<SEC-DOCUMENT>0001279569-25-000397.txt : 20250417
<SEC-HEADER>0001279569-25-000397.hdr.sgml : 20250417
<ACCEPTANCE-DATETIME>20250416214628
ACCESSION NUMBER:		0001279569-25-000397
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250416
FILED AS OF DATE:		20250417
DATE AS OF CHANGE:		20250416

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
		EIN:				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:		25844184

	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>newgoldform6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;<BR>
&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Form 6-K</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the month of April 2025.</P>

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

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

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>New Gold Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Form 20-F <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>&nbsp;Form
40-F <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center"><B>DOCUMENTS FILED AS PART OF THIS FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
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    <TD STYLE="text-align: center; width: 8%; border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 8pt; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left; width: 90%; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="ex991.htm">99.1</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="ex991.htm">Material Change Report</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="ex991.htm">99.2</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="ex992.htm">Royalty Repurchase and Termination Agreement</A></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>NEW GOLD INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 52%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Sean Keating</I></FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Date: April 16, 2025</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Sean Keating</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Vice President, General Counsel and Corporate Secretary </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>MATERIAL CHANGE REPORT
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

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

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

<P STYLE="margin: 0"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">FORM 51-102F3</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center">MATERIAL CHANGE
REPORT<BR>
<BR>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding: 3pt 5.4pt 6pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ITEM 1</B></FONT></TD>
    <TD STYLE="width: 85%; padding: 3pt 5.4pt; font-weight: bold">Name and Address of Company</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">New Gold Inc<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: blue">.
    </FONT>(&ldquo;<B>New Gold</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;)<BR>
    Suite 3320, 181 Bay Street</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Toronto, Ontario M5J 2T3</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ITEM 2</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; font-weight: bold">Date of Material Change</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt 6pt">April 7, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ITEM 3</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; font-weight: bold">News Release</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt 6pt">New Gold issued a news release with respect to this material change on April 7, 2025. The news release was disseminated through Cision and subsequently filed on SEDAR+ at www.sedarplus.ca.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ITEM 4</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; font-weight: bold">Summary of Material Change</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">On April 7, 2025, New Gold and an affiliate of Ontario Teachers&rsquo;
    Pension Plan Board (&ldquo;<B>Ontario Teachers&rsquo;</B>&rdquo;) entered into a royalty repurchase and termination agreement (the &ldquo;<B>Royalty
    Repurchase and Termination Agreement</B>&rdquo;), pursuant to which New Gold agreed to repurchase the free cash flow royalty (the &ldquo;<B>FCF
    Royalty</B>&rdquo;) payable to the affiliate of Ontario Teachers&rsquo; pursuant to the amended and restated free cash flow royalty agreement
    dated May 22, 2024 (the &ldquo;<B>A&amp;R FCF Royalty Agreement</B>&rdquo;), in consideration for a one-time cash payment by New Gold
    to the Ontario Teachers&rsquo; affiliate of US$300,000,000 (the &ldquo;<B>Repurchase Price</B>&rdquo;, and such repurchase, the &ldquo;<B>Royalty
    Repurchase</B>&rdquo;). On completion of the Royalty Repurchase, the parties shall terminate the A&amp;R FCF Royalty Agreement on and
    subject to the terms and conditions set out in the Royalty Repurchase and Termination Agreement.</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The closing of the Royalty Repurchase is expected to occur on or
    about May 1, 2025, or such other date as may be mutually agreed upon in writing by the parties.</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">New Gold plans to fund the Royalty Repurchase with cash on hand,
    borrowings from its existing revolving credit facility (the &ldquo;<B>Credit Facility</B>&rdquo;) and a gold prepayment financing (the
    &ldquo;<B>Gold Prepayment</B>&rdquo;).</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding: 3pt 5.4pt 6pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ITEM 5</B></FONT></TD>
    <TD STYLE="width: 85%; padding: 3pt 5.4pt; font-weight: bold">Full Description of Material Change</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">On April 7, 2025, New Gold and the Ontario Teachers&rsquo; affiliate
    entered into the Royalty Repurchase and Termination Agreement, pursuant to which New Gold agreed to repurchase, and the Ontario Teachers&rsquo;
    affiliate agreed to sell, the FCF Royalty in consideration for a one-time cash payment by New Gold to the Ontario Teachers&rsquo; affiliate
    of US$300,000,000.</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">New Gold plans to fund a portion of the Repurchase Price with approximately
    US$100,000,000 from the Gold Prepayment. Under the Gold Prepayment, New Gold would have the obligation to deliver a set number of gold
    ounces over a twelve-month term, in exchange for US$100,000,000 in cash upfront. Based on current pricing, the total ounces expected to
    be delivered represent approximately 8% of the Company&rsquo;s expected consolidated gold production for that period. New Gold plans to
    fund the remainder of the Repurchase Price with cash on hand and borrowings from the Credit Facility.</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The Royalty Repurchase is subject to certain customary conditions,
    including the receipt of any necessary approvals.</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">On satisfaction of the terms and conditions contained in the Royalty
    Repurchase and Termination Agreement and the completion the Royalty Repurchase, the A&amp;R FCF Royalty Agreement shall be terminated,
    provided that New Gold shall make one final FCF Royalty payment, calculated from January 1, 2025 to April 30, 2025, in accordance with
    the A&amp;R FCF Royalty Agreement.</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The closing of the Royalty Repurchase is expected to occur on or
    about May 1, 2025, or such other date as may be mutually agreed upon in writing by the parties.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ITEM 6</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; font-weight: bold">Reliance on subsection 7.1(2) of National Instrument 51-102</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt 6pt">The report is not being filed on a confidential basis.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ITEM 7</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; font-weight: bold">Omitted Information</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt 6pt">No information has been omitted.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ITEM 8</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; font-weight: bold">Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">Sean Keating, Vice President, General Counsel and Corporate Secretary</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(416) 324-6000</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ITEM 9</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; font-weight: bold">Date of Report</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt 6pt">April 16, 2025</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex992.htm
<DESCRIPTION>ROYALTY REPURCHASE AND TERMINATION AGREEMENT
<TEXT>
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.2</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0; text-align: center"><B>ROYALTY REPURCHASE AND TERMINATION AGREEMENT</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0; text-align: center"><B>NEW GOLD INC.</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0; text-align: center"><B>- and -</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0; text-align: center"><B>BEAR HOLDINGS LP</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0"><B><BR>
<BR>
</B></P>

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    <TD STYLE="width: 100%; padding-top: 30pt; padding-bottom: 30pt; font: 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 14pt"><B>April 7, 2025</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 72pt 36pt">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><BR>
<BR>
