<SEC-DOCUMENT>0001104659-23-024089.txt : 20230222
<SEC-HEADER>0001104659-23-024089.hdr.sgml : 20230222
<ACCEPTANCE-DATETIME>20230222083030
ACCESSION NUMBER:		0001104659-23-024089
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20230222
DATE AS OF CHANGE:		20230222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TMC the metals Co Inc.
		CENTRAL INDEX KEY:			0001798562
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-260126
		FILM NUMBER:		23650610

	BUSINESS ADDRESS:	
		STREET 1:		595 HOWE STREET
		STREET 2:		10TH FLOOR
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T5
		BUSINESS PHONE:		(604) 631-3115

	MAIL ADDRESS:	
		STREET 1:		595 HOWE STREET
		STREET 2:		10TH FLOOR
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sustainable Opportunities Acquisition Corp.
		DATE OF NAME CHANGE:	20200102
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>tm237472d1_424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-260126</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS SUPPLEMENT NO. 11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(TO PROSPECTUS DATED JULY 12, 2022)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><IMG SRC="tm237472d1_424b3img001.jpg" ALT=""></B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TMC THE METALS
COMPANY INC.</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Up to 264,438,297
Common Shares<BR>
Up to 9,500,000 Warrants</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 24pt">This prospectus supplement no. 11 (this &ldquo;Supplement&rdquo;)
supplements the prospectus dated July 12, 2022 (the &ldquo;Prospectus&rdquo;) relating to the issuance by us of up to an aggregate of
24,500,000 of our common shares, without par value (&ldquo;Common Shares&rdquo;), which consists of (i)&nbsp;up to 9,500,000 Common Shares
that are issuable upon the exercise of private placement warrants (the &ldquo;Private Placement Warrants&rdquo;) originally issued in
a private placement in connection with the initial public offering of our predecessor company, Sustainable Opportunities Acquisition Corp.
(&ldquo;SOAC&rdquo;), at an exercise price of $11.50 per Common Share, and (ii)&nbsp;up to 15,000,000 Common Shares that are issuable
upon the exercise of 15,000,000&nbsp;warrants issued in connection with the initial public offering of SOAC (the &ldquo;Public Warrants,&rdquo;
and together with the Private Placement Warrants, the &ldquo;Warrants&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Prospectus and this Supplement also relate to
the resale from time to time by the Selling Securityholders named in the Prospectus (the &ldquo;Selling Securityholders&rdquo;) of up
to (i)&nbsp;9,500,000 Private Placement Warrants, (ii)&nbsp;9,500,000 Common Shares that may be issued upon exercise of the Private Placement
Warrants, (iii)&nbsp;11,578,620 Common Shares that may be issued upon exercise of the Allseas Warrant (as defined in the Prospectus),
(iv)&nbsp;6,759,000 Common Shares held by SOAC&rsquo;s sponsor, Sustainable Opportunities Holdings LLC (the &ldquo;Sponsor&rdquo;), SOAC&rsquo;s
former directors and certain of their transferees (collectively, the &ldquo;Founder Shares&rdquo;), (v)&nbsp;11,030,000 Common Shares
issued in the PIPE Financing (as defined in the Prospectus), (vi)&nbsp;131,178,480 Common Shares issued to certain shareholders of DeepGreen
(as defined in the Prospectus) pursuant to the Business Combination Agreement (as defined in the Prospectus), (vii)&nbsp;77,277,244 Common
Shares issuable to certain shareholders of DeepGreen upon the conversion of DeepGreen Earnout Shares (as defined in the Prospectus) pursuant
to the Business Combination Agreement, (viii)&nbsp;1,241,000 Common Shares issuable to the&nbsp; Sponsor and its transferees upon the
conversion of Sponsor Earnout Shares (as defined in the Prospects) and (ix)&nbsp;873,953 Common Shares issued to certain service providers
to DeepGreen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Prospectus provides you with a general description
of such securities and the general manner in which we and the Selling Securityholders may offer or sell the securities. More specific
terms of any securities that we and the Selling Securityholders may offer or sell may be provided in a prospectus supplement that describes,
among other things, the specific amounts and prices of the securities being offered and the terms of the offering. The prospectus supplement
may also add, update or change information contained in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">We will not receive any proceeds from the sale of
Common Shares or Private Placement Warrants by the Selling Securityholders or of Common Shares by us pursuant to the Prospectus, except
with respect to amounts received by us upon exercise of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">However, we will pay the expenses, other than any
underwriting discounts and commissions, associated with the sale of securities pursuant to the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">We registered certain of the securities for resale
pursuant to the Selling Securityholders&rsquo; registration rights under certain agreements between us and the Selling Securityholders.
Our registration of the securities covered by&#8239;the Prospectus does not mean that either we or the Selling Securityholders will issue, offer
or sell, as applicable, any of the securities. The Selling Securityholders may offer and sell the securities covered by the Prospectus
in a number of different ways and at varying prices. We provide more information about how the Selling Securityholders may sell the shares
or Warrants in the section entitled &ldquo;Plan of Distribution&rdquo; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">This Supplement incorporates into the Prospectus
the information contained in our attached current report on Form 8-K which was filed with the Securities and Exchange Commission on February
22, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">You should read this Supplement in conjunction with
the Prospectus, including any supplements and amendments thereto. This Supplement is qualified by reference to the Prospectus except to
the extent that the information in this Supplement supersedes the information contained in the Prospectus. This Supplement is not complete
without, and may not be delivered or utilized except in connection with, the Prospectus, including any supplements and amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Our Common Shares and Public Warrants are listed
on Nasdaq under the symbols &ldquo;TMC&rdquo; and &ldquo;TMCWW,&rdquo; respectively. On February 21, 2023, the closing price of our Common
Shares was  $0.9767 and the closing price for our Public Warrants was $0.115.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 24pt"><B>Investing in our securities involves a high degree
of risk. See &ldquo;Risk Factors&rdquo; beginning on page 13 of the Prospectus and in the other documents that are incorporated by reference
in the Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 24pt"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this Supplement is truthful or complete.
Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The date of this prospectus supplement is February
22, 2023.</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&#160;13 OR 15(d)&#160;of
the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
<B>February 21, 2023</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TMC THE METALS COMPANY INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"><B>British Columbia, Canada</B></TD>
<TD STYLE="text-align: center; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><B>001-39281</B></TD>
<TD STYLE="text-align: center; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Not Applicable</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"> (State or other jurisdiction of
<BR>
incorporation)</TD>
<TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">(Commission File Number)</TD>
<TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"> (IRS Employer <BR>
Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
<TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
<TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 33%"><B>595 Howe Street, 10th Floor<BR>
Vancouver, British Columbia</B></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 34%"><B>&#160;</B></TD>
<TD STYLE="vertical-align: bottom; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 33%"><B>V6C 2T5</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">(Address of principal executive<BR>
 offices)</TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</TD>
<TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&#8217;s telephone number, including
area code: <B>(604) 631-3115</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Not
applicable</B></FONT><BR>
(Former name or former address, if changed since last report)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form&#160;8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered pursuant to Section&#160;12(b)&#160;of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 45%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Title of each class</B></FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 23%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Trading Symbol(s)</B></FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 30%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name of each exchange on<BR>
which registered</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TMC Common Shares without par value</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TMC</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Nasdaq Stock Market LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Redeemable warrants, each whole warrant exercisable for one TMC Common Share, each at an exercise price of $11.50 per share</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TMCWW</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Nasdaq Stock Market LLC</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter)
or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Emerging
growth company </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act. </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.01.</B></TD><TD><B>Entry into a Material Definitive Agreement.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
February 21, 2023, TMC the metals company Inc. (the &#8220;Company&#8221;) and its wholly-owned subsidiary, Nauru Ocean Resources Inc.
(&#8220;NORI&#8221;), entered into a strategic partnership with Low Carbon Royalties Inc. (&#8220;Low Carbon Royalties&#8221;), a private
corporation formed under the laws of British Columbia, Canada to finance low carbon emitting energy production and technologies (natural
gas, nuclear, renewables), transition metals and minerals required for energy storage and electrification (Cu, Li, Ni, Co, Mn), and the
evolving environmental markets (the &#8220;Partnership&#8221;). In connection with the Partnership, NORI contributed a 2% gross overriding
royalty (the &#8220;NORI Royalty&#8221;) on the Company&#8217;s NORI project area in the Clarion Clipperton Zone of the Pacific Ocean
in which NORI currently holds exclusive exploration rights for polymetallic nodules from the International Seabed Authority, to Low Carbon
Royalties. The Company retained the right to repurchase up to 75% of the NORI Royalty at an agreed capped return, exercisable in two transactions,
between the second and the tenth anniversary of the Partnership. If both repurchase transactions are executed, the NORI Royalty will be
reduced to 0.5%.</FONT> Low Carbon Royalties also owns a 1.6% gross overriding royalty on a producing natural gas field in Latin America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration of the NORI
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cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Partnership,
(a) the Company and NORI entered into a Royalty Agreement with Low Carbon Royalties which governs the terms of the NORI Royalty and (b)
the Company entered into an Investor Rights Agreement with Brian Paes-Braga (a shareholder of Low Carbon Royalties as well as the Company
and Managing Partner of SAF Group, one of Canada&#8217;s largest alternative asset managers) and Low Carbon Royalties, pursuant to which
the Company and Mr. Paes-Braga each has a right, subject to certain percentage maintenance, to nominate a director to Low Carbon Royalties&#8217;
board of directors, along with registration and information rights. Pursuant to the Investor Rights Agreement, the Company designated
its Chairman and Chief Executive Officer, Gerard Barron, to be its designee on Low Carbon Royalties&#8217; board of directors. Mr. Paes-Braga
and Brian O&#8217;Neill, Vice President of SAF Group are the other members of Low Carbon Royalties&#8217; board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
foregoing descriptions of the Partnership, the Royalty Agreement and the Investor Rights Agreement do not purport to be complete descriptions
of the rights and obligations of the parties thereunder and are qualified in their entirety by reference to the full text of the Royalty
Agreement and the Investor Rights Agreement attached as Exhibit 10.1 and 10.2 to this Current Report on Form 8-K, respectively,</FONT>
and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 7.01.</B></FONT></TD><TD><B>Regulation FD Disclosure.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 21, 2023, the
Company issued a press release with Low Carbon Royalties, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form
8-K and incorporated herein by reference, announcing the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01.</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in; text-align: left"><B>Exhibit No.</B></TD><TD STYLE="text-align: justify"><B>Description</B></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: justify">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><A HREF="tm237472d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1*</FONT></A></TD><TD><A HREF="tm237472d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Royalty Agreement dated </FONT>February 21, 2023 by and among TMC the metals
company Inc., Nauru Ocean Resources Inc. and Low Carbon Royalties Inc.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><A HREF="tm237472d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2*</FONT></A></TD><TD><A HREF="tm237472d1_ex10-2.htm" STYLE="-sec-extract: exhibit">Investor Rights Agreement dated February 21, 2023 by and among TMC the metals company Inc., Brian Paes-Braga and Low Carbon Royalties
Inc.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release dated</FONT> February&#160;21, 2023.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in; text-align: left">104</TD><TD STYLE="text-align: justify">Cover Page&#160;Interactive Data File (embedded within the Inline
XBRL document).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>Pursuant to Item 601(b)(10)(iv)&#160;of Regulation S-K, certain portions of this Exhibit&#160;have been redacted. The Registrant will
furnish supplementally an unredacted copy of this Exhibit&#160;to the Securities and Exchange Commission upon its request.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The press release dated February 21, 2023 referenced as Exhibit 99.1 was &ldquo;furnished&rdquo; with the Current Report on Form 8-K and
the content thereof is not included as part of this Supplement or deemed incorporated by reference into this Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TMC THE METALS COMPANY INC.</B></FONT></TD></TR>
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    <TD STYLE="width: 50%; font-size: 10pt">&#160;</TD>
    <TD STYLE="width: 5%; font-size: 10pt">&#160;</TD>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: February&#160;22, 2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
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    <TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gerard Barron</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
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# ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>tm237472d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>Royalty
Agreement</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>This
Agreement</B></FONT> dated as of the 21<SUP>st</SUP> day of February, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Between</B></FONT><B>:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Nauru Ocean Resources Inc.</B>,
a company incorporated under the laws of the Republic of Nauru</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(&ldquo;<B>Company</B>&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>And</B></FONT><B>:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>TMC the metals company Inc.</B>,
a company incorporated under the laws of the province of British Columbia</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(&ldquo;<B>TMC</B>&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>And</B></FONT><B>:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Low Carbon Royalties Inc.</B>, a
company incorporated under the laws of the province of British Columbia</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(&ldquo;<B>Royalty Holder</B>&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Introduction:</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>A.</B></TD><TD STYLE="text-align: justify">The Company intends to develop the Project.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>B.</B></TD><TD STYLE="text-align: justify">The Company has agreed to create, grant and sell the Royalty to
                                       the Royalty Holder in accordance with the terms and conditions described herein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>C.</B></TD><TD STYLE="text-align: justify">The Company is a wholly owned subsidiary of TMC.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>In
Consideration Of, </B></FONT>the covenants and mutual agreements contained in this Agreement and other good and valuable consideration
(the receipt and sufficiency of which are acknowledged by each of the Parties), the Parties hereby agree as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Definitions and Interpretation</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Unless the context otherwise requires,
in this Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>25%
Initial Investment</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means $3,500,000;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[***]
IRR</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means a [***] internal rate of return to the Royalty Holder
on the 50% Initial Investment, prior to adjustment pursuant to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2.4(a);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>50%
Initial Investment</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means $7,000,000;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[***]
IRR</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means a [***] internal rate of return to the Royalty Holder
on the 25% Initial Investment, prior to adjustment pursuant to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2.5(a);</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Affiliate</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means any Person that directly or indirectly controls, is controlled by, or
is under common control with, a Party. For purposes of the preceding sentence, </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">control</FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means possession, directly or indirectly, of the power to direct or cause direction
of management and policies through ownership of voting securities, contract, voting trust or otherwise;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Agreement</B></FONT><B>&rdquo;
</B><FONT STYLE="font-family: Times New Roman, Times, Serif">means this document including any schedule or appendix to it;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Approved
Standard</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means any of the Canadian Institute of Mining, Metallurgy
and Petroleum Definition Standards on Mineral Resources and Mineral Reserves, Subpart 1300 of Regulation S-K under the United States
<I>Securities Act of 1933</I> and the <I>United States Securities Exchange Act of 1934</I>), the JORC Code, the SAMREC Code, or any other
classification system for the reporting of mineral reserves and mineral resources that qualifies as an </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">acceptable
foreign code</FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">for purposes of NI 43-101 from time to time, in each
case as such classification may be in effect from time to time, or any successor instrument, rule</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">or
policy to any of the foregoing;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Arm</B></FONT><B>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
Length Party</FONT></B>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means, with respect to any particular Person,
another Person that is not (i)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">a related party (as defined in the
<I>Income Tax Act</I> (Canada)) of such Person, or otherwise determined not to be dealing at arm</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
length (within the meaning of the <I>Income Tax Act </I>(Canada)) or (ii)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">an
Affiliate of such Person;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Authorization</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means any authorization, approval, consent, concession, exemption, license,
lease, grant, permit, franchise, right or similar arrangement (including surface rights, deep-sea rights, access rights, rights of way,
privileges, concessions or franchises granted to or held by the Company by, or required to be obtained from, any Person (including a
Governmental Body), for the exploration of the Property or the construction, development and operation of the Project), privilege or
no-action letter from any Governmental Body having jurisdiction with respect to any specified Person, property, transaction or event,
or with respect to any of such Person</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s property or business and
affairs (including any exploitation permit, zoning approval, mining permit, development permit or building permit) or from any Person
in connection with any easements, contractual rights or other matters;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Books
and Records</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">the books, accounts, records and data of every
kind or nature maintained by or on behalf of the Company or an Affiliate of the Company in relation to the Project, or the Company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
operations and activities on the Property, or the calculation of the Royalty, including books, accounts and records which relate to,
contain or which consist of:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the quantity of Product Sold in each Quarter
                                            or for which insurance proceeds have been received in the Quarter;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the calculation of each component of the
                                            Royalty for each Quarter;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the payment of the Royalty in each Quarter;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">where there is any commingling in a Quarter
                                            of Product with materials extracted from areas outside the boundaries of the Property, the
                                            measures, moistures and assays of the minerals and substances in the Product extracted and
                                            recovered from the Property prior to the commingling;</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">offtake agreements, settlement sheets,
                                            invoices, ledger cards, bills of lading and other shipping evidence, statements, correspondence,
                                            memoranda, credit files, electronically stored data and other data;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">geological and metallurgical data, drill
                                            hole logs, cross sections and assay results; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">the exploration, development and mining
                                            of the Property;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Business
Day</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means a day that is not a Saturday, Sunday or any other
day which is a public holiday or a bank holiday in the place where an act is to be performed or a payment is to be made;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Buyer</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means any Person (i)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">that
purchases Product from the Company or its Affiliates; or (ii)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">that
is the recipient or transferee of title to Product or the recipient of the entitlement to or benefit of Product from the Company or its
