amending agreement
                                            dated May&nbsp;13, 2024 between the Owner and the Holder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(rr)</TD><TD STYLE="text-align: justify">&ldquo;<B>Party</B>&rdquo; means any
                                            of the Holder and the Owner and &ldquo;<B>Parties</B>&rdquo; means the Holder and the Owner
                                            collectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ss)</TD><TD STYLE="text-align: justify">&ldquo;<B>Person</B>&rdquo; means any
                                            individual, sole proprietorship, partnership, firm, entity, unincorporated association, unincorporated
                                            syndicate, unincorporated organization, trust, body corporate, government authority and,
                                            where the context requires, any of the foregoing when they are acting as trustee, executor,
                                            administrator or other legal representative.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(tt)</TD><TD STYLE="text-align: justify">&ldquo;<B>Prime</B>&rdquo; means at any
                                            particular time, the rate of interest, expressed as a rate per annum, that the Bank of Nova
                                            Scotia establishes as its prime rate of interest with respect to short term loans to its
                                            most credit worthy customers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(uu)</TD><TD STYLE="text-align: justify">&ldquo;<B>Properties</B>&rdquo; means
                                            the properties set out on Schedule&nbsp;&rdquo;A&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vv)</TD><TD STYLE="text-align: justify">&ldquo;<B>Purchase Agreement</B>&rdquo;
                                            has the meaning set out in the recitals to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ww)</TD><TD STYLE="text-align: justify">&ldquo;<B>Rate Adjustment Date</B>&rdquo;
                                            means May&nbsp;31, 2024.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(xx)</TD><TD STYLE="text-align: justify">&ldquo;<B>Released Properties</B>&rdquo;
                                            has the meaning set out in Section&nbsp;13(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(yy)</TD><TD STYLE="text-align: justify">&ldquo;<B>Relinquishment Event</B>&rdquo;
                                            has the meaning set out in Section&nbsp;13(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(zz)</TD><TD STYLE="text-align: justify">&ldquo;<B>ROFR Acceptance Notice</B>&rdquo;
                                            has the meaning set out in 4(b)(ii).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(aaa)</TD><TD STYLE="text-align: justify">&ldquo;<B>ROFR Acceptance Period</B>&rdquo;
                                            has the meaning set out in Section&nbsp;4(b)(ii).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(bbb)</TD><TD STYLE="text-align: justify">&ldquo;<B>ROFR Consideration</B>&rdquo;
                                            has the meaning set out in Section&nbsp;4(b)(ii).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ccc)</TD><TD STYLE="text-align: justify">&ldquo;<B>ROFR Offer</B>&rdquo; has
                                            the meaning set out in Section&nbsp;4(b)(i).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ddd)</TD><TD STYLE="text-align: justify">&ldquo;<B>Sale Interest</B>&rdquo; has
                                            the meaning set out in Section&nbsp;4(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(eee)</TD><TD STYLE="text-align: justify">&ldquo;<B>Tax</B>&rdquo; has the meaning
                                            set out in Section&nbsp;3(c).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(fff)</TD><TD STYLE="text-align: justify">&ldquo;<B>Third Party</B>&rdquo; has
                                            the meaning set out in Section&nbsp;4(b)(i).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ggg)</TD><TD STYLE="text-align: justify">&ldquo;<B>Third Party Offer</B>&rdquo;
                                            has the meaning set out in Section&nbsp;4(b)(i).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(hhh)</TD><TD STYLE="text-align: justify">&ldquo;<B>Third Party Valuator</B>&rdquo;
                                            means an accounting firm or mining valuation firm, in each case, that: (i)&nbsp;is independent
                                            of the Parties; (ii)&nbsp;has experience in mining valuations; and (iii)&nbsp;is mutually
                                            agreed by the Parties, each acting reasonably.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Transfer</B>&rdquo; means,
                                            with respect to this Agreement, any sale, exchange, transfer, assignment, gift, alienation
                                            or other transaction, whether voluntary, involuntary or by operation of law, by all or, in
                                            the case of the Owner, a portion of the legal or beneficial ownership of, or any security
                                            interest or other interest in, this Agreement passes from the Holder or the Owner, as applicable,
                                            to another Person, whether or not for value, and &ldquo;to Transfer&rdquo;, &ldquo;Transferred&rdquo;
                                            and similar expressions shall have corresponding meanings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(jjj)</TD><TD STYLE="text-align: justify">&ldquo;<B>Trading Activities</B>&rdquo;
                                            has the meaning set out in Section&nbsp;9(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(kkk)</TD><TD STYLE="text-align: justify">&ldquo;<B>Unapproved Additional Capital
                                            Project</B>&rdquo; has the meaning set out in Section&nbsp;6(c).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Grant of Free Cash Flow Royalty</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms of this
Agreement, effective as of the Original Date, the Owner hereby grants and agrees to pay to the Holder the FCF Royalty, being the right
to receive Free Cash Flow payments calculated in accordance with Schedule&nbsp;&ldquo;B&rdquo; (the &ldquo;<B>FCF Payments</B>&rdquo;)
calculated annually (or for the period from April&nbsp;1, 2020 to December&nbsp;31, 2020 for the first calendar year) at the following
rates and in the following manner:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;at
the rate of 46.0% of Free Cash Flow during the period commencing on April&nbsp;1, 2020 and terminating at the end of the day on the Rate
Adjustment Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;the
FCF Payments from and after the Rate Adjustment Date shall be calculated at the rate of 19.9% of Free Cash Flow; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;if,
in any calendar year during which the Owner is implementing an Agreed Capital Project(s)&nbsp;the Free Cash Flow for such calendar year
is less than zero ($0), the Holder&rsquo;s proportionate share of such loss up to the value of the total capital expenditure of such
Agreed Capital Project(s), being 46.0% or 19.9% (as applicable), shall be set off against either (i)&nbsp;any future FCF Payments paid
to the Holder, including without limitation the Guaranteed FCF Amount, or (ii)&nbsp;any amounts payable by the Owner to the Holder hereunder
if applicable, including the ROFR Consideration or any payment to be made pursuant to Section&nbsp;5 (as applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Time and Manner of FCF Payments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
FCF Payments shall be calculated on a calendar year basis (except in the first year when they will be calculated for the period from
April&nbsp;1, 2020 to December&nbsp;31, 2020) and shall become due and payable sixty (60) days following the last day of such calendar
year. FCF Payments shall be made by wire transfer of immediately available funds to such account as the Holder may designate to the Owner
in writing not less than ten business days prior to the dates upon which such payments are to be made, and shall be accompanied by a
settlement sheet showing in reasonable detail the proceeds of sale, costs and other deductions in accordance with the methodology provided
in Schedule &ldquo;B&rdquo;, together with any other pertinent information in sufficient detail to explain the calculation of the FCF
Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
FCF Payments shall be considered final and in full satisfaction of all obligations of the Owner with respect thereto, unless the Holder
gives the Owner written notice describing and setting forth a specific objection to the calculation thereof within sixty (60) days after
receipt by the Holder of the annual statement provided for in Section&nbsp;3(a). If the Holder objects to a particular annual statement
as herein provided, the Holder shall, for a period of thirty (30) days after the Owner&rsquo;s receipt of notice of such objection, have
the right, upon reasonable notice and at a reasonable time, to have the Owner&rsquo;s accounts and records relating to the calculation
of the FCF Payments in question audited by a third party accountant acceptable to each of the Holder and the Owner. If such audit determines
that there has been a deficiency or an excess in the payment made to the Holder, such deficiency or excess shall be resolved by adjusting
the next annual FCF Payment due hereunder. The Holder shall pay all costs of such audit, unless a deficiency of five percent (5%) or
more of the amount due is determined to exist. The Owner shall pay the reasonable costs of such audit if a deficiency of five percent
(5%) or more of the amount due is determined to exist, together with interest on the amount of such deficiency at the rate of Prime plus
two percentage points calculated from the date that such deficient amount was due and payable. The Owner&rsquo;s books and records shall
be kept in accordance with IFRS. Failure on the part of the Holder to deliver written notice of an objection to the calculation in such
60-day period shall establish the correctness of such FCF Payments and preclude the Holder from any objections with respect thereto or
making any claims for adjustment thereon, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
FCF Payments, including interest and penalties, if any, will be made subject to withholding or deduction in respect of the FCF Payments
for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, &ldquo;<B>Tax</B>&rdquo;)
imposed or levied by or on behalf of any government having power and jurisdiction to tax and for which the Owner is obligated in law
to withhold or deduct and remit to such taxing authority having such power and jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Within
ninety (90) days of March&nbsp;31, 2024 (or such other date as is mutually agreed by the Owner and the Holder in writing), the Owner
shall deliver to the Holder a statement setting out the aggregate amount of FCF Payments paid or payable to the Holder relating the period
from the date hereof to March&nbsp;31, 2024 and a draft calculation of the Guaranteed FCF Amount based on the Approved Model (together
with any other pertinent information in sufficient detail to explain the Owner&rsquo;s calculation of the Guaranteed FCF Amount).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Owner&rsquo;s calculation of the Guaranteed FCF Amount shall be considered final and in full satisfaction of all obligations of the Owner
with respect thereto, unless the Holder gives the Owner written notice describing and setting forth a specific objection to the calculation
thereof within thirty (30) days after receipt by the Holder of the draft calculation of the Guaranteed FCF Amount referred to above.
