<SEC-DOCUMENT>0001213900-21-003804.txt : 20210122
<SEC-HEADER>0001213900-21-003804.hdr.sgml : 20210122
<ACCEPTANCE-DATETIME>20210122172831
ACCESSION NUMBER:		0001213900-21-003804
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210122
FILED AS OF DATE:		20210122
DATE AS OF CHANGE:		20210122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEABRIDGE GOLD INC
		CENTRAL INDEX KEY:			0001231346
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32135
		FILM NUMBER:		21547200

	BUSINESS ADDRESS:	
		STREET 1:		106 FRONT STREET EAST
		STREET 2:		SUITE 400
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5A 1E1
		BUSINESS PHONE:		416-367-9292

	MAIL ADDRESS:	
		STREET 1:		106 FRONT STREET EAST
		STREET 2:		SUITE 400
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5A 1E1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea133760-6k_seabridgegold.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F
O R M 6-K</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
the month of<BR>
January 2021</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Commission
File Number 1-32135</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>106
Front Street East, Suite 400, Toronto, Ontario, Canada M5A 1E1 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of Principal Executive Office)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
20-F &#9744; Form 40-F &#9746;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#9744;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indicate
by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yes
&#9744; No &#9746;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>If
&ldquo;Yes&rdquo; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SEABRIDGE
GOLD INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the
&ldquo;Company&rdquo;)</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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">Exhibit
99.1 to this Report on Form 6-K is hereby incorporated by reference as an Exhibit to the Registration Statement on <U>Form F-10
</U>of the Company (File No. 333-251081).</FONT></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">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 0.75pt; width: 9%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 1.75pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 0.75pt; width: 90%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><A HREF="ea133760ex99-1_seabridgegold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales Agreement by and among Registrant, Cantor Fitzgerald &amp; Co. and B. Riley Securities, Inc., dated January 22 2021</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea133760ex99-2_seabridgegold.htm">News Release, dated January 22, 2021</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seabridge
    Gold Inc.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt">(Registrant)</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 0.75pt; width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Chris Reynolds</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chris
    Reynolds</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VP
    Finance and CFO </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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">Date:
January 22, 2021</FONT></P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; width: 90%"><A HREF="ea133760ex99-1_seabridgegold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales Agreement by and among Registrant, Cantor Fitzgerald &amp; Co. and B. Riley Securities, Inc., dated January 22 2021</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea133760ex99-2_seabridgegold.htm">News Release, dated January 22, 2021</A></FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">3</P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea133760ex99-1_seabridgegold.htm
<DESCRIPTION>SALES AGREEMENT BY AND AMONG REGISTRANT, CANTOR FITZGERALD & CO. AND B. RILEY SECURITIES, INC., DATED JANUARY 22 2021
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SEABRIDGE
GOLD INC.</B><BR>
Common Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(no
par value per share)</FONT></P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
22, 2021</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cantor
Fitzgerald &amp; Co.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">499
Park Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10022</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
Riley Securities, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">299
Park Avenue, 21st Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10171</FONT></P>

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<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">Ladies
and Gentlemen:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seabridge
Gold Inc. (the &ldquo;<B><U>Company</U></B>&rdquo;), a company continued under Canada Business Corporations Act, confirms its
agreement (this &ldquo;<B><U>Agreement</U></B>&rdquo;) with Cantor Fitzgerald &amp; Co. (the &ldquo;<B>Lead Agent</B>&rdquo;)
and B. Riley Securities, Inc. (collectively with the Lead Agent, the &ldquo;<B><U>Agents</U></B>&rdquo; and individually, an &ldquo;<B>Agent</B>&rdquo;),
as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. <U>Issuance
and Sale of Shares</U>. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject
to the conditions set forth herein, it may issue and sell through the Agents, common shares of the Company, with no par value
per share (the &ldquo;<B><U>Common Shares</U></B>&rdquo;); provided, however, that in no event shall the Company issue or sell
through the Agents such number or dollar amount of Common Shares (the &ldquo;<B><U>Placement Shares</U></B>&rdquo;) that (a)&nbsp;exceeds
the number or dollar amount of Common Shares registered pursuant to the effective Registration Statement (as defined below) pursuant
to which the offering will be made or (b) exceeds the number or dollar amount of Common Shares for which the Company has filed
a Prospectus Supplement (as defined below) (the lesser of (a) and (b), the &ldquo;<B><U>Maximum Amount</U></B>&rdquo;). Notwithstanding
anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this Section
1 on the Maximum Amount of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the Company
and that Agents shall have no obligation in connection with such compliance. The issuance and sale of Placement Shares through
the Agents will be effected pursuant to the Registration Statement (as defined below) filed by the Company and declared effective
by the United States Securities and Exchange Commission (the &ldquo;<B><U>Commission</U></B>&rdquo;) on December 3, 2020, although
nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue Common Shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate offering price of Placement Shares that may be sold collectively pursuant to this Agreement shall not exceed US$75,000,000.<B>&nbsp;
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.25pt">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has prepared and filed with the securities commissions or similar regulatory authorities (collectively, the &ldquo;<B><U>Canadian
Securities Regulators</U></B>&rdquo;) in the Qualifying Jurisdictions a final short form base shelf prospectus dated December
3, 2020 relating to the offering of up to an aggregate of US$775,0000,000 of Common Shares, Warrants, Units, Subscription Receipts
and Debt Securities (together with any documents incorporated therein by reference, and any supplements or amendments thereto,
the &ldquo;<B><U>Canadian Base Prospectus</U></B>&rdquo;) in accordance with the securities laws applicable in the Qualifying
Jurisdictions and the respective rules, regulations and orders made thereunder, together with applicable published instruments,
notices and orders of the Canadian Securities Regulators (collectively, the &ldquo;<B><U>Canadian Securities Laws</U></B>&rdquo;).
The Company has prepared the Canadian Base Prospectus pursuant to National Instrument 44-101 <I>Short Form Prospectus Distributions
</I>(&quot;<B>NI 44-101</B>&quot;) and NI 44-102 (together, the &ldquo;<B><U>Shelf Procedures</U></B>&rdquo;). The Company has
obtained from the Ontario Securities Commission, as principal regulator of the Company under Canadian Securities Laws, evidence
that a receipt for the Canadian Base Prospectus has been issued, or deemed to have been issued, by each of the Canadian Securities
Regulators.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has prepared and filed with the Commission pursuant to the Canada/U.S. Multi-Jurisdictional Disclosure System adopted
by the Canadian Securities Administrators and the Commission, a registration statement on Form F-10 (Registration No. 333-251081)
registering the offering and sale of up to an aggregate of US$775,000,000 of Common Shares, Warrants, Units, Subscription Receipts
and Debt Securities under the U.S. Securities Act of 1933, as amended (together with the rules and regulations thereunder, the
&ldquo;<B><U>Securities Act</U></B>&rdquo;), including the Canadian Base Prospectus (together with any documents incorporated
therein by reference, any supplements or amendments thereto and with such deletions therefrom and additions or changes thereto
as are permitted or required by Form F-10 and the applicable rules and regulations of the Commission (the &ldquo;<B><U>Rules and
Regulations</U></B>&rdquo;) (the &ldquo;<B><U>U.S. Base Prospectus</U></B>&rdquo;)). The Canadian Base Prospectus and the U.S.
Base Prospectus are hereinafter collectively sometimes referred to as the &ldquo;<B><U>Base Prospectuses</U></B>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has filed, or will file, (i)&nbsp;with the Canadian Securities Regulators, in accordance with the Shelf Procedures, a
prospectus supplement setting forth the Shelf Information (as defined below) (including any documents incorporated therein by
reference and any supplements or amendments thereto, the &ldquo;<B><U>Canadian Prospectus Supplement</U></B>&rdquo;), and (ii)&nbsp;with
the Commission, in accordance with General Instruction II.L of Form F-10, the Canadian Prospectus Supplement (with such deletions
therefrom and additions or changes thereto as are permitted or required by Form F-10 and the applicable Rules and Regulations,
the &ldquo;<B><U>U.S. Prospectus Supplement</U></B>&rdquo;). The information, if any, included in the Canadian Prospectus Supplement
that is omitted from the Canadian Base Prospectus but that is deemed under the Shelf Procedures to be incorporated by reference
into the Canadian Base Prospectus as of each Applicable Time (as defined in <U>Section 26</U> hereof), is referred to herein as
the &ldquo;<B><U>Shelf Information</U></B>.&rdquo; The U.S. Prospectus Supplement and the Canadian Prospectus Supplement are hereinafter
collectively sometimes referred to as the &ldquo;<B><U>Prospectus Supplements</U></B>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.25pt">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registration statement on Form F-10, including the exhibits thereto and the documents incorporated by reference therein and including
the U.S. Prospectus (as defined below), as amended or supplemented in connection with the execution and delivery of this Agreement,
is herein called the &ldquo;<B><U>Registration Statement</U></B>.&rdquo; Any reference to any amendment or supplement to the Registration
Statement or the U.S. Prospectus shall be deemed to refer to and include any documents filed with the Canadian Securities Regulators
and the Commission after the effectiveness of such Registration Statement or the date of such U.S. Prospectus and prior to the
termination of this Agreement and which are incorporated by reference in such Registration Statement or U.S. Prospectus. The term
&ldquo;<B><U>Canadian Prospectus</U></B>&rdquo; shall refer to the Canadian Base Prospectus, as supplemented by any Canadian Prospectus
Supplement relating to the Placement Shares, including, in each case, the documents incorporated by reference therein. The term
&ldquo;<B><U>U.S. Prospectus</U></B>&rdquo; shall refer to the U.S. Base Prospectus, as supplemented by any U.S. Prospectus Supplement
relating to the Placement Shares, including, in each case, the documents incorporated by reference therein, including any Issuer
Free Writing Prospectus (as defined below). Any amendment to the Canadian Prospectus, and any amended or supplemented prospectus
or auxiliary material, information, evidence, return, report, application, statement or document that may be filed by or on behalf
of the Company under the Canadian Securities Laws prior to the termination of this Agreement that is incorporated into the Canadian
Prospectus or, where such document is deemed to be incorporated by reference into the Canadian Prospectus, prior to the termination
of this Agreement, is referred to herein collectively as the &ldquo;<B><U>Supplementary Material</U></B>.&rdquo; The U.S. Prospectus
and the Canadian Prospectus are hereinafter collectively sometimes referred to as the &ldquo;<B><U>Prospectuses</U></B>.&rdquo;
For purposes of this Agreement, all references to the Registration Statement, the U.S. Prospectus or to any amendment or supplement
thereto shall be deemed to include any copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval
System, or if applicable, the Interactive Data Electronic Application system when used by the Commission (collectively, &ldquo;<B><U>EDGAR</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Each
party covenants to the other party that (i) it will not undertake any act, advertisement, solicitation, conduct or negotiation
directly or indirectly in furtherance of the sale of the Placement Shares in Canada; (ii) it will not undertake an offer or sale
of any Placement Shares through the facilities of the Toronto Stock Exchange (&ldquo;<B>TSX</B>&rdquo;) or any other Canadian
trading market (together with the TSX, a &ldquo;<B>Canadian Market</B>&rdquo;); and (iii) it will not undertake an offer or sale
of any of the Placement Shares to any person that it knows or has reason to believe is in Canada or has been pre-arranged with
a buyer in Canada, or to any person who it knows or has reason to believe is acting on the behalf of persons in Canada or to any
person whom it knows or has reason to believe intends to reoffer, resell or deliver the Placement Shares in Canada, whether through
the facilities of a Canadian Market or otherwise, or to any persons in Canada or acting on the behalf of persons in Canada, in
each case pursuant to this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. <U>Placements</U>.