Affiliates;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Change
of Control</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">of a Person (the </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Subject
Person</B></FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">) means the consummation of any transaction or event,
including any consolidation, business combination, arrangement, amalgamation or merger or any issue, transfer or acquisition of securities,
the result of which is that any other Person (other than an Affiliate of the Subject Person) or group of other persons (other than an
Affiliate of the Subject Person) acting jointly or in concert for purposes of such transaction or event (a)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">becomes
the beneficial owners, directly or indirectly, of more than 50% of the votes attached to the voting securities of the Subject Person
or (b)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">otherwise acquires control of the Subject Person through
the occupation of a majority of the seats (other than the vacant seats) on the board of the Subject Person by individuals who were neither
(i)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">nominated by the board of the Subject Person nor (ii)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">appointed,
approved or endorsed by members of the board of the Subject Person; provided that a Change of Control of any Subject Person shall not
include a change in the beneficial ownership of voting securities of such Subject Person, or acquisition of control of such Subject Person,
if the common shares of such Subject Person were listed on a public securities exchange immediately prior to, or contemporaneously with,
or immediately after the completion of such transaction;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Claim</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">includes any claim, action, damage, loss, liability, cost, charge, expense,
outgoing, payment or demand of any nature and whether present or future, fixed or unascertained, actual or contingent and whether at
law, in equity, under statute, contract or otherwise;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Cobalt</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means cobalt contained in Product;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Confidential
Information</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9.1(a);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Copper</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means copper contained in Product;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Deductions</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means any and all refining, treatment and other charges, insurance, deductions,
transportation, settlement, financing, price participation charges and/or other charges, penalties, deductions, set-offs, Taxes and expenses
pertaining to and/or in respect of the operation of the Project, the Property, the Products therefrom and the calculation or determination
of the payments on account of the Royalty (or payments in lieu thereof) and for greater certainty, any payability that is less than 100%
on any minerals or Metals contained in Products shall not be considered a Deduction;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Disposal</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means any disposal by any means including dumping, incineration, spraying, pumping,
injecting, depositing or burying;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Dispute</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">10.1;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Dispute
Notice</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">10.2(a)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Dispute
Representative</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">10.2(b);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EDGAR</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means the Electronic Data Gathering, Analysis, and Retrieval system;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Encumbrance</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means any mortgage, deed of trust, charge, pledge, hypothecation, security interest,
priority or other security agreement, assignment, deposit arrangement, lien (statutory or otherwise), title retention agreement or arrangement,
conditional sale, option, licence or licence fee, royalty, claim, production payment, restrictive covenant, preferential arrangement
or other encumbrance of any nature or any agreement to give or create any of the foregoing, whether registered or recorded or unregistered
or unrecorded;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Environment</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">includes the air, surface water, groundwater, body of water, any land, soil
or underground space even if submerged under water or covered by a structure, all living organisms and the interacting natural systems
that include components of air, land, water, organic and inorganic matters and living organisms and the environment or natural environment
as defined in any Environmental Law and </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">Environmental</FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">will have a similar extended meaning;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Environmental
Laws</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means all Laws relating in whole or in part to the Environment,
including those relating to the storage, generation, use, handling, manufacture, processing, transportation, import, export, treatment,
Release or Disposal of any Hazardous Substance;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Excluded
Taxes</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means, with respect to the Royalty Holder, any of the
following:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            Taxes imposed on or measured by the Royalty Holder</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            net income, net profits, capital gains, capital or branch profits, or franchise or capital
                                            Taxes imposed on (or measured by) the taxable capital of the Royalty Holder, in each case,
                                            imposed by the jurisdiction (or any political subdivision thereof) under the laws of which
                                            it is incorporated or continued or resident or organized, in each case determined by application
                                            of the laws of such jurisdiction, or in which it has a permanent establishment or carries
                                            on business, in each case determined by application of the laws of such jurisdiction;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any Taxes imposed by reason of the Royalty
                                            Holder receiving payments under this Agreement to an account in a jurisdiction other than
                                            Canada, or the jurisdiction in which it is incorporated or continued or resident or organized,
                                            if applicable;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Execution
Date</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means the date of this Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financing
Party</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">8.4;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>First
Repurchase Payment</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2.4(a);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>First
Royalty Repurchase Option</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2.4(a);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Good
Industry Practice</B></FONT><B>&rdquo;</B> <FONT STYLE="font-family: Times New Roman, Times, Serif">means, in relation to any decision
or undertaking, the exercise of that degree of diligence, skill, care, prudence, oversight, economy and stewardship which is commonly
observed or would reasonably be expected to be observed by skilled and experienced professionals in the North American mining industry
engaged in the same type of undertaking under the same or similar circumstances;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Governmental
Body</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means any federal, provincial, state, territorial, regional,
municipal, local government or authority, intergovernmental organization, quasi government authority, fiscal or judicial body, government
or self-regulatory organisation, commission, board, tribunal, organisation, stock exchange or any regulatory, administrative or other
agency, or any political or other subdivision, department, or branch of any of the foregoing including any indigenous or native body
(or both, as the case may be) exercising governance powers by right, title or custom;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gross
Proceeds</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">in any given Quarter means the aggregate of the following
revenues received by the Company:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all proceeds received by the Company from
                                            the Sale of Products, whether processed on or off of the Property, determined as follows,
                                            without duplication:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            Products are Sold by the Company (or any Affiliate) to an Arm</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            Length Party, then the Gross Proceeds in respect of such Products will be equal to the aggregate
                                            gross proceeds received by the Company or such Affiliate from such Sale;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">if there is a loss of Products, then the
                                            Gross Proceeds will be equal to the aggregate insurance proceeds paid to the Company (or
                                            any Affiliate) in respect of such loss;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">if Trading Activities involve the physical
                                            delivery of Products, then the Market Value of Products subject to such Trading Activities;
                                            or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            Products are Sold to an Affiliate, then the Gross Proceeds in respect of such Products will
                                            be the Market Value thereof, unless that Affiliate then Sells such Product to an Arm</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            Length Party, in which case the Gross Proceeds shall be calculated in accordance with paragraph
                                            (a)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">above, provided
                                            that (i)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">if Sale and
                                            payment for the Product Sold are not made in the same Quarter, the Product Sold shall be
                                            deemed to be Sold in the Quarter in which the later of Sale or payment for the Product Sold
                                            occurs, and (ii)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            a provisional settlement for a Sale occurs during one Quarter and the final settlement for
                                            such Sale occurs in a subsequent Quarter, the adjustment will be taken into account in determining
                                            the Product Sold in the subsequent Quarter; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to the extent permitted, or not disallowed,
                                            either by the terms of any agreements between any Financing Party and the Company (or an
                                            Affiliate) or pursuant to any subordination agreement between a Financing Party and the Royalty
                                            Holder, any amount received by the Company (or an Affiliate) as compensation for the expropriation
                                            or forcible taking of all, or any portion, of the Property;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Hazardous
Substance</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means any pollutant, contaminant, waste, hazardous
substance, hazardous material, toxic substance, dangerous substance or dangerous good as defined, judicially interpreted or identified
in any Environmental Law;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ICC</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means the International Chamber of Commerce or any entity which replaces it
or which substantially succeeds to its powers or functions;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ICC
Rules</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">10.3(b)(i);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>IFRS</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means the International Financial Reporting Standards adopted by the International
Accounting Standards Board from time to time;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Indemnified
Party</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">6.1;</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Interest
Rate</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means the Secured Overnight Financing Rate plus 3%;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ISA</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means the International Seabed Authority, an intergovernmental organization
established pursuant to the UNCLOS;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Law</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">includes:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">intergovernmental, Federal, Provincial,
                                            State and local government legislation including regulations and by-laws, and for greater
                                            certainty, including the UNCLOS;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">legislation
                                            of any jurisdiction other than those referred to in paragraph (a)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">with
                                            which a Party must comply;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">common law and equity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">judgments, decrees, writs, administrative
                                            interpretations, guidelines, policies, injunctions, orders or the like, of any Governmental
                                            Body with which a Party is legally required to comply and the ISA;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">regulations, directives, rulings or policies
                                            of intergovernmental organizations; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Governmental Body requirements and consents,
                                            certificates, licences, permits and approvals (including conditions in respect of those consents,
                                            certificates, licences, permits and approvals);</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Manganese</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means manganese contained in Product;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Market
Value</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means, with respect to any particular Sale of Products
on any particular date of determination, the average daily price of such Product as published by the London Metals Exchange for the past
3 calendar months calculated by summing such quoted price reported for each day in such 3 month period and dividing the sum by the number
of days for which such price was reported;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Metals</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means all metals and minerals, including Cobalt, Copper, Manganese and Nickel;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Mineral
Reserves</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means proven and probable mineral reserves (or their
equivalent) as defined under any Approved Standard;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Mineral
Resources</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means measured, indicated and inferred mineral resources
(or their equivalent) as defined under any Approved Standard;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NI
43-101</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means National Instrument 43-101 </FONT>&ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">Standards
of Disclosure for Mineral Projects of the Canadian Securities Administrators (or any successor instrument, rule</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">or
policy);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Nickel</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means nickel contained in Product;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No
Interest Letter</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">8.4;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Notice</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">or </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>notice</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">11.1;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Parties</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means the Company and the Royalty Holder and </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Party</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means either the Company or the Royalty Holder, as the context requires;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Person</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization or other form of enterprise, or any government or any agency or political subdivision
thereof;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Personnel</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means, at the relevant time, in relation to a Party, any of its (or any Affiliates</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">)
directors, officers or employees;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Product</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means any and all Metals and minerals of every nature and kind, (including precious
and base metals), in whatever beneficiated form or state which are produced, extracted by processing, recovered in soluble solution or
otherwise recovered or produced from material mined or excavated from the Property, and including any such material derived from any
processing or reprocessing of any Tailings, and including any other products resulting from the further milling, processing or other
beneficiation of such materials, including concentrate or dor</FONT>&eacute;<FONT STYLE="font-family: Times New Roman, Times, Serif">,
and for greater certainty, excludes any Tailings where there is no reasonable expectation of such Tailings being processed resulting
in the production of Metals;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Project</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means the Company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
and TMC</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s commercial exploitation of the polymetallic nodules found
on the seafloor in the Property;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Property</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means the contract area over which the Company holds the NORI Exploration Contract
(as defined in Schedule A) for exploring polymetallic nodules currently comprised of the four blocks(NORI Area A, B, C, and D) covering
74,830 km<SUP>2</SUP> in the Clarion Clipperton Zone that were granted by the ISA as set out in Schedule A and depicted in the map set
out in Schedule B to this Agreement together with any present mineral rights or future mineral rights resulting from renewal, extension,
modification, substitution, amalgamation, succession, conversion, demise to lease, renaming or variation of any of those mineral rights
or any additional mineral rights deriving from those mineral rights, including any future exploitation contract that replaces or amends
the NORI Exploration Contract (whether granting or conferring the same, similar or any greater rights and whether extending over the
same or a greater or lesser domain) and will automatically include any reacquisition of mineral rights contemplated by Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">4.6;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Quarter</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">and </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Quarterly</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">mean the period commencing on the date that the Company or its Affiliates first
receives payment for the Sale of Product and expiring on the day preceding the next occurring 1st day of January, April, July</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">or
October</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">and thereafter each successive period of 3 calendar months;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Restricted
Person</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means any person that:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">is named, identified, described in or
                                            on or included in or on any of:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the lists issued under Canadian economic
                                            sanctions and terrorism financing legislation, including the <I>Special Economic Measures
                                            Act</I> (Canada), the <I>Criminal Code</I> (Canada), the <I>United Nations Act</I> (Canada),
                                            the <I>Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law)</I> (Canada),
                                            and the <I>Freezing Assets of Corrupt Foreign Officials Act</I> (Canada), and any regulations
                                            promulgated under the foregoing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the Denied Persons List, the Entity List
                                            or the Unverified List, compiled by the Bureau of Industry and Security, U.S. Department
                                            of Commerce;</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the List of Statutorily Debarred Parties
                                            compiled by the U.S. Department of State;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the Specially Designated Nationals And
                                            Blocked Persons List compiled by the U.S. Office of Foreign Assets Control;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Annex to (or any person that is otherwise subject to the provisions of) U.S. Executive Order
                                            No.</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">13324;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Consolidated List of Financial Sanctions Targets compiled by Her Majesty</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            Treasury (United Kingdom);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">the Consolidated List of Persons, Groups
                                            and Entities Subject to European Union Financial Sanctions as prepared by the European External
                                            Action Service and agreed by the Council of the European Union; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">any publicly available lists maintained
                                            from time to time under the applicable Laws of Canada, the United States, the United Kingdom
                                            or the European Union relating to anti-terrorism or anti-money laundering matters;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">is subject to trade restrictions or other
                                            government sanctions under any applicable Laws of Canada, the United States, the United Kingdom
                                            or the European Union from time to time, including:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the <I>Special Economic Measures Act</I>
                                            (Canada), the <I>Criminal Code</I> (Canada), the United Nations Act (Canada), the <I>Justice
                                            for Victims of Corrupt Foreign Officials Act</I> (Sergei Magnitsky Law) (Canada) and the
                                            <I>Freezing Assets of Corrupt Foreign Officials Act</I> (Canada);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the International Emergency Economic Powers
                                            Act, 50 U.S.C.; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the Trading with the Enemy Act, 50 U.S.C.