If the Holder objects to the draft calculation of the Guaranteed FCF Amount, the Holder shall, for a period of thirty (30) days after
the Owner&rsquo;s receipt of notice of such objection, have the right, upon reasonable notice and at a reasonable time, to have the Owner&rsquo;s
accounts and records relating to the calculation of the Guaranteed FCF Amount audited by a Third Party Valuator who, acting as experts
and not arbitrators, shall make any required adjustments to the calculation of the Guaranteed FCF Amount to reflect their determination
of the Guaranteed FCF Amount. The Parties hereto agree that all adjustments shall be made without regard to materiality. The Third Party
Valuator shall only decide the specific items under dispute by the Owner and the Holder and its decision for any disputed portions of
the calculation of the Guaranteed FCF Amount. The Owner and the Holder shall each bear their own fees and expenses in preparing or reviewing,
as the case may be, the draft calculation of the Guaranteed FCF Amount. The fees and expenses of the Third Party Valuator shall be paid
by the Holder unless a deficiency of five percent (5%) or more of the amount due is determined to exist. The Owner shall pay the reasonable
costs of the Third Party Valuator if a deficiency of five percent (5%) or more of the amount due is determined to exist. The Third Party
Valuator shall make a determination as soon as practicable within fifteen (15) days (or such other time as the Owner and the Holder shall
agree in writing) after their engagement, and its determination of the Guaranteed FCF Amount shall be conclusive and binding upon the
Parties hereto and will not be subject to appeal, absent manifest error. The final, binding and conclusive calculation of the Guaranteed
FCF Amount based upon the agreement or deemed agreement of the Owner and the Holder or the written determination delivered by the Third
Party Valuator, in either case in accordance with this Section&nbsp;3(e), shall be deemed to be the Guaranteed FCF Amount for purposes
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;If
the aggregate amount of FCF Payments paid or payable by the Owner to the Holder on or before March&nbsp;31, 2024 is less than the Guaranteed
FCF Amount, the Owner shall pay to the Holder, contemporaneously with the delivery of such statement, by wire transfer to the account
designated by the Holder in writing to the Owner in respect of FCF Payments, the amount of any such shortfall within ten (10)&nbsp;days
of the date of the final determination referred to in Section&nbsp;3(e)&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Transfers; Right of First Refusal</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Holder shall not Transfer, directly or indirectly, the whole or any part of its interest in this Agreement, except as provided in this
Section&nbsp;4 or as otherwise required or permitted by this Agreement. Any non-complying purported Transfer shall be of no effect. A
change of Control of the Holder shall be deemed to be a &ldquo;Transfer&rdquo; by the Holder prohibited pursuant to this Section&nbsp;4(a)&nbsp;and
such deemed Transfer shall be subject to the restrictions on Transfers set forth in the Agreement, including those set forth in this
Section&nbsp;4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If,
at any time, the Holder receives a <I>bona fide</I> binding offer in writing from any other Person dealing at arm&rsquo;s length with
the Holder (the &ldquo;<B>Third Party</B>&rdquo;) to acquire all, but not less than all, of the Holder&rsquo;s interest in this Agreement,
whether directly or indirectly, (the &ldquo;<B>Sale Interest</B>&rdquo;) that the Holder wishes to accept (a &ldquo;<B>Third Party Offer</B>&rdquo;),
then the Holder shall first offer the Sale Interest to the Owner in the manner set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Holder shall deliver a copy of the Third
                                            Party Offer to the Owner accompanied by a written offer to sell the Sale Interest to the
                                            Owner on the terms and subject to the conditions set out in the Third Party Offer, provided
                                            that the purchase price payable by the Owner shall be equal to 103% of the purchase price
                                            contained in the Third Party Offer (the &ldquo;<B>ROFR Offer</B>&rdquo;) and, if any non-cash
                                            consideration is offered as payment of all or any part of the purchase price in the Third
                                            Party Offer, the Holder shall concurrently deliver to the Owner a good faith calculation
                                            of the value of such non-cash consideration together with all supporting documentation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the Owner shall thereafter have 60 days
                                            following its receipt of the ROFR Offer and any other information required by Section&nbsp;4(e)(i)&nbsp;(the
                                            &ldquo;<B>ROFR Acceptance Period</B>&rdquo;) to accept the ROFR Offer by notice in writing
                                            delivered to the Holder (the &ldquo;<B>ROFR Acceptance Notice</B>&rdquo;), in which event
                                            the ROFR Offer shall become a binding agreement by the Holder to sell, and by the Owner to
                                            purchase, as principal, the Sale Interest on the terms and subject to the conditions contained
                                            in the ROFR Offer; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">if the ROFR Offer includes non-cash consideration
                                            and the Owner, acting reasonably, does not agree with the value ascribed by the Third Party
                                            thereto in the ROFR Offer, the Owner shall, within 20 days of receipt of the ROFR Offer,
                                            notify the Holder and the Parties shall negotiate in good faith to determine a mutually agreeable
                                            value for the non-cash consideration. If the Parties are unable to agree on an amount within
                                            five days of such notification, the non-cash consideration value shall be determined in accordance
                                            with Section&nbsp;3(e)&nbsp;applied <I>mutatis mutandis</I>. The ROFR Acceptance Period shall
                                            be extended to the date that is five Business Days from the date on which the non-cash consideration
                                            value is settled or agreed, if such date is after the end of the original ROFR Acceptance
                                            Period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
purchase price payable by the Owner pursuant to the ROFR Offer shall be in cash; provided that if any non-cash consideration is offered
as payment of all or any part of the purchase price in the Third Party Offer then the Owner may, at its election, pay up to the same
proportion of the purchase price in (i)&nbsp;if the Owner has a class of shares listed on a stock exchange or market at such time, newly
issued common shares of the Owner (valued based on the five day volume-weighted average trading price of such shares on the date of the
ROFR Acceptance Notice on the exchange having the greatest volume of trading over such period) and/or (ii)&nbsp;non-cash consideration
that is reasonably structurally equivalent to the form of non-cash consideration in the Third Party Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
sale of the Sale Interest by the Holder to the Owner pursuant to Section&nbsp;4(b)&nbsp;shall be completed within 30 days following the
expiry of the ROFR Acceptance Period. Concurrently upon completion of the sale pursuant to Section&nbsp;4(b), the FCF Royalty shall be
cancelled by the Owner (and not otherwise Transferred to any other Person by the Owner).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the Owner does not deliver a ROFR Acceptance Notice to the Holder within the ROFR Acceptance Period, the rights of the Owner to purchase
the Sale Interest shall terminate and the Holder may sell the Sale Interest to the Third Party provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the sale is completed within 90 days of
                                            the expiry of the ROFR Acceptance Period (other than in circumstances where the Holder requires
                                            regulatory approval(s)&nbsp;in order to complete the sale, in which case, the Holder will
                                            have an additional 90 days in which to complete the sale); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">such sale is completed on the terms contained
                                            in the Third Party Offer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the Holder does not complete the sale of the Sale Interest to the Third Party within the timeframe provided by Section&nbsp;4(e)(i),
the obligations set out in this Section&nbsp;4 shall again apply with respect to any such sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the Holder completes a sale to a Third Party pursuant to this Section&nbsp;4, the Holder and the Third Party shall provide a certificate
to the Owner that the sale of the Sale Interest has been completed, in all respects, in accordance with Section&nbsp;4, as applicable.