TABLE OF CONTENTS</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ARTICLE 1 INTERPRETATION</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Rules of Construction</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Contra Proferentem</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Currency</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Applicable Law, Attornment and Language</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Schedules</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ARTICLE 2 PURCHASE AND SALE OF
    THE FCF ROYALTY</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Purchase and Sale</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Payment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ARTICLE 3 REPRESENTATIONS AND
    WARRANTIES OF THE PURCHASER</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">General Representations and Warranties of the Purchaser</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ARTICLE 4 REPRESENTATIONS AND
    WARRANTIES OF THE SELLER</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">General Representations and Warranties</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ARTICLE 5 COVENANTS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Conduct Prior to Closing</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Actions to Satisfy Conditions of Closing</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Approvals</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Conduct Post-Closing</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ARTICLE 6 CONDITIONS OF CLOSING</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Conditions of Closing in Favour of the Seller</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">6.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Conditions of Closing in Favour of the Purchaser</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ARTICLE 7 CLOSING ARRANGEMENTS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date and Place of Closing</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Purchaser&rsquo;s Closing Deliveries</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Seller&rsquo;s Closing Deliveries</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Concurrent Delivery</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Termination of Amended and Restated FCF Royalty Agreement</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Survival</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ARTICLE 8 TERMINATION</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Termination</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">8.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Effect of Termination</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">8.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Surviving Provisions on Termination</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">8.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Remedies</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  </TABLE>
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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ARTICLE 9 MISCELLANEOUS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9.1</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Further Assurances</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Legal and Other Fees and Expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Entire Agreement</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Confidentiality; Public Disclosure</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Enurement and Assignment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Waiver and Amendment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">No Third Party Rights</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">ROYALTY REPURCHASE AND TERMINATION AGREEMENT dated
the 7th day of April, 2025.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">B E T W E E N:</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 108pt; text-transform: uppercase">new gold inc.,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 108pt 12pt">a corporation existing under the Laws of the Province of British
Columbia,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 108pt 12pt">(hereinafter referred to as the &ldquo;<B>Purchaser</B>&rdquo;),</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">- and -</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 108pt; text-transform: uppercase">bear holdings lp,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 108pt 12pt">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: 11pt Arial, Helvetica, Sans-Serif; margin: 0 108pt 12pt">(hereinafter referred to as the &ldquo;<B>Seller</B>&rdquo;).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">WHEREAS the Purchaser and the Seller entered into
a free cash flow royalty agreement dated March 31, 2020, providing for the grant by the Purchaser to the Seller of the FCF Royalty, as
defined in the Amended and Restated FCF Royalty Agreement, and setting out the parties&rsquo; respective rights and obligations with respect
to the FCF Royalty (the &ldquo;<B>Original Royalty Agreement</B>&rdquo;);</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">AND WHEREAS the Purchaser and the Seller entered
into a partial royalty repurchase and amending agreement dated May 13, 2024, pursuant to which the Purchaser repurchased a portion of
the FCF Royalty equal to 26.1% of Free Cash Flow, as defined in the Amended and Restated FCF Royalty Agreement, and in connection therewith
the parties amended and restated the Original Royalty Agreement;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">AND WHEREAS the Purchaser wishes to repurchase,
and the Seller wishes to sell, the FCF Royalty and, on completion of such repurchase and sale, the parties shall terminate the Amended
and Restated FCF Royalty Agreement on and subject to the terms and conditions set out herein;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">NOW THEREFORE, THIS AGREEMENT WITNESSES THAT in
consideration of the respective covenants, agreements, representations and warranties contained herein and for other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged by each party), the parties covenant and agree as follows:</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm">Article&nbsp;1<BR>
INTERPRETATION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">1.1</TD><TD>Definitions</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">For the purposes of this Agreement, unless the
context otherwise requires, the following terms shall have the respective meanings set out below and grammatical variations of such terms
shall have corresponding meanings:</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Affiliate</B>&rdquo; means, with respect to any Person,
any other Person who directly or indirectly Controls, is Controlled by, or is under direct or indirect common Control with, such Person,
and includes any Person in like relation to an Affiliate;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Agreement</B>&rdquo; means this Royalty Repurchase
and Termination Agreement and the schedules hereto, as the same may be further amended or supplemented from time to time in accordance
with the terms hereof;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Amended and Restated FCF Royalty Agreement</B>&rdquo;
means the amended and restated Original Royalty Agreement dated as of May 22, 2024 between the Purchaser and the Seller;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Approval</B>&rdquo; has the meaning given to it in
Section 3.1(e);</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Business Day</B>&rdquo; means any day except Saturday,
Sunday or any day on which major banks are generally not open for business in the City of Kamloops, British Columbia or in the City of
Toronto, Ontario;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Charter Documents</B>&rdquo; means Articles, Articles
of incorporation, notice of Articles, certificates or articles of formation, memoranda, constitutions, limited partnership agreement,
by-laws or any similar constating document of a corporation or other legal entity;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Closing</B>&rdquo; has the meaning given to it in
Section 7.1;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Closing Date</B>&rdquo; has the meaning given to it
in Section 7.1;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Contracts</B>&rdquo; means all written contracts,
agreements, instruments, leases, indentures, deeds, deeds of trust, mortgages, royalties, licenses, options, arrangements, engagements,
transactions and commitments;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Control</B>&rdquo; (including, with correlative meanings,
the terms &ldquo;Controlling&rdquo;, &ldquo;Controlled by&rdquo; and &ldquo;under common Control with&rdquo;) as applied to any Person,
means the possession, directly or indirectly of the power to direct or cause the direction of the management and policies of that Person,
whether through the ownership of voting securities, by contract, voting trust or otherwise;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Credit Facility</B>&rdquo; means the fifth amended
and restated credit agreement between, among others, the Purchaser and The Bank of Nova Scotia dated March 24, 2025;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Encumbrance</B>&rdquo; means, whether or not registered
or registrable or recorded or recordable, and regardless of how created or arising:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD>any mortgage, assignment of receivable, lien, encumbrance, adverse claim, charge, execution, title defect, exception, right of pre-emption,
right of first refusal, privilege, security interest, hypothec or pledge, whether fixed or floating, against assets or property (whether