                                            App. 1 et seq.; or any other enabling legislation or executive order relating thereto, including
                                            the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
                                            and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107-56; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">is
                                            known, after reasonable inquiry, to be an Affiliate of a person referred to in paragraph
                                            (a)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">or (b)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">of
                                            this definition;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Royalty</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means the Royalty Percentage of the Gross Proceeds from Product that is Sold
to which the Royalty Holder is entitled pursuant to the terms of this Agreement, exclusive of any and all Taxes;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Royalty
Percentage</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means 2%, subject to adjustment pursuant to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2.4
and Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2.5;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Royalty
Statement</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">5.2;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Sale</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">or </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Sold</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means the earlier of:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">transfer of title to Product from the
                                            Company or its Affiliates to a Buyer (and includes a transfer of title to Product transported
                                            off the Property that the Company or its Affiliates elects to have credited to or held for
                                            its account by a refinery); and</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">receipt of insurance proceeds by the Company
                                            or its Affiliates for any Product that is lost or damaged;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Second
Repurchase Payment</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2.5(a);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Second
Royalty Repurchase Option</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2.5(a);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tailings</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means all tailings, waste rock or other waste products derived from the Property;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Taxes</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means any present or future income and other taxes, levies, rates, royalties,
deductions, withholdings, assessments, fees, dues, duties, imposts and other charges of any nature whatsoever, together with any interest
and penalties, additions to tax and other additional amounts, levied, collected, withheld, assessed or imposed by any Governmental Body
(of any jurisdiction), and whether disputed or not;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trading
Activities</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">means any and all activities by which the Company
or any of its Affiliates:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">sells or disposes of Product by entering
                                            into offtake agreements or engaging in any sales or dispositions of Product, in any case,
                                            for other than market-based prices determined in a manner consistent with customary quotational
                                            periods in industry standard offtake agreements for similar types of minerals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">engages in any commodity futures trading,
                                            forward sale and/or purchase contracts, options trading or metals trading;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">engages in price protection transactions,
                                            arrangements and mechanisms or speculative purchases and sales of forward, futures and option
                                            contracts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">engages
                                            in any other hedging transactions or arrangements similar to those referred to in paragraphs
                                            (a), (b)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">and (c)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">of
                                            this definition; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">engages in any combination of the foregoing;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>UNCLOS</B></FONT>&rdquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">means the 1994 Agreement Relating to the Implementation of the United Nations
Convention on the Law of the Sea; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WSMD
Procedures</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">has the meaning given in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">3.9.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>1.2</B></TD><TD STYLE="text-align: justify"><B>Interpretation</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Unless the context otherwise requires,
in this Agreement:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the singular includes the plural and conversely
                                            and a gender includes all genders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">a reference to an agreement or document
                                            (including a reference to this Agreement) is to the agreement or document as amended, varied,
                                            supplemented, novated or replaced except to the extent prohibited by this Agreement or that
                                            other agreement or document;</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            reference to a party to an agreement (including this Agreement) or document includes the
                                            party</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s successors
                                            and permitted substitutes (including persons taking by novation) or assigns (and, where applicable,
                                            the party</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s legal personal
                                            representatives);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">a reference to legislation or to a provision
                                            of legislation includes a modification or re-enactment of it, a legislative provision substituted
                                            for it and a regulation, code, by-law, ordinance or statutory instrument issued under it;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            word </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">including</FONT>&rdquo;
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif">means </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">including
                                            without limitation</FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">and
                                            </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">include</FONT>&rdquo;
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif">and, </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">includes</FONT>&rdquo;
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif">will be construed similarly;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            provisions requiring a Party to do or refrain from doing something will be interpreted as
                                            the covenant of that Party with respect to that matter notwithstanding the absence of the
                                            words </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">covenants</FONT>&rdquo;
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif">or </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">agrees</FONT>&rdquo;
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif">or </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">promises</FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">all provisions requiring a Party to do
                                            something will be interpreted as including the covenant of that Party to cause that thing
                                            to be done when the Party cannot directly perform the covenant but can indirectly cause that
                                            covenant to be performed, whether by an Affiliate under its control or otherwise; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            reference to anything (including a right, obligation or concept) includes a part of that
                                            thing, but nothing in this Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">1.2(i)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">implies
                                            that performance of part of an obligation constitutes performance of the obligation.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">headings and any table of contents or
                                            index are for convenience only and do not form part of this Agreement or affect its interpretation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">where a word or expression is given a
                                            particular meaning, other parts of speech and grammatical forms of that word or expression
                                            have a corresponding meaning.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">if an act must be done on a specified
                                            day which is not a Business Day, then the act must be done instead on the next Business Day.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">a provision of this Agreement must not
                                            be construed to the disadvantage of a Party merely because that Party was responsible for
                                            the preparation of this Agreement or the inclusion of the provision in this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>1.3</B></TD><TD STYLE="text-align: justify"><B>Currency</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Unless otherwise indicated, all references
to currency in this Agreement, including &ldquo;dollars&rdquo; and &ldquo;$&rdquo; are to lawful money of the United States of America.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>1.4</B></TD><TD STYLE="text-align: justify"><B>Good Faith</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Parties must deal with each other
in good faith in connection with this Agreement and all transactions and dealings contemplated by it. In particular, the Company agrees
in all dealings in relation to the Property to act in good faith towards the Royalty Holder to preserve its entitlement to the Royalty
payable pursuant to Section&nbsp;2.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Royalty</B></FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>Grant of Royalty</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Upon receipt of the initial investment
in the amount of [***] from the Royalty Holder, such amount being comprised of $5,000,000 in cash and [***] common shares in the capital
of the Royalty Holder, the Company hereby creates, grants and conveys to and for the benefit of the Royalty Holder, and covenants to pay
to the Royalty Holder, the Royalty, free of all Deductions, on and subject to the terms of this Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Interest in the Property</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Parties intend that the Royalty,
to the maximum extent permissible under applicable Law, constitutes an interest in the Property and agree that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Royalty will run with the Property
                                            and the title to the Property, and any disposition or transfer of the Property, or any interest
                                            in the Property, will be subject to the Royalty;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            sale or other disposition by the Company of any interest in the Property will be effective
                                            only in accordance with Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">8.3;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Royalty Holder</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s entitlement
                                            to any payments due on account of the Royalty will arise at the time of the production of
                                            Product, and all such payments will be held by the Company in trust for the Royalty Holder
                                            until paid to the Royalty Holder in accordance with the provisions of this Agreement;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                            the maximum extent possible under applicable Law, the Company will, upon request by the Royalty
                                            Holder, sign and deliver to the Royalty Holder, and the Royalty Holder may register or otherwise
                                            record (or require the Company to register or otherwise record) against the Property, this
                                            Agreement or a notice of this Agreement, and any other similar document or documents as the
                                            Royalty Holder may request that will have the effect of giving notice of the existence of
                                            the Royalty to third Persons, and protecting the Royalty Holder</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            right to receive the Royalty and the performance by the Company of the other covenants and
                                            obligations under this Agreement;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            any renewal, extension, modification, substitution, amalgamation, succession, conversion,
                                            demise to lease, renaming or variation of any mineral right is granted as contemplated in
                                            the definition of Property, the Company agrees if permissible under Law, to execute and deliver
                                            such document or documents as the Royalty Holder may reasonably request to acknowledge that
                                            the Royalty is applicable to the same including any registration or recording document of
                                            any nature whatsoever, inclusive of those contemplated in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2.2(d);
                                            and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">without
                                            limiting the generality of the foregoing, the Company shall, the maximum extent possible
                                            under the UNCLOS and the regulations of the ISA, take all steps and actions necessary, including
                                            seeking consent of the ISA and any sponsoring state, to register the Royalty as an Encumbrance
                                            on any exploitation contract granted to the Company by the ISA, provided nothing shall require
                                            the Royalty Holder to fulfil qualification criteria under UNCLOS; provided that any Encumbrance
                                            granted to the Royalty Holder hereunder shall be postponed and subordinated to any Encumbrance
                                            in favour of any existing or future Financing Party in accordance with Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">8.5.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.3</B></TD><TD STYLE="text-align: justify"><B>Term</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Royalty will exist in perpetuity.
The Royalty will not be terminated by reason of the suspension of operations or closure of any facility, or mining operations on or related
to the Property. If a court of competent jurisdiction or other lawful body determines that the term or any other provision of this Agreement
violates any statutory or common law rule&nbsp;against perpetuities or other international or transnational law, then the term of this
Agreement will automatically be revised and reformed to coincide with the maximum term permitted by the rule&nbsp;against perpetuities
or such other provision or other international or transnational law and this Agreement will not be terminated solely as a result of a
violation of the rule&nbsp;against perpetuities or other international or transnational law.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.4</B></TD><TD STYLE="text-align: justify"><B>First Royalty Repurchase Option</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provided
                                            that the Company is not in default of any of its payment obligations under this Agreement,
                                            the Company will have the exclusive and irrevocable one-time right and option (</FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>First
                                            Royalty Repurchase Option</B></FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">)
                                            to purchase fifty percent (50%) of the Royalty on or after the second anniversary following
                                            the date of this Agreement, by making a payment (</FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>First
                                            Repurchase Payment</B></FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">)
                                            in cash by wire transfer to the Royalty Holder in the amount that, when combined with the
                                            aggregate Royalty payments received by Royalty Holder prior to the date the First Repurchase
                                            Payment is made, would provide the Royalty Holder with a [***] IRR. The First Royalty Repurchase
                                            Option shall expire on the seventh anniversary following the date of this Agreement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            the Company elects to exercise the First Royalty Repurchase Option pursuant to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2.4(a),
                                            the Company must provide to the Royalty Holder a minimum of thirty (30) days prior written
                                            notice of the date that it will pay the First Repurchase Payment, such date to be the next
                                            Business Day following the end of a Quarter. Provided that the Company is not in default
                                            of any of its payment obligations under this Agreement, upon receipt of the First Repurchase
                                            Payment on the next Business Day following the end of a Quarter along with the Royalty payment
                                            due for such Quarter, all without set-off or deduction, the Royalty Holder must convey and
                                            surrender fifty percent (50%) of the Royalty to the Company by way of a mutually agreeable
                                            instrument. Any such conveyance and surrender will be effective on the date that payment
                                            of the First Repurchase Payment is made. For greater certainty, if the First Royalty Repurchase
                                            Option is exercised by the Company, then the adjusted Royalty Rate will be 1.00% going forward
                                            (including for the Quarter in which the First Repurchase Payment is made).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">For greater certainty, any exercise of
                                            the First Royalty Repurchase Option will not derogate from, or impact any rights of the Royalty
                                            Holder that arose or accrued prior to the date that the First Repurchase Payment is made,
                                            including any Royalty amounts payable and any audit rights.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.5</B></TD><TD STYLE="text-align: justify"><B>Second Royalty Repurchase Option</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provided
                                            that the Company is not in default of any of its payment obligations under this Agreement,
                                            and the First Royalty Repurchase Option has been exercised, the Company will have the exclusive
                                            and irrevocable one-time right and option (</FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Second
                                            Royalty Repurchase Option</B></FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">)
                                            to purchase an additional twenty-five percent (25%) of the original Royalty on or after the
                                            fifth anniversary following the date of this Agreement, by making a payment (</FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Second
                                            Repurchase Payment</B></FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">)
                                            in cash by wire transfer to the Royalty Holder in the amount that, when combined with the
                                            aggregate Royalty payments received by Royalty Holder prior to the date the Second Repurchase
                                            Payment is made, would provide the Royalty Holder with a [***] IRR. The Second Royalty Repurchase
                                            Option shall expire on the tenth anniversary following the date of this Agreement.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            the Company elects to exercise the Second Royalty Repurchase Option pursuant to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2.5(a),
                                            the Company must provide to the Royalty Holder a minimum of thirty (30) days prior written
                                            notice of the date that it will pay the Second Repurchase Payment, such date to be the next
                                            Business Day following the end of a Quarter. Provided that the Company is not in default
                                            of any of its payment obligations under this Agreement, upon receipt of the Second Repurchase
                                            Payment on the next Business Day following the end of a Quarter along with the Royalty payment
                                            due for such Quarter, all without set-off or deduction, the Royalty Holder must convey and
                                            surrender twenty-five percent (25%) of the original Royalty to the Company by way of a mutually
                                            agreeable instrument. Any such conveyance and surrender will be effective on the date that
                                            payment of the Second Repurchase Payment is made. For greater certainty, if both the First
                                            Royalty Repurchase Option and the Second Royalty Repurchase Option are exercised by the Company,
                                            then the adjusted Royalty Rate will be 0.50% going forward (including for the Quarter in
                                            which the Second Repurchase Payment is made).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">For greater certainty, any exercise of
                                            the Second Royalty Repurchase Option will not derogate from, or impact any rights of the
                                            Royalty Holder that arose or accrued prior to the date that the Second Repurchase Payment
                                            is made, including any Royalty amounts payable and any audit rights.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Royalty Payments</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>Accrual of Payment Obligation</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Following the first Sale by the Company
or its Affiliates of Product the Company must calculate and pay the Royalty for each Quarter in accordance with this Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.2</B></TD><TD STYLE="text-align: justify"><B>Payments</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Royalty payments will be due and payable
Quarterly within thirty (30) days following the end of the Quarter in which the obligation to pay the Royalty accrued.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.3</B></TD><TD STYLE="text-align: justify"><B>Audit and Adjustments</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Without
                                            limiting any other provision of this Agreement, to the extent that the Royalty Holder has
                                            any questions regarding the calculation of the Royalty or the Royalty Statement the Company
                                            must forthwith provide background information and documentation relating to the same and
                                            work in good faith to resolve the Royalty Holder</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            questions, subject to any third-party confidentiality obligations of the Company and its
                                            Affiliates (in which case the Company will provide such information directly to the Royalty
                                            Holder</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s auditor).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Each Royalty payment will be considered
                                            final and in full satisfaction of all obligations of the Company with respect to that payment
                                            unless the Royalty Holder gives the Company written notice within twenty-four (24) months
                                            after receipt by the Royalty Holder of the Royalty Statement that relates to the Royalty
                                            payment in question.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Royalty Holder may, for a period of one hundred and twenty (120) days after delivering to
                                            the Company the notice under Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">3.3(a),
                                            upon reasonable notice and at all reasonable times, have the Company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            Books and Records relating to the calculation of the Royalty payment in question audited
                                            by an independent firm of chartered professional accountants or certified public accountants
                                            with expertise in auditing royalty payments selected by the Royalty Holder.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            an audit conducted in accordance with Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">3.3(c)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">determines
                                            that there has been a deficiency or an excess in the payment made to the Royalty Holder,
                                            then subject to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">3.3(e),
                                            such deficiency or excess will be resolved by adjusting the next Royalty payment due.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            a Party disagrees with the determination in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">3.3(d)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">that
                                            there has been a deficiency or an excess in the payment made to the Royalty Holder, that
                                            Party will have the right to provide background information and documentation in support
                                            of its position within twenty (20) Business Days of such determination and to meet with the
                                            independent firm that conducted the audit to discuss the calculation methodologies and such
                                            firm must in good faith consider the material and whether to revise its determination pursuant
                                            to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">3.3(d).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Royalty Holder may only exercise its audit right once per calendar year unless pursuant to
                                            an audit a deficiency of 5% or more of the amount due to the Royalty Holder is determined
                                            to exist, in which case the Company must pay the costs of such audit and the annual limitation
                                            on audits will be suspended until such time as two (2)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">consecutive
                                            audits confirm that no deficiencies in the amount due to the Royalty Holder. Failure on the
                                            part of the Royalty Holder to make claim on the Company for adjustment within the twenty-four
                                            (24) month period specified in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">3.3(b)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">will
                                            establish the correctness of the Royalty payment and preclude the making of claims for adjustment
                                            of the Royalty payment.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
                                            the foregoing or any other provision of this Agreement, if the auditor appointed under Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">3.3(c)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">determines,
                                            or finds reason to believe that, fraud or gross negligence may exist in respect of any Royalty
                                            payment, then no time limit will preclude the number of audits and adjustments on past Royalty
                                            payments,.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.4</B></TD><TD STYLE="text-align: justify"><B>Currency and Wire Transfer</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All cash Royalty payments must be made
in United States dollars without Deductions, demand, notice, set-off, or reduction, by wire transfer in good immediately available funds,
to such bank account as the Royalty Holder may nominate in writing to the Company from time to time.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.5</B></TD><TD STYLE="text-align: justify"><B>Late Payment</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any Party fails to pay any sum payable
by it under or in accordance with this Agreement then that Party must pay interest on that sum (compounded monthly) from the due date
for payment until that sum plus accrued interest is paid in full at the rate per annum which is the Interest Rate on the date on which
the payment was due calculated daily. The right to require payment of interest under this Section&nbsp;3.5 is without prejudice to any
other rights the non-defaulting Party may have against the defaulting Party under this Agreement, at law, in equity or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Company is in default of any
payment obligation to the Royalty Holder under this Agreement then the Company will automatically, without the Royalty Holder being required
to give notice of default, make demand, institute legal or arbitral proceedings or perform any other action, be deemed to be in default
of, and in arrears under, this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.6</B></TD><TD STYLE="text-align: justify"><B>Reserved</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.7</B></TD><TD STYLE="text-align: justify"><B>Disposition of Product</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company must not dispose of any Product except pursuant to a Sale by the Company of Product by the methods set out in the definition
of </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">Gross Proceeds</FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.8</B></TD><TD STYLE="text-align: justify"><B>Trading Activities of the Company</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Company and any of its Affiliates
                                            will have the right to engage in Trading Activities which may involve the possible physical
                                            delivery of Product.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The calculation of Gross Proceeds will
                                            not be affected by, the Royalty will not apply to, and the Royalty Holder will not be entitled
                                            or required to participate in, any gain or loss of the Company or its Affiliates in Trading
                                            Activities or in the actual marketing or sale of Product delivered pursuant to Trading Activities.
                                            In determining the Royalty payable on any Product delivered pursuant to Trading Activities,
                                            the Company will not be entitled to deduct from Gross Proceeds any losses suffered by the
                                            Company or its Affiliates in Trading Activities. If the Company engages in Trading Activities,
                                            then the Royalty will be determined on the basis of the Market Value of such Products as
                                            of the date of Sale without regard to the price or proceeds actually received by the Company
                                            for, or in connection with, such Sale or the manner in which such Sale was made by the Company.