For a period of 30 days following receipt of such certificate, the Owner shall be permitted on written request to the Holder and the
Third Party to be provided with reasonable access to the closing documentation relating to such third-party sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the Holder is contemplating a Transfer pursuant to this Section&nbsp;4, the Holder may, at the Holder&rsquo;s risk, grant access to the
Mine to any Third Party who has made an offer or proposal to the Holder that is, or is reasonably expected to become, a Third Party Offer
and who agrees to comply with customary confidentiality obligations in favour of each Party provided that the Holder first provides to
the Owner (i)&nbsp;a copy of any such offer or proposal and (ii)&nbsp;reasonable advance notice in writing. Access to such Third Party
shall occur during reasonable working hours for the purposes of due diligence in respect of the Properties. The Holder must ensure that
such Third Party causes minimal inconvenience to or interference with the Owner or contractors or subcontractors of the Owner in the
conduct of Operations and strictly complies with all safety regulations or instructions promulgated or given by or on behalf of the Owner.
The Owner shall cooperate with the Holder in connection with such diligence activities and shall cause its personnel to be available
during such reasonable working hours for informational sessions with such Third Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Owner Change of Control</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If,
on or prior to December&nbsp;31, 2030, an Owner Change of Control is publicly announced which is subsequently completed, the Holder shall,
in accordance with Section&nbsp;5(b), have the right to sell, and the Owner (or its successor) shall be obligated to repurchase all,
but not less than all, of the Holder&rsquo;s interest in this Agreement (the &ldquo;<B>COC Sale Right</B>&rdquo;) at a purchase price
equal to the midpoint of the FMV of the FCF Royalty as determined by the two Third Party Valuators referred to in Section&nbsp;5(c)&nbsp;(the
 &ldquo;<B>COC Sale Price</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Holder shall have 10 Business Days from the date of first public announcement of an Owner Change of Control to notify the Owner of its
intent to exercise the COC Sale Right (a &ldquo;<B>COC Exercise Notice</B>&rdquo;) in which event the Holder shall be deemed to have
irrevocably agreed to sell, and the Owner shall be bound to purchase, all, but not less than all, of the Holder&rsquo;s interest in this
Agreement at the COC Sale Price on the date that is later of (i)&nbsp;30 days following completion of the Change of Control and (ii)&nbsp;30
days after the date of determination of the COC Sale Price. If the Holder does not deliver a COC Exercise Notice to the Owner within
such 30<B>-</B>day period, then the Holder shall be deemed to have irrevocably waived its right to exercise the COC Sale Right and the
Owner shall have no obligation to repurchase the Holder&rsquo;s interest in this Agreement pursuant to this Section&nbsp;5 in connection
with any Owner Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the Holder delivers a COC Exercise Notice, the Parties shall promptly and no later than 14 days following receipt of such COC Exercise
Notice, engage two Third Party Valuators who shall each be instructed to independently determine, within 20 days following their respective
engagement, the FMV of the FCF Royalty as at the date the third party entered into the definitive written agreement with the Owner to
consummate the Owner Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Owner may satisfy the COC Sale Price in cash, by the issuance of listed securities of the Person that, immediately following completion
of the Owner Change of Control, Controls the Owner or is the successor-in-interest of the Owner by amalgamation or otherwise (&ldquo;<B>Consideration
Securities</B>&rdquo;), or a combination of cash and Consideration Securities; provided that the number of Consideration Securities that
may be issued in satisfaction of the COC Sale Price shall not exceed 9.99% of the class of Consideration Securities outstanding immediately
following the issuance of such securities to the Holder. The number of Consideration Securities issued shall be calculated by dividing
(i)&nbsp;the dollar value of that portion of the COC Sale Price to be paid by the issuance of Consideration Securities by (ii)&nbsp;the
five-day volume-weighted average trading price of the Consideration Securities on the Business Day immediately prior to payment of the
COC Sale Price (expressed in United States dollars, if applicable, using the Bank of Canada foreign exchange rate then in effect on such
Business Day) on the exchange having the greatest volume of trading over such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
at any time prior to </FONT>&#9632;<FONT STYLE="font-family: Times New Roman, Times, Serif">, 2026<FONT STYLE="font-size: 10pt"><SUP>1
</SUP></FONT>an Owner Change of Control is completed, regardless of whether the Holder exercises the COC Sale Right in respect of such
Change of Control<B>,</B> the Owner (or its successor) shall pay the Holder a cash payment of $20 million by wire transfer of immediately
available funds to an account(s)&nbsp;specified in writing by the Holder within 30 days following completion of the Owner Change of Control.
For certainty, the foregoing shall only apply in respect of the first Owner Change of Control that occurs after the Closing (as defined
in the Partial Royalty Repurchase and Amending Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Approval Rights</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any other provision of this Agreement to the contrary, until the New Afton Mine ceases commercial production, the following matters (each
such matter, an &ldquo;<B>Approval Matter</B>&rdquo;) shall require the approval of the Holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the granting of any royalty, product streaming
                                            agreement or other third-party burden on account of the production or sale of Minerals other
                                            than existing royalties and royalties imposed by law, and other than payments of any nature
                                            made to any Indigenous Group;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any borrowings in respect of the New Afton
                                            Mine that would result in the incurrence of new &ldquo;Interest Costs&rdquo; for purposes
                                            of the calculation of Free Cash Flow pursuant to Schedule &ldquo;B&rdquo; hereof; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">any Additional Capital Project.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <B>Note to Draft</B>: To insert the date that is 20 months
following Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;With
respect to any Approval Matter, the Owner shall present a detailed description and supporting material (the &ldquo;<B>Approval Matter
Supporting Material</B>&rdquo;) of such Approval Matter to the Holder, which, in the case of an Additional Capital Project, shall include
a detailed description and financial model. Thereafter, the Holder shall consider the Approval Matter Supporting Material and shall provide
a decision in writing with respect to the Approval Matter within 45 days of receiving such material in respect of any such Approval Matter.