Each time that the Company wishes to issue and sell Placement Shares hereunder (each, a &ldquo;<B><U>Placement</U></B>&rdquo;),
it will notify the Lead Agent by email notice (if receipt of such correspondence is actually acknowledged by any of the individuals
to whom the notice is sent, other than via auto-reply) or other method mutually agreed to in writing by the parties of the number
of Placement Shares, the time period during which sales are requested to be made, any limitation on the number of Placement Shares
that may be sold on any Trading Day (as defined below) and any minimum price below which sales may not be made (a &ldquo;<B><U>Placement
Notice</U></B>&rdquo;), the form of which is attached hereto as <U>Schedule 1</U>. The Placement Notice shall originate from any
of the individuals from the Company set forth on <U>Schedule 3</U> (with a copy to each of the other individuals from the Company
listed on such schedule), and shall be addressed to each of the individuals from the Lead Agent set forth on <U>Schedule 3</U>,
as such <U>Schedule 3 </U>may be amended from time to time by notice in writing by the Company (with respect to the individuals
from the Company) or the Lead Agent (with respect to the individuals from the Lead Agent). The Placement Notice shall be effective
immediately upon receipt by the Lead Agent unless and until (i)&nbsp;in accordance with the notice requirement provided for in
<U>Section 4</U>, the Lead Agent declines to accept the terms contained therein for any reason, in its sole discretion, (ii)&nbsp;the
entire amount of the Placement Shares, either the Maximum Amount under this Agreement, under the relevant Prospectus Supplement
or pursuant to a Placement Notice, have been sold and settled in accordance with the terms hereof, (iii)&nbsp;the Company suspends
or terminates the Placement Notice in accordance with the notice requirements provided for in <U>Section 4</U>, (iv)&nbsp;the
Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated Placement Notice, or (v)&nbsp;this
Agreement has been terminated under the provisions of <U>Section 12</U>. The amount of any discount, commission or other compensation
to be paid by the Company to the Lead Agent in connection with the sale of the Placement Shares shall be calculated in accordance
with the terms set forth in <U>Schedule 2</U>. It is expressly acknowledged and agreed that neither the Company nor the Agents
will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers
a Placement Notice to the Lead Agent and the Lead Agent does not decline such Placement Notice pursuant to the terms set forth
above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement
and the terms of a Placement Notice, the terms of the Placement Notice will control.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. <U>Sale
of Placement Shares by the Lead Agent</U>. Subject to the provisions of <U>Section 5(a)</U>, the Lead Agent, for the period specified
in the Placement Notice will use its commercially reasonable efforts consistent with its normal trading and sales practices and
applicable U.S. state and federal laws, rules and regulations and, if applicable, the rules of the New York Stock Exchange (the
&ldquo;<B><U>NYSE</U></B>&rdquo; and, together with the TSX, the &ldquo;<B><U>Exchanges</U></B>&rdquo;), to sell the Placement
Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice, unless the Placement Notice
has been declined, suspended or otherwise terminated in accordance with the terms of this Agreement. The Lead Agent will only
sell Placement Shares in accordance with a current Placement Notice. The Lead Agent will provide written confirmation to the Company
to each of the individuals set forth on <U>Schedule 3</U> no later than the opening of the Trading Day immediately following the
Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such
day, the average price realized, the compensation payable by the Company to the Lead Agent pursuant to <U>Schedule 2</U> with
respect to such sales, and the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made
by the Lead Agent (as set forth in <U>Section 5(b)</U>) from the gross proceeds that it receives from such sales. Subject to the
terms of the Placement Notice, the Lead Agent may sell Placement Shares by any method permitted by law deemed to be an &ldquo;at-the-market
distribution&rdquo; as defined in NI 44-102, including without limitation sales made directly on or through the NYSE or any other
existing trading market for the Common Shares in the United States at market prices prevailing at the time of the sale or at prices
related to such prevailing market prices. With the prior written consent of the Company, which may be provided in the terms of
a Placement Notice, the Lead Agent may also sell the Placement Shares in negotiated transactions in the United States to purchasers
approved by the Company at market prices prevailing at the time of the sale or at prices related to such prevailing market prices
and/or any other method permitted by law, subject to prior written consent of the TSX. &ldquo;<B><U>Trading Day</U></B>&rdquo;
means any day on which the Common Shares are traded on the NYSE.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. <U>Suspension
of Sales</U>. The Company or the Lead Agent may, upon notice to the other party in writing (including by email correspondence
to each of the individuals of the other party set forth on <U>Schedule 3</U>, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to each of the individuals of the other party set forth on <U>Schedule 3</U>),
suspend any sale of Placement Shares (a &ldquo;<B><U>Suspension</U></B>&rdquo;); provided, however, that such Suspension shall
not affect or impair any party&rsquo;s obligations with respect to any Placement Shares sold hereunder prior to the receipt of
such notice. While a Suspension is in effect any obligation under <U>Sections 7(l), 7(m), 7(n), 7(o) and 7(p)</U> with respect
to the delivery of certificates, opinions, or comfort letters to the Agents, shall be waived, provided, however, that such waiver
shall not apply for the Representation Date (defined below) occurring on the date that the Company files its Annual Report on
Form 40-F. Each of the parties agrees that no such notice under this <U>Section 4</U> shall be effective against any other party
unless it is made to one of the individuals named on <U>Schedule 3</U> hereto, as such Schedule may be amended from time to time.
Notwithstanding any other provision of this Agreement, during any period in which the Company is in possession of material non-public
information, the Company and the Agents agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not
request the sale of any Placement Shares, and (iii) the Agents shall not be obligated to sell or offer to sell any Placement Shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. <U>Sale
and Delivery to the Lead Agent; Settlement</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <U>Sale
of Placement Shares</U><I>. </I> On the basis of the representations and warranties herein contained and subject to the terms
and conditions herein set forth, upon the Lead Agent&rsquo;s acceptance of the terms of a Placement Notice, and unless the sale
of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of
this Agreement, the Lead Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts
consistent with its normal trading and sales practices, applicable law and regulations and the applicable rules of the NYSE and
TSX to sell such Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice.
The Company acknowledges and agrees that (i)&nbsp;there can be no assurance that the Lead Agent will be successful in selling
Placement Shares, (ii)&nbsp;the Agents will incur no liability or obligation to the Company or any other person or entity if it
does not sell Placement Shares for any reason other than a failure by the Lead Agent to use its commercially reasonable efforts
consistent with its normal trading and sales practices, applicable law and regulations and the applicable rules of the NYSE and
TSX to sell such Placement Shares as required under this Agreement and (iii) the Lead Agent shall be under no obligation to purchase
Placement Shares on a principal basis pursuant to this Agreement, except as may be otherwise agreed by the Lead Agent and the
Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <U>Settlement
of Placement Shares</U><I>. </I> Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
Shares will occur on the second (2<SUP>nd</SUP>) Trading Day (or such earlier day as is industry practice for regular-way trading)
following the date on which such sales are made (each, a &ldquo;<B><U>Settlement Date</U></B>&rdquo;). The Lead Agent shall notify
the Company and the Company&rsquo;s transfer agent (which shall include a notification to each of the individuals set out in <U>Schedule
3</U>) of each sale of Placement Shares no later than the opening of the Trading day immediately following the Trading Day on
which it has made sales of Placement Shares hereunder. The amount of proceeds to be delivered to the Company on a Settlement Date
against receipt of the Placement Shares sold (the &ldquo;<B><U>Net Proceeds</U></B>&rdquo;) will be equal to the aggregate sales
price received by the Lead Agent, after deduction for (i) the Lead Agent&rsquo;s commission, discount or other compensation for
such sales payable by the Company pursuant to <U>Schedule 2</U> hereof, and (ii) any transaction fees imposed by any Governmental
Authority in respect of such sales.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<U>Delivery of Placement Shares</U>. Subject to <U>Section 5(d)</U>, on or before each Settlement Date, the Company will, or will
cause its transfer agent to, electronically transfer the Placement Shares being sold pursuant to <U>Section 5(a)</U> hereof by
crediting the Lead Agent&rsquo;s or its designee&rsquo;s account (provided the Lead Agent shall have given the Company written
notice of such designee at least one Trading Day prior to the Settlement Date) at The Depository Trust Company through its Deposit
and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which
in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the
Lead Agent will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the
Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to
deliver Placement Shares on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights and obligations
set forth in <U>Section 10(a</U>) hereto, it will (i)&nbsp;hold the Lead Agent harmless against any loss, claim, damage, or expense
(including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company
or its transfer agent (if applicable), and (ii)&nbsp;pay to the Lead Agent any commission, discount, or other compensation to
which it would otherwise have been entitled absent such default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <U>Denominations;
Registration</U><I>. </I>Certificates for the Placement Shares in lieu of electronic transfer of Placement Shares, if requested
by the Agents, shall be in such denominations and registered in such names as the Agents may request in writing at least two full
Business Days (as defined below) before the Settlement Date. The certificates for the Placement Shares, if any, will be made available
by the Company for examination and packaging by the Agents in The City of New York not later than&nbsp;noon (New York time) on
the Business Day prior to the Settlement Date, provided the Agents duly requested certificates for such Placement Shares at least
nineteen (19) hours in advance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) <U>Limitations
on Offering Size</U><I>. </I>Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares
if, after giving effect to the sale of such Placement Shares, the aggregate gross sales proceeds of Placement Shares sold pursuant
to this Agreement would exceed the lesser of (A)&nbsp;together with all sales of Placement Shares under this Agreement, the Maximum
Amount, (B)&nbsp;the amount available for offer and sale under the currently effective Registration Statement and (C)&nbsp;the
amount authorized from time to time to be issued and sold under this Agreement by the Company&rsquo;s board of directors, a duly
authorized committee thereof or a duly authorized executive committee, and notified to the Agents in writing. Under no circumstances
shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than
the minimum price authorized by the Exchanges and, from time to time, by the Company&rsquo;s board of directors, a duly authorized
committee thereof or a duly authorized executive committee, and notified to the Agents in writing. Further, under no circumstances
shall the Company cause or permit the aggregate offering amount of Placement Shares sold pursuant to this Agreement to exceed
the Maximum Amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) <U>Sales
Through Lead Agent.</U> The Company and the Agents agree that any offer to sell, any solicitation of an offer to buy, or any sales
of Common Shares pursuant to this Agreement shall only be effected by or through the Lead Agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. <U>Representations
and Warranties of the Company</U>. The Company represents and warrants to, and agrees with each of the Agents that as of the date
of this Agreement and as of each Applicable Time (as defined below):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <U>Registration
Statement and Prospectuses</U>. The Company is a &ldquo;foreign private issuer&rdquo; (as defined in Rule 405 under the Securities
Act) and meets the requirements for use of Form F-10 under the Securities Act and is eligible for the use of the Shelf Procedures
under Canadian Securities Laws; no order suspending the trading or distribution of the Common Shares has been issued by any Canadian
Securities Regulator, the Exchanges or Investment Industry Regulatory Organization of Canada (&ldquo;<B><U>IIROC</U></B>&rdquo;),
and no proceedings, for that purpose, have been instituted or are pending or, to the Company&rsquo;s knowledge, are contemplated
by any Canadian Securities Regulator; no stop order suspending the effectiveness of the Registration Statement has been issued
by the Commission, and no proceedings for that purpose have been instituted or are pending or to the Company&rsquo;s knowledge,
are contemplated by the Commission; the Registration Statement, including the U.S. Base Prospectus and such amendments to such
Registration Statement as may have been required to the date of this Agreement, has been prepared by the Company under the applicable
provisions of the Securities Act and has been filed with the Commission; pursuant to Rule 467(b) under the Securities Act, the
Registration Statement became effective on December 3, 2020. The Registration Statement and the Prospectuses and the offer and
sale of Placement Shares as contemplated hereby meet the requirements of NI 44-101 and NI 44-102, as applicable, and comply in
all material respects with the provisions thereof and other applicable Canadian Securities Laws. Any statutes, regulations, contracts
or other documents that are required to be described in the Registration Statement or the Prospectuses or to be filed as exhibits
to the Registration Statement or the Prospectuses have been so described or filed. Copies of the Registration Statement, the U.S.
Prospectus or the Canadian Prospectus, and any such amendments or supplements and all documents incorporated by reference therein
that were filed with the Commission or the Canadian Securities Regulators, as applicable, on or prior to the date of this Agreement
have been delivered, or are available through EDGAR or SEDAR, as the case may be, to the Agents and their counsel. The U.S. Prospectus
and the Canadian Prospectus will name each of the Agents as an agent in the section entitled &ldquo;Plan of Distribution.&rdquo;
There are no reports or information that must be filed or made publicly available in connection with the listing of the Placement
Shares, on the TSX (other than routine post-closing filings) that have not been filed or made publicly available as required,
other than the Canadian Prospectus Supplement, there are no documents required to be filed with the Canadian Securities Regulators,
in connection with the Canadian Base Prospectus, the Canadian Prospectus Supplement or the Canadian Prospectus that have not been
filed as required. The Commission has not issued an order preventing or suspending the use of the U.S. Base Prospectus, any Permitted
Free Writing Prospectus (as defined below) or the U.S. Prospectus relating to the proposed offering of the Placement Shares and
no proceedings for such purpose have been instituted or are pending or, to the Company&rsquo;s knowledge, are contemplated or
threatened by the Commission. The Company has not distributed and, prior to the later to occur of each Settlement Date and completion
of the distribution of the Placement Shares, will not distribute any offering material in connection with the offering or sale
of the Placement Shares other than the Registration Statement and the U.S. Prospectus and any Issuer Free Writing Prospectus to
which the Agents have consented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <U>No
Misstatement or Omission</U>. At the respective times each part of the Registration Statement and each amendment thereto became
effective, the Registration Statement complied in all material respects with the Securities Act and did not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading. On the date the Canadian Prospectus Supplement was filed with the Canadian Securities Regulators, the
date the U.S. Prospectus Supplement was filed with the Commission, at each Applicable Time and on each Settlement Date, (A) the
Canadian Prospectus, together with any Supplementary Material, as of the date thereof, did and will comply in all material respects
with the requirements of the Canadian Securities Laws pursuant to which it has been filed and did and will provide full, true
and plain disclosure of all material facts (as defined in the Canadian Securities Laws) relating to the Company and the Material
Subsidiaries (as defined below) (taken as a whole) and to the Placement Shares and did not and will not contain any misrepresentation
(as defined in the Canadian Securities Laws), and (B) the U.S. Prospectus did and will conform to the Canadian Prospectus except
for such deletions or changes therefrom and additions thereto as are permitted or required by Form F-10 and the Rules and Regulations
and the U.S. Prospectus did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary
to make the statement therein, in the light of the circumstances under which they were made, not misleading. The foregoing shall
not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished
to the Company by the Agents specifically for use in the preparation thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <U>Conformity
with Securities Act, Exchange Act and Canadian Securities Laws</U>. The Registration Statement, each of the Prospectuses, any
Issuer Free Writing Prospectus or any amendment or supplement thereto, and the documents incorporated by reference in the Registration
Statement, either of the Prospectuses or any amendment or supplement thereto, when such documents were or are filed with the Commission
under the Securities Act or the Exchange Act or with the Canadian Securities Regulators, or became or become effective under the
Securities Act or the Canadian Securities Laws, as the case may be, conformed or will conform in all material respects with the
requirements of the Securities Act, the Exchange Act, and the Canadian Securities Laws, as applicable, other than any non-compliance
which would not have a Material Adverse Effect (as defined below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <U>Organization</U>.