                                            The Parties agree that the Royalty Holder is not a participant in the Trading Activities
                                            of the Company, and therefore the Royalty will not be diminished or improved by losses or
                                            gains of the Company in any such Trading Activities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.9</B></TD><TD STYLE="text-align: justify"><B>WSMD Procedures</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company must ensure that weighing,
sampling, moisture determination and assaying procedures (&ldquo;<B>WSMD Procedures</B>&rdquo;) are conducted in connection with all
shipments of Product Sold and that all such WSMD Procedures are conducted in accordance with Good Industry Practice. The Company must
provide, or cause to be provided, to the Royalty Holder the required information pursuant to Section&nbsp;5.2, including, upon request
from the Royalty Holder, the Books and Records relevant to the weighing, sampling, moisture determination and assaying of the Product
subject to such shipments, subject to any third-party confidentiality obligations of the Company and its Affiliates (in which case the
Company will provide such information directly to the Royalty Holder&rsquo;s auditor only).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Operation Of The Property</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>4.1</B></TD><TD STYLE="text-align: justify"><B>Company to Determine Operations</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any decision concerning methods, the
extent, times, procedures and techniques of any:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">exploration, development and mining related
                                            to the Property;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">processing or extraction treatment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">materials to be introduced on or to the
                                            Property or produced from the Property and all decisions concerning the sale or disposition
                                            of Product from the Property; and</TD></TR></TABLE>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">operations or continuance of operations
                                            of the Property or any portion thereof, including with respect to closure and care and maintenance,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">will be made by the Company and must
be made by the Company in accordance with Good Industry Practice in the relevant circumstances.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.2</B></TD><TD STYLE="text-align: justify"><B>Compliance with Applicable Laws</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company must ensure that all operations
and activities in respect of the Property will be performed in a commercially reasonable manner in compliance, in all material respects,
with applicable Laws, Authorizations and in accordance with Good Industry Practice.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.3</B></TD><TD STYLE="text-align: justify"><B>Stockpiling</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company may temporarily stockpile
any Product from the Property at such place or places as the Company may elect. In the event that the Company stockpiles or holds inventory
of any Product it must ensure security for the site where such Product is stockpiled in accordance with Good Industry Practice.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.4</B></TD><TD STYLE="text-align: justify"><B>Commingling</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Commingling of Products from the Property
with other ores, dor&eacute;, concentrates, precipitates, metals, minerals or mineral by-products produced elsewhere is permitted, provided
that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">reasonable
                                            and customary procedures are established for the weighing, sampling, assaying and other measuring
                                            or testing necessary to fairly allocate valuable metals contained in such Products and in
                                            the other ores, dor</FONT>&eacute;<FONT STYLE="font-family: Times New Roman, Times, Serif">,
                                            concentrates, metals, minerals and mineral by-products;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">representative samples of the Products
                                            must be retained by the Company and assays (including moisture and penalty substances) and
                                            other appropriate analyses of these samples must be made before commingling to determine
                                            gross metal content of the Products and that the Company must retain such analyses for a
                                            reasonable amount of time, but not less than 24 months, after receipt by the Royalty Holder
                                            of the Royalty paid with respect to such commingled Products from the Property; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            amount of valuable metals contained in such Products and in the other ores, dor</FONT>&eacute;<FONT STYLE="font-family: Times New Roman, Times, Serif">,
                                            concentrates, metals, minerals and mineral by-products are capable of being accurately verified
                                            by audit under Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">3.3.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.5</B></TD><TD STYLE="text-align: justify"><B>Surrender</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to Section&nbsp;4.6, the Company
may, in its absolute discretion, allow to lapse or expire, abandon or surrender all or any part of the Property.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.6</B></TD><TD STYLE="text-align: justify"><B>Reacquisition of Property</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Company or any Affiliate or
any successor or assign of the Company surrenders, allows to lapse or otherwise terminates its interest in the Property or any part of
the Property and reacquires a mineral right or a direct or indirect interest in mineral rights, including by contract or license, in
respect of the area covered by the former Property, then the Royalty will apply, subject to the approval of the ISA if required, to such
mineral right or interest so acquired and such right or interest will thereafter become part of the Property. The Company must give written
notice to the Royalty Holder within five (5)&nbsp;Business Days of any acquisition of such mineral right or interest, as applicable and
on demand of the Royalty Holder and to the extent permitted by applicable Law, must register at the relevant public registry, this Agreement,
or a memorandum of this Agreement, against the mineral right or interest referred to above, as applicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Records,
                                            Access And Reporting</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.1</B></TD><TD STYLE="text-align: justify"><B>Records and Access</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company must:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">keep true, accurate and complete Books
                                            and Records in accordance with either United States generally accepted accounting principles
                                            or IFRS, each as amended, supplemented or replaced from time to time to enable the Royalty
                                            to be calculated in accordance with this Agreement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">permit
                                            the Royalty Holder at its own cost, after it has given reasonable Notice to the Company,
                                            to inspect at the Company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            premises at all reasonable times and with access to the Company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            relevant Personnel, the Books and Records referred to in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">5.1(a),
                                            and to make and take away with it copies of such Books and Records; provided that if any
                                            such Books and Records are subject to any third-party confidentiality obligations of the
                                            Company and its Affiliates, the Company will provide such information directly to the Royalty
                                            Holder</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s auditor only.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.2</B></TD><TD STYLE="text-align: justify"><B>Royalty Statements</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">At the same time as paying each Royalty
payment under Section&nbsp;3.2, the Company must provide to the Royalty Holder a report setting out in reasonable detail the following
information (&ldquo;<B>Royalty Statement</B>&rdquo;):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the quantity, type and grade of Metals
                                            extracted during that Quarter;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the quantity, type and grade of Product
                                            that has been processed during that Quarter and the location of the relevant facilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the quantity, type and grade of all Product
                                            that has been Sold during that Quarter;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the quantity and type of Product held
                                            or unsold during that Quarter;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the Royalty for that Quarter and details
                                            of the Gross Proceeds during the Quarter, details on the proceeds of Sale for underlying
                                            the calculation of the Royalty; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">other pertinent information in sufficient
                                            detail to explain the calculation of the Royalty payment.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>INDEMNITY</B></FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.1</B></TD><TD STYLE="text-align: justify"><B>Indemnity</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company must indemnify and keep
indemnified the Royalty Holder, its Affiliates, and their respective directors, officers, employees and agents and their successors and
assigns (each an &ldquo;<B>Indemnified Party</B>&rdquo;) for, from and against any Claim, that may be made or brought against an Indemnified
Party by a third party that arise out of or in connection with:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any breach or non-compliance with applicable
                                            Law including Environmental Law;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the physical environmental condition of
                                            the Project and matters of health and safety related thereto or any action or claim brought
                                            with respect thereto (including conditions arising before the Execution Date); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any Hazardous Substances on, in or under
                                            the Property or the soil, sediment, water or groundwater forming part of the Property, whether
                                            in the past, present or future, or any Hazardous Substances on any other lands or areas having
                                            originated or migrated from the Property or the soil, sediment, water or groundwater forming
                                            part of the Property.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.2</B></TD><TD STYLE="text-align: justify"><B>Survival of Indemnity</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The indemnity in Section&nbsp;7.1 is
a continuing obligation, separate and independent from other obligations and will not be discharged by any one payment or act and will
survive expiration or earlier termination of this Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>MAINTENANCE
                                            OF EXISTENCE AND TITLE; WARRANTIES</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.1</B></TD><TD STYLE="text-align: justify"><B>Maintenance of Existence</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company shall use its commercially
reasonable efforts to at all times do or cause to be done all things necessary to maintain its corporate or other entity existence and
to obtain and, once obtained, maintain all Authorizations necessary to carry on its business and own the Property.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.2</B></TD><TD STYLE="text-align: justify"><B>Title Maintenance and Taxes</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company shall use its commercially
reasonable efforts to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">not do or permit to be done, anything
                                            that may prejudice the Property or render the Property, or any interest in the Property,
                                            liable for forfeiture; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">maintain title to the Property, including
                                            paying, when due, all Taxes, duties or other payments on or with respect to the Property
                                            and doing all things and making any payments required by applicable Law or appropriate and
                                            permitted by applicable Law to maintain the right, title and interest of the Company and
                                            the Royalty Holder, respectively, in the Property and under this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Assignment
                                            and Future Financing</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.1</B></TD><TD STYLE="text-align: justify"><B>Meaning of Assign</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the purposes of this Section&nbsp;8,
 &ldquo;assign&rdquo; and inflexions of &ldquo;assign&rdquo; means to transfer, sell, assign or otherwise dispose of in any manner whatsoever.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.2</B></TD><TD STYLE="text-align: justify"><B>Assignment by the Royalty Holder</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Royalty Holder may at any time, assign all or any part of the Royalty, including for an indefinite period or for a stated term of years
or up to a specified dollar amount, provided that (i)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">the Royalty
Holder shall provide written notice to the Company of the assignment, and (ii)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">unless
such assignment is made upon the occurrence and continuation of a Royalty payment default by the Company, the aggregate additional amounts
payable by the Company under Sections 12.1(a)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">or Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">12.1(b)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">shall
be no greater than what they would have been if the interest of the initial Royalty Holder had not been sold, assigned or transferred.
Nothing in this Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">8.2 shall in any way restrict or prevent
the Royalty Holder from granting participation interests in the Royalty Holder</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
interests, rights and obligations hereunder. If the Royalty Holder assigns part of the Royalty, the Royalty Holder and all such assignees
must appoint a common administrative agent for payment, audit rights and notice under this Agreement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.3</B></TD><TD STYLE="text-align: justify"><B>Assignment by the Company</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company may assign all or any interest
in the Property (directly or indirectly, including by way of Change of Control) as long as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the case of a direct assignment of all or any interest in the Property, the assignee has
                                            delivered a deed or other instrument under which the assignee covenants to be bound by the
                                            terms and conditions of this Agreement, including this Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">8.3,
                                            in the place of the Company (to the extent of the interest assigned);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the case of a direct assignment, if the assignee is a holding company, the parent company
                                            of such assignee has delivered a deed or other instrument under which such parent company
                                            covenants to be bound by the terms and conditions of this Agreement, including this Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">8.3
                                            and Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">12.2, in
                                            the place of TMC (to the extent of the interest assigned); and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">in the case of a indirect assignment for
                                            an interest equal to or greater than 50% in the Property (including by way of Change of Control),
                                            the company acquiring and indirect interest equal to or greater than 50% in the Property
                                            has delivered a deed or other instrument, substantially in the form of a No Interest Letter.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Company has not complied with
this Section&nbsp;8.3 in relation to an assignment of all or any interest in the Property, then the Company will remain liable to the
Royalty Holder with respect to the Royalty notwithstanding that the assignment occurred and any such assignment will be void and ineffective
as between the Royalty Holder and the Company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.4</B></TD><TD STYLE="text-align: justify"><B>Future Financing - No Interest Letter</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Prior to the Company entering into
any debt financing arrangements in respect of the Property or granting any Encumbrance, directly or indirectly, in the Property relating
to indebtedness or other financing, the Company shall cause each provider of such financing (each, a &ldquo;<B>Financing Party</B>&rdquo;)
to deliver to the Royalty Holder, a letter agreement, substantially in the form attached as Schedule C (a &ldquo;<B>No Interest Letter</B>&rdquo;).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.5</B></TD><TD STYLE="text-align: justify"><B>Subordination to Financing Parties</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">At the request of the Company, the
Royalty Holder agrees to enter into, with each Financing Party that has provided a No Interest Letter, a subordination agreement in a
form acceptable to such Financing Party and the Royalty Holder (acting reasonably), which shall provide for the postponement, standstill
and subordination of any Encumbrance granted to the Royalty Holder pursuant to Section&nbsp;2.2(f)&nbsp;to any Encumbrances in favour
of such Financing Party.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Confidentiality</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Confidentiality</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
                                            to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9.1(b), each
                                            Party covenants with the other that it will keep confidential the terms of this Agreement
                                            and all information (whether in tangible, electronic or other form) provided or disclosed
                                            to a Party by reason of the operation of this Agreement, including any information regarding
                                            a Party</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s Affiliates
                                            (</FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Confidential Information</B></FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Each Party undertakes that neither it,
                                            its Affiliates or their respective Personnel will, without the prior written consent of the
                                            other Party, disclose any Confidential Information to any third Person unless:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the disclosure is expressly permitted by
                                            this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">subject
                                            to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9.1(c), the
                                            disclosure consists of information required to be disclosed under applicable Laws relating
                                            to disclosure by public companies in Canada or the United States of America;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            information is already in the public domain (unless it entered the public domain because
                                            of a breach of this Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9.1
                                            by the Party);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            disclosure is made on a confidential basis to the Party</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            officers, employees, agents, financiers or professional advisers, and is necessary for the
                                            Party</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s business and
                                            such Persons agree to keep the disclosure confidential in accordance with this Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9.1;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">the disclosure is necessary to comply with
                                            any applicable Law, or an order of a court or tribunal;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">subject
                                            to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9.1(c), the
                                            disclosure is necessary for a Party or its Affiliates to comply with a directive or request
                                            of any Governmental Body, securities regulator or stock exchange (whether or not having the
                                            force of Law) so long as a responsible person in a similar position would comply;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">subject
                                            to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9.1(c), the
                                            disclosure is necessary or desirable to obtain an authorization from any Governmental Body,
                                            securities regulator or stock exchange;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">the disclosure is necessary in relation
                                            to any discovery of documents, or any proceedings before an arbitrator, court, tribunal,
                                            other Governmental Body, securities regulator or stock exchange; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            disclosure is made on a confidential basis to a prospective assignee, purchaser, acquiror
                                            or financier of the Party, or to any other person who proposes to enter into contractual
                                            relations with the Party and agrees to keep the disclosure confidential in accordance with
                                            this Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9.1.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Before
                                            disclosing any Confidential Information publicly in accordance with Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9.1(b)(ii)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">or
                                            to a Governmental Body or securities regulator in accordance with Sections 9.1(b)(vi)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">or
                                            9.1(b)(vii), the disclosing Party must, to the extent permitted by applicable Law, provide
                                            the other Party with a draft of the proposed disclosure for its consideration and comment.
                                            The other Party will provide any comments promptly.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.2</B></TD><TD STYLE="text-align: justify"><B>Announcements</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Parties shall jointly plan and
co-ordinate, and shall cause their respective Affiliates to jointly plan and coordinate, any public notices, press releases, and any
other publicity concerning the entering into of this Agreement and none of the Parties or its Affiliates shall act in this regard without
reasonable prior consultation with the other Parties, unless such disclosure is required to meet timely disclosure obligations of such
Parties or their Affiliates under Applicable Laws in circumstances where prior consultation with the other Parties is not practicable,
and a copy of such disclosure shall be provided to the other Parties at such time as it is made publicly available.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.3</B></TD><TD STYLE="text-align: justify"><B>Filing of Agreement</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each Party agrees that if a Party or
any of its Affiliates is required to file a copy of this Agreement in any public registry, filing system or depository, including, in
order to comply with applicable Law, it must notify the other Party of such requirement promptly and the Parties must consult with each
other with respect to any proposed redactions to this Agreement in compliance with such applicable Laws before it is filed in any such
registry, filing system or depository. The Royalty Holder acknowledges that a copy of this Agreement may be publicly filed by TMC under
its profile on EDGAR.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Dispute
                                            Resolution</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.1</B></TD><TD STYLE="text-align: justify"><B>Disputes</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any dispute, controversy or claim in
relation to this Agreement, including the existence, interpretation, validity, performance or breach of this Agreement or any matter
arising under this Agreement, including whether any matter is subject to arbitration or this Section&nbsp;10 (&ldquo;<B>Dispute</B>&rdquo;)
must be resolved in accordance with the provisions of this Section&nbsp;10.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.2</B></TD><TD STYLE="text-align: justify"><B>Dispute Notices and Dispute Representatives</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
                                            the event of any Dispute between the Parties, a Party may give to the other Party a notice
                                            (</FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Dispute Notice</B></FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">)
                                            specifying the Dispute and requiring its resolution under this Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            the Dispute is not resolved within ten (10)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Business
                                            Days after a Dispute Notice is given to the other Party, then each Party must nominate one
                                            (1)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">representative from
                                            its senior management to resolve the Dispute (each, a </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Dispute
                                            Representative</B></FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">),
                                            who must negotiate using their respective commercially reasonable efforts to attain a resolution
                                            of the Dispute.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.3</B></TD><TD STYLE="text-align: justify"><B>Arbitration</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                            a Dispute has not been resolved by the Dispute Representatives under Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">10.2(b)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">within
                                            ten (10)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Business Days
                                            of the date of referral of the Dispute to the Dispute Representatives or such longer period
                                            of time as agreed, then a Party may, by notice to the other Party, submit the Dispute to
                                            arbitration for final resolution in accordance with the remaining provisions of this Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Parties agree that:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            Dispute will be finally resolved by arbitration conducted in accordance with the then current
                                            Rules</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">of Arbitration
                                            of the ICC (</FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ICC
                                            Rules</B></FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the seat or legal place of the arbitration
                                            will be Vancouver, British Columbia, Canada and the language of the arbitration will be English;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">all arbitral proceedings will be private
                                            and confidential and may be attended only by the arbitrators, the Parties and their representatives,
                                            and witnesses to the extent they are testifying in the proceedings;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            Dispute must be heard and determined by three (3)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">arbitrators
                                            and each Party must, within ten (10)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Business
                                            Days after commencement of the arbitration, select one (1)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">person
                                            to act as arbitrator. The two (2)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">arbitrators
                                            so selected must, within five (5)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Business
                                            Days of their appointment, select a third arbitrator who will serve as the chairperson of
                                            the arbitral panel;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">each arbitrator must be a senior practicing
                                            lawyer and a disinterested person who has no connection with either Party or the performance
                                            of this Agreement and must be qualified by education, training and experience to hear and
                                            determine matters in the nature of the Dispute;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            a Party fails to appoint an arbitrator as required under Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">10.3(b)(iv),
                                            or if the arbitrators selected by the Parties are unable or fail to agree upon a third arbitrator
                                            within five (5)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Business
                                            Days of their appointment, then that arbitrator will be selected and appointed in accordance
                                            with the ICC Rules;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">if an arbitrator dies, resigns, refuses
                                            to act, or becomes incapable of performing his or her functions as an arbitrator, then the
                                            ICC may declare a vacancy on the panel and the vacancy will be filled by the method by which
                                            that arbitrator was originally appointed;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">the arbitral panel may determine all
                                            questions of law and jurisdiction (including questions as to whether or not a Dispute is
                                            arbitrable) and all matters of procedure relating to the arbitration;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">any award or determination of the arbitral
                                            panel will be final and binding upon the Parties in respect of all matters relating to the
                                            arbitration, the procedure, the conduct of the Parties during the proceedings and the final
                                            determination of the issues in the arbitration; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">there will be no appeal from any award or