If the Holder does not provide a decision in writing with respect to the Approval Matter within the timeframe provided in this Section&nbsp;6(b),
the Approval Matter shall be deemed to be approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the Holder approves of an Additional Capital Project in writing, or is deemed to have approved of an Additional Capital Project, such
Additional Capital Project shall thereafter be deemed to be an &ldquo;<B>Agreed Capital Project</B>&rdquo; </FONT>with its revenue and
costs included in the FCF Payment calculation for the applicable period(s)&nbsp;in accordance with Schedule &ldquo;B&rdquo;. In the event
that the Holder does not approve an Additional Capital Project in accordance with Section&nbsp;6(b), the Owner shall be free to implement
such Additional Capital Project which is not an Agreed Capital Project (each, an &ldquo;<B>Unapproved Additional Capital Project</B>&rdquo;)
in its discretion, and the revenue and costs of any such Unapproved Additional Capital Project will not be included in the FCF Payment
calculation for the applicable period(s)&nbsp;in accordance with Schedule &ldquo;B&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Term</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement shall continue from the Original Date in perpetuity unless: (i)&nbsp;the Owner delivers a ROFR Acceptance Notice; or (ii)&nbsp;the
Holder exercises the COC Sale Right, and, in either case, such transaction is completed in accordance with Section&nbsp;4(d)&nbsp;or
Section&nbsp;5(b), as applicable, in which case this Agreement shall be cancelled on completion of such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
any right, power or interest of either Party under this Agreement would violate the rule&nbsp;against perpetuities, then such right,
power or interest will terminate at the expiration of twenty (20) years after the death of the last survivor of all the lineal descendants
of Her Majesty, Queen Elizabeth II of England, living on the date of the Original Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Commingling</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Owner shall have the
right to commingle any ores, Minerals from the Properties with ores, minerals and mineral products produced from other properties, provided
that such commingling is accomplished after such Minerals have been weighed or measured and sampled in accordance with sound mining and
metallurgical practices (detailed records of which shall be kept by Owner) and further provided that the Owner and the Holder shall agree
(each acting reasonably and in good faith) upon a weighing/measurement/sampling protocol prior to any commingling occurring. Any FCF
Payment due hereunder shall be determined by equitable allocation between Minerals from the Properties and ores, minerals and mineral
products from other properties in accordance with sound accounting and metallurgical practice. As provided in Section&nbsp;17(b), the
Holder will have the right to access the Properties as contemplated therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Hedging Transactions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Holder acknowledges that the Owner shall have the right to market and to sell to third parties the Minerals, and any other minerals and
mineral products produced from the Properties in any manner. The Holder further acknowledges that the Owner may from time to time undertake
forward sale and/or purchase contracts, spot-deferred contracts, and option and/or other price hedging and price protection arrangements
and mechanisms and speculative purchases and sales of forward, futures and option contracts, both on and off commodity exchanges (collectively,
 &ldquo;<B>Trading Activities</B>&rdquo;) in connection with precious metals derived completely from Minerals products produced from the
Properties. Except for Concentrate Sales Process Hedges, such Trading Activities and the profits and losses generated thereby, shall
not, in any manner, be taken into account in the calculation of FCF Payments due the Holder, whether in connection with the determination
of price, the date of sale, or the date any FCF Payments is due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Where,
in the ordinary course of business and in respect of metals derived completely from Minerals produced from the Properties, a gold or
copper swap contract relating to the quantity of a single concentrate shipment and for a period of no more than one year is entered into
by the Owner for the purpose of reducing exposure to gold and copper prices in the period between provisional and final assays in the
sale of a concentrate shipment (&ldquo;<B>Concentrate Sales Process Hedges</B>&rdquo;), the gains or losses from such Concentrate Sales
Process Hedges will be included in Treatment and Refining Charges (as such term is defined in Schedule &ldquo;B&rdquo;) in the FCF Payments
calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Representations and Warranties of
                                            the Owner</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Owner hereby represents and warrants to the Holder as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">it is duly incorporated, organized, validly
                                            existing and in good standing under the laws of its governing jurisdiction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">it has all necessary corporate power and
                                            authority to enter into and perform its obligations under this Agreement and to own the Properties
                                            and to carry on its business as conducted and as proposed to be conducted in respect of in
                                            the Properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">neither the execution nor delivery of
                                            this Agreement nor the consummation of the transactions contemplated herein nor the compliance
                                            with the terms, conditions and provisions of this Agreement will conflict with or result
                                            in a breach of any terms, conditions or provisions of the charter documents or by-laws of
                                            the Owner, any law, rule&nbsp;or regulation having the force of law, any contractual restrictions
                                            that are binding upon the Owner, or any writ, judgment, injunction, determination or award
                                            that is binding upon the Owner;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">this Agreement has been duly executed and
                                            delivered by the Owner and constitutes a valid and legally binding obligation of the Owner;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">the Owner possesses or will possess all
                                            material licences, approvals and consents of all governments and regulatory authorities that
                                            are required to properly conduct its mining business on the Properties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
representations, warranties, covenants and agreements of the Owner set forth in this Agreement shall survive the creation of the FCF
Royalty and shall continue in full force and effect for the benefit of the Holder for the duration of the term of the FCF Royalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Confidentiality; Area of Interest</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
information, data, reports, records, analyses, economic and technical studies and test results relating to the Properties and the activities
of the Owner or any other party thereon and the terms and conditions of this Agreement (all of which will hereinafter be referred to
as &ldquo;<B>Confidential Information</B>&rdquo;) will be treated by the Holder as confidential and will not be disclosed to any person
not a party to this Agreement, except in the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Holder may disclose Confidential Information
                                            to its auditors, legal counsel, institutional lenders, brokers, underwriters and investment
                                            bankers, provided that such non-party users are first advised of the confidential nature
                                            of the Confidential Information, undertake to maintain the confidentiality thereof and are
                                            strictly limited in their use of the Confidential Information to those purposes necessary
                                            for such non-party users to perform the services for which they were retained by the Holder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the Holder may disclose Confidential Information
                                            to prospective purchasers of the Holder's right to receive the FCF Royalty, provided that
                                            each such prospective purchaser first agrees in writing to hold such information confidential
                                            in accordance with this Section&nbsp;11(a)&nbsp;and to use it exclusively for the purpose
                                            of evaluating its interest in purchasing such FCF Royalty right;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the Holder may disclose Confidential Information
                                            where that disclosure is necessary to comply with any requirements under applicable law,
                                            rules&nbsp;or regulations, and the Owner agrees to promptly provide to the Holder all such
                                            information as the Holder, acting reasonably, determines is necessary or desirable to fulfill
                                            the Holder's disclosure obligations and requirements under applicable laws, provided that
                                            prior to making any such disclosure the Holder shall give the Owner five (5)&nbsp;business
                                            days&rsquo; prior written notice and the opportunity to comment on such disclosure; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">with the prior written approval of the
                                            Owner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Holder shall ensure that
its, and its affiliates&rsquo;, employees, directors, officers and agents and those persons listed in Section&nbsp;11(a)(i)&nbsp;and
Section&nbsp;11(a)(ii)&nbsp;are made aware of this Section&nbsp;11 and comply with the provisions of this Section&nbsp;11. The Holder
shall be liable to the Owner for any improper use or disclosure of such terms or information by such persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any Confidential Information
that becomes a part of the public domain by no act or omission in breach of this Section&nbsp;11(a)&nbsp;will cease to be Confidential
Information for the purposes of this Section&nbsp;11(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Holder acknowledges that Confidential Information may include material non-public information and that applicable securities laws impose
restrictions on trading securities when in possession of such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During
the term of this Agreement, the Holder agrees that it will not acquire or agree to acquire any interest in any mineral rights (including
without limitation any exploration or prospecting permit, mineral lease, mining lease, surface lease or similar tenure) (collectively,
 &ldquo;<B>Mineral Rights</B>&rdquo;) located within five (5)&nbsp;kilometres of the outermost external boundaries of the Properties,
and the Holder further agrees that neither the Holder nor any of its Affiliates acting on its behalf or at its direction, will acquire
or agree to acquire any interest in an entity that, either directly or through Affiliates, derives more than 20% of its value from the
ownership of Mineral Rights located within five (5)&nbsp;kilometers of the outermost external boundaries of the Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Tailings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All tailings relating to
the Minerals shall be subject to the FCF Payments if such tailings are processed by or behalf of the Owner in the future and result in
the production of Minerals. If commingling of the tailings occurs, the amount of such tailings subject to the FCF Payments shall be based
upon the estimated weight of such tailings multiplied by the estimated grade of such tailings in accordance with sound accounting and
metallurgical practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Maintenance of Properties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Owner shall do or cause to be done all things and make all payments necessary or appropriate to maintain the right, title and interest
of the Owner in the Properties and to maintain the Properties in good standing, provided that the Owner shall in its sole discretion
be: (i)&nbsp;entitled to abandon or surrender or allow to lapse or expire any part or parts of the Properties if the Owner determines,
acting reasonably, that such part or parts are not economically viable or otherwise have insufficient value to warrant continued maintenance;
and (ii)&nbsp;permitted to Transfer the Properties as permitted under this Agreement. For greater certainty, a Relinquishment Event (as
defined below) does not constitute a Transfer and is not subject to Article&nbsp;4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
Section&nbsp;13(a), if the Owner or an Affiliate of the Owner wishes to abandon surrender, allow to lapse or expire (the &ldquo;<B>Relinquishment
Event</B>&rdquo;) all or any portion of the Properties (the &ldquo;<B>Released Properties</B>&rdquo;), then the Owner shall provide the
Holder with a minimum of 30 days&rsquo; prior written notice of such intended Relinquishment Event. Upon receipt of the said notice,
the Holder shall have a period of 10 days within which to advise the Owner in writing that it desires to acquire the Released Properties,
by quitclaim deed or equivalent legal instrument, for consideration equal to $10.00. If the Holder shall forward such written notice
to the Owner within the said 10-day period, the Owner shall thereafter do all such acts and things or shall cause all such acts and things
to be done, at the Holder&rsquo;s own sole cost and expense, to assign or convey, as appropriate, the Released Properties to the Holder
for the said $10.00 and to have the Released Properties recorded or registered into the name of the Holder (at the sole cost of the Holder).