The Company is duly incorporated, validly existing and in good standing under the corporate laws of its jurisdiction of incorporation
and no proceedings have been instituted or, to the knowledge of the Company, are pending for the dissolution or liquidation or
winding-up of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) <U>Shares
of Subsidiaries</U>. All of the shares of the Subsidiaries are legally and beneficially owned by the Company, free and clear of
all liens, charges and encumbrances of any kind whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) <U>Material
Subsidiaries</U>. Except as set forth in the Registration Statement and Prospectus, other than the Material Subsidiary, the Company
has no material subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) <U>Subsidiaries</U>.
The Subsidiaries are the only subsidiaries of the Company and each of the Subsidiaries is duly incorporated, validly existing
and in good standing under the laws of their jurisdiction of incorporation and no proceedings have been instituted or, to the
knowledge of the Company, are pending for the dissolution or liquidation or winding-up of the Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) <U>Reporting
Issuer</U>. As at the date hereof, the Company is a &ldquo;reporting issuer&rdquo; in each of the Qualifying Jurisdictions within
the meaning of the Canadian Securities Laws in such jurisdictions and is not currently in material default of any requirement
of the Applicable Securities Laws and the Company is not included on a list of defaulting reporting issuers maintained by any
of the Qualifying Authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) <U>Exchange
Registration.</U> The Common Shares have been registered pursuant to Section 12(b) of the Exchange Act. The Common Shares are
listed for trading on the TSX and the NYSE and the Company is not in material default of any of the listing requirements of the
TSX and the NYSE applicable to the Company. None of the Qualifying Authorities, the Commission, any other securities regulatory
authority, any stock exchange nor any similar regulatory authority has issued any order which is currently outstanding preventing
or suspending trading in any securities of the Company or the use of the Registration Statement or Prospectuses and no proceedings
for such purposes have been instituted or are pending or, to the knowledge of the Company, are threatened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j) <U>Capitalization.
</U>The authorized capital of the Company consists of an unlimited number of Common Shares without par value and an unlimited
number of preferred shares, issuable in series, of which 74,170,620 Common Shares and no preferred shares were issued and outstanding
as of the close of business on January 19, 2021. All of the issued and outstanding Common Shares are fully paid and non-assessable
and have been duly and validly authorized and issued, in compliance with applicable laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k) <U>Continuous
Disclosure Materials</U>. All reports and other documents previously published or filed by the Company with, or furnished by the
Company to, the Qualifying Authorities and the Commission since January 1, 2019 (the &ldquo;<B>Continuous Disclosure Materials</B>&rdquo;)
do not contain any untrue statement of a material fact or omit to state a material fact that is required to be stated or that
is necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, as of the
date of the statements in the Continuous Disclosure Materials and were prepared in accordance with and comply in all material
respects with Applicable Securities Laws and the Company is not in default of its filings under, nor has it failed to file, publish
or furnish any report or other document required to be filed, published or furnished under Applicable Securities Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l) <U>No
Preferential Rights</U>. Other than as disclosed in the Continuous Disclosure Materials, as set forth in any impact benefits agreement
with an aboriginal group or in respect of any Common Share issuances upon exercise of stock options or restricted share units
granted by the Company, no person, firm or Company has any agreement, option, right or privilege, whether pre-emptive, contractual
or otherwise, capable of becoming an agreement for the purchase, acquisition, subscription for or issuance of, any of the unissued
shares of the Company or the Subsidiaries, or other securities convertible, exchangeable or exercisable for shares of the Company
or the Subsidiaries and all securities of the Company have been duly and validly authorized and issued, in compliance with Applicable
Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m) <U>Corporate
Power.</U> Each of the Company and the Subsidiaries has the requisite corporate power and capacity to own the assets owned by
it and to carry on the business carried on by it, and each of the Company and the Subsidiaries holds all material licenses and
permits that are required for carrying on its business in the manner in which such business has been carried on and is duly qualified
to carry on business in all jurisdictions in which it carries on business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n) <U>Title
to Real Property</U>. The Material Subsidiaries have good title to the KSM Project and the Courageous Lake Project (the &quot;<B>Material
Properties</B>&quot;), as applicable, free and clear of all mortgages, liens, charges, encumbrances, claims or demands of any
kind whatsoever, other than the royalties set forth in Schedule 4 hereto, the right of first refusal held by Glencore Canada Corporation
in relation to the buyout of an option interest in the original KSM claims purchased by the Company from Placer Dome (KS) Limited
in 2001 and encumbrances registered as security for such royalty obligations, and no other material property rights are necessary
for the conduct of the business of the Company or its wholly-owned subsidiaries, as currently conducted. The Company, through
KSM Mining ULC, has good title to the Snowfield Property, free and clear of all material liens, charges and encumbrances of any
kind whatsoever other than royalties thereon and the security interest in the Snowfield Property to secure payment of the royalty
held by Pretivm Exploration Inc. The Company, through the Iskut Subsidiaries, has good title to the Iskut Property, free and clear
of all material liens, charges and encumbrances of any kind whatsoever other than royalties thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o) <U>Exploration
Rights.</U> All material property, options, leases, concessions, claims or other, direct or indirect, interests in natural resource
properties and surface rights for exploration and exploitation, extraction and other material mineral property rights in which
the Company or Subsidiaries holds an interest or right (collectively, the &ldquo;<B>Property Rights</B>&rdquo;) are or will be
completely and accurately described in the Prospectuses and the Company or the Subsidiaries, as applicable, is the legal and beneficial
owner of such Property Rights and the Property Rights are in good standing and are valid and enforceable and are free and clear
of any liens, charges or encumbrances, except as disclosed in the Prospectuses, the royalties set forth in Schedule 4 hereto and
encumbrances registered as security for such royalty obligations. No material property rights, easements, rights of way, access
rights (including but not limited to any mineral, geothermal and water rights) other than the Property Rights are necessary for
the conduct of the business of the Company and the Subsidiaries as currently being conducted, and there are no material restrictions
on the ability of the Company or the Subsidiaries to use or otherwise exploit any such Property Rights, and there is no claim,
or to the knowledge of the Company, basis for a claim that may adversely affect such rights in any respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p) <U>Indigenous
Persons&rsquo; Rights Claims</U>. Other than:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    assertions of claims to aboriginal rights and title in respect of the traditional territories of the Tahltan Nation, which
    covers a portion of the KSM Project and all of the Iskut Project;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    assertions of claims to aboriginal rights and title in respect of the traditional territories of the Tsetsaut Skii km Lax
    Ha, which covers all of the KSM Project and the Snowfield Property;</FONT></TD></TR>
</TABLE>
<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">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rights
    of the Nisga&rsquo;a Nation relating to the Nass Area under the Nisga&rsquo;a Final Agreement, which covers a portion of the
    KSM Project; and </FONT></TD></TR>
</TABLE>
<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">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">claims
    of treaty or aboriginal rights and title over part or all of the Courageous Lake Project under the Treaty&nbsp;11 Claim, the
    Wek&rsquo;&egrave;ezh&igrave;i Resource Management Area and the Monfwi Gogha D&egrave; N&iogon;&iogon;t&lstrok;&egrave;&egrave;
    Area of the T&lstrok;&inodot;&#808;ch&#491; Land Claim Agreement and in respect of the Akaitcho Dene Traditional Territory;</FONT></TD></TR>
</TABLE>
<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">&nbsp;</FONT></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">there
are no claims with respect to indigenous persons&rsquo; rights currently pending or, to the knowledge of the Company, threatened
with respect to any of the Property Rights.</FONT></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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q) <U>Permits.
</U>The Company and the Subsidiaries have all material licenses, registrations, qualifications, permits, consents and authorizations
necessary for the conduct of the business of the Company and the Subsidiaries as currently conducted and all such licenses, registrations,
qualifications, permits, consents and authorizations are valid and subsisting and in good standing in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r) <U>No
Registration Rights.</U> Except as set forth in or incorporated by reference in the Registration Statement and Prospectuses, as
disclosed in the Continuous Disclosure Materials, as set forth in any impact benefits agreement with an aboriginal group or in
respect of Common Shares issuable upon exercise of stock options or restricted share units granted by the Company, (i) no person,
as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a &ldquo;<B>Person</B>&rdquo;),
has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Common Shares or other securities
of the Company, (ii) the Company has not granted to any Person any pre-emptive rights, rights of first refusal, or any similar
rights with respect to any Common Shares or other securities of the Company, and (iii) no Person has the right, contractual or
otherwise, to require the Company to register under the Securities Act or qualify for distribution under Canadian Securities Laws
any Common Shares or other securities of the Company, or to include any such Common Shares or other securities in the Registration
Statement or the Prospectuses, whether as a result of the filing of the Registration Statement or the Prospectuses (or any documents
incorporated by reference therein) or the sale of the Placement Shares as contemplated thereby or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s) <U>Material
Mining Claims</U>. All assessments or other work required to be performed in relation to the material mining claims and/or concessions
and the mining rights with respect to the Material Properties in order to maintain the Company&rsquo;s interest therein have been
performed to date or the requisite payments in lieu thereof have been made to date, and the Company and the Subsidiaries have
complied in all material respects with all applicable governmental laws, regulations and policies in this connection as well as
with regard to legal, contractual obligations to third parties in this connection except for any non-compliance which would not
either individually or in the aggregate have a Material Adverse Effect on the Company or the Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t) <U>Royalties</U>.
Other than the royalties set forth in Schedule 4, as of the date hereof, the Company and the Subsidiaries do not have any responsibility
or obligation to pay or have paid on its behalf any commission, royalty or similar payment to any person with respect to its Property
Rights in connection with the KSM Project, the Snowfield Property and the Courageous Lake Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u) <U>Review
of Technical Information</U>. All of the technical information included or incorporated by reference in the Continuous Disclosure
Materials has been reviewed by a &ldquo;qualified person&rdquo; as required by NI 43-101.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v) <U>Technical
Reports</U>. The Company has duly filed with the applicable regulatory authorities all reports required by NI 43-101, and all
such reports comply with requirements of such instrument in all material respects, with the possible exception of the report on
the KSM Project filed May 7, 2020 on SEDAR, which possible exception was addressed by the filing of a new report on the KSM Project
on SEDAR on November 18, 2020. The current technical reports filed by the Company with the Canadian or U.S. regulatory authorities
have been prepared in accordance with NI 43-101, and the Company has complied with, and is in compliance with, NI 43-101 in all
material respects in respect of such current reports.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w) <U>Technical&nbsp;
Disclosure</U>.&nbsp; The Company made available to the respective authors thereof prior to the issuance of all of the applicable
technical reports filed by the Company on SEDAR relating to each Material Property (the &ldquo;<B>Reports</B>&rdquo;), for the
purpose of preparing the Reports, as applicable, all material information requested, and no such information contained any material
misrepresentation as at the relevant time the relevant information was made available. All technical information disclosed in
the Prospectus, including information relating to any Material Property for the purposes of the instruments noted below, has been
reviewed as required under NI 43-101, except as otherwise set forth in the Prospectus, the current Reports complied in all material
respects with the requirements of NI 43-101 as at the date of each such current Report and as of the date hereof there is no new
material scientific or technical information concerning each Material Property that is not included in the Reports.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x) <U>Estimates
of Mineral Reserves and Resources</U>. The information included in any documents incorporated by reference to the Registration
Statement and Prospectuses and technical reports of the Company relating to the estimates by the Company and the Subsidiaries
of mineral reserves and resources within the Material Properties, as applicable, (i) has been reviewed and verified by a &ldquo;qualified
person&rdquo; as required by NI 43-101; (ii) the information upon which the estimates of mineral reserves and mineral resources
were based, was, to the knowledge of the Company, at the time of delivery thereof, complete and accurate in all material respects,
and (iii) there have been no material changes to such information since the date of delivery or preparation thereof other than
material changes that have been or will have been disclosed in the Prospectuses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y) <U>Compliance
with Applicable Law</U>. Each of the Company and the Subsidiaries has conducted and is conducting its business in compliance in
all material respects with all applicable laws, rules and regulations of each jurisdiction in which its business is carried on,
is in compliance in all material respects with all terms and provisions of all contracts, agreements, indentures, leases, policies,
instruments and licenses that are material to the conduct of its business and all such contracts, agreements, indentures, leases,
policies, instruments and licenses are valid and binding in accordance with their terms and in full force and effect, and no breach
or default by the Company or the Subsidiaries, or event which with notice or lapse of time or both, could constitute a breach
or default by the Company or the Subsidiaries, exists with respect thereto, which would either individually or in the aggregate
result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z) <U>Authorization;
Enforceability</U><B><I>.</I></B> The Company has all requisite corporate power and authority to enter into this Agreement and
to perform the transactions contemplated hereby, and the sale by the Company of the Offered Shares has been duly authorized by
all necessary corporate action of the Company, and this Agreement has been duly executed and delivered by the Company and this
Agreement will upon execution and delivery in accordance with the terms hereof be, a valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency, moratorium or similar laws affecting
creditors&rsquo; rights generally and except as limited by the application of equitable remedies which may be granted in the discretion
of a court of competent jurisdiction and that enforcement of the rights to indemnity and contribution set out in this Agreement
may be limited by applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa) <U>No
Violation or Default.</U> Neither the Company nor any of the Subsidiaries is in violation of its constating documents or in default
in the performance or observance of any material obligation, agreement, covenant or condition contained in any material contract,
indenture, mortgage, deed of trust, loan or credit agreement, note, lease, license or other agreement or instrument to which the