                                            determination of the arbitral panel to any court and judgment on any arbitral award may be
                                            entered in any court of competent jurisdiction.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
                                            arbitration proceeding may be commenced under this Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">10
                                            unless commenced within the time period permitted for actions by the applicable statute of
                                            limitations.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, either
                                            Party may apply to a court of competent jurisdiction for an interim measure of protection,
                                            or for any order for equitable relief explicitly provided for in this Agreement which the
                                            arbitrator does not have the jurisdiction to grant.</TD></TR></TABLE>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.4</B></TD><TD STYLE="text-align: justify"><B>Performance of Obligations During
                                            Dispute</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">To the extent permitted by the nature
of the Dispute, during the existence of any Dispute the Parties must continue to perform their respective obligations under this Agreement
without prejudice to their position in respect of such Dispute, unless the Parties otherwise agree.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Notice</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Form</B></FONT><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">of
                                            Notice</FONT></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any notice, consent, demand or other
communication in relation to this Agreement (&ldquo;<B>Notice</B>&rdquo;) must be:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">delivered by hand or by prepaid, registered
                                            or certified mail or courier to the address, or if sent electronically as an attachment to
                                            an email to the email or other internet address for each Party.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.2</B></TD><TD STYLE="text-align: justify"><B>Delivery</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">A Notice is effective:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">if delivered by hand, on the date it is
                                            delivered to the addressee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                            the case of delivery by mail, five (5)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Business
                                            Days after the date of posting (if posted to an address in the same country) or ten (10)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Business
                                            Days after the date of posting (if posted to an address in another country);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">if couriered, on the date on which the
                                            courier confirms delivery; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">if sent electronically at the time which
                                            is 12 hours from the time the email was sent, unless a later time is specified in the Notice
                                            or a notification of a delivery failure is received by the sender.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">A Notice received after 5pm. in the place
                                            of receipt is taken to be received on the next Business Day in the place of receipt.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">An email does not itself constitute a
                                            Notice but a Notice may be transmitted as an attachment to an email.</TD></TR></TABLE>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.3</B></TD><TD STYLE="text-align: justify"><B>Address for Notice</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
                                            Party</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s address and
                                            email address will be as specified below or as notified in writing from time to time to the
                                            other Party:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">in the case of the Company:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 1.5in; text-align: left">Attention:</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Craig
Shesky, Chief Financial Officer</FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Address:</TD><TD STYLE="text-align: justify">595
Howe Street</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Vancouver, BC</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">V6C 2T5</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Canada</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Email Address:</TD><TD STYLE="text-align: justify"><U>craig@metals.co</U></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"><U>with a copy to:</U></TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Attention:</TD><TD STYLE="text-align: justify">Ryan Coombes, General Counsel and
                                            Corporate Secretary</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Address:</TD><TD STYLE="text-align: justify">595
Howe Street</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Vancouver, BC</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">V6C 2T5</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Canada</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Email Address:</TD><TD STYLE="text-align: justify"><U>Ryan.Coombes@metals.co</U></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">in the case of the Royalty Holder:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 1.5in">&nbsp;</TD>
    <TD STYLE="width: 1.5in; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Attention:</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief
Financial Officer, Low Carbon Royalties Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Address:</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2600-
595 Burrard Street</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">Vancouver, BC</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">V7X 1L3</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">Canada</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Email Address:</TD>
    <TD STYLE="text-align: justify">legal@lowcarbonroyalties.com</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
                                            Party may, from time to time, notify the other Party in writing of any change to its details
                                            in Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">11.3.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Miscellaneous</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.1</B></TD><TD STYLE="text-align: justify"><B>Taxes</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            payments of any kind made under this Agreement or document to be delivered hereunder by or
                                            on behalf of the Company shall be made free and clear and without any present or future deduction,
                                            withholding, charge, levy or imposition for or on account of any Taxes, except as required
                                            by applicable Laws. Subject to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">12.1(c)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">below,
                                            all Taxes, if any, as are required by applicable Laws to be deducted, withheld, charged,
                                            levied, collected or imposed on any Person on or with respect to any such payment made by
                                            or on behalf of the Company shall be paid by the Company by paying to the Royalty Holder,
                                            in addition to such payment, such additional payment as is necessary to ensure that the net
                                            amount received by the Royalty Holder (net of any such Taxes, including any Taxes required
                                            to be deducted, withheld, charged, levied, collected or imposed on any such additional amounts)
                                            equals the full amount that the Royalty Holder would have received had no such deduction,
                                            withholding, charge, levy, collection or imposition been required.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
                                            to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">12.1(c),
                                            if the Royalty Holder becomes liable for any Taxes, other than Excluded Taxes, imposed on
                                            any payments under this Agreement, the Company shall indemnify the Royalty Holder for such
                                            Tax, and the indemnity payment shall be increased as necessary so that, after the imposition
                                            of any Tax on the indemnity payment (including Tax in respect of any such increases in the
                                            indemnity payment), the Royalty Holder shall receive the full amount of Taxes for which it
                                            is liable and are due and payable. Any indemnity payments for Taxes shall be due and payable
                                            by the Company within five (5)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Business
                                            Days of demand from the Royalty Holder. If reasonably requested by the Company, the Royalty
                                            Holder will use reasonable efforts to dispute the imposition or assertion of such Taxes by
                                            the relevant Governmental Body, all at the Company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            expense. A certificate as to the amount of such payment or liability delivered to the Company
                                            by the Royalty Holder shall be conclusive absent manifest error.</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
                                            Sections 12.1(a)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">and
                                            12.1(b), the Company shall not be responsible for any Excluded Taxes imposed or collected
                                            by any foreign jurisdiction in respect of payments of any kind made by the Royalty Holder
                                            pursuant to this Agreement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            parties agree to reasonably cooperate to (i)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">ensure
                                            that no more Taxes, duties or other charges are payable other than as required under applicable
                                            Law and (ii)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">obtain
                                            a refund or credit of any Taxes which have been overpaid.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Without
                                            limiting the provisions of Sections 12.1(a)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">and
                                            12.1(b), the Company shall timely pay any Taxes (other than Excluded Taxes) to the relevant
                                            Governmental Body in accordance with applicable Law.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
                                            soon as practicable after any payment of Taxes by the Company to a Governmental Body pursuant
                                            to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">12.1, the
                                            Company shall deliver to the Royalty Holder the original or a certified copy of a receipt
                                            issued by such Governmental Body evidencing such payment, a copy of the return reporting
                                            such payment or other evidence of such payment reasonably satisfactory to the Royalty Holder.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.2</B></TD><TD STYLE="text-align: justify"><B>Covenant of TMC</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">TMC hereby unconditionally and irrevocably
guarantees and shall be jointly and severally liable for all obligations, including any indemnity given hereunder, of the Company pursuant
to the terms and conditions of this Agreement. Notwithstanding the foregoing,</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                            the Company assigns the Property and complies with Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">8.3;
                                            or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">if TMC assigns any of its interest in
                                            the Company to a third party, and such third party delivers a deed or other instrument under
                                            which such third party covenants to be bound by the terms and conditions of this Agreement
                                            in the place of TMC (to the extent of the interest assigned), then TMC shall, concurrently
                                            with such assignment, be fully and forever discharged and released from its guarantee hereunder
                                            (to the extent of the interest assigned).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.3</B></TD><TD STYLE="text-align: justify"><B>Governing Law</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
                                            for matters of title to the Property or security interests granted in the Property, which
                                            will be governed by the Law of its situs, this Agreement is governed by the law in force
                                            in the Province of British Columbia and the law of Canada applicable in British Columbia,
                                            without regard to any conflict of laws or choice of laws rules</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">or
                                            principles that would permit or require the application of the laws of any other jurisdiction.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
                                            to Section</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">10, each
                                            Party irrevocably submits to the exclusive jurisdiction of the courts exercising jurisdiction
                                            in the Province of British Columbia and any court that may hear appeals from any of those
                                            courts for any proceeding in connection with this Agreement, subject only to the right to
                                            enforce a judgment obtained in any of those courts in any other jurisdiction.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.4</B></TD><TD STYLE="text-align: justify"><B>Other Activities and Interests</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Agreement and the rights and obligations
of the Parties under this Agreement are limited to the Property and the Project. Except as expressly provided in any other written agreement
between the Parties with respect to the Property (and then only to the extent expressly provided in that other written agreement), each
Party will have the free and unrestricted right to enter into, conduct and benefit from any and all business ventures of any kind whatsoever,
whether or not competitive with the activities undertaken under this Agreement, without disclosing such activities to the other Party
or inviting or allowing the other Party to participate in those activities.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.5</B></TD><TD STYLE="text-align: justify"><B>No Partnership</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Agreement is not intended to,
and will be deemed not to, create any partnership between the Parties including a mining partnership or commercial partnership. The obligations
and liabilities of the Parties will be several and not joint and neither Party will have or purport to have any authority to act for
or to assume any obligations or responsibility on behalf of the other Party. Nothing in this Agreement will be deemed to constitute a
Party the partner, agent or legal representative of the other Party or to create any fiduciary relationship between the Parties.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.6</B></TD><TD STYLE="text-align: justify"><B>Severability</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If anything in this Agreement is unenforceable,
illegal or invalid then it is severed and the rest of this Agreement remains in force. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement in accordance
with applicable Law so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that
the transactions contemplated hereby are fulfilled to the fullest extent possible and appropriate consequential amendments (if any) will
be made to this Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.7</B></TD><TD STYLE="text-align: justify"><B>Compliance with National Instrument
                                            43-101 and other Approved Standards</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Parties acknowledge that the Royalty
Holder or Affiliates of the Royalty Holder are or may become subject to NI 43-101 or other Approved Standards. Upon written request by
the Royalty Holder or an Affiliate of the Royalty Holder, the Company must:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">provide
                                            to the Royalty Holder, at the Royalty Holder</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            expense, any and all necessary technical data (including in respect of Mineral Resources
                                            and Mineral Reserves), documents or reports on the Property as are in the Company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
                                            or its Affiliates</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">possession
                                            or which are readily available to the Company or its Affiliates and which may be reasonably
                                            required by the Royalty Holder or its Affiliates to comply with the requirements of NI 43-101
                                            or other Approved Standards;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">grant access to the Property to the Royalty
                                            Holder, its Affiliates or any representative of the Royalty Holder or its Affiliates for
                                            personal inspection of the Property;</TD></TR></TABLE>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">if reasonably requested by the Royalty
                                            Holder and in accordance with NI 43-101, include in any technical report prepared for the
                                            Company or its Affiliates in accordance with NI 43-101 or other Approved Standards, scientific
                                            and technical information that is material to the Royalty Holder or its Affiliates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">upon
                                            the request of the Royalty Holder, use commercially reasonable efforts to convince the author(s)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">of
                                            any report prepared for the Company or its Affiliates in accordance with NI 43-101 or other
                                            Approved Standards to provide, at the sole cost and expense of the Royalty Holder and subject
                                            to such terms and conditions as may be required by such author(s)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">or
                                            their employer(s), (i)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            copy of such report to be addressed to the Royalty Holder or any of its Affiliates, (ii)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            relevant certificates and consents of the author(s)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">required
                                            in connection with the filing of and reference to such report to be provided to the Royalty
                                            Holder or any of its Affiliates, and (iii)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">such
                                            other consents in connection with the use of or reliance upon such report by the Royalty
                                            Holder or any of its Affiliates from time to time in its public disclosure as may be required
                                            by the Royalty Holder; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">allow
                                            any report prepared for the Company or its Affiliates in accordance with NI</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">43-101
                                            or other Approved Standards to be used by the Royalty Holder or its Affiliates in any technical
                                            report prepared for the Royalty Holder or its Affiliates, on condition that a </FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">qualified
                                            person</FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">(as such term
                                            is defined in NI 43-101 or its equivalent in other Approved Standards) engaged by the Royalty
                                            Holder is the author of the report prepared for the Royalty Holder or its Affiliates.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.8</B></TD><TD STYLE="text-align: justify"><B>Replacement Product Prices</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any Market Value as specified in
this Agreement ceases to exist, ceases to be published, or should no longer be internationally recognized as the basis for payment for
the Product to which it relates then upon request by either Party, the Parties must promptly consult together in good faith with the
view to agreeing on whatever modifications to the terms of this Agreement are necessary to make this Agreement again acceptable to both
Parties and must do their utmost to come to a fair and reasonable agreement based upon another internationally recognized metal price
quotation for use in international trade.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.9</B></TD><TD STYLE="text-align: justify"><B>Entire Agreement</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Agreement constitute the entire
agreement between the Parties in respect of its subject matter and supersedes all prior agreements, understandings and documents in respect
of its subject matter (if any) made or given prior to the Execution Date.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.10</B></TD><TD STYLE="text-align: justify"><B>Time of the Essence</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Time is of the essence of this Agreement.
If the Parties agree to vary a time requirement, then the time requirement so varied is of the essence of this Agreement. An agreement
to vary a time requirement must be in writing.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.11</B></TD><TD STYLE="text-align: justify"><B>Further Assurances</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Parties acknowledge their mutual
intention is to create the Royalty on the Property. The Parties further acknowledge that the legal framework for the exploitation of
minerals in the Property has not been finalized by the ISA pursuant to the UNCLOS and remains in flux. This mutual intention is of the
essence of this Agreement. Each Party will, at the request of the other Party and at the requesting Party&rsquo;s expense, execute all
such documents and take all such actions as may be reasonably required to effectuate the purposes and intent of this Royalty Agreement.
Without limiting the generality of the foregoing, the Company shall, subject to Section&nbsp;4.1, use its commercially reasonable efforts
to obtain all Authorizations necessary to give effect to the intention of this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.12</B></TD><TD STYLE="text-align: justify"><B>Amendment</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">An amendment or variation to this Agreement
is not effective unless it is in writing and signed by the Parties.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.13</B></TD><TD STYLE="text-align: justify"><B>Waiver</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A Party&rsquo;s failure or delay to
exercise a power or right does not operate as a waiver of that power or right. The exercise of a power or right does not preclude either
its exercise in the future or the exercise of any other power or right. A waiver is not effective unless it is in writing. Waiver of
a power or right is effective only in respect of the specific instance to which it relates and for the specific purpose for which it
is given.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.14</B></TD><TD STYLE="text-align: justify"><B>Successors and Assigns</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Agreement will inure to the benefit
of and be binding on the Parties and their respective successors and permitted assigns.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.15</B></TD><TD STYLE="text-align: justify"><B>Counterparts</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Agreement may be executed in any
number of counterparts. Each counterpart is an original but the counterparts together are one and the same agreement. This Agreement
is binding on the Parties on the exchange of counterparts. A copy of a counterpart sent by electronic mail:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">must be treated as an original counterpart;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">is sufficient evidence of the execution
                                            of the original; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">may be produced in evidence for all purposes
                                            in place of the original.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.16</B></TD><TD STYLE="text-align: justify"><B>Execution - Authorized Officer
                                            to Sign</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each person signing this Agreement
as an authorized officer of a Party hereby represents and warrants that he or she is duly authorized to sign this Agreement for that
Party and that this Agreement will, upon having been so executed, be binding on that Party in accordance with its terms.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>In
Witness Whereof</B></FONT>, the Parties have caused this Agreement to be executed and delivered as of the date first set forth above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Nauru Ocean Resources Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;/s/
    Gerard Barron </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Name: Gerard Barron</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Title: Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>TMC the metals company Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">By:</TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
    Gerard Barron</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Name: Gerard Barron</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Title: Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Low Carbon Royalties Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">By:</TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; text-align: justify">/s/ Brian Paes-Braga</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Name: Brian Paes-Braga</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Title: Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In July&nbsp;2011, NORI,
was granted a polymetallic nodule exploration contract pursuant to the ISA&rsquo;s Regulations on Prospecting and Exploration for Polymetallic
Nodules in the Clarion Clipperton Zone (&ldquo;<B>CCZ</B>&rdquo;), providing it exclusive rights to explore 74,830 km<SUP>2</SUP> in
the CCZ pursuant to the NORI Exploration Contract (&ldquo;<B>NORI Exploration Contract</B>&rdquo;). The NORI Exploration Contract was
approved by the ISA Council on July&nbsp;19, 2011, and entered into on July&nbsp;22, 2011 between NORI and the ISA, and terminates on
July&nbsp;22, 2026, subject to extension.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The NORI Contract Area is
located within the CCZ of the northeast Pacific Ocean. The CCZ is located in international waters between Hawaii and Mexico. The western-end
of the CCZ is approximately 1,000 km south of the Hawaiian island group. From here, the CCZ extends almost 5,000 km east-northeast, in
an approximately 600 km wide trend, with the eastern limits approximately 2,000 km west of southern Mexico. The NORI Contract Area comprises
four separate blocks (A, B, C and D) in the CCZ with a combined area of 74,830 km2 and is more particularly identified below:</P>

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

<P STYLE="text-align: justify; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">NORI
Contract Area extents </FONT></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Minimum</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Maximum</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Minimum</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Maximum</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Minimum</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Maximum</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Minimum</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Maximum</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Latitude</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Latitude</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Longitude</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Longitude</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">UTM X</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">UTM X</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">UTM Y</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">UTM Y</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">UTM</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 8pt">Area</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">(DD)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">(DD)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">(DD)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">(DD)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">(m)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">(m)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">(m)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">(m)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Zone</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 10%"><FONT STYLE="font-size: 8pt">A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">11.5000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">13.0000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">(134.5830</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">(133.8330</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">545,220.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">627,276.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">1,271,339</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">1,437,255</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 8pt">B</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">13.5801</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">14.0000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(134.0000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(133.2000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">607,995.7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">694,759.8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,501,590</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,548,425</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 8pt">C</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">12.0000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">14.9350</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(123.0000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(120.5000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">500,000.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">769,458.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,326,941</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,652,649</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">10</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 8pt">D</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">9.8950</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">11.0833</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(117.8167</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(116.0667</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">410,465.2</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">602,326.1</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,093,913</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,225,353</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DD &mdash; Decimal degrees, UTM &mdash; Universal
Transverse Mercator map projection</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The NORI Contract Area is
an exploration stage property. To date, no exploitation contracts for extracting minerals from the international seafloor have been granted.