If the Holder does not forward the said written notice to the Owner within the said 10-day period, then the Owner or the Affiliate of
the Owner shall have the right to complete the Relinquishment Event with respect to the applicable Released Properties. If a Relinquishment
Event is completed and thereafter, the Owner or any Affiliate of the Owner subsequently reacquires a direct or indirect beneficial interest
in the Released Properties then such Released Properties will once again be subject to the obligation to pay the FCF Royalty pursuant
to this Agreement with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Transfer by Owner</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to Section&nbsp;5,
the Owner shall be entitled to Transfer the Properties and its rights and obligations under this Agreement, provided the following conditions
are satisfied, and upon such conditions being satisfied in respect of any Transfer only the Owner shall be released from all obligations
under this Agreement:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
purchaser, transferee, lessee or assignee of the Properties or this Agreement (other than a mortgagee, charge, lessee, assignee or encumbrancer)
agrees in writing in favour of the Holder to be bound by the terms of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
purchaser, transferee or assignee of this Agreement (other than a mortgagee, charge, lessee, assignee or encumbrancer) has simultaneously
acquired the Owner&rsquo;s right, title and interest in and to the Properties; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
mortgagee, chargee, lessee, assignee or encumbrancer of the Properties or this Agreement agrees in advance in writing in favour of the
Holder to be bound by and subject to the terms of this Agreement in the event it takes possession of or forecloses on all or part of
the Properties and undertakes to obtain an agreement in writing in favour of the Holder from any subsequent purchaser, lessee, assignee
or transferee of such mortgagee, chargeholder, lessee or encumbrancer that such subsequent purchaser, lessee, assignee or transferee
will be bound by the terms of this Agreement including, without limitation, this Section&nbsp;14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Conduct of Operations</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
decisions concerning methods, the extent, times, procedures and techniques of any exploration, development, mining, milling, processing,
extraction treatment, if any, and the materials to be introduced into the Properties or produced therefrom, and all decisions concerning
the sale or other disposition of Minerals (including, without limitation, decisions as to buyers, times of sale, whether to store or
stockpile Minerals for a reasonable length of time without selling the same) shall be made by the Owner, in its sole discretion, provided
that if the Owner determines to stockpile Minerals it shall first take commercially reasonable steps to secure such Minerals from loss,
theft, tampering and contamination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Owner shall not be responsible for nor obliged to make any FCF Payments which account for the value of any Minerals lost in any mining
or processing of the Minerals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Books; Records; Inspections</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Owner shall keep true,
complete and accurate books and records of all of its operations and activities with respect to the Properties, including the mining
of Minerals therefrom and the mining, treatment, processing, refining and transportation of Minerals, prepared in accordance with IFRS,
consistently applied. Subject to complying with the confidentiality provisions in Section&nbsp;11(a)&nbsp;of this Agreement, the Holder
and/or its authorized representatives shall be entitled, upon delivery of thirty (30) business days advance notice, and during the normal
business hours of the Owner, to perform audits or other reviews and examinations of the Owner&rsquo;s books and records relevant to the
calculation and payment of the FCF Payments pursuant to this Agreement no more than once per calendar year to confirm compliance with
the terms of this Agreement. All expenses of any audit or other examination permitted hereunder shall be paid by the Holder, unless the
results of such audit or other examination permitted hereunder disclose a deficiency in respect of any FCF Payments paid to the Holder
hereunder in respect of the period being audited or examined in an amount greater than five percent (5%) of the amount of the FCF Payments
properly payable with respect to such period, in which event all expenses of such audit or other examination shall be paid by the Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Information and Inspection Rights</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Holder shall be entitled to convene a meeting with members of the Owner&rsquo;s senior management team up to two times per calendar year
(or such additional number as the Owner may otherwise agree) for the purpose of keeping the Holder advised of material matters in respect
of the Operations and to allow the Holder to make suggestions regarding the Operations, which the Owner will consider in good faith;
provided, however, that if the Owner wishes to undertake an Additional Capital Project, the Holder shall be entitled to promptly have
convened an additional meeting with members of the Owner&rsquo;s senior management team in connection with its evaluation of such Additional
Capital Project, such meeting to occur no later than 10 days after receipt by the Holder of Approval Matter Supporting Material in respect
of such Additional Capital Project in accordance with Section&nbsp;6(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Holder may, at the risk of the Holder, have access to the Properties up to two times per calendar year (and such other time(s)&nbsp;as
the Owner may agree) for the purposes of inspecting the Operations. The Holder must ensure that its representatives or consultant, as
the case may be, cause minimal inconvenience to or interference with the Operations and comply strictly with any safety regulations or
instructions promulgated or given by or on behalf of the Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the Owner&rsquo;s obligations and restrictions under applicable securities laws, the Owner shall provide the Holder with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">reasonable access to the Owner&rsquo;s scientific
                                            and technical data (including life of mine plans and related models, work plans and programs,
                                            permitting information, environmental studies and feasibility studies) for the Operations
                                            and results of Operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">quarterly reports of management of the
                                            Owner including a discussion of all material developments in respect of the Operations at
                                            the New Afton Mine in the previous quarter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">other written reports (including technical
                                            reports) on the status of the Owner&rsquo;s work programs with respect to the Operations
                                            as and when such reports are prepared; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">all reports of the New Afton Mine Independent
                                            Tailings Review Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
certainty, the Holder shall treat all information provided to it pursuant to this Section&nbsp;17 (whether disclosed in writing, orally,
visually, electronically or by any other means) as Confidential Information in accordance with Section&nbsp;11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Indemnity by Owner</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Owner does hereby agree to defend, indemnify, reimburse and hold harmless the Holder, its Affiliates, and their respective officers,
directors, employees, agents and their successors and assigns (collectively, &ldquo;<B>Holder Indemnified Parties</B>&rdquo;), and each
of them, from and against any and all Losses that the Holder Indemnified Parties may sustain, suffer or incur as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any Operations conducted on or in respect
                                            of the Properties by or on behalf of the Owner that result from or relate to Losses, in any
                                            way arising from or connected with any non-compliance by the Owner with any present or future
                                            environmental laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any failure by the Owner to timely and
                                            fully perform all abandonment, restoration, remediation and reclamation required by all governmental
                                            authorities pertaining or related to the Operations or activities by or on behalf of the
                                            Owner on or with respect to the Properties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Parties acknowledge that the Holder is acting as agent and trustee for and on behalf of each other Holder Indemnified Party with respect
to any rights pursuant to Section&nbsp;18(a)&nbsp;but the Owner and the Holder agree that they may amend, terminate, revise or replace
this Agreement at any time and in any manner whatsoever, notwithstanding any such rights granted pursuant hereto to any such Holder Indemnified
Party, without notice to, consent of, or any other obligation whatsoever to, such Holder Indemnified Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>19.</B></TD><TD STYLE="text-align: justify"><B>Dispute Resolution</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any matter in this Agreement
in dispute between the Parties which has not been resolved by the Parties within thirty (30) days of the delivery of notice by either
Party of such dispute shall be referred to binding arbitration. Such referral to binding arbitration shall be to a qualified single arbitrator
pursuant to the <I>Arbitrations Act, 1991</I> (Ontario), which Act shall govern such arbitration proceeding in accordance with its terms
except to the extent modified by the rules&nbsp;for arbitration set out in Schedule&nbsp;&rdquo;C&rdquo;. The determination of such arbitrator
shall be final and binding upon the Parties hereto and the costs of such arbitration shall be as determined by the arbitrator. 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>20.</B></TD><TD STYLE="text-align: justify"><B>General Provisions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Interest
in Land; Registration of Interest</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Parties intend that, subject to the
                                            provisions of Section&nbsp;13(b), the FCF Royalty on the Properties will be a covenant running
                                            with the Properties, will be enforceable as an <I>in rem</I> interest in land which shall
                                            run with the Properties (provided that such interest shall be satisfied only by the payment
                                            to the Holder of the FCF Payments). Any conveyance by the Owner of the Properties shall include
                                            a provision requiring the transferee to pay the FCF Royalty on the Properties. Subject to
                                            compliance with Section&nbsp;14, upon a conveyance by the Owner of the Properties and this