real, personal, mixed, tangible or intangible), conditional sales contract, title retention agreement, and a subordination to any right
or claim of others in respect thereof;</TD></TR></TABLE>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 72pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD>a claim, interest or estate against or in assets or property (whether real, personal, mixed, tangible or intangible), granted to or
reserved or taken by any Person;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD>an option or other right to acquire, or to acquire any interest in, any assets or property (whether real, personal, mixed, tangible
or intangible);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD>any other encumbrance of whatsoever nature and kind against assets or property (whether real, personal, mixed, tangible or intangible);
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD>any Contract to create, or right capable of becoming, any of the foregoing;</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Final Payment</B>&rdquo; has the meaning given to
it in Section 7.5;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Governmental Authority</B>&rdquo; means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD>any federal, provincial, municipal or local government or political subdivision thereof (whether administrative, legislative, executive
or otherwise);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD>any agency, authority, ministry, department, regulatory body, court, central bank, bureau, board or other instrumentality having legislative,
judicial, taxing, regulatory, prosecutorial or administrative powers or functions of, or pertaining to, government;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD>any court, tribunal, commission, individual, arbitrator, arbitration panel or other body having adjudicative, regulatory, judicial,
quasi-judicial, administrative or similar functions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD>any other body or entity created under the authority of or otherwise subject to the jurisdiction of any of the foregoing, including
any stock or other securities exchange or professional association,</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">in each case having jurisdiction over the applicable Person.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">For greater certainty, for purposes of this Agreement &ldquo;Governmental
Authority&rdquo; shall not include any form of Indigenous government, including chiefs, tribal councils, band councils or any other governing
body.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Law</B>&rdquo; means any international, national,
provincial, state, municipal and local laws (including common and civil law), treaties, statutes, codes, ordinances, judgments, decrees,
injunctions, writs, certificates and orders, by-laws, rules, regulations, formal interpretations or other requirements enacted, adopted,
promulgated or applied by any Governmental Authority in each case having the force of law, and the term &ldquo;applicable&rdquo; with
respect to such Laws and in a context that refers to one or more parties, means such Laws as are applicable to such party or its business,
undertaking, property or securities and emanate from a Person having jurisdiction over the party or parties or its or their business,
undertaking, property or securities;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Losses</B>&rdquo;, in respect of any matter, means
all claims, demands, Proceedings, fines, losses, damages, liabilities, taxes, deficiencies, costs and expenses (including all reasonable
out-of-pocket legal and other professional fees and disbursements, interest, penalties and amounts incurred in defending any claim or
paid in settlement) arising directly or indirectly as a consequence of such matter;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Original Royalty Agreement</B>&rdquo; has the meaning
given to it in the recitals;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Outside Date</B>&rdquo; has the meaning given to it
in Section 8.1(d);</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Person</B>&rdquo; means any individual, sole proprietorship,
partnership, firm, entity, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate, Governmental
Authority and, where the context requires, any of the foregoing when they are acting as trustee, executor, administrator or other legal
representative;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Proceeding</B>&rdquo; means any action, claim, demand,
lawsuit, assessment, hearing, arbitration, judgment, award, decree, order, injunction, prosecution and investigation, or other similar
proceeding;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Purchase Price</B>&rdquo; has the meaning given to
it in Section 2.1;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Purchaser</B>&rdquo; has the meaning given to it in
the recitals;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Seller</B>&rdquo; has the meaning given to it in the
recitals; and</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt">&ldquo;<B>Transaction Documents</B>&rdquo; has the meaning given
to it in Section 3.1(a).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">1.2</TD><TD>Rules of Construction</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">Except as may be otherwise specifically provided
in this Agreement and unless the context otherwise requires, in this Agreement:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD>the terms &ldquo;Agreement&rdquo;, &ldquo;this Agreement&rdquo;, &ldquo;the Agreement&rdquo;, &ldquo;hereto&rdquo;, &ldquo;hereof&rdquo;,
&ldquo;herein&rdquo;, &ldquo;hereby&rdquo;, &ldquo;hereunder&rdquo; and similar expressions refer to this Agreement in its entirety and
not to any particular provision hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD>references to an &ldquo;Article&rdquo;, &ldquo;Section&rdquo; or &ldquo;Schedule&rdquo; followed by a number or letter refer to the
specified Article or Section of or Schedule to this Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD>the division of this Agreement into Articles and Sections and the insertion of headings are for convenience of reference only and
shall not affect the construction or interpretation of this Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD>words importing the singular number only shall include the plural and vice versa and words importing the use of any gender shall include
all genders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD>the words &ldquo;include&rdquo;, &ldquo;includes&rdquo; and &ldquo;including&rdquo; mean &ldquo;include&rdquo;, &ldquo;includes&rdquo;
or &ldquo;including&rdquo;, in each case, &ldquo;without limitation&rdquo;;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD>the terms &ldquo;party&rdquo; and &ldquo;the parties&rdquo; refer to a party or the parties to this Agreement (and, for greater certainty,
unless the context otherwise requires, &ldquo;third party&rdquo; refers to a Person that is not a party to this Agreement);</TD></TR></TABLE>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(g)</TD><TD>any reference to a statute shall be construed to be a reference thereto as the same may from time to time be amended, re-enacted or
replaced, and shall include any regulations or rules made thereunder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(h)</TD><TD>reference to any agreement or other instrument in writing means such agreement or other instrument in writing as amended, modified,
replaced or supplemented from time to time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD>any time period within which a payment is to be made or any other action is to be taken hereunder shall be calculated excluding the
day on which the period commences and including the day on which the period ends; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(j)</TD><TD>whenever any payment is required to be made, action is required to be taken or period of time is to expire on a day other than a Business
Day, such payment shall be made, action shall be taken or period shall expire on the next following Business Day.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">1.3</TD><TD>Contra Proferentem</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">The parties waive the application of any rule
of law which otherwise would be applicable in connection with the construction of this Agreement that ambiguous or conflicting terms or
provisions should be construed against the party who (or whose counsel) prepared the executed agreement or any earlier draft of the same.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">1.4</TD><TD>Currency</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">Except where otherwise expressly provided, all
monetary amounts in this Agreement are stated and shall be paid in United States currency.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">1.5</TD><TD>Applicable Law, Attornment and Language</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be construed, interpreted and enforced in accordance with, and the respective rights and obligations of the parties shall
be governed by, the Laws of the Province of Ontario and the federal Laws of Canada applicable therein.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties irrevocably and unconditionally: (i) submits to the exclusive jurisdiction of the courts of the Province of Ontario over
any Proceeding arising out of or relating to this Agreement; (ii) agrees to commence such a Proceeding in Toronto, Ontario, and to cooperate
and use its commercially reasonable efforts to bring the Proceeding before the Ontario Superior Court of Justice (Commercial List); (iii)
waives any objection that it might otherwise be entitled to assert to the jurisdiction of such courts; and (iv)&nbsp;agrees not to assert