The ISA is currently working on the development of a legal framework to regulate the exploitation of polymetallic nodules in the of the
high seas beyond national jurisdiction, which includes the CCZ.</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Below is a map showing the NORI Contract Area relative to other
exploration areas for polymetallic nodules in the CCZ</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm237472d1_ex10-1sp2img01.jpg" ALT=""></P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;of
AGREEMENT RE: NO INTEREST</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS agreement is made as
of <FONT STYLE="font-size: 10pt">[&#9679;],</FONT> by and between Low Carbon Royalties Inc (the &ldquo;<B>Royalty Holder</B>&rdquo;),
[<B>Name</B>], (the &ldquo;<B>Lender</B>&rdquo;/&ldquo;<B>CoC Parent Company</B>&rdquo;) and Nauru Ocean Resources Inc. (the &ldquo;<B>Company</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS the Company created,
granted and conveyed to the Royalty Holder a perpetual royalty in the amount of the Royalty Percentage of Gross Proceeds from Product
from the Property, (the &ldquo;<B>Royalty</B>&rdquo;) (each as defined in the Royalty Agreement), pursuant to a royalty agreement between
the Company and the Royalty Holder dated <FONT STYLE="font-size: 10pt">[&#9679;]</FONT>, 202[&#9679;], a copy of which is attached hereto
as Schedule &ldquo;A&rdquo; (as amended, modified, supplemented or restated, the &ldquo;<B>Royalty Agreement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AND WHEREAS the Lender/CoC
Parent Company, in its capacity as the <B>[describe role of lender and document under which there is indebtedness <U>or</U> the describe
role of COC Parent Company and document by which Change of Control occurred]</B>, as amended, restated, supplemented or replaced from
time to time (the &ldquo;<B>Agreement</B>&rdquo;), <B>[is owed a financial obligation by the Company/is the CoC Parent Company of the
Company] [and is the holder of certain security against the Company (as amended, modified, supplemented, replaced or restated, the &ldquo;Security&rdquo;)]</B><SUP>1</SUP>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B> the Company
has covenanted to provide a letter agreement in substantially the form hereof from <B>[any provider of financing to the Company] [a
CoC Parent Company with an indirect interest of more than 50% in the Property] </B>in favour of the Royalty Holder providing for the
acknowledgements and agreement included herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW THEREFORE</B> for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby acknowledge, confirm
and agree (knowing that the other parties will be relying upon such acknowledgments, confirmations and agreements) as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Lender/CoC Parent Company acknowledges
                                            that the Royalty is intended to run with the land and constitute the grant of a vested present
                                            interest in the Property and a covenant running with the Property and all successions thereof,
                                            whether created privately or through government action, and is binding upon the Company and
                                            its successors and assigns of the Property, or any portion thereof or interest therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The Lender/CoC Parent Company acknowledges
                                            that the Royalty will attach to any amendments, relocations or conversions of any mining
                                            claim, license, lease, concession, permit, patent or other tenure comprising the applicable
                                            Property, or to any extension or renewal thereof or to any replacement or substitution therefor.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>[The Lender agrees that the Royalty and
                                            any property of the Company to the extent comprising the Royalty are not subject to the Security.]<SUP>2
                                            </SUP></B>The Lender/CoC Parent Company acknowledges that all payments due to the Royalty
                                            Holder on account of the Royalty will become the property of the Royalty Holder at the time
                                            of production of the minerals on the applicable Property and will be held by the Company
                                            in trust for the Royalty Holder until paid to the Royalty Holder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B>[The Lender agrees that the Security will
                                            not be sold, assigned, transferred or otherwise disposed of unless the person to whom the
                                            Security is sold, assigned, transferred or otherwise disposed of has executed and delivered
                                            to the Royalty Holder an agreement in favour of the Royalty Holder substantially in the form
                                            hereof.]<SUP>3</SUP></B></TD></TR></TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>NTD: To be included where counterparty holds or will hold security.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP></FONT>NTD: To be included where counterparty holds or will hold security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3
</SUP></FONT>NTD: To be included where counterparty holds or will hold security.</P>

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

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

<!-- Field: Page; Sequence: 32 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The Lender/CoC Parent Company agrees not to
                                            take any action to prevent the Company or any of its affiliates from performing its obligations
                                            under the Royalty Agreement, including the payment of the Royalty.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><B>[In connection with any enforcement of or
                                            realization upon the Security, the Lender agrees not to permit, seek to effect or consent
                                            to any conveyance of all or any portion of the Property unless the purchaser or transferee
                                            (the &ldquo;Transferee&rdquo;) of such Property has first entered into an agreement, in form
                                            and substance satisfactory to the Royalty Holder, to be bound by the Royalty Agreement (and,
                                            if such Transferee is a subsidiary of any person, the Lender shall use its commercially reasonable
                                            efforts to cause the person which ultimately controls such Transferee to provide a guarantee
                                            of such Transferee&rsquo;s obligations in form and substance satisfactory to the Royalty
                                            Holder, acting reasonably) or become so bound by operation of law and such interest in the
                                            Property shall be otherwise subject to the terms and conditions hereof and the Royalty Agreement.]<SUP>4</SUP></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">The Lender/CoC Parent Company acknowledges,
                                            agrees and affirms that, for so long as the Royalty Agreement is in effect:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Lender/CoC Parent Company will not
                                            seek nor support any Person in seeking (and will not seek or support the appointment of a
                                            receiver that seeks) any conveyance of all or any portion of the Property free and clear
                                            of the Royalty; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Lender/CoC Parent Company will not
                                            seek or support any restructuring plan or proposal, or otherwise make or support any claim,
                                            that:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">purports to eliminate or modify the Royalty
                                            or the Royalty Agreement without the express written consent of the Royalty Holder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">contests, challenges or brings into question
                                            the validity or enforceability of the Royalty as an interest in land, and specifically, in
                                            and to the Property; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">contests, challenges or brings into question
                                            the validity or enforceability of all of the terms, covenants, and conditions in the Royalty
                                            Agreement as running with and binding upon the Property and the estates affected thereby,
                                            subject to the terms and conditions of the Royalty Agreement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">The Royalty Holder agrees not to accept or
                                            require any security interest, mortgage, debenture, pledge, hypothec, assignment (as security),
                                            deposit arrangement, lien, charge, title retention, consignment, lease or other security
                                            agreement or similar arrangement as security for all or any of its royalty obligations under
                                            the Royalty respectively, other than in accordance with and as permitted by, the express
                                            terms of the Royalty Agreement. For greater certainty, the registration or recordation of
                                            any document or agreement evidencing the Royalty, including the Royalty Agreement, respectively,
                                            shall not contravene this Section&nbsp;8.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">Each party hereto represents and warrants that
                                            it has full authority to deliver this agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">This agreement shall be governed by and construed
                                            in accordance with the laws of the Province of British Columbia and the federal laws of Canada
                                            applicable therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">This agreement may be executed in any number
                                            of counterparts, each of which is deemed an original, but all of which together are deemed
                                            to be one and the same agreement. A signed copy of this agreement delivered by facsimile,
                                            e-mail or other means of electronic transmission is deemed to have the same legal effect
                                            as delivery of an original signed copy of this agreement.</TD></TR></TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4
</SUP></FONT>NTD: To be included where counterparty holds or will hold security.</P>

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

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

<!-- Field: Page; Sequence: 33 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I)&nbsp;IS NOT MATERIAL AND (II)&nbsp;WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">This agreement constitutes the sole and entire
                                            agreement of the parties with respect to the subject matter contained herein, and supersedes
                                            all prior and contemporaneous understandings, agreements, representations and warranties,
                                            both written and oral, with respect to such subject matter.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>Remainder of Page&nbsp;Intentionally
Left Blank</I>]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DATED this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>day of ______________, 20[&#9679;].</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[LENDER/COC PARENT COMPANY]</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Per:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Name:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Title:</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address for notices hereunder:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: [&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: [&#9679;]</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LOW CARBON ROYALTIES INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Per:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Name:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Title:</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address for notices hereunder:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: [&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: [&#9679;]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>tm237472d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TMC
the metals company Inc.</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DATED AS OF FEBRUARY 21, 2023</B></P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>THIS INVESTOR
RIGHTS AGREEMENT</B></FONT> (this &ldquo;<B>Agreement</B>&rdquo;) is made as of February 21, 2023 (the &ldquo;<B>Effective Date</B>&rdquo;)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>LOW CARBON ROYALTIES INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(the &ldquo;<B>Corporation</B>&rdquo;)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>TMC
the metals company Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(&ldquo;<B>TMC</B>&rdquo;)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>BRIAN PAES-BRAGA</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(&ldquo;<B>BPB</B>&rdquo; and together
with TMC, the &ldquo;<B>Investors</B>&rdquo; and each, an &ldquo;<B>Investor</B>&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS in connection with
the Royalty Agreement entered into between Nauru Ocean Resources Inc. (&ldquo;<B>NORI</B>&rdquo;), an indirect subsidiary of TMC, the
Corporation and TMC dated February 21, 2023 (the &ldquo;<B>Royalty Agreement</B>&rdquo;) pursuant to which, among other things, NORI
granted a certain royalty subject to the terms and conditions set forth in the Royalty Agreement, TMC and the Corporation entered into
a Subscription Agreement (the &ldquo;<B>TMC Subscription Agreement</B>&rdquo;) whereby TMC purchased and was issued [***] common shares
in the capital of the Corporation by the Corporation, and, as of the date hereof, TMC owns 35.0% of the issued and outstanding Common
Shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AND WHEREAS, BPB and the Corporation
entered into (i) a Contribution and Subscription Agreement (the &ldquo;<B>Contribution and Subscription Agreement</B>&rdquo;) dated the
date hereof whereby BPB was issued [***] Common Shares in the capital of the Corporation by the Corporation in consideration for the contribution
of certain royalty rights; and (ii) Subscription Agreements [***] (the &ldquo;<B>BPB Subscription Agreements</B>&rdquo;) whereby
BPB was issued an aggregate of [***] common shares in the capital of the Corporation by the Corporation, and, as of the date hereof, BPB
(directly or indirectly) owns or controls [***] Common Shares, being [***] of the issued and outstanding Common Shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AND WHEREAS in connection
with, and as a condition to, the consummation of the transactions contemplated by the Royalty Agreement, the TMC Subscription Agreement,
the Contribution and Subscription Agreement and the BPB Subscription Agreements, as applicable, the Parties have agreed to enter into
this Investor Rights Agreement in order to govern certain of their rights, duties and obligations;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>NOW
THEREFORE, THIS AGREEMENT WITNESSES THAT</B></FONT> in consideration of the respective covenants, agreements, representations, warranties
and indemnities herein contained and for other good and valuable consideration (the receipt and sufficiency of which are acknowledged
by each party), the parties to this Agreement (together, the &ldquo;<B>Parties</B>&rdquo; and, individually, a &ldquo;<B>Party</B>&rdquo;)
covenant and agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;1</B></FONT><B>
<FONT STYLE="text-transform: uppercase">&ndash; INTERPRETATION</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;1.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Definitions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this Agreement, including
any schedule to this Agreement, unless there is something in the subject matter or context inconsistent therewith:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Act</B>&rdquo; means the <I>Business
Corporations Act</I> (British Columbia).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; means,
with respect to any specified Person, any other Person who, directly or indirectly, Controls, is Controlled by, or is under common Control
with such Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Applicable Law</B>&rdquo;
means all laws (statutory or common), rules, ordinances, regulations, grants, concessions, franchises, licenses, orders, directives, judgments,
decrees, and other governmental restrictions, including permits and other similar requirements, whether legislative, municipal, administrative
or judicial in nature, having application, directly or indirectly, to a Party to this Agreement and their respective Affiliates, or the
transactions contemplated by this Agreement, and includes the rules&nbsp;and policies of any stock exchange or securities market upon
which a Party or any of its Affiliates has securities listed or quoted, or, if applicable, is seeking to have such securities listed or
quoted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Board</B>&rdquo; means the
board of directors of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means
any day of the year, other than a Saturday, a Sunday or any day on which chartered banks are closed for business in Vancouver, British
Columbia.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Canadian Securities Laws</B>&rdquo;
means, collectively, all applicable securities laws of each of the Reporting Jurisdictions and the respective rules&nbsp;and regulations
under such laws together with applicable published instruments, notices and orders of the securities regulatory authorities in the Reporting
Jurisdictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Common Shares</B>&rdquo; means
the common shares in the capital of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Company Shareholders</B>&rdquo;
means the shareholders of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Confidential Information</B>&rdquo;
has the meaning assigned thereto in Section&nbsp;6.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Control</B>&rdquo; has the
meaning assigned thereto in Section&nbsp;1.5.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Convertible Securities</B>&rdquo;
means any securities convertible into or exercisable or exchangeable for Common Shares, including convertible debt securities and rights
to purchase Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Equity Financing</B>&rdquo;
means the issuance and sale of Equity Securities, directly or indirectly, for cash or cash equivalents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Equity Financing Notice</B>&rdquo;
has the meaning assigned thereto in Section&nbsp;3.2(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Equity Right</B>&rdquo; has
the meaning assigned thereto in Section&nbsp;3.1.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Equity Securities</B>&rdquo;
means Common Shares or Convertible Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Exchange Act</B>&rdquo; shall
mean the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Excluded Issuances</B>&rdquo;
has the meaning assigned thereto in Section&nbsp;3.5.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>GAAP</B>&rdquo; means generally
accepted accounting principles in effect from time to time in Canada, being International Financial Reporting Standards, as those principles
may be amended, varied or replaced, then in effect and generally accepted in Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Governmental Body</B>&rdquo;
means any domestic or foreign federal, provincial, regional, state, municipal or other government, governmental department, agency, authority
or body (whether administrative, legislative, executive or otherwise), court, tribunal, commission or commissioner, bureau, minister or
ministry, board or agency, or other regulatory authority, including any securities regulatory authorities or stock exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Investor Percentage</B>&rdquo;
means, in respect of each Investor, the percentage of the issued and outstanding Common Shares owned beneficially by such Investor and
its Affiliates, collectively, calculated in accordance with Section&nbsp;1.3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>IPO</B>&rdquo; means mean
the Corporation&rsquo;s first underwritten public offering of its Common Shares pursuant to a registration statement that has been declared
effective under the <I>United States Securities Act of 1933</I> or a prospectus filed under applicable Canadian Securities Laws in respect
of which a (final) receipt has been obtained or any RTO Transaction (as currently defined in Section&nbsp;26.1 of the Articles of the
Corporation), accompanied by the listing of the Common Shares (or any shares issued to Company Shareholders in exchange for their Common
Shares, as applicable) on the Toronto Stock Exchange and/or the TSX Venture Exchange and/or the Nasdaq National Market and/or the New
York Stock Exchange and/or any another stock exchange or market acceptable to the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Non-Cash Consideration Value</B>&rdquo;
means, in respect of a Non-Cash Transaction, the implied price per Equity Security paid by any Person based upon the fair market value
of the non-cash consideration received by the Corporation from such Person as determined in good faith by the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Non-Cash Transaction</B>&rdquo;
means a transaction whereby the Corporation issues Equity Securities for non-cash consideration, including as a result of a consolidation,
amalgamation, merger, arrangement, corporate reorganization or similar transaction or business reorganization resulting in a combined
company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Non-Cash Transaction Notice</B>&rdquo;
has the meaning assigned thereto in Section&nbsp;3.3(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Outstanding Equity Securities</B>&rdquo;
means the number of the Common Shares issued or outstanding at a particular time on a non-diluted basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Parties</B>&rdquo; has the
meaning assigned thereto in the Recitals to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Person</B>&rdquo; means and
includes individuals, corporations, bodies corporate, limited or general partnerships, joint stock companies, limited liability companies,
joint ventures, associations, companies, trusts, banks, trust companies, Governmental Bodies or any other type of organization or entity,
whether or not a legal entity.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Prospectus</B>&rdquo; shall
mean any prospectus (or a prospectus supplement that shall be deemed part of a short form base shelf prospectus filed with the Canadian
Securities Administrators under Canadian Securities Laws) that qualifies the distribution of Registrable Securities pursuant to the provisions
of this Agreement, including any amendments or supplement to such prospectus, and all exhibits to and all material incorporated by reference
in such prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Registrable Securities</B>&rdquo;
shall mean (i)&nbsp;any Common Shares held by an Investor; (ii)&nbsp;any Common Shares issued or issuable (directly or indirectly) upon
conversion and/or exercise of any other securities of the Corporation held by an Investor; (iii)&nbsp;any other securities of the Corporation
held by an Investor, whether or not convertible or exercisable for Common Shares if such securities are registered or being registered
by the Corporation under the Securities Act or qualified for distribution pursuant to a Prospectus under Canadian Securities Laws; and
(iv)&nbsp;any Common Shares or such other securities issued as (or issuable upon the conversion or exercise of any warrant, right, or