                                            Agreement, the Owner shall automatically be released from, and shall have no obligations
                                            to the Holder in respect of, any obligations hereunder that accrue following the date of
                                            such transfer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">It is the express intention of the Parties
                                            that to the fullest extent permissible at law, the FCF Royalty on the Properties shall be
                                            registerable or otherwise recordable in all public places where interests in a royalty are
                                            recordable, and accordingly, the Holder will have the right from time to time after the date
                                            hereof, at its own cost and expense, to make any additional registrations or records of notice
                                            of this Agreement and the FCF Royalty, any other documents relating to or contemplated by
                                            the foregoing and any caution or other title document, against title to the Properties or
                                            elsewhere, and the Owner will cooperate with all such registrations and recordings and provide
                                            its written consent or signature to any documents and do such other things from time to time
                                            as are necessary or desirable to effect all such registrations or recordings or otherwise
                                            to protect the interests of the Holder in the FCF Royalty as contemplated hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Partnership,&nbsp;etc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement is not intended
to, and will not be deemed to, create (expressly or by implication) any partnership relation between the Parties including, without limitation,
a joint venture, mining partnership, commercial partnership or other partnership relationship between the Owner and the Holder, and in
this regard the Parties acknowledge and agree that the Holder is neither an owner nor operator of the New Afton Mine. The obligations
and liabilities of the Parties will be several and not joint and neither of the Parties will have or purport to have any authority to
act for or to assume any obligations or responsibility on behalf of another Party. Nothing herein contained will be deemed to constitute
a Party the partner, agent, joint venturer or legal representative of another Party, nor shall anything in this Agreement be construed
to create, expressly or by implication, a fiduciary relationship between the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Further
Assurances</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Party shall with reasonable
diligence execute all such further instruments and documents and do all such further actions as may be reasonably necessary or desirable
to effectuate the documents and transactions contemplated in this Agreement, in each case at the cost and expense of the Party requesting
such further document or action, unless expressly indicated otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Binding
Effect</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All covenants, conditions,
and terms of this Agreement shall bind and enure to the benefit of the Parties hereto and their respective successors (including any
successor by reason of amalgamation of any Party) and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall be governed
by and construed under the laws of the Province of Ontario and the federal laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Time
of Essence</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Time is of the essence in
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Waiver</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The failure of a Party to
insist on the strict performance of any provision of this Agreement or to exercise any right, power or remedy upon a breach hereof shall
not constitute a waiver of any provision of this Agreement or limit the Party&rsquo;s right thereafter to enforce any provision or exercise
any right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Amendment</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No amendment, supplement,
modification or waiver of this Agreement shall be binding unless executed in writing by all Parties and, unless otherwise specified,
no consent or approval by any Party, shall be binding unless executed in writing by the Party to be bound thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Severability</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any provision of this
Agreement is wholly or partially invalid, this Agreement shall be interpreted as if the invalid provision had not been a part hereof
so that the invalidity shall not affect the validity of the remainder of the agreement which shall be construed as if the agreement had
been executed without the invalid portion. It is hereby declared to be the intention of the Parties that this Agreement would have been
executed without reference to any portion which may, for any reason, hereafter be declared or held invalid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Accounting
Principles</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All calculations hereunder
shall be made in accordance with IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Currency</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All dollar amounts or references
to $ herein are in United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Assignment
to Affiliates</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisions
of Section&nbsp;4, a Party may at any time Transfer all or any part of its interest in this Agreement (and the corresponding rights contained
in the Purchase Agreement) to an Affiliate provided such Affiliate shall agree in advance in writing with the other Party to be bound
by any obligations of such Party to be performed hereunder and further provided that such Party shall remain liable for the due performance
of any of its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notices</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice, direction, certificate,
consent, determination or other communication required or permitted to be given or made under this Agreement shall be in writing and
shall be effectively given and made if (a)&nbsp;delivered personally, or (b)&nbsp;sent by e-mail, in each case to the applicable address
set out below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">if to the Owner:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">New Gold Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">181 Bay Street,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Suite&nbsp;3320&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Toronto, ON M5J 2T3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention:&#8239;&#8239;&#8239;&#8239;&nbsp;General
Counsel&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><U>general.counsel@newgold.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">with a copy (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Davies Ward Phillips&nbsp;&amp; Vineberg
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">155 Wellington Street West, Floor 37&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Toronto, Ontario&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">M5V 3J7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>[Redacted]&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Richard
Fridman and Aaron Atkinson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">if to the Holder:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">c/o Ontario Teachers&rsquo; Pension
Plan Board&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Investment Division&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">160 Front Street West, Suite&nbsp;3200&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Toronto, ON M5J 0G4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Christopher
Metrakos and James Sikora&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>[Redacted]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">with a copy (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Stikeman Elliott LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">5300 Commerce Court West&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">199 Bay Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Toronto, ON M5L 1B9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Jeffrey
Singer and Steven D. Bennett&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>[Redacted]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Entire
Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement, together
with the Purchase Agreement and the Partial Royalty Purchase and Amending Agreement, constitutes the entire agreement between the Parties
pertaining to the subject matter hereof and supersedes all prior agreements, negotiations, discussions and understandings, written or
oral, between the Parties. Except as may be specifically set forth in this Agreement, there are no representations, warranties, conditions,
or other agreements or acknowledgments, whether direct or collateral, express or implied, that form part of or affect this Agreement,
or which induced any Party to enter into this Agreement or on which reliance is placed by either Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Execution
and Delivery</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be executed
by the Parties in counterparts and may be executed and delivered by facsimile, .pdf or other electronic means, and all such counterparts
shall together constitute one and the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD STYLE="text-align: justify"><B>Termination of the Purchase Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Parties agree that the
Purchase Agreement is hereby terminated in its entirety effective as of the date hereof and is of no further force or effect, save and
except for Section&nbsp;4.3, Article&nbsp;7, Section&nbsp;8.2, Section&nbsp;8.3, Section&nbsp;10.2, Section&nbsp;10.3 and Section&nbsp;10.12
of the Purchase Agreement, which shall survive in accordance with their terms together with any such other provisions as and to the extent
required to give effect to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>22.</B></TD><TD STYLE="text-align: justify"><B>Amendment and Restatement of the
                                            Original Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement amends and
restates the Original Agreement. Without affecting the validity of any action taken in accordance with the Original Agreement prior to
the date hereof, this Agreement replaces and supersedes the Original Agreement with respect to all matters arising after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>[Remainder of page&nbsp;left intentionally
blank.]</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT> the Parties hereto have executed this Agreement as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEW
                            GOLD INC.</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: left; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify"></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: left; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>BEAR HOLDINGS LP</B></FONT>, by its
                                  general partner <BR>
                                  <B>3336050 NOVA SCOTIA LIMITED</B></TD></TR>
</TABLE>
<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: left; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 20; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE &ldquo;A&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I><U>[</U></I></FONT><I>Descriptions
