<SEC-DOCUMENT>0001104659-24-065103.txt : 20240524
<SEC-HEADER>0001104659-24-065103.hdr.sgml : 20240524
<ACCEPTANCE-DATETIME>20240524155516
ACCESSION NUMBER:		0001104659-24-065103
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20240524
FILED AS OF DATE:		20240524
DATE AS OF CHANGE:		20240524

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:		24984064

	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>tm2415462d1_6k.htm
<DESCRIPTION>FORM 6-K
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<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: 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; 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>&nbsp;</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; text-align: center">Commission File Number 001-31722</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></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2415462d1_6kimg001.jpg" ALT="">&nbsp;</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; text-align: center">Toronto, Ontario M5J 2T3</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; 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">Form&nbsp;20-F <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">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></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">Exhibit&nbsp;99.1 of this Form&nbsp;6-K&nbsp;is incorporated by reference as an additional exhibit to the registrant&rsquo;s Registration
Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/800166/000110465924060520/tm2413902d1_f10.htm" STYLE="-sec-extract: exhibit">Form&nbsp;F-10&nbsp;(File&nbsp;No.&nbsp;333-279369).</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"></P>

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<P STYLE="font: 10pt 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; width: 12%"><B>Exhibit</B></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 87%"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2415462d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2415462d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Material Change Report dated May&nbsp;23, 2024</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2415462d1_ex99-2.htm">99.2 </A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2415462d1_ex99-2.htm">Amended and Restated Free Cash Flow Royalty Agreement dated May 22, 2024</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>