other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares
or other securities referenced above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Registration Statement</B>&rdquo;
shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the
prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration
statement, and all exhibits to and all material incorporated by reference in such registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Reporting Jurisdictions</B>&rdquo;
means any of the provinces and territories of Canada, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Securities Act</B>&rdquo;
shall mean the Securities Act of 1933, as amended, and the rules&nbsp;and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Securities Laws</B>&rdquo;
means, collectively, all Applicable Laws regulating trading in, or the issuance of securities, including the rules&nbsp;and policies of
any applicable stock exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Securities Regulatory Authorities</B>&rdquo;
means, collectively, the securities regulatory authority in each of the provinces and territories of Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Security-Based Compensation
Arrangements</B>&rdquo; means any option plan, share unit plan, incentive plan or other equity-based compensation arrangement of the Corporation
that is approved by the Board; provided that such plans and/or arrangements authorize the issuance of, and/or reserve for issuance, in
the aggregate, no greater than 15% of the issued and outstanding Common Shares at any time and from time to time, unless otherwise approved
by each Investor in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Subsidiary</B>&rdquo; means,
with respect to any Person, an entity which is Controlled by such Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>US GAAP</B>&rdquo; means generally
accepted accounting principles in effect from time to time in the USA, being those accounting principles, standards and procedures issued
by the Financial Accounting Standards Board, as those principles may be amended, varied or replaced, then in effect and generally accepted
in the USA.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;1.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Interpretation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of this Agreement,
except as otherwise expressly provided:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">&ldquo;this Agreement&rdquo; means this agreement, including the schedules hereto, and not any particular
part, section or other portion hereof, and includes any agreement, document or instrument entered into, made or delivered pursuant to
the terms hereof, as the same may, from time to time, be supplemented or amended and in effect;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">all references in this Agreement to a designated &ldquo;Article&rdquo;, &ldquo;Section&rdquo; or &ldquo;Schedule&rdquo;
are references to the designated article, section or schedule of or to this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">the words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereto&rdquo; and &ldquo;hereunder&rdquo;
and other words of similar import refer to this Agreement as a whole and not to any particular part, section, subsection or other subdivision
or schedule unless the context or subject matter otherwise requires;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">the division of this Agreement into articles, sections and other portions and the insertion of headings
are for convenience of reference only and are not intended to interpret, define or limit the scope, extent or intent of this Agreement
or any provision hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">unless otherwise provided herein, all references to currency in this Agreement are to lawful money of
the United States and, for greater certainty, &ldquo;US$&rdquo; means U.S. Dollars;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">a reference in this Agreement to a statute includes all regulations made thereunder, all amendments to
the statute or regulations in force from time to time, and any statute or regulation that supplements or supersedes such statute or regulations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">the singular of any term includes the plural, and vice versa, and words importing any gender include all
genders, and the word &ldquo;including&rdquo; is not limiting whether or not non-limiting language (such as &ldquo;without limitation&rdquo;
or &ldquo;but not limited to&rdquo; or words of similar import) is used with reference thereto; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">in the event that any date on which any action is required to be taken hereunder by any of the Parties
hereto is not a Business Day, such action will be required to be taken on the next succeeding day which is a Business Day.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;1.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Calculation
of Investor Percentage</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Investor Percentage at
any given time shall be calculated by dividing the number of the Common Shares owned beneficially by the applicable Investor and its Affiliates,
collectively, by the number of Outstanding Equity Securities and multiplying the quotient by 100.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;1.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Control</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">a Person Controls a body corporate if securities of the body corporate to which are attached more than
50% of the votes that may be cast to elect directors of the body corporate are beneficially owned by the Person and the votes attached
to those securities are sufficient, if exercised, to elect a majority of the directors of the body corporate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">a Person Controls an unincorporated entity, other than a limited partnership, if more than 50% of the
ownership interests, however designated, into which the entity is divided are beneficially owned by that Person and the Person is able
to direct the business and affairs of the entity; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">the general partner of a limited partnership Controls the limited partnership.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">A Person who Controls an entity is deemed to Control any entity that is Controlled, or deemed to be Controlled,
by the entity.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">A Person is deemed to Control, within the meaning of Section&nbsp;1.5(a)(i)&nbsp;or Section&nbsp;1.5(a)(ii),
an entity if the aggregate of:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">any securities of the entity that are beneficially owned by that Person; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">any securities of the entity that are beneficially owned by any entity Controlled by that Person;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">is such that, if that Person and all of
the entities referred to in Section&nbsp;1.5(c)(ii)&nbsp;that beneficially own securities of the entity were one Person, that Person would
Control the entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;2</B></FONT><B><FONT STYLE="text-transform: uppercase">&ndash;
Nominee right</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;2.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Investor
Nominee Right.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At any time prior to an IPO,
so long as the Investor Percentage of an Investor is greater than 20.0%:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Such Investor shall be entitled to designate one individual (a &ldquo;<B>Nominee</B>&rdquo;) to be appointed
as of the date hereof until the next meeting of Company Shareholders and, at each meeting of Company Shareholders (or on any resolution
passed by being consented to in writing by the Company Shareholders) at which directors of the Corporation are to be elected following
the date hereof, to be nominated as a director of the Corporation at each such meeting of Company Shareholders or consent resolution,
provided that the Nominee consents in writing to serve as a director. To the extent such Investor is an individual, the Investor may nominate
himself as Nominee.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Such Nominee, at the time of election or appointment to the Board for the first time, shall be eligible
under the BCBCA to serve as a director (collectively, the &ldquo;<B>Director Eligibility Criteria</B>&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The Corporation shall appoint such Nominee to the Board concurrent with the execution and delivery of
this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">The Corporation shall cause such Nominee to be included in the slate of nominees proposed by the Board
to its Company Shareholders for approval as directors at each meeting of the Company Shareholders, or on any resolution passed by being
consented to in writing by the Company Shareholders where directors are to be elected by Company Shareholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">The Corporation shall use all commercially reasonable efforts to cause the election of such Nominee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">Such Investor shall advise the Corporation of the identity of their Nominee at least fifteen (15) Business
Days prior to the date on which the applicable Company Shareholder meeting materials are to be mailed by the Corporation (as advised by
the Corporation to each Investor at least twenty (20) Business Days prior to such date) for purposes of any meeting of Company Shareholders
at which directors are to be elected, or prior to the date consent resolution is to be sought from the Company Shareholders (as advised
by the Corporation to such Investor at least twenty (20) Business Days prior to such date) to elect directors. If such Investor does not
advise the Corporation of the identity of any Nominee prior to such deadline, then such Investor will be deemed to have nominated their
incumbent Nominee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">If such Investor&rsquo;s Nominee ceases to hold office as a director of the Corporation for any reason
(including death, disability, resignation or removal), such Investor shall be entitled to nominate an individual (so long as such individual
satisfies the Director Eligibility Criteria) to replace him or her and the Corporation shall take all commercially reasonable steps as
may be necessary to promptly appoint, within two (2)&nbsp;Business Days of such nomination, such individual to the Board to replace the
Nominee who has ceased to hold office. Any such succeeding individual shall thereafter be such Investor&rsquo;s Nominee.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Vote.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At any time prior to an IPO,
so long as the Investor Percentage of an Investor is greater than 20.0%:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">The other Investor hereby agrees that he, she or it shall vote or consent with respect to (or cause to
be voted or consented) the Common Shares owned beneficially or controlled by such other Investor and shall cause his, hers or its Affiliates
to vote or consent with respect to (or cause to be voted or consented) the Common Shares owned beneficially or controlled by such Affiliates
in favour of the election of such Investor&rsquo;s Nominee to the Board at every meeting of Company Shareholders at which the number of
directors and election of the directors is to be considered, and at every reconvened meeting following an adjournment or postponement
thereof, and/or on any resolution passed by being consented to in writing by the Company Shareholders where the directors are to be elected
by Company Shareholders.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">The other Investor shall vote or consent with respect to (or cause to be voted or consented) the Common
Shares owned beneficially or controlled by such other Investor and shall cause his, hers or its Affiliates to vote or consent with respect
to (or cause to be voted or consented) the Common Shares owned beneficially or controlled by such Affiliates against any proposed action
presented to the Company Shareholders that would impede, delay or interfere with election of such Investor&rsquo;s Nominee to the Board
at every meeting of Company Shareholders where such action is considered, and at every reconvened meeting following an adjournment or
postponement thereof, and/or on any resolution passed by being consented to in writing by the Company Shareholders where such action is
considered.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify">The other Investor shall vote or consent with respect to (or cause to be voted or consented) the Common
Shares owned beneficially or controlled by such other Investor and shall cause his, hers or its Affiliates to vote or consent with respect
to (or cause to be voted or consented) the Common Shares owned beneficially or controlled by such Affiliates at every applicable meeting
of Company Shareholders, and at every reconvened meeting following an adjournment or postponement thereof, and/or on any applicable resolution
passed by being consented to in writing by the Company Shareholders, for the performance of the obligations set out in this Article&nbsp;2.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;3</B></FONT><B><FONT STYLE="text-transform: uppercase">&ndash;
Anti-Dilution Rights</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;3.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Equity
Right</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From and after the Effective
Date, at any time prior to an IPO, each Investor shall have the right (the &ldquo;<B>Equity Right</B>&rdquo;), as set forth in and subject
to this Article&nbsp;3, to maintain their Investor Percentage in the issued and outstanding Common Shares and/or Equity Securities in
the event that the Corporation issues any Equity Securities pursuant to (i)&nbsp;an Equity Financing or (ii)&nbsp;a Non-Cash Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Equity
Financing</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to Section&nbsp;3.4,
from and after the Effective Date, at any time prior to an IPO, in the event that the Corporation proposes to issue Equity Securities
in connection with an Equity Financing:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the Corporation shall deliver a notice to each Investor in writing as soon as possible prior to completion
of an Equity Financing, but in any event at least five Business Days prior to the proposed closing date of the Equity Financing (the &ldquo;<B>Equity
Financing Notice</B>&rdquo;), such Equity Financing Notice to enclose the material terms of the Equity Financing to allow each Investor
to make a reasoned decision in respect of exercising the Equity Right, including: (i)&nbsp;the total number of Equity Securities at such
time and the Investor Percentage; (ii)&nbsp;the total number of Equity Securities which are proposed to be offered for sale in the Equity
Financing; (iii)&nbsp;the rights, privileges, restrictions, terms and conditions of the Equity Securities proposed to be offered for sale;
(iv)&nbsp;the consideration for which the Equity Securities are proposed to be offered for sale; and (v)&nbsp;the proposed closing date
of the Equity Financing; and</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">each Investor shall have the right to subscribe for and purchase up to that number of the Equity Securities
that the Corporation proposes to offer pursuant to the Equity Financing such that their Investor Percentage immediately following completion
of such Equity Financing (assuming, in the case of an Equity Financing that includes the issuance of Convertible Securities, the full
conversion of such Convertible Securities) will equal their Investor Percentage immediately prior to the Equity Financing, for the consideration
and on the same terms and conditions as offered to the other potential purchasers all as set forth in the Equity Financing Notice; provided
that if the consideration and/or terms and conditions for all of the potential purchaser(s)&nbsp;in such Equity Financing are not identical,
each Investor shall be entitled to elect to subscribe for and purchase Equity Securities for the consideration and/or terms and conditions
applicable to any such potential purchaser it chooses. Notwithstanding the foregoing and for greater certainty, if the Equity Securities
proposed to be offered in the Equity Financing Notice are securities convertible into or exercisable or exchangeable for Common Shares,
the number of Equity Securities that each Investor shall have a right to subscribe for and purchase pursuant to the Equity Right would
be equal to the total number of Equity Securities actually sold pursuant to the Equity Financing multiplied by their Investor Percentage.
If an Investor elects to subscribe for such Equity Securities, such Investor shall provide written notice to the Corporation by the close
of business on the fifth (5<SUP>th</SUP>) Business Day following the day upon which the Equity Financing Notice is delivered to the Investor
and the subscription elected by the Investor pursuant to this Section&nbsp;3.2(b)&nbsp;shall close as promptly as possible following,
or concurrently with, in the Corporation&rsquo;s discretion, the closing of the applicable Equity Financing.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;3.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Non-Cash
Transactions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to Section&nbsp;3.4,
from and after the Effective Date, at any time prior to an IPO, in the event that the Corporation proposes to issue Equity Securities
in connection with a Non-Cash Transaction:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the Corporation shall deliver a notice to each Investor in writing as soon as possible prior to the completion
of the Non-Cash Transaction, but in any event at least five Business Days prior to the proposed closing date of the Non-Cash Transaction
(the &ldquo;<B>Non-Cash Transaction Notice</B>&rdquo;), which Non-Cash Transaction Notice shall specify: (i)&nbsp;the total number of
Equity Securities at such time and the Investor Percentage; (ii)&nbsp;the total number of Equity Securities which are proposed to be issued
in connection with the Non-Cash Transaction; (iii)&nbsp;the rights, privileges, restrictions, terms and conditions of the Equity Securities
proposed to be issued; (iv)&nbsp;the consideration for which the Equity Securities are proposed to be offered for sale in the Non-Cash
Transaction and the Non-Cash Consideration Value with respect to such Equity Securities; and (v)&nbsp;the proposed closing date of the
Non-Cash Transaction; and</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">each Investor shall have the right to subscribe for and purchase, for cash, up to that number of the Equity
Securities that the Corporation proposes to offer for sale as described in the Non-Cash Transaction Notice such that the Investor Percentage
immediately following completion of such Non-Cash Transaction (assuming, in the case of a Non-Cash Transaction that includes the issuance
of Convertible Securities, the full conversion of such Convertible Securities) will equal the applicable Investor Percentage immediately
prior to the completion of such Non-Cash Transaction. The issue price of any Equity Securities issued to an Investor pursuant to this
Section&nbsp;3.3 shall be equal to the Non-Cash Consideration Value from the applicable Non-Cash Transaction; provided that if such Non-Cash
Transaction implies more than one Non-Cash Consideration Value paid by the applicable Persons in such Non-Cash Transaction, the issue
price of any such Equity Securities issued to such Investor shall be equal to the lowest such Non-Cash Consideration Value paid by any
such Person. Notwithstanding the foregoing and for greater certainty, if the Equity Securities proposed to be offered in the Non-Cash
Transaction are securities convertible into or exercisable or exchangeable for Common Shares, the number of Equity Securities that an
Investor shall have a right to subscribe for and purchase pursuant to the Equity Right would be equal to the total number of Equity Securities
actually sold pursuant to the Non-Cash Transaction multiplied by the applicable Investor Percentage. If an Investor elects to subscribe
for such Equity Securities, such Investor shall provide written notice to the Corporation by the close of business on the tenth (10<SUP>th</SUP>)
Business Day following the day upon which the Non-Cash Transaction Notice is delivered to the Investor and the subscription elected by
the Investor pursuant to this Section&nbsp;3.3(b)&nbsp;shall close as promptly as possible following, or concurrently with, in the Corporation&rsquo;s
discretion, the closing of the applicable Non-Cash Transaction.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;3.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Excluded
Issuances.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything to
the contrary contained herein, Section&nbsp;3.2 and Section&nbsp;3.3 and the Equity Right will not apply to any sale or issuance of the
following Equity Securities, and such sale or issuance shall not be considered an Equity Financing or Non-Cash Transaction, pursuant to
this Agreement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(k)</FONT></TD><TD STYLE="text-align: justify">any issuance of Equity Securities pursuant to the Security-Based Compensation Arrangements of the Corporation,
including an issuance of Common Shares on the exercise of any such Equity Securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(l)</FONT></TD><TD STYLE="text-align: justify">any issuance of Equity Securities arising in connection with any rights offering, stock split, stock dividend
or recapitalization by the Corporation in which all Company Shareholders or recipients are affected equally; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(m)</FONT></TD><TD STYLE="text-align: justify">any issuance of Common Shares on the exercise, exchange or conversion of Convertible Securities if the
original issuance of the Convertible Securities was subject to this Article&nbsp;3.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(collectively, &ldquo;<B>Excluded Issuances</B>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;4</B></FONT><B><FONT STYLE="text-transform: uppercase">&ndash;
Registration rights</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;4.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Demand
Registration.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Investor may make a written
demand to the Corporation for registration of all or part of its Registrable Securities, which written demand shall describe the amount
and type of securities to be included in such registration and the intended method(s)&nbsp;of distribution thereof (such written demand
a &ldquo;<B>Demand Registration</B>&rdquo;); provided, however, that an Investor may not request a Demand Registration unless the class
of securities of the Corporation subject to the Demand Registration are registered pursuant to Section&nbsp;12(b)&nbsp;of the Exchange
Act. Upon receipt by the Corporation of such written request for a Demand Registration from an Investor, the Investor shall be entitled
to have its Registrable Securities included in a registration at the cost and expense of the Corporation and the Corporation shall effect,
as soon thereafter as is commercially reasonable, the registration of all Registrable Securities requested by such Investor pursuant to
such request for a Demand Registration, including by filing a Registration Statement on an appropriate form under the Securities Act relating
thereto as soon as practicable, but not more than forty-five (45) days immediately after the Corporation&rsquo;s receipt of the request
for a Demand Registration. Under no circumstances shall the Corporation be obligated to effect more than an aggregate of two (2)&nbsp;Demand
Registrations with respect to any or all of an Investor&rsquo;s Registrable Securities, and never more than one (1)&nbsp;Demand Registration
in a twelve (12) month period; provided, however, that a registration pursuant to a request for a Demand Registration shall not be counted
for such purposes unless a Registration Statement with respect to such request for a Demand Registration has become effective and all
of the Registrable Securities requested by such Investor to be registered have been sold. Notwithstanding anything else in this Section&nbsp;4.1
regarding fees and expenses the Investor shall be responsible for all of its out of pocket expenses including without limitation the fees
and expenses of its legal counsel and other professional advisors in all circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;4.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Piggyback