that such courts are not a convenient forum for the determination of any such Proceeding.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">1.6</TD><TD>Schedules</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">The following Schedules are attached to and form
an integral part of this Agreement:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">Schedule&nbsp;A&#9;-&#9;Payment Instructions<BR>
Schedule&nbsp;B&#9;-&#9;Form of Mutual Release</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm">Article&nbsp;2<BR>
PURCHASE AND SALE OF the FCF ROYALTY</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">2.1</TD><TD>Purchase and Sale</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">On Closing, (i) the Seller agrees to sell, assign
and transfer to the Purchaser, and the Purchaser agrees to purchase from the Seller, the FCF Royalty free and clear of all Encumbrances,
in consideration for $300 million in cash (the &ldquo;<B>Purchase Price</B>&rdquo;) and (ii) the parties agree to terminate the Amended
and Restated FCF Royalty Agreement in accordance with Section 7.5.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">2.2</TD><TD>Payment</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">The Purchase Price shall be satisfied by the Purchaser
on the Closing Date by payment of the Purchase Price to the Seller by wire transfer in accordance with the wire transfer instructions
specified in Schedule&nbsp;A.</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm">Article&nbsp;3<BR>
REPRESENTATIONS AND WARRANTIES OF the PURCHASER</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">3.1</TD><TD>General Representations and Warranties of the Purchaser</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">The Purchaser represents and warrants to the Seller
as follows and acknowledges that the Seller is relying on the following representations and warranties in connection with the consummation
of the transactions contemplated by this Agreement:</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD><U>Status</U>. The Purchaser is a duly incorporated and validly existing corporation under the Laws of the Province of British Columbia,
has never been dissolved or liquidated, and has full power and authority to acquire the FCF Royalty and to enter into, and perform its
obligations under, this Agreement and any other document, instrument or agreement entered into pursuant to this Agreement (such documents
other than the Agreement, the &ldquo;<B>Transaction Documents</B>&rdquo;).</TD></TR></TABLE>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD><U>Due Authorization</U>. The execution and delivery of this Agreement and all Transaction Documents required to be executed and delivered
by the Purchaser pursuant to this Agreement, and the consummation of the transactions contemplated herein and therein, have been duly
authorized by all necessary corporate action on the part of the Purchaser.</TD></TR></TABLE>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD><U>Non-Contravention</U>. None of the execution and delivery of this Agreement or the Transaction Documents required to be executed
and delivered by the Purchaser pursuant to this Agreement, the performance of the Purchaser&rsquo;s obligations hereunder or thereunder
or the completion of the transactions contemplated herein or therein, will violate, result in a breach of or default under, or conflict
with: (i) any of the provisions of the Charter Documents of the Purchaser; or (ii)&nbsp;any indenture, Contract, agreement or instrument
to which the Purchaser or any of its Affiliates is a party or by which the Purchaser or any of its Affiliates is bound.</TD></TR></TABLE>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD><U>Enforceability</U>. This Agreement and each Transaction Document to which the Purchaser is a party has or will be duly executed
and delivered by the Purchaser, and this Agreement constitutes, and each Transaction Document will, upon execution and delivery thereof,
constitute a legal, valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms, except
as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general application
affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction
are in the discretion of a court.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD><U>Approvals</U>. There is no consent, approval, authorization, release, waiver or other action of, or any registration, declaration,
filing or notice with or to, any Governmental Authority or other Person, and no expiry or termination of any waiting or suspensory period
(and any extension thereof) under any Law (each, an &ldquo;<B>Approval</B>&rdquo;), that is required for the execution or delivery by
the Purchaser of this Agreement or any of the Transaction Documents to which it is a party, or the performance by the Purchaser of its
obligations hereunder or thereunder, or the validity thereof, other than any Approval that, if required, would not reasonably be expected
to delay, prevent or impede Closing beyond the Outside Date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD><U>Sufficiency of Funds</U>. The Purchaser has, or will have at the time of Closing, sufficient capacity under the Credit Facility
to pay the Purchase Price.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm">Article&nbsp;4<BR>
REPRESENTATIONS AND WARRANTIES OF the seller</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">4.1</TD><TD>General Representations and Warranties</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">The Seller represents and warrants to the Purchaser
as follows and acknowledges that the Purchaser is relying on the following representations and warranties in connection with the consummation
of the transactions contemplated by this Agreement:</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD><U>Status</U>. The Seller is a limited partnership duly organized and validly existing under the Laws of the Province of Ontario,
has never been, nor have any steps been taken for the Seller to be dissolved, liquidated, wound up or deregistered and the Seller has
full power and authority to enter into, and perform its obligations under, this Agreement and all Transaction Documents to which it is
party.</TD></TR></TABLE>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD><U>Due Authorization</U>. The execution and delivery of this Agreement and all Transaction Documents required to be executed and delivered
by the Seller pursuant to this Agreement, and the consummation of the transactions contemplated herein and therein, have been duly authorized
by all necessary corporate action on the part of the Seller.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD><U>Non-Contravention</U>. Neither the execution and delivery of this Agreement or the Transaction Documents required to be executed
and delivered by the Seller pursuant to this Agreement, nor the completion of the transactions contemplated herein or therein, will violate,
result in a breach of or default under, or conflict with: (i) any of the provisions of the Charter Documents of the Seller; or (ii)&nbsp;any
indenture, Contract, agreement or instrument to which the Seller is a party or by which the Seller is bound.</TD></TR></TABLE>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD><U>Enforceability</U>. This Agreement and each Transaction Document to which the Seller is a party has or will be duly executed and
delivered by the Seller, and this Agreement constitutes, and each Transaction Document will, upon execution and delivery thereof, constitute
a legal, valid and binding obligation of the Seller enforceable against the Seller, as applicable, in accordance with its terms, except
as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar Laws of general application
affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction
are in the discretion of a court.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD><U>Approvals</U>. There is no Approval that is required for the execution or delivery by the Seller of this Agreement or any of the
Transaction Documents to which it is a party, or the performance by the Seller of its obligations hereunder or thereunder, or the validity
thereof, other than any Approval that, if required, would not reasonably be expected to delay, prevent or impede Closing beyond the Outside
Date.</TD></TR></TABLE>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD><U>No Encumbrances or Transfer</U>. The Seller is the sole and exclusive owner of the FCF Royalty and no other Person has any direct
right, title or interest thereon. The FCF Royalty is free and clear of all Encumbrances and has not been sold, assigned, leased, licensed,
transferred or otherwise disposed of.</TD></TR></TABLE>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(g)</TD><TD><U>No broker&rsquo;s fees and commissions.</U> The Seller has not engaged any broker, agent or other intermediary to act on its behalf
in connection with the transactions contemplated by this Agreement. To the Seller&rsquo;s knowledge, no Person has any claim to any brokerage,
agency or finder&rsquo;s fee or commission payable in connection with the such contemplated transactions.</TD></TR></TABLE>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(h)</TD><TD><U>Canadian Partnership</U>. The Seller is a &ldquo;Canadian partnership&rdquo; as defined in subsection 102(1) of the <I>Income Tax
Act</I> (Canada).</TD></TR></TABLE>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm">Article&nbsp;5<BR>
COVENANTS</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">5.1</TD><TD>Conduct Prior to Closing</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">Except as otherwise provided in this Agreement,
as required by applicable Laws or as otherwise agreed in writing by the Purchaser and the Seller, from the date hereof until the Closing