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<P STYLE="font: 10pt 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><B>NEW GOLD INC.</B></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: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 47%">/s/ Sean Keating</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">Date: May&nbsp;24, 2024</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Sean Keating</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Vice President, General Counsel and Corporate Secretary </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>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2415462d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<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: right"><B>Exhibit 99.1</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>FORM&nbsp;51-102F3</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="text-transform: uppercase"><B>MATERIAL
CHANGE REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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 STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 1</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name and Address of Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New Gold Inc. (&ldquo;<B>New Gold</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;)<BR>
        Suite&nbsp;3320, 181 Bay Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toronto, Ontario M5J 2T3</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 2</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Date of Material Change</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">May&nbsp;13, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 3</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>News Release</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A news release with respect to this material change was issued by the
    Company on May&nbsp;13, 2024 through GlobeNewswire and was subsequently filed on SEDAR+ at <U>www.sedarplus.ca</U>.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 4</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Summary of Material Change</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May&nbsp;13, 2024, New Gold and an affiliate of Ontario
        Teachers&rsquo; Pension Plan Board (&ldquo;<B>Ontario Teachers&rsquo;</B>&rdquo;) entered into a partial royalty repurchase and
        amending agreement (the &ldquo;<B>Partial Royalty Repurchase and Amending Agreement</B>&rdquo;), pursuant to which New Gold and
        the Ontario Teachers&rsquo; affiliate agreed, among other things, to reduce the royalty rate payable by New Gold pursuant to
        the free cash flow royalty agreement dated March&nbsp;31, 2020 in respect of the New Afton mine (the &ldquo;<B>Original Royalty
        Agreement</B>&rdquo;) from 46.0% to 19.9% from and after May&nbsp;31, 2024 and to make certain other amendments to the Original
        Royalty Agreement, in consideration for a one-time cash payment by New Gold to the Ontario Teachers&rsquo; affiliate of US$255,000,000
        (the &ldquo;<B>Partial Royalty Repurchase</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">Also on May&nbsp;13, 2024, New Gold entered into an agreement
    with a syndicate of underwriters led by CIBC Capital Markets (collectively, the &ldquo;<B>Underwriters</B>&rdquo;), pursuant to which
    the Underwriters agreed to purchase, on a bought deal basis, 87,300,000 common shares of New Gold (&ldquo;<B>Common Shares</B>&rdquo;)
    at a price of US$1.72 per Common Share (the &ldquo;<B>Offering Price</B>&rdquo;), for aggregate gross proceeds of approximately $150
    million (the &ldquo;<B>Offering</B>&rdquo;). In addition, the Underwriters were granted an over-allotment option (the &ldquo;<B>Over-Allotment
    Option</B>&rdquo;) to purchase, at the Offering Price, up to an additional 15% of the number of Common Shares issued pursuant to
    the Offering to cover over-allotments, if any. The closing of the Offering occurred on May&nbsp;17, 2024, resulting in net proceeds
    to New Gold from the Offering, including the net proceeds from the exercise by the Underwriters of the Over-Allotment Option in full,
    of US$172,679,400.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New Gold completed the royalty repurchase on May&nbsp;22, 2024.
    New Gold funded the repurchase with cash on hand, borrowings from its existing revolving credit facility and net proceeds from the
    Offering.</P></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM
    5</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Full
    Description of Material Change</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May&nbsp;13, 2024, New Gold and the Ontario Teachers&rsquo;
    affiliate entered into the Partial Royalty Repurchase and Amending Agreement, pursuant to which New Gold and the Ontario Teachers&rsquo;
    affiliate agreed to: (i)&nbsp;reduce the royalty rate payable by New Gold in respect of the New Afton mine pursuant to the Original
    Royalty Agreement from 46.0% to 19.9% from and after May&nbsp;31, 2024; (ii)&nbsp;terminate the option whereby the Ontario Teachers&rsquo;
    affiliate or, after May&nbsp;30, 2024, a third party purchaser of the Ontario Teachers&rsquo; affiliate&rsquo;s interest, could elect
    to form a partnership with respect to the New Afton mine; (iii)&nbsp;terminate New Gold&rsquo;s option to repurchase and cancel the
    Original Royalty Agreement (which right would otherwise terminate on May&nbsp;30, 2024); and (iv)&nbsp;make certain other related
    or consequential amendments to the Original Royalty Agreement and terminate the strategic partnership agreement between New Gold
    and a limited partnership controlled by Ontario Teachers&rsquo; dated February&nbsp;24, 2020 (the &ldquo;<B>2020 Purchase Agreement</B>&rdquo;),
    all in consideration for a one-time cash payment by New Gold to the Ontario Teachers&rsquo; affiliate of US$255,000,000.</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">Also on May&nbsp;13, 2024, New Gold entered into an agreement
    with a syndicate of underwriters led by CIBC Capital Markets (collectively, the &ldquo;<B>Underwriters</B>&rdquo;), pursuant to which
    the Underwriters agreed to purchase, on a bought deal basis, 87,300,000 common shares of New Gold (&ldquo;<B>Common Shares</B>&rdquo;)
    at a price of US$1.72 per Common Share (the &ldquo;<B>Offering Price</B>&rdquo;), for aggregate gross proceeds of approximately $150
    million (the &ldquo;<B>Offering</B>&rdquo;). In addition, the Underwriters were granted an over-allotment option (the &ldquo;<B>Over-Allotment
    Option</B>&rdquo;) to purchase, at the Offering Price, up to an additional 15% of the number of Common Shares issued pursuant to
    the Offering to cover over-allotments, if any. The closing of the Offering occurred on May&nbsp;17, 2024, resulting in net proceeds