Company or any of the Subsidiaries is a party or by which it or any of them may be bound, or to which any of the property or assets
of the Company or any of the Subsidiaries is subject (collectively, &ldquo;<B>Agreements and Instruments</B>&rdquo;). The execution,
delivery and performance of this Agreement and the consummation of the transactions contemplated herein and the use of the proceeds
from the sale of the Placement Shares, and compliance by the Company with its obligations hereunder, do not and will not, whether
with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment
Event (as defined below) under, or result in the creation or imposition of any lien upon any property or assets of the Company
or any of the Subsidiaries pursuant to the Agreements and Instruments, nor will such action result in any violation or conflict
with the provisions of the constating documents of the Company or any of the Subsidiaries or any existing applicable law, statute,
rule, regulation, judgment, order, writ or decree of any government, government instrumentality or court, domestic or foreign,
having jurisdiction over the Company or any of the Subsidiaries or their assets, properties or operations, except for such violations
or conflicts that would not, singly or in the aggregate, reasonably be expected to have a Material Adverse Effect. As used herein,
a &ldquo;<B>Repayment Event</B>&rdquo; means any event or condition which gives the holder of any note, debenture or other evidence
of indebtedness (or any person acting on such holder&rsquo;s behalf) the right to require the repurchase, redemption or repayment
of all or a portion of such indebtedness by the Company or any of the Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb) <U>Transfer
Agent</U>. Computershare Investor Services Inc. at its principal office in the City of Toronto, Ontario has been duly appointed
as the registrar and transfer agent for the Common Shares and, through its offices in Golden, Colorado, Computershare Trust Company,
N.A. has been duly appointed as the U.S. registrar and transfer agent for the Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(cc) <U>Minute
Books</U>. The minute books and records of the Company and the Material Subsidiary made available to counsel for the Agents in
connection with its due diligence investigation of the Company, as the case may be, to the date of this Agreement are all of the
minute books and records of the Company and contain copies of all material proceedings (or certified copies thereof or drafts
thereof pending approval or full execution) of the shareholders, the directors and all committees of directors of the Company
and the Subsidiaries to the date of review of such corporate records and minute books and there have been no other meetings, resolutions
or proceedings of the shareholders, directors or any committees of the directors of the Company or the Material Subsidiary to
the date of this Agreement not reflected in such minute books and other records other than minutes of the Board of Directors meeting
on January 19, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(dd) <U>Financial
Information</U>. The consolidated financial statements of the Company filed with the SEC as a part of the Registration Statement
and the Prospectuses, together with the related notes and schedules (the &ldquo;<B>Financial Statements</B>&rdquo;), present fairly,
in all material respects, the consolidated financial position of the Company and the Subsidiaries as of the dates indicated and
the consolidated statements of comprehensive income, shareholders&rsquo; equity and cash flows of the Company for the periods
specified. Such Financial Statements conform in all material respects with International Financial Reporting Standards as issued
by the International Accounting Standards Board (&ldquo;<B>IFRS</B>&rdquo;), applied on a consistent basis during the periods
involved. The other financial data with respect to the Company and the Material Subsidiaries contained or incorporated by reference
in the Registration Statement and the Prospectuses are accurately and fairly presented in all material respects and prepared on
a basis consistent with the financial statements and books and records of the Company; there are no financial statements (historical
or pro-forma) that are required to be included or incorporated by reference in the Registration Statement and the Prospectuses
that are not included or incorporated by reference as required; the Company and the Material Subsidiaries do not have any material
liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described in the Registration
Statement and the Prospectuses and all disclosures contained or incorporated by reference therein; and no other financial statements
are required to be set forth or to be incorporated by reference in the Registration Statement and the Prospectuses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ee) <U>Internal
Accounting Controls.</U> The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management&rsquo;s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with IFRS, and to maintain asset accountability,
(iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific authorization, (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and, if necessary, appropriate
action is taken with respect to any difference, (v) material information relating to the Company and the Subsidiaries is made
known to those responsible for the preparation of the financial statements during the period in which the financial statements
have been prepared and that such material information is disclosed to the public within the time periods required by Applicable
Laws, and (vi) all significant deficiencies and material weaknesses in the design or operation of such internal controls that
could adversely affect any of the Company&rsquo;s or the Subsidiaries&rsquo; ability to disclose to the public information required
to be disclosed by them in accordance with applicable law and all fraud, whether or not material, that involves management or
employees that have a significant role in the Company&rsquo;s or the Subsidiaries&rsquo; internal controls have been disclosed
to the audit committee of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ff) <U>Accounting
Policies</U>. Other than as disclosed in the December 31, 2019 consolidated financial statements, relating to the adoption, on
January 1, 2019, of new IFRS standards, there has been no change in accounting policies or practices of the Company on a consolidated
basis, since December&nbsp;31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(gg) <U>Audit
Committee</U>. The audit committee of the Company is comprised and operates in accordance with the requirements of National Instrument
52-110 &ndash; Audit Committees of the Qualifying Authorities, Rule 10A-3 under the Exchange Act and the listing rules of the
NYSE that are applicable to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hh) <U>Loans
from Related Parties</U>. Neither the Company nor any of its Subsidiaries is indebted or under any obligation to any of its respective
directors, officers or shareholders, on any account whatsoever, other than for (i) payment of salary, directors&rsquo; fees, bonus
and other employment or consulting compensation, (ii) reimbursement for expenses duly incurred in connection with the business
of the Company, and (iii) for other standard employee benefits made generally available to all employees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) <U>Guaranteed
Obligations</U>. The Company and the Subsidiaries have not guaranteed or agreed to guarantee any debt, liability or other obligation
of any kind whatsoever of any person, firm or Company whatsoever on a consolidated basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(jj) <U>Loans
to Related Parties</U>. None of the directors, officers or shareholders of the Company or its Subsidiaries is indebted to or under
any financial obligation to the Company or the Subsidiaries, on any account whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(kk) <U>Material
Liabilities</U>. There are no material liabilities of the Company, whether direct, indirect, absolute, contingent or otherwise
which are not disclosed or reflected in the Financial Statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ll) <U>Material
Adverse Change</U>. Since December 31, 2019, there has not been any adverse material change of any kind whatsoever in the financial
position or condition of the Company or its Subsidiaries or any damage, loss or other change of any kind whatsoever in circumstances
materially affecting its business, affairs, capital, prospects or assets, or the right or capacity of the Company or its Subsidiaries
to carry on its business not disclosed in any material change report filed by the Company in accordance with Applicable Securities
Laws, such business having been carried on in the ordinary course.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(mm) <U>Material
Contracts</U>. All contracts and agreements material to the Company and the Subsidiaries other than those entered into in the
ordinary course of its business as presently conducted have been disclosed in the Prospectuses and neither the Company nor any
of the Subsidiaries has approved or entered into any binding agreement in respect of, nor has any knowledge of, the purchase of
any material property or assets or any interest therein or the sale, transfer or other disposition of any material property or
assets or any interest therein currently owned, directly or indirectly, by the Company or the Subsidiaries, whether by asset sale,
transfer of shares or otherwise, except as disclosed in the Prospectuses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(nn) <U>Amendments
to Material Contracts</U>. There are no amendments to the Material Contracts that have been, are required to be or, to the knowledge
of the Company or any of the Subsidiaries, are proposed to be, made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(oo) <U>Taxes</U>.
All tax returns, reports, elections, remittances, filings, withholdings and payments of the Company and the Subsidiaries required
by Applicable Laws to have been filed or made, have been filed or made (as the case may be) and are substantially true, complete
and correct and all taxes owing of the Company as at December 31, 2019 have been paid or accrued in the Financial Statements.
The Company and its Material Subsidiary have been assessed for all applicable taxes to and including the year ended December 31,
2019 and have received all appropriate refunds, made adequate provision for taxes payable for all subsequent periods and, other
than as fully disclosed and provided for in the December 31, 2019 consolidated financial statements, pertaining to a portion of
2010 and 2011 BCMETC claims and the results of a CRA audit pertaining to the eligibility of expenditures in 2014 to 2016 as Canadian
Exploration Expenses, the Company is not aware of any material contingent tax liability of the Company or its Subsidiaries not
adequately reflected in the Financial Statements. To the best of its knowledge, no examination of any tax return of the Company
or any of the Subsidiaries is currently in progress and other than the 2010 and 2011 reassessments related to the BCMETC claims
and appeal filed with the BC Supreme Court by the Company and the reassessments related to the eligibility of expenditures in
2014 to 2016 as Canadian Exploration Expenses together with the associated reassessment of subscribers for flow-through shares
that would be impacted by any such ineligibility whom the Company is obligated to indemnify and fully disclosed in the December&nbsp;31,&nbsp;2019
financial statements, there are no material issues or disputes outstanding with any Governmental Authority respecting any taxes
that have been paid, or may be payable by the Company or any of the Subsidiaries. There are no agreements, waivers or other arrangements
with any taxation authority providing for an extension of time for any assessment or reassessment of taxes with respect to the
Company or any of the Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pp) <U>No
Litigation. </U>Other than the results of a CRA audit pertaining to the eligibility of expenditures in 2014 to 2016 as Canadian
Exploration Expenses, there are no material actions, suits, judgments, investigations or proceedings of any kind whatsoever outstanding
or, to the Company&rsquo;s knowledge, pending, threatened against or affecting the Company or any of the Subsidiaries, or to the
Company&rsquo;s knowledge, its directors or officers at law or in equity or before or by any federal, provincial, state, municipal
or other governmental department, commission, board, bureau or agency of any kind whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(qq) <U>Environmental
Laws.</U> In connection with the ownership, use, maintenance or operation of its property and assets, none of the Company nor
any of the Subsidiaries has any knowledge of a material violation of any applicable federal, provincial, state, municipal, domestic,
foreign or local laws, by-laws, regulations, orders, policies, permits, licenses, certificates or approvals having the force of
law, domestic or foreign, relating to environmental, health or safety matters or hazardous or toxic substances or wastes, pollutants
or contaminants (collectively, &ldquo;<B>environmental laws</B>&rdquo;). Without limiting the generality of the foregoing:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of the Company and the Subsidiaries has occupied its properties and has received, handled, used, stored, treated, shipped
    and disposed of all hazardous or toxic substances or wastes, pollutants or contaminants in material compliance with all applicable
    environmental laws, except for a fuel spill at its Courageous Lake property which has been cleaned up, the tailings facility
    for the old Johnny Mountain mine and certain sites around the old Johnny Mountain mine in which equipment, materials and mine
    structures have been buried or not properly closed, each of which is not material to the Company, and has received all permits,
    licenses or other approvals required of them under applicable environmental laws to conduct their respective businesses; and</FONT></TD></TR>
</TABLE>
<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">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
    are no orders, rulings or directives issued against the Company or any of the Subsidiaries and to the knowledge of the Company
    there are no orders, rulings or directives pending or threatened against the Company or any of the Subsidiaries under or pursuant
    to any environmental laws requiring any work, repairs, construction or capital expenditures with respect to any property or
    assets of the Company, although the Company is working with the British Columbia Ministry of Energy, Mines and Low Carbon
    Innovation, the British Columbia Ministry of Environmental and the Tahltan Nation to formulate a responsible reclamation plan
    to address environmental non-compliance at the old Johnny Mountain mine site.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as set forth in the materials disclosed to the Agents during their due diligence investigations, no notice with respect to
any of the matters referred to in the immediately preceding paragraph, including any alleged violations by the Company or any
of the Subsidiaries with respect thereto has been received by the Company or any of the Subsidiaries and no writ, injunction,
order or judgement is outstanding, and no legal proceeding under or pursuant to any environmental laws or relating to the ownership,
use, maintenance or operation of the property and assets of the Company or any of the Subsidiaries is in progress, or, to the
knowledge of the Company, threatened or pending, which could be expected to have a Material Adverse Effect on the Company or any
of the Subsidiaries, and, to the knowledge of the Company, there are no grounds or conditions which exist, on or under any property
now or previously owned, operated or leased by the Company or any of the Subsidiaries, on which any such legal proceeding might
be commenced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(rr) <U>Material
Non-Compliance</U>. None of the Company, the Subsidiaries nor, to the knowledge of the Company, any of their directors or officers
are in breach of any law, ordinance, statute, regulation, by-law, order or decree of any kind whatsoever where non-compliance
would have a Material Adverse Effect on the Company or the Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ss) <U>Independent
Accountants.</U> The auditors who audited the Financial Statements are and have been independent public accountants as required
under Applicable Securities Laws and there has never been a &ldquo;reportable event&rdquo; (within the meaning of National Instrument
51-102 Continuous Disclosure Obligations) between the Company and such auditors nor has there been any event which has led any
of the Company&rsquo;s current auditors to threaten to resign as auditors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(tt) <U>Finder&rsquo;s
Fee&rsquo;s</U>. Except as provided herein, there is no person, firm or Company which has been engaged by the Company to act for
the Company and which is entitled to any brokerage or finder&rsquo;s fee in connection with this Agreement or the transactions
contemplated hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(uu) <U>Unlawful
Contributions</U>. None of the Company, the Subsidiaries nor any of their employees or agents have made any unlawful contribution
or other payment to any official of, or candidate for, any federal, state, provincial or foreign office, or failed to disclose
fully any contribution in violation of any law, or made any payment to any foreign, Canadian, provincial or governmental officer
or official, or other person charged with similar public or quasi-public duties, other than payments required or permitted by
Applicable Laws, in a manner that would reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vv) <U>Operations</U>.