Date, the Seller shall:</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD>not permit the FCF Royalty to become subject to any Encumbrance on or after the date of this Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD>not sell, assign, lease, license, transfer or otherwise dispose of, or agree to sell, assign, lease, license, transfer or otherwise
dispose of, the FCF Royalty or portion thereof; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD>not exercise its Transfer rights under the Amended and Restated FCF Royalty Agreement (as defined therein).</TD></TR></TABLE>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">5.2</TD><TD>Actions to Satisfy Conditions of Closing</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Purchaser and the Seller shall: (i) take all reasonable actions as are within its power and otherwise use all commercially reasonable
efforts to (A) ensure that the conditions to Closing in Article&nbsp;6 are satisfied and (B) cause the Closing to occur as promptly as
reasonably practicable following the date of this Agreement; and (ii) not take or agree to take any action that would reasonably be expected
to delay or prevent the consummation of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchaser shall use commercially reasonable efforts to ensure that sufficient funds are available to the Purchaser on the Closing Date
to effect payment in full of the Purchase Price, including, if necessary, drawing such funds from the Credit Facility.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
party shall promptly notify the other party in writing (with email being sufficient) upon becoming aware that a condition to Closing in
Article&nbsp;6 has been satisfied.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time any party becomes aware of a fact or circumstance that might prevent or materially delay any of the conditions to Closing
in Article&nbsp;6 from being satisfied, it shall promptly notify the other party of such fact or circumstance in writing (with email being
sufficient).</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">5.3</TD><TD>Approvals</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">If the Purchaser or the Seller identifies any
Approvals that are required to consummate the transactions contemplated by this Agreement, each party shall use its commercially reasonable
efforts to obtain and maintain such Approvals and in so doing shall cooperate with the other party. Without limiting the generality of
the foregoing, the applicable party or, where appropriate, the parties jointly, shall make all notifications, filings, applications or
submissions with Governmental Authorities required or advisable to obtain and maintain such Approvals, and shall promptly respond to any
information requests by a Governmental Authority.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">5.4</TD><TD>Conduct Post-Closing</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">As soon as reasonably practicable following the
Closing Date, the Seller shall do, execute and deliver or cause to be done, executed or delivered, all acts, documents and things as may
be required for the purpose of assisting the Purchaser with the discharge of the Amended and Restated FCF Royalty Agreement. The Seller
hereby irrevocably authorizes and directs the Purchaser to undertake the foregoing discharge, and the Seller will cooperate with such
discharge, 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 such discharge.</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm">Article&nbsp;6<BR>
CONDITIONS OF CLOSING</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">6.1</TD><TD>Conditions of Closing in Favour of the Seller</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of the Seller to complete the transactions contemplated by this Agreement is subject to the following conditions being fulfilled
or performed at or prior to the Closing Date:</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

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<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD><U>Representations and Warranties</U>. The representations and warranties of the Purchaser contained in Section 3.1 shall be true
and correct in all material respects on and as of the Closing Date with the same force and effect as though such representations and warranties
had been made at and as of the Closing Date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD><U>Covenants</U>. All of the terms, covenants, obligations and conditions of this Agreement to be performed, observed or complied
with by the Purchaser on or before the Closing Date shall have been duly performed, observed or complied with in all material respects
by Purchaser;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD><U>No Orders or Proceedings</U>. No injunction or restraining order or other decision, ruling or order of any Governmental Authority
of competent jurisdiction shall be in effect which prohibits or restrains the transactions contemplated by this Agreement and no Proceeding
shall have been instituted and remain pending or shall have been threatened and not resolved before any such Governmental Authority to
restrain or prohibit such contemplated transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(iv)</TD><TD><U>Approvals</U>. Any Approvals required pursuant to Section 3.1(e) shall have been obtained; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(v)</TD><TD><U>Closing Deliveries</U>. The documents required by Section 7.2 shall have been delivered by the Purchaser.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
conditions in Section 6.1(a) are for the exclusive benefit of the Seller and the Seller may waive compliance with any such condition.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">6.2</TD><TD>Conditions of Closing in Favour of the Purchaser</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of the Purchaser to complete the transactions contemplated by this Agreement is subject to the following conditions being fulfilled
or performed at or prior to the Closing Date:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD><U>Representations and Warranties</U>. The representations and warranties of the Seller contained in Section 4.1, shall be true and
correct in all material respects on and as of the Closing Date with the same force and effect as though such representations and warranties
had been made at and as of the Closing Date, provided that the representations and warranties of the Seller contained in Sections 4.1(f),
(g) and (h) shall be true and correct in all respects on and as of the Closing Date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD><U>Covenants</U>. All of the terms, covenants, obligations and conditions of this Agreement to be performed, observed or complied
with by the Seller on or before the Closing Date shall have been duly performed, observed or complied with in all material respects by
the Seller;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD><U>No Orders or Proceedings</U>. No injunction or restraining order or other decision, ruling or order of any Governmental Authority
of competent jurisdiction shall be in effect which prohibits or restrains the transactions contemplated by this Agreement and no Proceeding
shall have been instituted and remain pending or shall have been threatened and not resolved before any such Governmental Authority to
restrain or prohibit such contemplated transactions;</TD></TR></TABLE>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(iv)</TD><TD><U>Approvals</U>. Any Approvals required pursuant to Section 3.1(e) shall have been obtained; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(v)</TD><TD><U>Closing Deliveries</U>. The documents required by Section 7.3 shall have been delivered by the Seller.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
conditions in Section 6.2(a) are for the exclusive benefit of the Purchaser and the Purchaser may waive compliance with any such condition.</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm">Article&nbsp;7<BR>
CLOSING ARRANGEMENTS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">7.1</TD><TD>Date and Place of Closing</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">The closing of the transactions contemplated by
this Agreement (the &ldquo;<B>Closing</B>&rdquo;) shall occur on the later of: (a) May 1, 2025; and (b) the second Business Day after
the date on which all of the conditions of closing set out in Article&nbsp;6 have been satisfied or waived (other than such conditions
which are only capable of being satisfied at Closing), or such other date as may be mutually agreed upon in writing by the parties (the
&ldquo;<B>Closing Date</B>&rdquo;). The Closing shall take place via electronic exchange of signatures at 9:00 a.m. (Toronto time) on
the Closing Date, or such other time or manner agreed to in writing by the parties.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">7.2</TD><TD>The Purchaser&rsquo;s Closing Deliveries</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">At the Closing, the Purchaser shall deliver the
following to the Seller:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD>payment of the Purchase Price as provided in Section 2.2;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD>a certificate of the Purchaser dated the Closing Date, executed by an authorized senior officer of the Purchaser, certifying as to
the satisfaction of the conditions in Sections 6.1(a)(i) and 6.1(a)(ii);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD>certified copies of the resolutions of the directors of the Purchaser approving the transactions contemplated by this Agreement and
the Transaction Documents and the execution and delivery of this Agreement and all Transaction Documents required to be executed and delivered