    to New Gold from the Offering, including the net proceeds from the exercise by the Underwriters of the Over-Allotment Option in full,
    of US$172,679,400.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon satisfaction of the terms and conditions contained in the
    Partial Royalty Repurchase and Amending Agreement, on May&nbsp;22, 2024 the parties completed the Partial Royalty Repurchase and
    entered into the amended and restated free cash flow royalty agreement (the &ldquo;<B>Amended and Restated Free Cash Flow Royalty
    Agreement</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">The Amended and Restated Free Cash Flow Royalty Agreement is on
    terms substantially similar to the terms of the Original Royalty Agreement, except as otherwise described below. In particular, the
    royalty rate payable in respect of the New Afton mine will be reduced to 19.9% after May&nbsp;31, 2024, and the option to convert
    the royalty to a formal partnership has been removed. The right of first offer in favour of New Gold on any proposed sale by the
    Ontario Teachers&rsquo; affiliate of its royalty interest has been replaced with a right of first refusal, whereby if the Ontario
    Teachers&rsquo; affiliate receives a bona fide, binding offer to acquire all, but not less than all, of its royalty interest, New
    Gold has a right, exercisable within 60 days, to repurchase the royalty for cancellation at a price equal to 103.0% of the amount
    provided in the third party offer. Upon the exercise of such right of first refusal, New Gold must satisfy the purchase price in
    cash, provided that if the third party offer includes non-cash consideration, New Gold may elect to satisfy the purchase price in
    cash or non-cash consideration, including newly issued Common Shares of New Gold or non-cash consideration that is reasonably equivalent
    to that contained in the third party offer, at New Gold&rsquo;s discretion.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">New Gold is not subject
                                            to any restrictions on transfer of the New Afton mine; provided that, if a change of control
                                            (as defined in the indenture for New Gold&rsquo;s outstanding 7.5% senior notes dated as
                                            of June&nbsp;24, 2020, the &ldquo;<B>Change of Control</B>&rdquo;) is announced on or prior
                                            to December&nbsp;31, 2030 that is subsequently completed, the Ontario Teachers&rsquo; affiliate
                                            may elect, within 10 business days after announcement of the Change of Control, to sell its
                                            royalty interest to New Gold or its successor-in-interest for fair market value (as determined
                                            in accordance with the terms of the Amended and Restated Free Cash Flow Royalty Agreement)
                                            within 30 days following the closing of the Change of Control transaction (subject to extension
                                            if necessary to complete the fair market value determination). The purchase price may be
                                            payable in cash or listed securities of New Gold&rsquo;s successor-in-interest, at its election,
                                            or a combination thereof, subject to a cap on the number of securities to be issued of 9.99%
                                            of the class of listed securities issued. If the Ontario Teachers&rsquo; affiliate declines
                                            to sell its royalty interest in connection with such Change of Control, the right will not
                                            apply to any subsequent Change of Control.</P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>In addition, if a Change of Control is completed within 20 months following
    the completion of the Partial Royalty Repurchase, the Ontario Teachers&rsquo; affiliate will receive a one-time US$20,000,000 cash payment
    from New Gold or its successor-in-interest, payable within 30 days following the completion of the Change of Control.<BR>
<BR>
In recognition of the fact that the royalty interest is reduced to
    19.9%, certain governance rights provided under the Original Royalty Agreement have been modified, including the elimination of a standing
    advisory committee.<BR>
<BR>
Pursuant to the Amended and Restated Free Cash Flow Royalty Agreement,
    the 2020 Purchase Agreement has been terminated effective as of the closing of the Partial Royalty Repurchase, save for the indemnification
    provisions thereunder, which shall remain outstanding in accordance with their terms.
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM
    6</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Reliance on subsection
    7.1(2)&nbsp;of National Instrument 51-102</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The report is not
    being filed on a confidential basis.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM
    7</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Omitted Information</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">No information has
    been omitted.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM
    8</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Executive Officer</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sean Keating, Vice President, General Counsel and Corporate Secretary</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(416) 324-6000</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM
    9</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Date of Report</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">May&nbsp;23, 2024</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2415462d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS AMENDED AND RESTATED
FREE CASH FLOW ROYALTY AGREEMENT (this &ldquo;Agreement&rdquo;) dated as of May&nbsp;22, 2024.</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" 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-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" 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-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" 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-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" 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-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" 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"><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" 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">(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>