of the Properties Redacted]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 21; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE &ldquo;B&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Determination of Free Cash Flow</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><U>Determination of FCF Payments.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
used herein, &ldquo;<B>Free Cash Flow</B>&rdquo; for any period means the following based on incurred or accrued in that period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify">Revenues for such period; <I><U>less</U></I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify">The sum of each of the following, for
                                            the period (without duplication):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">i.</TD><TD STYLE="text-align: justify">Treatment and Refining Costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD STYLE="text-align: justify">Operating Costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">iii.</TD><TD STYLE="text-align: justify">Exploration Costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">iv.</TD><TD STYLE="text-align: justify">Interest Costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">v.</TD><TD STYLE="text-align: justify">Taxes (excluding any and all federal or
                                            provincial income taxes);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">vi.</TD><TD STYLE="text-align: justify">Change in Working Capital (which may
                                            be a positive or negative number);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">vii.</TD><TD STYLE="text-align: justify">Lease Payments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">viii.</TD><TD STYLE="text-align: justify">Capital Costs; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">ix.</TD><TD STYLE="text-align: justify">solely in periods after the Rate Adjustment
                                            Date, Allowance for Future Reclamation Costs,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to the application of Section&nbsp;2(c)&nbsp;of
the Agreement, in the event that Free Cash Flow is a negative number, &ldquo;<B>Free Cash Flow</B>&rdquo; shall be deemed to be one dollar
($1.00).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Revenues</B>&rdquo;
means, for any period, the sum of the following revenues:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">i.</TD><TD STYLE="text-align: justify">proceeds received by the Owner from the
                                            sale of all Minerals (less any proceeds from the sale of Minerals from Unapproved Additional
                                            Capital Projects); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD STYLE="text-align: justify">Concentrate Sales Process Hedges.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Treatment
and Refining Charges</B>&rdquo; shall mean all costs related to third party smelting, refining, penalty and transport costs of Minerals
(except Minerals from Unapproved Additional Capital Projects) and net cash gains/losses from Concentrate Sales Process Hedges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Operating
Costs</B>&rdquo; shall mean all operating costs and expenses related with the mining, processing or treatment of Minerals from the Properties
(excluding operating costs and expenses from Unapproved Additional Capital Projects), including without limitation, all of the following
(determined without duplication) Mining Costs, Milling and Processing Costs, General and Administrative Costs, Royalties and Selling
and Delivery Costs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 22; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">i.</TD><TD STYLE="text-align: justify">&ldquo;<B>Mining Costs</B>&rdquo; shall
                                            mean costs and expenses in the period incurred in respect of exploring for, developing, mining,
                                            extracting, removing, and transporting to any processing site Minerals. Such costs and expenses
                                            shall include, without limitation, those incurred for labor, machinery operations, fuel,
                                            explosives and other materials, developmental or ore delineation drilling;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD STYLE="text-align: justify">&ldquo;<B>Milling and Processing Costs</B>&rdquo;
                                            shall mean costs and expenses incurred in respect of: (x)&nbsp;milling, treating or processing
                                            and transportation costs, all costs, charges and expenses for treatment in the smelting and
                                            refining process (including handling, processing, deductions, tolling charges); and (y)&nbsp;sales
                                            and brokerage costs, and actual costs of transportation (including insurance, storage, warehousing,
                                            port demurrage, delay and forwarding expenses) of Minerals or other products from the Properties
                                            to the place of treatment and then to the place of sale, without duplication;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">iii.</TD><TD STYLE="text-align: justify">&ldquo;<B>General and Administrative
                                            Costs</B>&rdquo; shall mean costs and expenses incurred in respect of the Properties during
                                            the calendar year and the production of ores and Minerals therefrom;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">iv.</TD><TD STYLE="text-align: justify">&ldquo;<B>Royalties</B>&rdquo; means
                                            all royalties or production royalties or royalties of any nature incurred in respect of the
                                            Properties (other than the FCF Payments pursuant to the FCF Royalty) or other payments of
                                            any nature whatsoever payable to third parties having an interest in the Properties and includes
                                            payments to any Indigenous Group pursuant to any impact benefit, participation or other similar
                                            agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">v.</TD><TD STYLE="text-align: justify">&ldquo;<B>Selling and Delivery Costs</B>&rdquo;
                                            shall mean costs and expenses incurred in respect of the production of Minerals from Properties
                                            during the calendar year in or in connection with the marketing of Minerals and the delivery
                                            of such Minerals to points of ultimate delivery to customers, including without limitation,
                                            all shipping and delivery costs, agency fees, and storage charges, without duplication.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">For greater certainty, in the event
of any Unapproved Additional Capital Projects, the exclusion of operating costs and expenses from Unapproved Additional Capital Projects
for purposes of the calculation of Mining Costs, Milling and Processing Costs, General and Administrative Costs, Royalties and Selling
and Delivery Costs for purposes of the calculation of Free Cash Flow shall be allocated on a proportionate basis and in accordance with
generally accepted practices in the mining industry, and in a manner mutually satisfactory to the Owner and the Holder (each acting reasonably
and in good faith).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Exploration
Costs</B>&rdquo; </FONT>shall mean exploration costs incurred in respect of the Properties with the objective of identifying new mineralization
or additional mineral reserves or mineral resources, or improving confidence in or understanding of existing mineral reserves or mineral
resources, within the Properties (excluding exploration costs (i)&nbsp;specifically and directly incurred by the Owner in connection
with, and within six months prior to the proposal to the Holder pursuant to Section&nbsp;6(b)&nbsp;of the Agreement of, an Additional
Capital Project (but only if such project becomes an Unapproved Capital Project) and/or (ii)<B>&nbsp;</B>incurred in respect of any project
after it becomes an Unapproved Additional Capital Project). For greater certainty, the exclusion of exploration costs referred to in
(i)&nbsp;and (ii)&nbsp;above for purposes of the calculation of Exploration Costs for purposes of the calculation of Free Cash Flow shall
be allocated on a proportionate basis and in accordance with generally accepted practices in the mining industry, and in a manner mutually
satisfactory to the Owner and the Holder (each acting reasonably and in good faith).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Interest
Costs</B>&rdquo; shall mean any interest cost actually incurred during the period in respect of the Properties (including but not limited
to, interest on instruments issued for reclamation bonding, interest on advance payments receipts and interest on leased assets) net
of any interest income earned solely in respect of the Properties during such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&ldquo;<B>Taxes</B>&rdquo;
shall mean all taxes, levies, duties, royalties, charges, fees and assessments whatsoever, of any federal, provincial, municipal or local
government, domestic and foreign, or any subdivision thereof, whether now or in the future that are imposed on or levied against, or
allocated to, any mining, milling, or other operations on the Properties, purchases with respect to such operations, and/or any production
or sales of products from the Properties, including without limitation, any Tax payable pursuant to a return filed under the <I>Mineral
Tax Act</I> [RSBC 1996] Chapter 291, all value added taxes, any payroll taxes, severance taxes, sales and use taxes, customs duties,
import fees, government royalties, net proceeds of mines taxes, excluding only federal and provincial income tax payable by the Owner
and any value added taxes and sales and use taxes recoverable by the Owner from a Governmental Authority through any refund, rebate,
credit or similar means. Taxes shall also include the cost or benefit resulting from an adjustment following the audit and/or reassessment
of any Taxes relating to the time period in which the Holder receives FCF Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Change
in Working Capital</B>&rdquo; shall mean, for a period, the amount equal to the sum of the accounts receivable, accounts payable, inventory
cash costs and prepaid expenses, all in respect of the Properties, as of the end of the period, less the sum of those same amounts at
the end of the preceding period, such working capital to be managed by the Owner in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B>Lease
Payments</B>&rdquo; shall mean all payments, without duplication, related to the leasing of assets for use at the Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&ldquo;<B>Capital
Costs</B>&rdquo; shall mean all capitalized costs for the period in respect of the Properties and include capitalized costs related to
exploration, development (including construction) or mining of the Properties, permitting and the purchase of equipment, buildings and
infrastructure for the Properties, but not including capital costs relating to Unapproved Additional Capital Projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&ldquo;<B>Allowance
for Future Reclamation Costs</B>&rdquo; shall mean the amortization of assets recognized for a provision for future costs anticipated