by the Purchaser and the performance by the Purchaser of its rights and obligations hereunder and thereunder; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD>a written release executed by an authorized senior officer of the Purchaser, in the form attached hereto as Schedule&nbsp;B.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">7.3</TD><TD>The Seller&rsquo;s Closing Deliveries</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">At the Closing, the Seller shall deliver the following
to the Purchaser:</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD>a certificate of the Seller dated the Closing Date, executed by an authorized senior officer of the Seller, certifying as to the satisfaction
of the conditions in Sections&nbsp;6.2(a)(i) and 6.2(a)(ii);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD>certified copies of the resolutions of the directors of the general partner of the Seller, in its capacity as general partner of the
Seller, approving the transactions contemplated by this Agreement and the Transaction Documents and the execution and delivery of this
Agreement and all Transaction Documents required to be executed and delivered by the Purchaser and the performance by the Seller of its
rights and obligations hereunder and thereunder; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD>a written release executed by an authorized senior officer of the Seller, in the form attached hereto as Schedule&nbsp;B.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">7.4</TD><TD>Concurrent Delivery</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">It shall be a condition of the Closing that all
matters of payment and the execution and delivery of documents by a party to the other party pursuant to the terms of this Agreement shall
be concurrent requirements and that nothing will be complete at the Closing until everything required as a condition precedent to the
Closing has been paid, executed and delivered, as the case may be.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">7.5</TD><TD>Termination of Amended and Restated FCF Royalty Agreement</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">The parties agree that, effective as of the Closing
Date, without any further action, the Amended and Restated FCF Royalty Agreement and all rights and obligations of the parties thereunder
shall terminate without any further obligation or formality on the part of any party, and shall be of no further force or effect; provided
that the Purchaser shall make one final FCF Payment (as defined in the Amended and Restated FCF Royalty Agreement) calculated for the
period from January 1, 2025 to April 30, 2025 (the &ldquo;<B>Final Payment</B>&rdquo;), which shall be paid in accordance with Section
3 of the Amended and Restated FCF Royalty Agreement, such that Section 3 thereof, together with any other provisions of the Amended and
Restated FCF Royalty Agreement, solely to the extent required to give effect to the foregoing, shall survive in accordance with its terms
solely for purposes of the obligation of the Purchaser to make such Final Payment. No party shall have any further obligations to any
other party under the Amended and Restated FCF Royalty Agreement after such termination.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">7.6</TD><TD>Survival</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties of:</P>

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<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD>the Purchaser in or under this Agreement and in or under any Transaction Document; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>the Seller in or under this Agreement and in or under any Transaction Document,</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 72pt">shall survive the Closing and shall continue in full force and
effect for a period of <FONT STYLE="font-weight: normal">18 </FONT>months from the Closing Date.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
covenants and obligations of the parties pursuant to this Agreement, to the extent required to be performed after the Closing, shall survive
the Closing and shall not merge.</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm">Article&nbsp;8<BR>
Termination</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">8.1</TD><TD>Termination</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">This Agreement may be terminated at any time prior
to the Closing:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD>by mutual written agreement of the Purchaser and the Seller;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD>by the Seller by written notice to the Purchaser if any representation or warranty of the Purchaser contained herein is untrue or
incorrect or shall have become untrue or incorrect such that the condition contained in Section 6.1(a)(i) would be incapable of satisfaction,
or the Purchaser is in default in any material respect of any of its covenants or obligations such that the condition in Section 6.1(a)(ii)
would be incapable of satisfaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD>by the Purchaser by written notice to the Seller if any representation or warranty of the Seller contained herein is untrue or incorrect
or shall have become untrue or incorrect such that the condition contained in Section 6.2(a)(i) would be incapable of satisfaction, or
the Seller is in default in any material respect of any of its covenants or obligations such that the condition in Section 6.2(a)(ii)
would be incapable of satisfaction; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD>by either party by written notice to the other party if a condition to Closing contained in Article&nbsp;6 has become incapable of
being satisfied by May 15, 2025 (the &ldquo;<B>Outside Date</B>&rdquo;); <U>provided</U> that a party may not terminate this Agreement
under this Section 8.1(d) if the condition it is relying upon to terminate this Agreement under this Section 8.1(d) became incapable of
being satisfied as a result of such party&rsquo;s failure to fulfill any of its covenants or obligations or breach of any of its representations
and warranties in this Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">8.2</TD><TD>Effect of Termination</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
termination of this Agreement in accordance with Sections 8.1(b) or 8.1(d), the Seller may bring an action against the Purchaser for Losses
suffered by the Seller where the event giving rise to the right of termination is a result of a breach of a covenant, obligation, representation
or warranty of the Purchaser under this Agreement.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
termination of this Agreement in accordance with Sections 8.1(c) or 8.1(d), the Purchaser may bring an action against the Seller for Losses
suffered by the Purchaser where the event giving rise to the right of termination is a result of a breach of a covenant, obligation, representation
or warranty of the Seller under this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">8.3</TD><TD>Surviving Provisions on Termination</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">Notwithstanding any other provisions of this Agreement,
if this Agreement is terminated prior to Closing, the provisions of Sections 1.5, 8.2, 8.3, 9.1, 9.3 and 9.5 (subject to any time limitations
referred to therein) shall survive such termination and remain in full force and effect, along with any other provisions of this Agreement
which expressly or by their nature survive the termination hereof.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">8.4</TD><TD>Remedies</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">The Purchaser and the Seller acknowledge and agree
that an award of money damages would be an inadequate remedy for any breach of this Agreement by any party or its representatives and
any such breach would cause the non-breaching party irreparable harm. Accordingly, the Purchaser and the Seller agree that, in the event
of any breach or threatened breach of this Agreement by the Purchaser or the Seller and provided this Agreement shall not have been terminated
pursuant to Section 8.1, the non-breaching party shall also be entitled, without the requirement of posting a bond or other security,
to equitable relief, including injunctive relief and specific performance. Such remedies will not be the exclusive remedies for any breach
of this Agreement but will be in addition to all other remedies available at law or equity to each of the parties.</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm">Article&nbsp;9<BR>
MISCELLANEOUS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">9.1</TD><TD>Further Assurances</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">Each party covenants and agrees that, from time
to time subsequent to the date hereof, it will, at the request and expense of the requesting party, execute and deliver all such documents,
instruments and agreements, including all such conveyances, transfers, consents, assumption documents, deeds and other assurances and
do all such other acts and things as the other party, acting reasonably, may from time to time request be executed or done in order to
better evidence or perfect or effectuate any provision of this Agreement or any Transaction Document or any of the respective obligations
intended to be created hereby or thereby.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">9.2</TD><TD>Legal and Other Fees and Expenses</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">The parties will pay their respective legal, accounting
and other professional fees and expenses incurred in connection with the negotiation and settlement of this Agreement, the completion