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<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-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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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>

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<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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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>

<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">(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>




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

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<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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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>

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<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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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>

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<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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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>

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<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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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"><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;&#8239;&#8239;&#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;&#8239;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;&#8239;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>

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<P STYLE="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" 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"><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;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;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;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;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>

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<P STYLE="font: 10pt Times 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;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;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" 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"><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;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"></P>

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<P STYLE="font: 10pt Times 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;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>

<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">(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" 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">(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" 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">(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;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;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>

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<P STYLE="font: 10pt Times 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;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" 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">(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" 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">(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;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;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;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" 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"><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;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;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>

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<P STYLE="font: 10pt Times 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;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;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">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
at any time prior to January&nbsp;22, 2026 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).</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"><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;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" 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">(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" 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">(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" 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">(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>

<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;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"></P>

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<P STYLE="font: 10pt Times 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;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" 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"><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;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;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" 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"><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" 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"><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;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>

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<P STYLE="font: 10pt Times 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;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" 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"><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;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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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;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>

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<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"><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;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" 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">(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" 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">(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" 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">(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" 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">(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;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;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>

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    <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 -->-</P></DIV>
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<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"><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" 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"><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;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;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>

<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"><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; text-align: justify; text-indent: 0.5in">(a)&#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"></P>

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<P STYLE="font: 10pt Times 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;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;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" 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"><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;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;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" 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"><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>

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<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"><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;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;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;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" 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">(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" 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">(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" 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">(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" 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">(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;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" 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"><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;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>

<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">(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>

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

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<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">(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;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" 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"><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" 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"><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;&#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" 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">(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" 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">(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>

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    <!-- 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; text-align: justify">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<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"></P>

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    <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 -->21<!-- Field: /Sequence -->-</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">(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;&#8239;&#8239;<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;&#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" 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">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">181 Bay Street,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Suite&nbsp;3320</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;&#8239;&#8239;&#8239;&#8239;General
Counsel</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;&#8239;&#8239;&#8239;&#8239;</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; 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 0pt 1.5in; text-align: justify">155 Wellington Street West, Floor 37</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Toronto, Ontario</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;&#8239;&#8239;<I>[Redacted]</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;&#8239;&#8239;&#8239;Richard
Fridman and Aaron Atkinson</P>

<P STYLE="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>

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    <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 -->22<!-- Field: /Sequence -->-</P></DIV>
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<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">(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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Investment Division</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</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;&#8239;&#8239;&#8239;Christopher
Metrakos and James Sikora</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;&#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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">5300 Commerce Court West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">199 Bay Street</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;&#8239;&#8239;&#8239;Jeffrey
Singer and Steven D. Bennett</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;&#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" 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"><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>

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    <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 -->23<!-- Field: /Sequence -->-</P></DIV>
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<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"><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>

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    <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"></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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><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-size: 10pt"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">/s/
    Patrick Godin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patrick Godin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive
    Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><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-size: 10pt"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">/s/
    <FONT STYLE="font-family: Times New Roman, Times, Serif">Sean Keating</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sean Keating</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><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">&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="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BEAR HOLDINGS
    LP</B>, by its general partner<BR>
    <B>3336050 NOVA SCOTIA LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><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-size: 10pt"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">/s/
    <FONT STYLE="font-family: Times New Roman, Times, Serif">James Sikora</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James Sikora</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><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; 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>Signature Page
 &ndash; A&amp;R FCF Royalty Agreement</I></FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></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"><I>[Descriptions of 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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt 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" 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">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;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" 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: 0.25in">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" 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: 0.25in">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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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;&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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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;&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"></P>

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<P STYLE="font: 10pt Times 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;&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>

<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: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></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>

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<P STYLE="font: 10pt Times 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;&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;&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;&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;&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;&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;&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>

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    <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">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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt 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" 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"><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;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;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" 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"><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;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;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;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;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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times 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;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" 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"><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;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;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;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;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" 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"><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;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;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;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;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" 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"><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;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;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" 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">(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>

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    <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: 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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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" 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">(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>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