The operations of the Company are and have been conducted at all times in compliance with applicable financial recordkeeping and
reporting requirements of the money laundering statutes in all applicable jurisdictions, the rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority (collectively,
the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no action, suit or proceeding by or before any court or Governmental Authority
or any arbitrator non-governmental authority involving the Company with respect to the Money Laundering Laws is to the best knowledge
of the Company pending or threatened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ww) <U>Labor
Disputes.</U> No material labor dispute with the employees of the Company or the Subsidiaries currently exists or, to the knowledge
of the Company or the Subsidiaries, is imminent and none of the Company nor the Subsidiaries is a party to any collective bargaining
agreement and, to the knowledge of the Company, no action has been taken or is contemplated to organize any employees of the Company
or the Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xx) <U>No
Consents Required.</U> No filing with, or authorization, approval, consent, license, order, registration, qualification or decree
of any court or Governmental Authority or agency is necessary or required for the performance by the Company of its obligations
hereunder, in connection with the sale of the Placement Shares hereunder in the Qualifying Jurisdictions and the United States,
or the consummation of the transactions contemplated by this Agreement, except filings with the TSX and the NYSE and the securing
of their approval to the sale of the Placement Shares hereunder and the filing of the Prospectuses and the issue of the Passport
Prospectus Receipt or such as have been already obtained, or as may be required, under Applicable Securities Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(yy) <U>Information
Provided to the Agents</U>. All information and documentation concerning the Company and the Subsidiaries (including but not limited
to the Property Rights and Material Contracts), the Placement Shares and sale of the Placement Shares, that has been provided
to the Agents on their request by the Company in connection with this Agreement is accurate and complete in all material respects
and does not contain any misrepresentations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(zz) <U>Interference
with Mineral Exploration</U>. Except as set forth in the Registration Statement or the Prospectuses, no action has been taken
by any persons which would in any way limit, restrict or cause interference with any mineral exploration and development work
which the Company currently proposes to carry out on the Company&rsquo;s Material Properties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aaa) <U>No
Improper Practices</U>. None of the Company or any of its Subsidiaries and the businesses now run by the Company or any of its
Subsidiaries, and none of the directors, officers, supervisors, managers, agents, employees or other persons associated with or
acting on behalf of the Company or any of its Subsidiaries has, to their knowledge (i) made or authorized any contribution, payment
or gift of funds, property or anything else of value to any official, employee or agent of any governmental agency or instrumentality
in the United States of America or any other jurisdiction, (ii) used any corporate funds, or made any direct or indirect unlawful
payment from corporate funds, to any foreign or domestic government official or employee or for any unlawful contribution, gift,
entertainment or other unlawful expense relating to political activity; (iii) violated or is in violation of any provision of
the United States Foreign Corrupt Practices Act of 1977 or the Corruption of Foreign Public Officials Act (Canada), including
making any contribution to any candidate for public office, in either case, where either the payment or gift or the purpose of
such contribution, payment or gift was or is prohibited under the foregoing or any other applicable law, rule or regulation of
any locality; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bbb) <U>Sanctions</U>.
(i) The Company represents that, neither the Company nor any of its Subsidiaries (collectively, the &ldquo;<B><U>Entity</U></B>&rdquo;)
or any director, officer, employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in
this paragraph (bbb), &ldquo;<B><U>Person</U></B>&rdquo;) that is, or is controlled by a Person that is:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;the
subject of any sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s Office of Foreign Assets Control
(&ldquo;<B><U>OFAC</U></B>&rdquo;), the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, the
Office of the Superintendent of Financial Institutions (Canada), or pursuant to the <I>Special Economic Measures Act </I>(Canada)
or other relevant sanctions authorities, including, without limitation, designation on OFAC&rsquo;s Specially Designated Nationals
and Blocked Persons List or OFAC&rsquo;s Foreign Sanctions Evaders List (as amended, collectively, &ldquo;<B><U>Sanctions</U></B>&rdquo;),
nor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;located,
organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country
or territory (including, without limitation, Cuba, Iran, North Korea, Syria, and the Crimea Region of the Ukraine) (the &ldquo;<B><U>Sanctioned
Countries</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 24pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (ii)&nbsp;&nbsp;The
Entity represents and covenants that it will not, directly or indirectly, use the proceeds of the offering, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;to
fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding
or facilitation, is the subject of Sanctions or is a Sanctioned Country; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;in
any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering,
whether as underwriter, advisor, investor or otherwise).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (iii)&nbsp;&nbsp;The
Entity represents and covenants that, except as detailed in the Registration Statement and the Canadian Base Prospectus, for the
past 5 years, it has not engaged in, is not now engaging in, and will not engage in, any dealings or transactions with any Person,
or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or is or was
a Sanctioned Country.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ccc) <U>Auditor
Recommendations</U>. The auditors of the Company have not provided any material comments or recommendations to the Company regarding
its accounting policies, internal control systems or other accounting or financial practices that have not been implemented by
the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ddd) <U>Disclosure
Controls and Procedures and Internal Control Over Financial Reporting</U>. The Company maintains a system of internal control
over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that complies in all material respects
with the requirements of the Exchange Act and has been designed by the Company&rsquo;s principal executive officer and principal
financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with IFRS including but not limited to internal
accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management&rsquo;s
general or specific authorizations, (ii) transactions are recorded as necessary to permit the preparation of financial statements
in conformity with IFRS and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. Management of the Company assessed internal control
over financial reporting of the Company as of December 31, 2019 and concluded internal control over financial reporting was effective
as of such date. Since the date of the Financial Statements, there has been no change in the Company&rsquo;s internal control
over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal
control over financial reporting. The Company is not aware of any material weaknesses or significant deficiencies in its internal
control over financial reporting. The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e)
under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been
designed so that information required to be disclosed by the Company in the reports that it files or submits under the Exchange
Act is made known to the Company&rsquo;s management and is recorded, processed, summarized and reported within the time periods
specified in the Commission&rsquo;s rules and forms; such disclosure controls and procedures were effective as of December 31,
2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(eee) <U>No
Price Stabilization or Manipulation.</U> Neither the Company nor any of the Subsidiaries, nor to the knowledge of the Company,
any of the Company&rsquo;s affiliates, has taken, nor will the Company, any Subsidiary or, to the knowledge of the Company, any
such affiliate take, directly or indirectly, any action that has constituted, or that might reasonably be expected to cause or
result in, the stabilization or manipulation of the price of any security of the Company in connection with the offering and sale
of the Placement Shares to facilitate the sale or resale of the Placement Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(fff) <U>Investment
Company Act</U>. The Company is not and, after giving effect to the offering and sale of the Placement Shares and the application
of the proceeds thereof as described in the Prospectuses under the heading &ldquo;Use of Proceeds,&rdquo; will not be an &ldquo;investment
company,&rdquo; required to be registered as an investment company, under the Investment Company Act of 1940, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ggg) <U>Enforceability
of Agreements</U>. All agreements between the Company and third parties expressly referenced in the Registration Statement and
the Prospectuses are legal, valid and binding obligations of the Company enforceable in accordance with their respective terms,
except to the extent that (i)&nbsp;enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors&rsquo; rights generally and by general equitable principles, and (ii)&nbsp;the indemnification provisions
of certain agreements may be limited by Applicable Law or public policy considerations in respect thereof, and except for any
other potentially unenforceable term that, individually or in the aggregate, would not reasonably be expected to be material to
the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hhh) <U>Statistical,
Industry-Related and Market-Related Data</U>. The statistical, industry-related and market-related data included or incorporated
by reference in the Registration Statement and the Prospectuses are based on or derived from sources that the Company reasonably
believes are reliable and accurate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii) <U>Forward-Looking
Information.</U> No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act and no forward-looking information within the meaning of Section 1(1) of the Securities Act (<I>Ontario</I>)) contained
or incorporated by reference in the Registration Statement and the Prospectuses has been made or reaffirmed without a reasonable
basis or has been disclosed other than in good faith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(jjj) <U>Intellectual
Property Rights.</U> Except as disclosed in or incorporated by reference in the Registration Statement and the Prospectuses, the
Company and the Material Subsidiaries own, possess, license or have other rights to use all foreign and domestic patents, patent
applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade
secrets, technology, Internet domain names, know-how and other intellectual property (collectively, the &ldquo;<B>Intellectual
Property</B>&rdquo;), necessary for the conduct of their respective businesses as now conducted except to the extent that the
failure to own, possess, license or otherwise hold adequate rights to use such Intellectual Property would not, individually or
in the aggregate, have a Material Adverse Effect. Except as disclosed in or incorporated by reference in the Registration Statement
and the Prospectuses (a) there are no rights of third parties to any such Intellectual Property owned by the Company and the Material
Subsidiaries; (b) to the Company&rsquo;s knowledge, there is no infringement by third parties of any such Intellectual Property;
(c) there is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others challenging
the Company&rsquo;s and the Material Subsidiaries&rsquo; rights in or to any such Intellectual Property, and the Company is unaware
of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (d) there is no pending or, to
the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any
such Intellectual Property; (e) there is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding
or claim by others that the Company and the Material Subsidiaries infringe or otherwise violate any patent, trademark, copyright,
trade secret or other proprietary rights of others; (f) to the Company&rsquo;s knowledge, there is no third-party U.S. patent
or published U.S. patent application which contains claims for which an Interference Proceeding (as defined in 35 U.S.C. &sect;
135) has been commenced against any patent or patent application described in or incorporated by reference in the Registration
Statement and the Prospectuses, as being owned by or licensed to the Company; and (g) the Company and the Material Subsidiaries
have complied with the terms of each agreement pursuant to which Intellectual Property has been licensed to the Company or such
Material Subsidiary, and all such agreements are in full force and effect, except, in the case of any of clauses (a)-(g) above,
for any such infringement by third parties or any such pending or threatened suit, action, proceeding or claim as would not, individually
or in the aggregate, result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(kkk) <U>Market
Capitalization.</U> At the time the Initial Registration Statement and at the time the Company&rsquo;s most recent Annual Report
on Form 40-F was filed, the Company met the then applicable requirements for the use of Form F-10 under the Securities Act. The
Company meets the definition of &ldquo;experienced issuer&rdquo; under FINRA Rule 5110(j)(6).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(lll) <U>No
Material Defaults.</U> Neither the Company nor any of the Material Subsidiaries has defaulted on any installment on indebtedness
for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would have
a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the
filing of its last Annual Report on Form 40-F, indicating that it (i) has failed to pay any dividend or sinking fund installment
on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more
long-term leases, which defaults, individually or in the aggregate, would have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(mmm) <U>No
Reliance.</U> The Company has not relied upon the Agents or legal counsel for the Agents for any legal, tax or accounting advice
in connection with the offering and sale of the Placement Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(nnn) <U>ERISA.
</U>The Company does not have a material employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ooo) <U>Company
is not a &ldquo;Controlled Foreign Corporation&rdquo;.</U> As of the date hereof, the Company is not a &ldquo;<I>controlled foreign
corporation</I>,&rdquo; as such term is defined in the Internal Revenue Code of 1986, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ppp) <U>Insurance.
</U>The Company and each of the Material Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks
as the Company and each of the Material Subsidiaries reasonably believe are adequate for the conduct of their properties and as
is customary for companies engaged in similar businesses in similar industries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(qqq) <U>Actively
Traded</U>. As of each date on which a Placement Notice is given and each date during the period in which sales are requested
to be made under a Placement Notice, the Common Shares are &ldquo;actively-traded securities&rdquo; exempted from the requirements
of Rule 101 of Regulation M by subsection (c)(1) of such rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(rrr) <U>FINRA
Matters.</U> All of the information provided to the Agents or to counsel for the Agents by the Company and, to the knowledge of
the Company, its officers and directors and the holders of any securities (debt or equity) or options to acquire any securities
of the Company in connection with letters, filings or other supplemental information provided to FINRA pursuant to FINRA Conduct
Rule 5110, 5121 or 5190 is true, complete and correct in all material aspects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(sss) <U>Broker/Dealer
Relationships.</U> Neither the Company nor any of the Material Subsidiaries or any related entities (i) is required to register
as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance with the provisions of the Exchange Act or (ii) directly or indirectly
through one or more intermediaries, controls or is a &ldquo;person associated with a member&rdquo; or &ldquo;associated person
of a member&rdquo; (within the meaning set forth in the FINRA Manual).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ttt) <U>Dividend
Restrictions.</U> Except as may be restricted by Applicable Law, no Material Subsidiary is prohibited or restricted, directly
or indirectly, from paying dividends to the Company, or from making any other distribution with respect to such Material Subsidiaries&rsquo;
equity securities or from repaying to the Company or any other Material Subsidiaries any amounts that may from time to time become
due under any loans or advances to such Material Subsidiaries from the Company or from transferring any property or assets to
the Company or to any other Material Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(uuu) <U>Certification
of Disclosure</U>. There has been no failure on the part of the Company or any of the Company&rsquo;s directors or officers, in
their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act, NI 52-109
and the rules and regulations promulgated thereunder. Each of the principal executive officer and the principal financial officer
of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company
as applicable) and each certifying officer of the Company (or each former certifying officer of the Company and each former certifying
officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with
respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the
SEC and as required to be made and filed by NI 52-109. For purposes of the preceding sentence, &ldquo;principal executive officer&rdquo;
and &ldquo;principal financial officer&rdquo; shall have the meanings given to such terms in the Sarbanes-Oxley Act and &ldquo;certifying
officer&rdquo; shall have the meanings given to such term in NI 52-109.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vvv) <U>Cybersecurity</U>.