of the transactions contemplated by this Agreement and other matters pertaining hereto.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">9.3</TD><TD>Notices</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice, request, demand or other communication required or permitted to be given by any party to another pursuant to this Agreement shall
be in writing and shall be delivered in person, transmitted by email, sent by reliable overnight courier for next Business Day delivery
or sent by prepaid registered mail, addressed as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD>if to the Purchaser:</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt">New Gold Inc.<BR>
181 Bay Street, Suite 3320<BR>
Toronto, ON M5J 2T3</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt">Attention:&#9;General Counsel<FONT STYLE="color: blue"><BR>
</FONT>Email:&#9;general.counsel@newgold.com</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt">with a copy which shall not constitute notice to:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt">Davies Ward Phillips &amp;Vineberg LLP<BR>
155 Wellington Street West<BR>
Toronto, ON M5V 3J7</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt">Attention:&#9;Richard Fridman and Aaron Atkinson<BR>
Email:&#9;<I>[Redacted]</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 90pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>if to the Seller:</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt">c/o Ontario Teachers&rsquo; Pension Plan Board<BR>
Investment Division</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt">160 Front Street West, Suite 3200<BR>
Toronto, ON M5J 0G4</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt">Attention:&#9;Christopher Metrakos and James Sikora<FONT STYLE="color: blue"><BR>
</FONT>Email:&#9;<I>[Redacted]</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt">with a copy which shall not constitute notice to:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt">Stikeman Elliott LLP<BR>
5300 Commerce Court West</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt">199 Bay Street</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt">Toronto, ON M5L 1B9</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt">Attention:&#9;Jeffrey Singer and Steven D. Bennett<BR>
Email:&#9;<I>[Redacted]</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
such notice or other communication shall be deemed to have been given and received: (i) if personally delivered or transmitted, on the
day on which it was delivered; (ii)&nbsp;if sent by reliable overnight courier for next Business Day delivery, on the next Business Day
following the date of deposit; (iii) if mailed, on the third Business Day following the date of mailing; or (iv) if transmitted by email
or other form of electronic transmission, on the day on which it was delivered; <U>provided</U>, however, that: (A) if any day referred
to above is not a Business Day, or if delivery or transmission is made on a Business Day after 5:00 p.m. at the place of receipt, then
reference will be deemed to be made to the next following Business Day; and (B) if at the time of mailing or within three Business Days
thereafter there is or occurs a labour dispute or other event which might reasonably be expected to disrupt the delivery of documents
by mail, any notice or other communication hereunder shall be delivered or transmitted by means of recorded electronic communication as
aforesaid.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either
party may, at any time and from time to time, change its address for service by giving notice to the other party in accordance with this
Section 9.3.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">9.4</TD><TD>Entire Agreement</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">This Agreement, together with each of the Transaction
Documents, constitutes the entire agreement between the Purchaser and the Seller pertaining to the subject matter hereof and thereof and
supersedes all prior agreements, undertakings, understandings, negotiations and discussions, whether oral or written, of the Purchaser
and the Seller, and there are no representations, warranties, conditions, covenants, obligations, agreements or other provisions, express
or implied, collateral, statutory or otherwise, between the Purchaser and the Seller except as expressly set forth in this Agreement and
the Amended and Restated FCF Royalty Agreement.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">9.5</TD><TD>Confidentiality; Public Disclosure</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Sections 9.5(b) and 9.5(c), the existence of this Agreement and the contents hereof and any Transaction Documents, shall be maintained
in confidence by the parties and not be disclosed to any other Person, except: (i)&nbsp;as may be required by applicable Law or a securities
regulatory authority (in each case, upon notice by the disclosing party to the other party); (ii) as required in accordance with the terms
of a Transaction Document; (iii) to the extent such information has come into the public domain through no fault of that party; or (iv)
with the prior written approval of the other party (which approval may not be unreasonably withheld, conditioned or delayed).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
Section 9.5(a), the Seller acknowledges and agrees that the Purchaser will be required to issue and file a press release and a material
change report with respect to this Agreement and the transactions contemplated hereby. The Purchaser shall use commercially reasonable
efforts to give the Seller a reasonable opportunity to review a draft of such disclosure prior to the making of such disclosure and the
Purchaser shall in good faith consider any comments provided by the Seller in a timely manner.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 36pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
Section 9.5(a), the Seller acknowledges and agrees that the Purchaser is required to file this Agreement on SEDAR+ and EDGAR under applicable
Law and the Purchaser may file a redacted form of this Agreement subject to such reasonable redactions as the Seller may request, provided
that such redactions are, in the reasonable opinion of the Purchaser, permitted under applicable Law. Any provision of this Agreement
that has been so redacted shall continue to constitute confidential information for purposes of this Agreement and this Section 9.5; <U>provided</U>,
however, that if any securities regulatory authority subsequently requires the Purchaser to disclose any such redacted information or
such redacted information shall otherwise become publicly available pursuant to applicable Law: (i) such redacted information shall cease
to be confidential upon such disclosure; and (ii)&nbsp;the Purchaser shall not be in breach or violation of this Agreement with respect
thereto.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">9.6</TD><TD>Enurement and Assignment</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">This Agreement shall enure to the benefit of and
shall be binding on and enforceable by the parties and their respective successors and permitted assigns. Neither party may assign any
of its rights, liabilities and obligations under this Agreement without prior written consent of the other party.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">9.7</TD><TD>Severability</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">If any provision of this Agreement is determined
by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement
is not affected in any manner materially adverse to any party.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">9.8</TD><TD>Waiver and Amendment</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">Except as expressly provided in this Agreement,
no amendment or waiver of any provision of this Agreement shall be binding on either party unless consented to by such party in writing
specifically referencing the provision so amended or waived. No waiver of any provision, or any portion of any provision, of this Agreement
will constitute a waiver of any other part of the provision or any other provision of this Agreement nor a continuing waiver unless otherwise
expressly provided.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">9.9</TD><TD>No Third Party Rights</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">Nothing in this Agreement shall be construed as
giving any Person other than the parties any legal or equitable right, remedy or claim under or in respect of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">9.10</TD><TD>Counterparts</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">This Agreement may be executed in any number of
counterparts and by the parties on different counterparts. Each of the executed counterparts shall constitute an original of this Agreement
but all the counterparts shall together constitute one and the same Agreement. Delivery of an executed counterpart of a signature page
to this Agreement by electronic means shall be effective as delivery of a manually executed counterpart to this Agreement.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-weight: normal">[<I>Remainder
of page intentionally left blank; signature page follows</I>.]</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 72pt">IN WITNESS WHEREOF the parties have executed this
Agreement as of the date first written above.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>NEW GOLD INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">(Signed) <I>Patrick Godin</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><B>Name:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Patrick Godin</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><B>Title:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President and Chief Executive Officer</TD></TR>
  <TR>