Registrations.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Corporation proposes
to file a Registration Statement under the Securities Act and/or file a Prospectus with any of the Canadian Securities Administrators,
as applicable, with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or
convertible into equity securities, for its own account or for the account of shareholders of the Corporation, including with respect
to an initial public offering (other than a Registration Statement (i)&nbsp;filed in connection with any employee share option or other
benefit plan, or (ii)&nbsp;for a dividend reinvestment plan or a Registration Statement or Prospectus for a rights offering or an exchange
offer or offering of securities solely to the Corporation&rsquo;s then existing shareholders), then the Corporation shall give written
notice of such proposed filing to each Investor as soon as practicable but not less than ten (10)&nbsp;days before the anticipated filing
date of such Registration Statement and/or Prospectus, which notice shall (A)&nbsp;describe the amount and type of securities to be included
in such offering, the intended method(s)&nbsp;of distribution, including pricing, and the name of the proposed managing underwriter or
underwriters, if any, in such offering, and (B)&nbsp;offer to each Investor the opportunity to register the sale or qualify the distribution,
as applicable, of such number of Registrable Securities as such Investor may request in writing within five (5)&nbsp;days after receipt
of such written notice (such registration a &ldquo;<B>Piggyback Registration</B>&rdquo;). The Corporation shall, in good faith, cause
such Registrable Securities to be included in such Piggyback Registration and/or cause to be qualified in the proposed distribution or
sale pursuant to a Prospectus, as applicable, at its cost and expense and shall use its commercially reasonable efforts to cause the managing
underwriter or underwriters of a proposed underwritten offering to permit the Registrable Securities requested by each Investor pursuant
to this Section&nbsp;4.2 to be included in a Piggyback Registration and/or Prospectus, as applicable, on the same terms and conditions
as any similar securities of the Corporation included in such registration or Prospectus, as applicable, and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended method(s)&nbsp;of distribution thereof. For purposes of clarity,
any registration effected pursuant to this Section&nbsp;4.2 shall not be counted as a registration pursuant to a Demand Registration effected
under Section&nbsp;4.1 hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding Section&nbsp;4.2,
in connection with a Piggyback Registration, the managing underwriter or underwriters may impose a limitation on the number of Registrable
Securities or on the number or kind of other securities which may be included in any such distribution because, in its or their reasonable
judgment all of the Registrable Securities that the Corporation proposes to include in such distribution may not be sold in an orderly
manner within a price range reasonably acceptable to the Corporation or marketing factors require the limitation of the number of securities
which may be included in such distribution. The Corporation shall be required to include in such distribution the part of the Registrable
Securities which is determined by such managing underwriters according to the following priority: (a)&nbsp;first, the securities offered
by the Corporation on its own behalf; (b)&nbsp;second, if there are additional securities which may be underwritten within a price range
reasonably acceptable to the Corporation, considering marketing factors, without leading to undue repercussions on the distribution of
the securities offered after taking into account the inclusion of all the securities required under paragraph (a)&nbsp;above, the Registrable
Securities which each Investor have required to be included, pro rata among Investors based on the number of Registrable Securities which
each Investor owns or over which its exercises control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;4.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Corporation
Indemnification.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation shall indemnify,
defend and hold harmless each Investor, the officers, directors, trustees, agents, partners, members, managers, stockholders, affiliates,
employees and investment advisers of each of them, each person who controls such Investor (within the meaning of Section&nbsp;15 of the
Securities Act or Section&nbsp;20 of the Exchange Act) and the officers, directors, trustees, agents, partners, members, managers, stockholders,
affiliates, employees and investment advisers of each such controlling person, to the fullest extent permitted by applicable law, from
and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable out-of-pocket costs of
preparation and investigation and reasonable attorneys&rsquo; fees) and expenses (collectively, &ldquo;<B>Losses</B>&rdquo;), as incurred,
that arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in the Registration Statement,
any prospectus included in the Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading, except insofar as the same are caused by or contained in any information furnished in writing
to the Corporation by such Investor expressly for use therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;4.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Investor
Indemnification.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Investor shall, severally
and not jointly, indemnify and hold harmless the Corporation, its directors, officers, agents and employees, each person who controls
the Corporation (within the meaning of Section&nbsp;15 of the Securities Act and Section&nbsp;20 of the Exchange Act), and the directors,
officers, agents or employees of such controlling persons, to the fullest extent permitted by applicable law, from and against all Losses,
as incurred, arising out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration
Statement, any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto
or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue statements
or omissions are based solely upon information regarding such Investor furnished in writing to the Corporation by such Investor expressly
for use therein. In no event shall the liability of an Investor be greater in amount than the dollar amount of the net proceeds received
by such Investor upon the sale of the Registrable Securities giving rise to such indemnification obligation. Notwithstanding the foregoing,
such Investor&rsquo;s indemnification obligations shall not apply to amounts paid in settlement of any Losses or action if such settlement
is effected without the prior written consent of the Investor (which consent shall not be unreasonably withheld, conditioned or delayed).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section&nbsp;4.5 Limitations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation shall have
the right to defer effecting a Demand Registration pursuant to Section&nbsp;4.1 (a &ldquo;<B>Registration</B>&rdquo;) in the event the
Corporation reasonably determines in good faith that either (a)&nbsp;the effect of the filing of a Prospectus or Registration Statement
would impede the ability of the Corporation to consummate a significant transaction (including, without limitation, a financing, an acquisition,
a restructuring or a merger); (b)&nbsp;there exists at the time material non-public information relating to the Corporation the disclosure
of which would be detrimental to the Corporation or the qualification or sale of the Registrable Securities would require premature disclosure
of material non-public information, or information which might reasonably be regarded as material non-public information that the Corporation
has a bona fide business purpose for preserving as confidential or (c)&nbsp;if applicable, require the Corporation to prepare and file
new technical reports under NI 43-101 &ndash; Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators;
provided, however, that the Corporation may not invoke this right for a period of more than one hundred twenty (120) days after the request
of an Investor more than once in any twelve month period; and provided further that the Corporation shall not register any securities
for its own account or that of any other shareholder during such period . The Corporation shall not be obligated to effect a Registration
in respect of a number of Shares that is less than 5% of the issued and outstanding Common Shares. Notwithstanding anything else in this
Article&nbsp;4 regarding fees and expenses, any and all underwriting discounts and commissions attributable to the securities being sold
in any qualification pursuant to Article&nbsp;4 shall be for the account of, and be paid by, the party that is selling the applicable
securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;5</B></FONT><B><FONT STYLE="text-transform: uppercase">&ndash;Financial
Statements</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;5.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Delivery
of Financial Statements</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation shall deliver
to each Investor, so long as such Investor&rsquo;s Investor Percentage is greater than 20.00%:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(n)</FONT></TD><TD STYLE="text-align: justify">as soon as practicable, but in any event within 45 days after the end of each fiscal year of the Corporation,
the following draft financial information as provided to the Corporation&rsquo;s auditor: a balance sheet as of the end of such year,
statements of income and of cash flows for such year, and a statement of shareholders' equity as of the end of such year, all including
applicable comparative years and prepared in accordance with GAAP, the Corporation will appoint independent auditors of recognized standing
approved by the Board, which approval must include the Nominee;</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(o)</FONT></TD><TD STYLE="text-align: justify">as soon as practicable, but in any event within 90 days after the end of each fiscal year of the Corporation,
a balance sheet as of the end of such year, statements of income and of cash flows for such year, and a statement of shareholders' equity
as of the end of such year, all including applicable comparative years and prepared in accordance with GAAP, and including a full set
of notes to the financial statements as required under GAAP, all such financial statements audited and accompanied by a report of independent
auditors of recognized standing approved by the Board, which approval must include the Nominee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(p)</FONT></TD><TD STYLE="text-align: justify">as soon as practicable, but in any event within 30 days after the end of each quarter of each fiscal year
of the Corporation, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement
of shareholders' equity as of the end of such fiscal quarter, all including applicable comparative quarters and prepared in accordance
with GAAP; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(q)</FONT></TD><TD STYLE="text-align: justify">such other information relating to any such financial statements of the Corporation as an Investor may
from time to time reasonably request, including providing sufficient information to TMC in order for TMC to be able to prepare a reconciliation
to US GAAP of the financial information and statements of the Corporation delivered hereby.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;6</B></FONT><B><FONT STYLE="text-transform: uppercase">&ndash;
GENERAL</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Termination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless earlier terminated
by mutual written agreement of the Parties, this Agreement shall terminate on the earlier of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(r)</FONT></TD><TD STYLE="text-align: justify">in respect of each Investor, the date on which such Investor&rsquo;s Investor Percentage is less than
10.00%, except for Section&nbsp;6.2 and Article&nbsp;4 of this Agreement which shall remain operative and in full force and effect regardless
of such termination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(s)</FONT></TD><TD STYLE="text-align: justify">the date on which the Corporation is dissolved, liquidated or formally wound-up; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(t)</FONT></TD><TD STYLE="text-align: justify">the date on which the Corporation completes a Qualified Sale (as defined in Section&nbsp;26.1 of the Articles
of the Corporation).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Confidentiality
and Announcements</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(u)</FONT></TD><TD STYLE="text-align: justify">Each of the Investors and the Corporation will keep all Confidential Information of each other Party confidential
and will not disclose any Confidential Information to any Person or use any Confidential Information except as permitted by the owner
of such Confidential Information and unless such Confidential Information (a)&nbsp;is known or becomes known to the public in general
(other than as a result of a breach of this Section), (b)&nbsp;with respect to a Party, is or has been independently developed or conceived
by such Party without use of any other Party&rsquo;s Confidential Information, or (c)&nbsp;with respect to a Party, is or has been made
known or disclosed to such Party by a third party without a breach of any obligation of confidentiality such third party may have to any
other Party; provided, however, that a Party may disclose Confidential Information (i)&nbsp;to its attorneys, accountants, consultants,
and other professionals to the extent reasonably necessary to obtain their services in connection with monitoring its investment in the
Corporation; (ii)&nbsp;to any Affiliate, partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course
of business, provided that such Party informs such Person that such information is confidential and directs such Person to maintain the
confidentiality of such information; or (iii)&nbsp;as may otherwise be required by Applicable Law, including, without limitation, applicable
securities laws, including any rules&nbsp;or policies of any applicable stock exchange, court order or subpoena, provided that such Party
promptly notifies the owner of the Confidential Information of such disclosure and takes reasonable steps to minimize the extent of any
such required disclosure. This covenant will survive termination of this Agreement and will continue to apply to the Parties after he
or she otherwise ceases to be bound by this Agreement. &quot;<B>Confidential Information</B>&quot; means all information relating to the
business, operations, assets, liabilities, plans, prospects and other affairs of the Investors and the Corporation, in whatever form,
and includes this Agreement and the existence thereof.</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">Subject to the following, each of the Parties hereby expressly consents to the disclosure, to the extent
required under Applicable Law, of the existence and terms of this Agreement, the TMC Subscription Agreement, the Royalty Agreement and
the contribution agreement between NORI and the Corporation dated the date hereof (collectively, the &ldquo;<B>Transaction Agreements</B>&rdquo;)
in any press release, or other public disclosure document prepared by TMC or any of its affiliates in connection with the transactions
contemplated by this Agreement, and acknowledges that a copy of the Transaction Agreements shall be filed with the United States Securities
Exchange Commission and will be available on the EDGAR system on or following the date hereof. A Party intending to make disclosure pursuant
to this provision will provide the other Parties with a reasonable opportunity, in the circumstances, to review a draft of the press release,
other public disclosure document or copy of the Transaction Agreement to be filed and to provide comments thereon.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(w)</FONT></TD><TD STYLE="text-align: justify">Neither the Corporation nor BPB shall issue any press release or otherwise make public announcements with
respect to the Corporation, if such press release or announcement would directly or indirectly include material non-public information
of the Investor or its Affiliates, and/or any non-public information that is likely to result in material non-public information of TMC
or its Affiliates being disclosed without the consent of TMC (which consent shall not be unreasonably withheld, delayed or conditioned).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Governing
Law</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Agreement shall be governed by and interpreted and enforced in accordance with the laws of the Province of British Columbia and the federal
laws of Canada applicable therein without regard for any conflict of laws or choice of laws principles that would permit or require the
application of the laws of any other jurisdiction. Each Party irrevocably attorns and submits to the exclusive jurisdiction of the </FONT>British
Columbia courts situated in the City of Vancouver (and appellate courts therefrom) and waives objection to the venue of any proceeding
in such court or that such court provides an inappropriate forum</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Notices</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice, direction or other
communication given pursuant to this Agreement (each a &ldquo;<B>Notice</B>&rdquo;) must be in writing, sent by personal delivery, courier,
facsimile or email and addressed:</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">2600- 595 Burrard Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Vancouver, BC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">V7X 1L3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Canada</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;Chief
Financial Officer, Low Carbon Royalties Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;legal@lowcarbonroyalties.com</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">595 Howe St.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Vancouver, BC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">V6C 2T5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Canada</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;Craig
Shesky and Ryan Coombes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;craig@metals.co
and ryan.coombes@metals.co</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">c/o Low Carbon Royalties Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">2600- 595 Burrard Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Vancouver, BC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">V7X 1L3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Canada</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention:&#8239;&#8239;&#8239;&#8239;&#8239;Chief
Financial Officer, Low Carbon Royalties Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;legal@lowcarbonroyalties.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any Notice, if personally
delivered, shall be deemed to have been validly and effectively given and received on the date of such delivery, if delivered before 5:00&nbsp;p.m.&nbsp;on
a Business Day in the place of delivery, or the next Business Day in the place of delivery, if not delivered on a Business Day or if sent
after 5:00&nbsp;p.m., and if sent by telecopier or other electronic communication with confirmation of transmission, shall be deemed to
have been validly and effectively been given and received on the Business Day in the place of delivery next following the day it was transmitted.
Any Party may at any time change its address for service from time to time by giving notice to the other Parties in accordance with this
Section&nbsp;6.4.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Assignment
and Agreement to be Bound</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Other than as set out in this Agreement, the Parties agree that no Party may assign or transfer this Agreement
or any of the rights or obligations under it without the prior written consent of the other Parties. Notwithstanding the foregoing, each
of the Investors shall be entitled to assign all or any portion of its rights under this Agreement without the consent of the other Parties
to an Affiliate who agrees to be bound by all of the covenants of such Investor contained herein and comply with the provisions of this
Agreement.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">At any time prior to an IPO, each of the Investors agrees that he, she or it will not transfer any his,
her of its Common Shares unless the applicable transferee of such Common Shares enters into a written agreement with the Corporation and
the other Investor to be bound by the provisions of this Agreement to the same extent as such Investor is bound and the Corporation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Entire
Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Parties agree that this
Agreement contains, for good and valuable consideration, the entire agreement of the Corporation and the Investors relating to the subject
matter hereof and there are no representations, covenants or other agreements relating to the subject matter hereof except as stated or
referred to herein. This Agreement may not be amended or modified in any respect except by written instrument executed by each of the
Parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Enurement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Parties agree that this
Agreement is binding upon and enures to the benefit of the Investors and the Corporation and their respective successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Equitable
Remedies</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Parties agree that irreparable
damage would occur if any provisions of this Agreement were not performed in accordance with the terms hereof and that the Parties shall
be entitled to an injunction or injunctions to prevent breaches of this Agreement or to specifically enforce the performance of the terms
and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. Each of the Parties (i)&nbsp;agrees
that it shall not oppose the granting of any such relief and (ii)&nbsp;hereby irrevocably waives any requirement for the securing or posting
of any bond in connection with any such relief.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Severability</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Parties agree that if
any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect,
such determination shall not impair or affect the validity, legality or enforceability of the remaining provisions hereof, and each provision
is hereby declared to be separate, severable and distinct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Further
Assurances</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Parties upon the
request of the other, shall do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further
acts, deeds, documents, assignments, transfers, conveyances, powers of attorney and assurances as may reasonably be necessary or desirable
to complete the transactions contemplated herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Time
of Essence</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Parties agree that time
is of the essence in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000"><B>Section&nbsp;6.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Counterparts</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Parties agree that this
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together
shall be deemed to constitute one and the same instrument. Counterparts may be executed either in original or electronic form and the
Parties may rely on delivery by electronic delivery of an executed copy of this Agreement.</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>[Signature Page&nbsp;Follows]</B></P>

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

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

<!-- Field: Page; Sequence: 18 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.</B></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the Parties have executed this Investor Rights and Governance Agreement as of the day and year first written
above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>LOW CARBON ROYALTIES INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-size: 10pt; text-align: justify">/s/ Brian O'Neill</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>TMC the metals company Inc.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Gerard Barron </FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-size: 10pt; text-align: justify">/s/ Brian Paes-Braga</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BRIAN PAES-BRAGA</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