Except as disclosed in the Registration Statement or included or incorporated by reference in the Prospectuses, there has been
no material security breach or other material compromise of or relating to any of the Company&rsquo;s information technology and
computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers,
vendors and any third party data maintained by or on behalf of them), equipment or technology (collectively, &ldquo;<B><U>IT Systems
and Data</U></B>&rdquo;) and (y) the Company has not been notified of, and has no knowledge of any event or condition that would
reasonably be expected to result in, any material security breach or other compromise to their IT Systems and Data; (ii) the Company
is presently in compliance with all Applicable Laws or statutes and all judgments, orders, rules and regulations of any court
or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and
security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation
or modification, except as would not, in the case of this clause (ii), individually or in the aggregate, have a Material Adverse
Effect; and (iii) the Company has implemented backup and disaster recovery technology consistent with industry standards and practices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(www) <U>Underwriter
Agreements</U>. The Company is not a party to any agreement with any agent or underwriter for any other &ldquo;at-the-market&rdquo;
or continuous equity transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxx) <U>Agents
Purchases</U>. The Company acknowledges and agrees that the Agents have informed the Company that each of the Agents may, to the
extent permitted under the Securities Act and the Exchange Act, purchase and sell Common Shares for its own account while this
Agreement is in effect, <I>provided</I>, that the Company shall not be deemed to have authorized or consented to any such purchases
or sales by the Agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(yyy) <U>Margin
Rules</U>. Neither the issuance, sale and delivery of the Placement Shares nor the application of the proceeds thereof by the
Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors
of the Federal Reserve System or any other regulation of such Board of Governors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(zzz) <U>Status
Under the Securities Act</U>. The Company was not and is not an ineligible issuer as defined in Rule 405 under the Securities
Act at the times specified in Rules 164 and 433 under the Securities Act in connection with the offering of the Placement Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aaaa) <U>No
Misstatement or Omission in an Issuer Free Writing Prospectus</U>. Each Issuer Free Writing Prospectus, as of its issue date and
as of each Applicable Time (as defined in <U>Section 26</U> below), did not, does not and will not include any information that
conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including
any incorporated document deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not
apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information
furnished to the Company by the Agents specifically for use therein.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bbbb) <U>Stock
Transfer Taxes</U>. On each Settlement Date, all stock transfer or other taxes (other than income taxes) which are required to
be paid in connection with the sale and transfer of the Placement Shares to be sold hereunder will be, or will have been, fully
paid or provided for by the Company and all laws imposing such taxes will be or will have been fully complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(cccc) <U>No
Downgrade</U>. Neither the Company nor its Subsidiaries have any debt securities or preferred stock that are rated by any &ldquo;nationally
recognized statistical rating organization&rdquo; (as defined in Section 3(a)(62) of the Exchange Act).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
certificate signed by any officer on behalf of the Company or any of the Material Subsidiaries and delivered to the Agents or
to counsel for the Agents pursuant to or in connection with this Agreement shall be deemed to be a representation and warranty
by the Company or Material Subsidiaries, as the case may be, to the Agents as to the matters covered thereby.</FONT></P>

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

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. <U>Covenants
of the Company</U>. The Company covenants and agrees with each of the Agents that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <U>Registration
Statement, U.S. Prospectus and Canadian Prospectus Amendments</U>. After the date of this Agreement and during any period in which
a U.S. Prospectus or Canadian Prospectus relating to any Placement Shares is required to be delivered by Agents under the Securities
Act or Canadian Securities Laws (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under
the Securities Act or similar rule), (i)&nbsp;the Company will notify the Agents promptly of the time when any subsequent amendment
to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission or the Canadian
Securities Regulators and/or has become effective or any subsequent supplement to the U.S. Prospectus or Canadian Prospectus has
been filed and of any request by the Commission or the Canadian Securities Regulators for any amendment or supplement to the Registration
Statement, U.S. Prospectus or Canadian Prospectus, as applicable, or for additional information, (ii)&nbsp;the Company will prepare
and file with the Commission or Canadian Securities Regulators, promptly upon the Agents&rsquo; request, any amendments or supplements
to the Registration Statement, U.S. Prospectus or the Canadian Prospectus, as applicable, that, in the Agents&rsquo; reasonable
opinion, may be necessary or advisable in connection with the distribution of the Placement Shares by an Agent (provided, however,
that the failure of the Agents to make such request shall not relieve the Company of any obligation or liability hereunder, or
affect the Agents&rsquo; right to rely on the representations and warranties made by the Company in this Agreement, and provided,
further, that the only remedy the Agents shall have with respect to the failure to make such filing shall be to cease making sales
under this Agreement until such amendment or supplement is filed); (iii)&nbsp;the Company will not file any amendment or supplement
to the Registration Statement, U.S. Prospectus or Canadian Prospectus relating to the Common Shares or a security convertible
into the Common Shares unless a copy thereof has been submitted to the Agents within a reasonable period of time before the filing
and the Agents have not reasonably objected thereto (provided, however, that (A) the failure of the Agents to make such objection
shall not relieve the Company of any obligation or liability hereunder, or affect the Agents&rsquo; right to rely on the representations
and warranties made by the Company in this Agreement and (B) the Company has no obligation to provide the Agents any advance copy
of such filing or to provide the Agents an opportunity to object to such filing if such filing does not name the Agents and does
not relate to the Placement Shares or to the transactions contemplated hereunder, and provided further, that the only remedy the
Agents shall have with respect to the failure to obtain such consent shall be to cease making sales under this Agreement until
such amendment or supplement is filed) and the Company will furnish to the Agents at the time of filing thereof a copy of any
document that upon filing is deemed to be incorporated by reference into the Registration Statement, U.S. Prospectus or Canadian
Prospectus, except for those documents available via EDGAR or SEDAR, as applicable; and (iv)&nbsp;the Company will cause each
amendment or supplement to the U.S. Prospectus or the Canadian Prospectus to be filed with the Commission or the Canadian Securities
Regulators as required pursuant to applicable Canadian Securities Laws and the provisions of Form F-10, or if Form F-10 is not
available such other form as may be available, or, in the case of any document to be incorporated therein by reference, to be
filed with the Commission as required pursuant to the Exchange Act or applicable Canadian Securities Laws, within the time period
prescribed (the determination to file or not file any amendment or supplement with the Commission under this Section 7(a), based
on the Company&rsquo;s reasonable opinion or reasonable objections, shall be made exclusively by the Company).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <U>Notice
of Stop Orders</U>. The Company will advise the Agents, promptly after it receives notice or obtains knowledge thereof, of the
issuance or threatened issuance by the Commission, the Exchanges, IIROC or the Canadian Securities Regulators of any stop order
suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for
offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will
promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such
a stop order should be issued. The Company will advise the Agents promptly after it receives any request by the Commission or
the Canadian Securities Regulators for any amendments to the Registration Statement or any amendment or supplements to the U.S.
Prospectus, Canadian Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering of
the Placement Shares or for additional information related to the Registration Statement, the U.S. Prospectus, the Canadian Prospectus
or any Issuer Free Writing Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <U>Delivery
of Prospectuses; Subsequent Changes</U>. During any period in which the U.S. Prospectus or the Canadian Prospectus relating to
the Placement Shares is required to be delivered by an Agent under the Securities Act or Canadian Securities Laws with respect
to the offer and sale of the Placement Shares, (including in circumstances where such requirement may be satisfied pursuant to
Rule 172 under the Securities Act or similar rule), the Company will comply with all requirements imposed upon it by the Securities
Act and Canadian Securities Laws, as from time to time in force, and to file on or before their respective due dates all reports
and any definitive proxy or information statements required to be filed by the Company with the Commission or the Canadian Securities
Regulators pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act or Canadian Securities
Laws. If the Company has omitted any information from the Registration Statement pursuant to Rule 430B under the Securities Act,
it will use its best efforts to comply with the provisions of and make all requisite filings with the Commission pursuant to said
Rule 430B and to notify the Agents promptly of all such filings. If during such period any event occurs as a result of which the
U.S. Prospectus or the Canadian Prospectus as then amended or supplemented would include an untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not
misleading, or if during such period it is necessary to amend or supplement the Registration Statement or U.S. Prospectus to comply
with the Securities Act or the Canadian Prospectus to comply with applicable Canadian Securities Laws, the Company will promptly
notify the Lead Agent to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement
the Registration Statement, U.S. Prospectus or the Canadian Prospectus (at the expense of the Company) so as to correct such statement
or omission or effect such compliance, <I>provided</I>, <I>however</I>, that the Company may delay any such amendment or supplement
if, in the judgment of the Company, it is in the best interest of the Company to do so, provided that no Placement Notice is in
effect during such time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <U>Listing
of Placement Shares</U>. During any period in which the U.S. Prospectus or the Canadian Prospectus relating to the Placement Shares
is required to be delivered by an Agent under the Securities Act or Canadian Securities Law, as applicable, with respect to the
offer and sale of the Placement Shares, the Company will use its commercially reasonable efforts to cause the Placement Shares
to be listed on each Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) <U>Delivery
of Registration Statement and Prospectuses</U>. The Company will furnish to the Agents and their counsel (at the expense of the
Company) copies of the Registration Statement, the U.S. Prospectus and the Canadian Prospectus (including all documents incorporated
by reference therein) and all amendments and supplements to the Registration Statement, U.S. Prospectus or the Canadian Prospectus
that are filed with the Commission or the Canadian Securities Regulators, as applicable, during any period in which the U.S. Prospectus
or the Canadian Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including all
documents filed with the Commission during such period that are deemed to be incorporated by reference therein) or delivered under
Canadian Securities Laws, as applicable, in each case as soon as reasonably practicable and in such quantities as the Agents may
from time to time reasonably request and, at the Agents&rsquo; request, will also furnish copies of the U.S. Prospectus to each
exchange or market on which sales of the Placement Shares may be made; provided, however, that the Company shall not be required
to furnish any document (other than the U.S. Prospectus and the Canadian Prospectus) to the Agents to the extent such document
is available on EDGAR or SEDAR, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) <U>Earnings
Statement</U>. To the extent not available on the Commission&rsquo;s EDGAR system, the Company will make generally available to
its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company&rsquo;s current
fiscal quarter, an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of
the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) <U>Use
of Proceeds</U>. The Company will use the Net Proceeds as described in the U.S. Prospectus in the section entitled &ldquo;Use
of Proceeds.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) <U>Notice
of Other Sales</U>. Without the prior written consent of the Agents, the Company will not, directly or indirectly, offer to sell,
sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares (other than the Placement Shares offered
pursuant to this Agreement) or securities convertible into or exchangeable for Common Shares, warrants or any rights to purchase
or acquire, Common Shares during the period beginning on the fifth (5<SUP>th</SUP>) Trading Day immediately prior to the date
on which any Placement Notice is delivered to Agents hereunder and ending on the fifth (5<SUP>th</SUP>) Trading Day immediately
following the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement
Notice has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such
suspension or termination); and will not directly or indirectly in any other &ldquo;at-the-market&rdquo; or continuous equity
transaction (which, for greater certainty, does not include a private placement or prospectus offering with a single closing date
for the sale of shares, or two discrete closing dates, one for the initial sale of shares and a subsequent closing date in respect
of the exercise of an over-allotment or other option to increase the size of the initial offering) offer to sell, sell, contract
to sell, grant any option to sell or otherwise dispose of any Common Shares (other than the Placement Shares offered pursuant
to this Agreement) or securities convertible into or exchangeable for Common Shares, warrants or any rights to purchase or acquire,
Common Shares prior to the later of the termination of this Agreement and the sixtieth (60<SUP>th</SUP>) day immediately following
the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice; provided, however, that such
restrictions will not be required in connection with the Company&rsquo;s issuance or sale of (i) Common Shares, options to purchase
Common Shares, restricted share units, or Common Shares issuable upon the exercise of options or vesting of restricted share units,
pursuant to any employee or director stock option or benefits plan, stock ownership plan or dividend reinvestment plan (but not
Common Shares subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now in effect
or hereafter implemented, (ii) Common Shares issuable upon conversion of securities or the exercise of warrants, options or other
rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or SEDAR or otherwise in writing to
the Agents, (iii) Common Shares or securities convertible into or exchangeable for Common Shares as consideration for mergers,
acquisitions, other business combinations or strategic alliances occurring after the date of this Agreement which are not issued
for capital raising purposes, and (iv) Common Shares offered and sold in privately negotiated transactions that are not for capital
raising purposes to vendors, lenders, strategic partners or potential strategic partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) <U>Change
of Circumstances</U>. The Company will, at any time during the pendency of a Placement Notice advise the Agents promptly after
it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material
respect any opinion, certificate, letter or other document required to be provided to the Agents pursuant to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j) <U>Due
Diligence Cooperation</U>. The Company will cooperate with any reasonable due diligence review conducted by the Agents or its
representatives in connection with the transactions contemplated hereby, including, without limitation, providing information
and making available documents and senior corporate officers, during regular business hours and at the Company&rsquo;s principal
offices, as the Agents may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k) <U>Required
Filings Relating to Placement of Placement Shares</U>. The Company shall disclose, in its quarterly reports on Form 6-K and in
its annual report on Form 40-F to be filed by the Company with the Commission from time to time, the number of the Placement Shares
sold through the an Agent under this Agreement, and the Net Proceeds to the Company from the sale of the Placement Shares pursuant
to this Agreement during the relevant quarter or, in the case of an Annual Report on Form 40-F, during the fiscal year covered
by such Annual Report and the fourth quarter of such fiscal year. The Company agrees that on such dates as the Canadian Securities
Laws and Form F-10 shall require, the Company will (i)&nbsp;file a prospectus supplement with the Canadian Securities Regulators
and the Commission, which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold
through an Agent, the Net Proceeds to the Company and the compensation payable by the Company to an Agent with respect to such
Placement Shares, and (ii)&nbsp;deliver such number of copies of each such prospectus supplement to each exchange or market on
which such sales were effected as may be required by the rules or regulations of such exchange or market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l) <U>Representation
Dates; Certificate</U>. (1) Prior to the date of the first Placement Notice and (2) each time the Company:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
 files the U.S. Prospectus or Canadian Prospectus relating to the Placement Shares or
amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement
Shares) the Registration Statement or the U.S. Prospectus or Canadian Prospectus relating to the Placement Shares by means of
a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration
Statement or the U.S. Prospectus or Canadian Prospectus relating to the Placement Shares;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
 files an annual report on Form 40-F under the Exchange Act (including any Form 40-F/A
containing amended financial statements or a material amendment to the previously filed Form 40-F) or annual information form
under Canadian Securities Law;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
 files or furnishes its quarterly financial statements on Form 6-K under the Exchange
Act or as required pursuant to Canadian Securities Laws; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
 files or furnishes a Form 6-K containing amended financial statements under the Exchange
Act or files or furnishes amended financial statements as required by Canadian Securities Laws</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(each
date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a &ldquo;<B><U>Representation
Date</U></B>&rdquo;);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Company shall furnish the Agents but in the case of clause (iv) above only if any Agent reasonably determines that the information
contained in such filing is material) with a certificate dated the Representation Date, in the form and substance satisfactory
to the Agents and their counsel, substantially similar to the form previously provided to the Agents and their counsel, modified,
as necessary, to relate to the Registration Statement and the Prospectus as amended or supplemented. The requirement to provide
a certificate under this Section 7(l) shall be waived for any Representation Date occurring at a time a Suspension is in effect,
which waiver shall continue until the earlier to occur of the date the Company delivers instructions for the sale of Placement
Shares hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation
Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date
when a Suspension was in effect and did not provide the Agents with a certificate under this Section 7(l), then before the Company
delivers the instructions for the sale of Placement Shares or the Agents sell any Placement Shares pursuant to such instructions,
the Company shall provide the Agents with a certificate in conformity with this Section 7(l) dated as of the date that the instructions
for the sale of Placement Shares are issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m) <U>Legal
Opinion</U>. (1) Prior to the date of the first Placement Notice and (2) within five (5) Trading Days of each Representation Date
described in Sections 7(l)(i), (ii) or (iii) with respect to which the Company is obligated to deliver a certificate pursuant
to <U>Exhibit 7(l) </U>for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause to
be furnished to the Agents a written opinion of Carter Ledyard &amp; Milburn LLP in its capacity as the Company&rsquo;s U.S. securities
counsel (&ldquo;<B><U>U.S. Company Counsel</U></B>&rdquo;) and DuMoulin Black LLP in its capacity as the Company&rsquo;s Canadian
counsel (&ldquo;<B><U>Canadian Company Counsel</U></B>&rdquo;) or other counsel(s) satisfactory to the Agents, in form and substance
satisfactory to Agents and their counsel, substantially similar to the form previously provided to the Agents and their counsel,
modified, as necessary, to relate to the Registration Statement, the Canadian Prospectus and the U.S. Prospectus, as applicable,
as then amended or supplemented; provided, however, that the Company shall be required to furnish to the Agents no more than one
opinion hereunder per calendar quarter; provided further, that in lieu of such opinions for subsequent periodic filings under
the Exchange Act, counsel may furnish the Agents with a letter (a &ldquo;<B><U>Reliance Letter</U></B>&rdquo;) to the effect that
the Agents may rely on a prior opinion delivered under this Section 7(m) to the same extent as if it were dated the date of such
letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement, the Canadian Prospectus
and the U.S. Prospectus, as applicable, as amended or supplemented as of the date of the Reliance Letter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n) <U>Title
Opinion.</U> (1) Prior to the date of the first Placement Notice and (2) within five (5) Trading Days of each Representation Date
described in <U>Sections 7(l)(i) and (ii)</U>, the Company shall cause to be furnished to the Agents a written opinion of Canadian
Company Counsel as to the ownership and title of the Company to the KSM Project and the Snowfield Property and any such other
material property and with respect to such other matters related to the transactions contemplated hereby as may be reasonably
requested by the Agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o) <U>Officer&rsquo;s
Certificate.</U> (1) Prior to the date of the first Placement Notice and (2) within five (5) Trading Days of the date on which
the Company files an annual report on Form 40-F, the Company shall cause to be furnished to the Agents an officer&rsquo;s certificate
stating that no issues exist with respect to the title, surface rights, subsurface rights, exploration and exploitation rights,
as applicable on the Material Properties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p) <U>Comfort
Letter</U>. (1) Prior to the date of the first Placement Notice and (2) within five (5) Trading Days of each Representation Date
with respect to which the Company is obligated to deliver a certificate pursuant to Section 7(l) for which no waiver is applicable
and excluding the date of this Agreement, the Company shall cause its independent registered public accounting firm to furnish
letters (the &ldquo;<B><U>Comfort Letters</U></B>&rdquo;) to the Agents, dated the date the Comfort Letter is delivered, which
shall meet the requirements set forth in this Section 7(p); provided, that if requested by an Agent, the Company shall cause a
Comfort Letter to be furnished to the Agents within ten (10) Trading Days of the date of occurrence of any material transaction
or event, including the restatement of the Company&rsquo;s financial statements. The Comfort Letter from the Company&rsquo;s independent
registered public accounting firm shall be in a form and substance satisfactory to the Agents, (i) confirming that they are an
independent registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight
Board (United States) and are an independent auditor as required by Canadian Securities Laws, (ii) stating, as of such date, the
conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants&rsquo;
&ldquo;comfort letters&rdquo; to underwriters in connection with registered public offerings (the first such letter, the &ldquo;<B><U>Initial
Comfort Letter</U></B>&rdquo;) and (iii) updating the Initial Comfort Letter with any information that would have been included
in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement
and the Prospectuses, as amended and supplemented to the date of such letter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q) <U>Market
Activities</U>. The Company will not, directly or indirectly, (i)&nbsp;take any action designed to cause or result in, or that
constitutes or might reasonably be expected to constitute, the stabilization, maintenance or manipulation of the price of any
security of the Company to facilitate the sale or resale of Common Shares or (ii)&nbsp;sell, bid for, or purchase Common Shares
in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than the Agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r) <U>Investment
Company Act</U>. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor any of the
Material Subsidiaries will be or become, at any time prior to the termination of this Agreement, required to register as an &ldquo;investment
company,&rdquo; as such term is defined in the Investment Company Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s) <U>No
Offer to Sell</U>. Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agents in their capacity
as agents hereunder, none of the Agents nor the Company (including its agents and representatives, other than the Agents in their
capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under
the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to
buy Placement Shares hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t) <U>Blue
Sky and Other Qualifications</U><I>. </I> The Company will use its commercially reasonable efforts, in cooperation with the Agents,
to qualify the Placement Shares for offering and sale, or to obtain an exemption for the Placement Shares to be offered and sold,
under the Applicable Securities Laws of those states as may be required and to maintain such qualifications and exemptions in
effect for so long as required for the distribution of the Placement Shares as an &ldquo;at-the-market distribution&rdquo; (but
in no event for less than one year from the date of this Agreement); provided, however, that the Company shall not be obligated
to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction
in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it
is not otherwise so subject. In each jurisdiction in which the Placement Shares have been so qualified or exempt, the Company
will file such statements and reports as may be required by the laws of such jurisdiction to continue such qualification or exemption,
as the case may be, in effect for so long as required for the distribution of the Placement Shares as an &ldquo;at-the-market
distribution&rdquo; (but in no event for less than one year from the date of this Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u) <U>Disclosure
Controls and Procedures and Internal Control Over Financial Reporting</U>. The Company and the Material Subsidiaries will maintain
and keep accurate books and records reflecting their assets and maintain internal accounting controls and procedures in a manner
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles and including those policies and procedures
that (i)&nbsp;pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and
dispositions of the assets of the Company, (ii)&nbsp;provide reasonable assurance that transactions are recorded as necessary
to permit the preparation of the Company&rsquo;s consolidated financial statements in accordance with IFRS as may then be applicable,
(iii)&nbsp;that receipts and expenditures of the Company are being made only in accordance with management&rsquo;s and the Company&rsquo;s
directors&rsquo; authorization, and (iv)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Company&rsquo;s assets that could have a material effect on its financial statements. The
Company and the Material Subsidiaries will maintain such controls and other procedures, including, without limitation, those required
by Sections 302 and 906 of the Sarbanes-Oxley Act and NI 52-109, and the applicable regulations thereunder that are designed to
ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act
or Canadian Securities Laws is recorded, processed, summarized and reported, within the time periods specified in the Commission&rsquo;s
or Canadian Securities Regulators&rsquo; rules and forms, including, without limitation, controls and procedures designed to ensure
that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act or Canadian
Securities Laws is accumulated and communicated to the Company&rsquo;s management, including its principal executive officer and
principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure and to ensure that material information relating to the Company or the Material Subsidiaries is made known to them
by others within those entities, particularly during the period in which such periodic reports are being prepared.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v) <U>Secretary&rsquo;s
Certificate; Further Documentation</U>. Prior to the date of the first Placement Notice, the Company shall deliver to the Agents
a certificate of the Secretary of the Company and attested to by an executive officer of the Company, dated as of such date, certifying
as to (i) the constating documents of the Company, (ii) the resolutions of the Board of Directors of the Company authorizing the
execution, delivery and performance of this Agreement and the issuance of the Placement Shares and (iii) the incumbency of the
officers duly authorized to execute this Agreement and the other documents contemplated by this Agreement. Within five (5) Trading
Days of each Representation Date, the Company shall have furnished to the Agents such further information, certificates and documents
as an Agent may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w) <U>Canadian
Securities Laws, Securities Act, and Exchange Act</U>. The Company will use its commercially reasonable efforts to comply in all
material respects with all requirements imposed upon it by Canadian Securities Laws, the Securities Act, the Exchange Act and
the rules of the Exchanges as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings
in, the Placement Shares as contemplated by the provisions hereof and the U.S. Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x) <U>Reports,
etc.</U> The Company will use its commercially reasonable efforts to (i)&nbsp;file promptly all reports required to be filed by
the Company with the Commission or the Canadian Securities Regulators; (ii)&nbsp;file promptly all reports and other documents
required to be filed by the Company to comply with Canadian Securities Laws, (iii)&nbsp;provide the Agents with a copy of such
reports and statements and other documents filed by the Company pursuant to the Canadian Securities Laws and to promptly notify
the Lead Agent of such filing unless available on SEDAR; (iv)&nbsp;advise the Lead Agent, promptly after it receives notices thereof,
(x) of any request by the Canadian Securities Regulators or the Commission to amend or supplement the Registration Statement,
the Canadian Base Prospectus, the U.S. Base Prospectus, the U.S. Prospectus Supplement, the Canadian Prospectus Supplement or
the Issuer Free Writing Prospectus, if any, or for additional information with respect thereto or (y) of the issuance by the Commission
or a Canadian Securities Regulator of any stop order suspending the effectiveness of the Registration Statement or either of the
Prospectuses, respectively, or the institution or threatening of any proceeding for any such purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y) <U>Shelf
Procedures</U>. The Company shall comply with the requirements of the Shelf Procedures and General Instruction II.L of Form F-10
and file the Canadian Prospectus Supplement with the Canadian Securities Regulators and the U.S. Prospectus Supplement with the
Commission on the day which is no later than two Business Days following the date of this Agreement. If during the period in which
a prospectus is required by law to be delivered by the Agents, any event shall occur that makes any statement made in the Registration
Statement, the U.S. Prospectus, the Canadian Prospectus or the Issuer Free Writing Prospectus, if any, untrue or that as a result
of which, in the judgment of the Company or in the reasonable opinion of the Agents or counsel for the Agents, it becomes necessary
to amend or supplement the Registration Statement in order to make the statements therein not misleading, or the U.S. Prospectus
or the Canadian Prospectus in order to (i) constitute full, true and plain disclosure of all material facts relating to the Company
and the Material Subsidiaries (taken as a whole) and the Placement Shares; and (ii) make the statements therein, in the light
of the circumstances in which they are made, not misleading, or, if it is necessary at any time to amend or supplement the Registration
Statement, the U.S. Prospectus, the Canadian Prospectus or the Issuer Free Writing Prospectus, if any, to comply with any law,
the Company promptly will prepare and file with the Commission and the Canadian Securities Regulators, and furnish at its own
expense to the Agents, an appropriate amendment to the Registration Statement or supplement to the U.S. Prospectus, Canadian Prospectus
or the Issuer Free Writing Prospectus, if any, so that the Registration Statement as so amended or the U.S. Prospectus or the
Canadian Prospectus, as so amended or supplemented will (i) constitute full, true and plain disclosure of all material facts relating
to the Company and the Material Subsidiaries (taken as a whole) and the Placement Shares; and (ii) not, in the light of the circumstances
when it is so delivered, be misleading, or so that the Registration Statement, U.S. Prospectus or the Canadian Prospectus shall
comply with such law. Before amending the Registration Statement or amending or supplementing the U.S. Prospectus or the Canadian
Prospectus in connection with this Agreement, the Company shall furnish the Agents with a copy of such proposed amendment or supplement
and shall not file such amendment or supplement to which the Agents reasonably object.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z) <U>Marketing
Materials</U>. During the term of this Agreement, the Company shall not provide any &ldquo;marketing materials&rdquo; (as such
term is defined in NI 41-101) in Canada.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. <U>Payment
of Expenses</U>. The Company will pay all expenses incident to the performance of its obligations under this Agreement, including
(i)&nbsp;the preparation and filing of the Registration Statement, including any fees required by the Commission or the Canadian
Securities Regulators, and the printing or electronic delivery of the Registration Statement, the Form F-X and the Prospectuses
as originally filed and of each amendment and supplement thereto, in such number as the Agents shall deem necessary, (ii) the
printing and delivery to the Agents and such other documents as may be required in connection with the offering, purchase, sale,
issuance or delivery of the Placement Shares, (iii)&nbsp;the preparation, issuance and delivery of the certificates, if any, for