    <TD ROWSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">(Signed) <I>Sean Keating</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><B>Name:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Sean Keating</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><B>Title:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Vice-President, General Counsel and Corporate Secretary</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>BEAR HOLDINGS LP</B>, by its general partner <B>3336050 NOVA SCOTIA LIMITED
    </B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">(Signed) <I>James Sikora</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><B>Name:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">James Sikora</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><B>Title:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Signature Page &ndash; Royalty Repurchase and Termination
Agreement</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 353.75pt">&nbsp;</P>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">Schedule&nbsp;A<BR>
<BR>
PAYMENT INSTRUCTIONS</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><I>[Payment Instructions Redacted]</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">Schedule&nbsp;B</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">FORM OF MUTUAL
RELEASE</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">(See attached.)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center">Mutual Release</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Wingdings; color: blue"><B>n</B></FONT>,
2025</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt">In connection with: (a) the
amended and restated free cash flow royalty agreement between New Gold Inc., a corporation existing under the laws of the Province of
British Columbia (the &quot;<B>Purchaser</B>&quot;), and Bear Holdings LP, a limited partnership formed under the laws of the Province
of Ontario by 3336050 Nova Scotia Limited as general partner for and on behalf of Bear Holdings LP (the &ldquo;<B>Seller</B>&rdquo;) dated
May 22, 2024 (the &ldquo;<B>A&amp;R FCF Royalty Agreement</B>&rdquo;); and (b) the royalty repurchase and termination agreement between
the Purchaser and the Seller dated April <FONT STYLE="font-family: Wingdings; color: blue"><B>n</B></FONT>, 2025 (the &#8220;<B>Royalty
Repurchase and Termination Agreement</B>&#8221;), the undersigned hereby agree in this mutual release (this &#8220;<B>Mutual Release</B>&#8221;),
with effect immediately following Closing (as defined in the Royalty Repurchase and Termination Agreement), as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify">For good and valuable consideration exchanged, the receipt and adequacy of which are hereby irrevocably
acknowledged, each of the undersigned, on its own behalf and on behalf of its affiliates and, in the case of the Seller, its general partner
and each limited partner and their respective affiliates, and its and their respective successors and assigns (herein referred to collectively
as the &ldquo;<B>Releasors</B>&rdquo;, which term includes any one or more of them) hereby irrevocably, unconditionally and forever releases
and discharges the other party to this Mutual Release and its affiliates and, in the case of the Seller, its general partner and each
limited partner and their respective affiliates, and its and their respective successors and assigns (collectively, the &ldquo;<B>Releasees</B>&rdquo;)
from all actions, causes of action, suits, debts, duties, demands, accounts, bonds, covenants, contracts, proceedings, and claims for
injuries, losses, damages, interest, costs, indemnity, fines, penalties, legal and professional fees, and assessments or amounts of any
kind whatsoever (including, without limitation, any loss or damage not yet ascertained) that the Releasors ever had, now have, or may
hereafter have under the A&amp;R FCF Royalty Agreement (collectively, the &ldquo;<B>Claims</B>&rdquo;); provided, however, nothing contained
in this Mutual Release shall operate to release or discharge the Releasees from any Claims arising as a result of, based upon, or in connection
with: (a) any criminal conduct or fraud of or by any of the Releasees; (b) the payment of the Final Payment (as defined in the Royalty
Repurchase and Termination Agreement) in accordance with Section 7.5 of the Royalty Repurchase and Termination Agreement and Section 3
of the A&amp;R FCF Royalty Agreement; or (c) the Royalty Repurchase and Termination Agreement, any Transaction Documents (as defined in
the Royalty Repurchase and Termination Agreement), any ancillary or other document, instrument or agreement required to be delivered pursuant
to the Royalty Repurchase and Termination Agreement (including, in each case, any rights, representations, warranties, covenants, agreements
or any obligations contained therein), or in each case, the Closing of the transaction contemplated thereby (including, without limitation,
this Mutual Release).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify">The Releasors further covenant and agree not to directly or indirectly join, assist, aid, or act in concert,
in any manner whatsoever, with any other person in the making of any claim or demand, or in the bringing of any proceeding or action,
in any manner whatsoever against the Releasees or any of them with respect to the matters released or discharged by the Releasors pursuant
to this Mutual Release.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">3.</TD><TD STYLE="text-align: justify">The Releasors further covenant and agree not to make or continue any claim or complaint or initiate or
continue any proceeding against any person which might be entitled to claim, pursuant to the provisions of any applicable statute or otherwise,
contribution, indemnity or other relief over against the Releasees or any of them arising out of or in relation to the matters released
or discharged by the Releasors pursuant to this Mutual Release.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">4.</TD><TD STYLE="text-align: justify">The Releasors hereby represent, warrant and covenant that they have not assigned and shall not assign
to any other person any of the Claims that the Releasors are releasing hereunder. The Releasors confirm that no consideration given to
them by any Releasee is an admission of liability or responsibility by any Releasee and any such liability or responsibility is expressly
denied.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">5.</TD><TD STYLE="text-align: justify">If any provision of this Mutual Release or any part of any provision of this Mutual Release is held under
any circumstances to be invalid or unenforceable in any jurisdiction, then: (a)&nbsp;such provision or part thereof shall, with respect
to such circumstances and in such jurisdiction, be deemed amended to conform to applicable laws so as to be valid and enforceable to the
fullest possible extent; (b)&nbsp;the invalidity or unenforceability of such provision or part thereof under such circumstances and in
such jurisdiction shall not affect the validity or enforceability of such provision or part thereof under any other circumstances or in
any other jurisdiction; and (c)&nbsp;such invalidity or unenforceability of such provision or part thereof shall not affect the validity
or enforceability of the remainder of such provision or the validity or enforceability of any other provision of this Mutual Release.
Each provision of this Mutual Release is separable from every other provision of this Mutual Release, and each provision of this Mutual
Release is separable from every other part of such provision.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">6.</TD><TD STYLE="text-align: justify">This Mutual Release shall be governed by the laws of the Province of Ontario and the federal laws of Canada
applicable therein. Each of the undersigned irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated
in the City of Toronto, irrevocably commits to commence any dispute, claim, or proceeding of any kind arising out of or related to this
Mutual Release in the Ontario courts in the City of Toronto, agrees and undertakes to cooperate to have any dispute, claim, or proceeding
of any kind arising out of or related to this Mutual Release transferred to, case managed on, and/or heard on the Commercial List of the
Ontario Superior Court of Justice in the City of Toronto, and waives objection to the venue of any proceeding in such court or that such
court provides an inconvenient forum.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">7.</TD><TD STYLE="text-align: justify">This Mutual Release may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
pdf or any electronic signature, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">[<I>Remainder of page intentionally left blank; signature
page follows</I>]</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>IN WITNESS WHEREOF</B> the undersigned have
duly executed this Mutual Release as of the date first written above.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>NEW GOLD INC.</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Name: Patrick Godin</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Title: President and Chief Executive Officer</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Name: Sean Keating</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Title: Vice-President, General Counsel and Corporate Secretary</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>BEAR HOLDINGS LP, </B>by its general partner <B>3336050 NOVA SCOTIA LIMITED</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Name:</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Title:</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Signature Page &ndash; Mutual Release</I></P>
<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>

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