to be incurred by the Owner in reclaiming the Properties in accordance with applicable laws, regulations and agreements and accretion
charges incurred in the period related to the associated liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><U>Affiliate Operating Costs.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Where any Operating Costs
are incurred with respect to the mining, milling, processing, selling, or delivering of ores and Minerals produced from the Properties
in conjunction with the mining, milling, processing, selling, or delivering of ores and minerals produced from other properties controlled
by the Owner or its Affiliates, such Operating Costs shall be allocated and apportioned in accordance with generally accepted practices
in the mining industry and in a manner mutually satisfactory to the Owner and the Holder (each acting reasonably and in good faith).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 25; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE &ldquo;C&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Rules&nbsp;for Arbitration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following rules&nbsp;and procedures shall
apply with respect to any matter to be arbitrated by the Parties under the terms of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Initiation of Arbitration Proceedings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
any Party to this Agreement wishes to have any matter under this Agreement arbitrated in accordance with the provisions of this Agreement,
it shall give notice to the other Party hereto specifying particulars of the matter or matters in dispute and proposing the name of the
person it wishes to be the single arbitrator. Within five days after receipt of such notice, the other Party to this Agreement shall
give return notice to the first party advising whether such Party accepts the arbitrator proposed by the first Party and if such Party
does not accept the arbitrator proposed by the first Party, proposing the name of the person it wishes to be the single arbitrator. If
such return notice is not given by the other Party within such five-day period, it shall be deemed to have accepted the arbitrator proposed
by the first Party. If such return notice is given within such five day period and does not accept the proposed arbitrator of the first
Party and proposes another person to be arbitrator, the first Party shall, within five days after receipt of such return notice, give
notice to the other Party advising whether such first party accepts the arbitrator proposed by the other Party. If the Parties do not
agree upon a single arbitrator within such second five-day period, the single arbitrator shall be chosen in accordance with the <I>Arbitrations
Act, 1991</I> (Ontario).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
individual selected as Arbitrator shall be qualified by education and experience to decide the matter in dispute. The Arbitrator shall
be at arm&rsquo;s length from both Parties and shall not be a member of the audit or legal firm or firms who advise either Party, nor
shall the Arbitrator be a person who is otherwise regularly retained by either of the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Submission of Written Statements</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Within
five days of the appointment of the Arbitrator, the Party initiating the arbitration (the &ldquo;<B>Claimant</B>&rdquo;) shall send the
other Party (the &ldquo;<B>Respondent</B>&rdquo;) a statement of claim setting out in sufficient detail the facts and any contentions
of law on which it relies, and the relief that it claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Within
10 days of the receipt of the statement of claim, the Respondent shall send the Claimant a statement of defence stating in sufficient
detail which of the facts and contentions of law in the statement of claim it admits or denies, on what grounds, and on what other facts
and contentions of law he relies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Within
five days of receipt of the statement of defence, the Claimant may send the Respondent a statement of reply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
statements of claim, defence and reply shall be accompanied by copies (or, if they are especially voluminous, lists) of all essential
documents on which the Party concerned relies and which have not previously been submitted by any Party, and (where practicable) by any
relevant samples.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 26; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;After
submission of all the statements, the Arbitrator will give directions for the further conduct of the arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Meetings and Hearings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
arbitration shall take place in the City of Toronto, or in such other place as the Claimant and the Respondent shall agree upon in writing.
The arbitration shall be conducted in English. Subject to any adjournments which the Arbitrator allows, the final hearing will be continued
on successive working days until it is concluded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
meetings and hearings will be in private unless the Parties otherwise agree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
Party may be represented at any meetings or hearings by legal counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Party may examine, cross-examine and re-examine all witnesses at the arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>The Decision</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Arbitrator will make a decision in writing and, unless the Parties otherwise agree, will set out reasons for decision in the decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Arbitrator will send the decision to the Parties as soon as practicable after the conclusion of the final hearing, but in any event no
later than 10 days thereafter, unless that time period is extended for a fixed period by the Arbitrator on written notice to each Party
because of illness or other cause beyond the Arbitrator&rsquo;s control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
decision shall determine and award costs to the successful Party in the arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
decision shall be final and binding on the Parties and shall not be subject to any appeal or review procedure provided that the Arbitrator
has followed the rules&nbsp;provided herein in good faith and has proceeded in accordance with the principles of natural justice. In
the event either Party initiates any court proceeding in respect of the decision of the Arbitration or the matter arbitrated, such Party
shall, if unsuccessful in the court proceeding, pay the other Parties costs on a solicitor/client basis plus all other reasonable expenses
incurred by such other Party from the date of delivery of the notice commencing arbitration to the date of determination of such court
proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Jurisdiction and Powers of the Arbitrator</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;By
submitting to arbitration under these Rules, the Parties shall be taken to have conferred on the Arbitrator the following jurisdiction
and powers, to be exercised at the Arbitrator&rsquo;s discretion subject only to these Rules&nbsp;and the relevant law with the object
of ensuring the just, expeditious, economical and final determination of the dispute referred to arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Without
limiting the jurisdiction of the Arbitrator at law, the Parties agree that the Arbitrator shall have jurisdiction to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">determine any question of law arising in
                                            the arbitration;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 27; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">determine any question as to the Arbitrator&rsquo;s
                                            jurisdiction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">determine any question of good faith,
                                            dishonesty or fraud arising in the dispute;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">order any Party to furnish further details
                                            of that Party&rsquo;s case, in fact or in law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">proceed in the arbitration notwithstanding
                                            the failure or refusal of any Party to comply with these Rules&nbsp;or with the Arbitrator&rsquo;s
                                            orders or directions, or to attend any meeting or hearing, but only after giving that Party
                                            written notice that the Arbitrator intends to do so;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">receive and take into account such written
                                            or oral evidence tendered by the Parties as the Arbitrator determines is relevant, whether
                                            or not strictly admissible in law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">make one or more interim awards;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">hold meetings and hearings, and make
                                            a decision (including a final decision) in Toronto, Ontario or elsewhere with the concurrence
                                            of the Parties thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">order the Parties to produce to the Arbitrator,
                                            and to each other for inspection, and to supply copies of, any documents or other evidence
                                            or classes of documents in their possession or power which the Arbitrator determines to be
                                            relevant; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">make interim orders to secure all or part
                                            of any amount in dispute in the arbitration.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 28; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule&nbsp;B</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAYMENT INSTRUCTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Payment Instructions Redacted]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 29; Options: NewSection Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>tm2413902d7_6kimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2413902d7_6kimg001.jpg
M_]C_X  02D9)1@ ! 0$ R #(  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !0 /D# 2(  A$! Q$!_\0
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MK"WNIBD(.R/?*NY K/*1@DKNR,9(&A###;I'#;PQP01((XX8D$<<<:C"I&B
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MFEQS>)[J:2WO/"^HW]C!=K%>PR20P0+;K(([U8KB<PW"30QK+&@E?C_VP/\
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M"23Q_D?2I**.679_U\P&!!CD<_4TNQ?3]3_C3J*.679_U\P&[%]/U/\ C3@
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MG]G_ $'17UG5_B]X%T_2H$$EQ?7GB.R6.!)(O/$CF683O&5<>68XF)!4!%&
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(++L_Z^8'_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>tm2413902d7_ex99-2img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2413902d7_ex99-2img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  > *4# 2(  A$! Q$!_\0
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C_P +:;H'FR6BR27$QS+<3MOD?ZG_ .M3OT%:YOT445)1_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>tm2413902d7_ex99-2img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2413902d7_ex99-2img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  8 2,# 2(  A$! Q$!_\0
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9&3U]35V**.)=L:A1UHHH ?@>@HHHH __V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