the Placement Shares to the Agents, including any stock or other transfer taxes and any capital duties, stamp duties or other
duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to the Agents, (iv)&nbsp;the fees and disbursements
of the counsel, accountants and other advisors to the Company, (v)&nbsp;the reasonable fees and expenses of the Agents, including
but not limited to the fees and expenses of the counsel to the Agents, payable upon the execution of this Agreement, in an amount
not to exceed US$50,000, plus applicable taxes; (vi)&nbsp;the qualification or exemption of the Placement Shares under state and
provincial securities laws in accordance with the provisions of Section&nbsp;7(r) hereof, including filing fees, but excluding
fees of the Agents&rsquo; counsel, (vii)&nbsp;the printing and delivery to the Agents of copies of any Permitted Issuer Free Writing
Prospectus and the Prospectuses and any amendments or supplements thereto in such number as the Agents shall deem necessary, (viii)&nbsp;the
preparation, printing and delivery to the Agents of copies of the blue sky survey, (ix)&nbsp;the fees and expenses of the transfer
agent and registrar for the Common Shares, (x)&nbsp;the filing and other fees incident to any review by FINRA of the terms of
the sale of the Placement Shares including the fees of the Agents&rsquo; counsel (subject to the cap set forth in clause (v) above),
and (xi)&nbsp;the fees and expenses incurred in connection with the listing of the Placement Shares on each Exchange.</FONT></P>

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

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. <U>Conditions
to Agents&rsquo; Obligations</U>. The obligations of the Agents hereunder with respect to a Placement will be subject to the continuing
accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company
of its obligations hereunder, to the completion by the Agents and their counsel of a due diligence review satisfactory to it in
their reasonable judgment, and to the continuing satisfaction (or waiver by each of the Agents in their sole discretion) of the
following additional conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <U>Registration
Statement Effective</U>. The Registration Statement shall have become effective and shall be available for the (i)&nbsp;resale
of all Placement Shares issued to the Agents and not yet sold by the Agents and (ii) sale of all Placement Shares contemplated
to be issued by any Placement Notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <U>No
Material Notices</U>. None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the Company of any
request for additional information from the Commission, the Canadian Securities Regulators or any other federal, state or provincial
Governmental Authority during the period of effectiveness of the Registration Statement, the response to which would require any
post-effective amendments or supplements to the Registration Statement or the Prospectuses; (ii)&nbsp;the issuance by the Commission,
the Canadian Securities Regulators or any other federal, state or provincial Governmental Authority of any stop order suspending
the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii)&nbsp;receipt by the
Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the
Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv)&nbsp;the
occurrence of any event that makes any statement of a material fact made in the Registration Statement or either of the Prospectuses
or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires
the making of any changes in the Registration Statement, the Prospectuses or documents so that, in the case of the Registration
Statement, it will not contain an untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading and, that in the case of each Prospectus, it will not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <U>No
Misstatement or Material Omission</U>. The Agents shall not have been advised by the Company or the Agents&rsquo; counsel that
the Registration Statement or the Prospectuses, or any amendment or supplement thereto, contains an untrue statement of fact that
in the Agents&rsquo; reasonable opinion is material, or omits to state a fact that in the Agents&rsquo; reasonable opinion is
material and is required to be stated therein or is necessary to make the statements therein not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <U>Material
Changes</U>. Except as contemplated in the Prospectuses, or disclosed in the Company&rsquo;s reports filed with the Commission
and the Canadian Securities Regulators, there shall not have been any material adverse change in the authorized capital stock
of the Company or any Material Adverse Effect or any development would cause a Material Adverse Effect, in the reasonable judgment
of the Agents (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make
it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated
in the Prospectuses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) <U>Legal
Opinions and Officer Certificates</U>. The Agents shall have received the opinions of each of U.S. Company Counsel and Canadian
Company Counsel required to be delivered pursuant to Section 7(m) and 7(n) and the officer certificates pursuant to Section 7(o)
on or before the date on which such delivery of such opinion or certificate is required pursuant to Section 7(m), Section 7(n)
and Section 7(o), respectively<B>. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) <U>Comfort
Letter</U>. The Agents shall have received the Comfort Letter required to be delivered pursuant to Section 7(p) on or before the
date on which such delivery of such Comfort Letter is required pursuant to Section 7(p).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) <U>Representation
Certificate</U>. The Agents shall have received the certificate required to be delivered pursuant to Section 7(l) on or before
the date on which delivery of such certificate is required pursuant to Section 7(l).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) <U>No
Suspension</U>. Trading in the Common Shares shall not have been suspended on either Exchange and the Common Shares shall not
have been delisted from either Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) <U>Other
Materials</U>. On each date on which the Company is required to deliver a certificate pursuant to Section 7(l), the Company shall
have furnished to the Agents such appropriate further information, opinions, certificates, letters and other documents as the
Agents may reasonably request. All such opinions, certificates, letters and other documents will be in compliance with the provisions
hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j) <U>Securities
Act Filings Made</U>. All filings with the Canadian Securities Regulators and the Commission required by Canadian Securities Laws
and Form F-10 to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable
time period prescribed for such filing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k) <U>Approval
for Listing</U>. The Placement Shares shall either have been approved for listing on each Exchange, subject only to notice of
issuance, or the Company shall have filed an application for listing of the Placement Shares on each Exchange at, or prior to,
the issuance of any Placement Notice and each Exchange shall have reviewed such application and not provided any objections to
such application.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l) <U>FINRA</U>.
If applicable, FINRA shall not have raised any objection to the terms of this offering and the amount of compensation allowable
or payable to the Agents as described in the U.S. Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m) <U>No
Termination Event</U>. There shall not have occurred any event that would permit the Agents to terminate this Agreement pursuant
to Section 12(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n) <U>No
Governmental Objections</U>. No U.S., Canadian, or other Governmental Authority shall have issued any opinion, guidance, objection,
or advice that can be construed as limiting or restricting in any way the ability of the Agents to carry out the transactions
contemplated hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o) <U>Regulation
M</U>. The Common Shares shall be an &ldquo;actively-traded security&rdquo; excepted from the requirements of Rule 101 of Regulation
M by subsection (c)(1) of such rule.</FONT></P>

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

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. <U>Indemnification
and Contribution</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <U>Company
Indemnification</U>. The Company agrees to indemnify and hold harmless the Agents and their respective affiliates, partners, members,
directors, officers, employees and agents and each person, if any, who controls the applicable Agent or any affiliate within the
meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment
thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make
the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included
in any related Issuer Free Writing Prospectus or the Prospectuses (or any amendment or supplement thereto), or the omission or
alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened,
or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission;
<I>provided</I> that (subject to <U>Section&nbsp;10(d)</U> below) any such settlement is effected with the written consent of
the Company, which consent shall not unreasonably be delayed or withheld; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii) against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel), reasonably incurred in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any Governmental Authority, commenced or
threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission (whether or not a party), to the extent that any such expense is not paid under (i)&nbsp;or (ii)&nbsp;above,</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I>,
<I>however</I>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising
out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity
with the Agents&rsquo; Information (as defined below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <U>Agent
Indemnification</U>. Each Agent, severally but not jointly, agrees to indemnify and hold harmless the Company and its directors
and each officer of the Company who signed the Registration Statement or the Prospectuses, and each person, if any, who controls
the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all loss,
liability, claim, damage and expense described in the indemnity contained in <U>Section 10(a)</U>, as incurred, but only with
respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any
amendments thereto), the Prospectuses (or any amendment or supplement thereto) or any Issuer Free Writing Prospectus (or any amendment
or supplement thereto) in reliance upon and in conformity with information relating to the Agent and furnished to the Company
in writing by the Agent expressly for use therein. The Company hereby acknowledges that the only information that the Agent has
furnished to the Company expressly for use in the Registration Statement, the U.S. Prospectus, the Canadian Prospectus or any
Issuer Free Writing Prospectus (or any amendment or supplement thereto) are the statements set forth in paragraphs 10, 12 and
the last two sentences of paragraph 13 under the caption &ldquo;Plan of Distribution&rdquo; in the U.S. Prospectus and paragraphs
10, 12 and the last two sentences of paragraph 13 under the caption &ldquo;Plan of Distribution&rdquo; in the Canadian Prospectus
(the &ldquo;<B><U>Agents&rsquo; Information</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <U>Procedure</U>.
Any party that proposes to assert the right to be indemnified under this <U>Section 10</U> will, promptly after receipt of notice
of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties
under this <U>Section 10</U>, notify each such indemnifying party of the commencement of such action, enclosing a copy of all
papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i)&nbsp;any
liability that it might have to any indemnified party otherwise than under this <U>Section 10</U> and (ii)&nbsp;any liability
that it may have to any indemnified party under the foregoing provision of this <U>Section 10</U> unless, and only to the extent
that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action
is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will
be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly
after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party
similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after
notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will
not be liable to the indemnified party for any other legal expenses except as provided below and except for the reasonable costs
of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have
the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the
expense of such indemnified party unless (1)&nbsp;the employment of counsel by the indemnified party has been authorized in writing
by the indemnifying party, (2)&nbsp;the indemnified party has reasonably concluded (based on advice of counsel) that there may
be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the
indemnifying party, (3)&nbsp;a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between
the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense
of such action on behalf of the indemnified party) or (4)&nbsp;the indemnifying party has not in fact employed counsel to assume
the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time
after receiving notice of the commencement of the action; in each of which cases the reasonable fees, disbursements and other
charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or
parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable
fees, disbursements and other charges of more than one separate firm (plus local counsel) admitted to practice in such jurisdiction
at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by
the indemnifying party promptly as they are incurred. Subject to <U>Section 10(d)</U>, an indemnifying party will not, in any
event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall,
without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any
pending or threatened claim, action or proceeding relating to the matters contemplated by this <U>Section 10</U> (whether or not
any indemnified party is a party thereto), unless such settlement, compromise or consent (1)&nbsp;includes an express and unconditional
release of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability
arising out of such litigation, investigation, proceeding or claim and (2)&nbsp;does not include a statement as to or an admission
of fault, culpability or a failure to act by or on behalf of any indemnified party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <U>Settlement
Without Consent if Failure to Reimburse</U><I>. </I> If an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for reasonable fees and expenses of counsel, such indemnifying party agrees that it shall be liable for
any settlement of the nature contemplated by <U>Section&nbsp;10(a)(ii)</U> effected without its written consent if (1)&nbsp;such
settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (2)&nbsp;such
indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being
entered into and (3)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request
prior to the date of such settlement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) <U>Contribution</U>.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this <U>Section 10</U> is applicable in accordance with its terms but for any reason is held to be unavailable or
insufficient from the Company or an Agent, the Company and such Agent will contribute to the total losses, claims, liabilities,
expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount
paid in settlement of, any action, suit or proceeding or any claim asserted) to which the Company and the Agents may be subject
in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Agents
on the other hand. The relative benefits received by the Company on the one hand and the Agents on the other hand shall be deemed
to be in the same proportion as the total net proceeds from the sale of the Placement Shares (before deducting expenses) received
by the Company bear to the total compensation received by the Agents from the sale of Placement Shares on behalf of the Company.
If, but only if, the allocation provided by the foregoing sentence is not permitted by Applicable Law, the allocation of contribution
shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence
but also the relative fault of the Company, on the one hand, and such Agent, on the other hand, with respect to the statements
or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other
relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Company or such Agent, the intent of the parties and their relative knowledge, access
to information and opportunity to correct or prevent such statement or omission. The Company and each Agent agree that it would
not be just and equitable if contributions pursuant to this <U>Section 10(e)</U> were to be determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount
paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof,
referred to above in this <U>Section 10(e)</U> shall be deemed to include, for the purpose of this <U>Section 10(e)</U>, any legal
or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action
or claim to the extent consistent with <U>Section 10(c)</U> hereof. Notwithstanding the foregoing provisions of this <U>Section
10(e)</U>, the Agents shall not be required to contribute any amount in excess of the commissions received by it under this Agreement
and no person found guilty of fraudulent misrepresentation (within the meaning of <U>Section 11(f)</U> of the Securities Act)
will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this
<U>Section 10(e)</U>, any person who controls a party to this Agreement within the meaning of the Securities Act, any affiliates
of an Agent and any officers, directors, partners, employees or agents of an Agent or any of its affiliates, will have the same
rights to contribution as that party, and each director of the Company and each officer of the Company who signed the Registration
Statement or the Prospectuses will have the same rights to contribution as the Company, subject in each case to the provisions
hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party
in respect of which a claim for contribution may be made under this <U>Section 10(e)</U>, will notify any such party or parties
from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution
may be sought from any other obligation it or they may have under this <U>Section 10(e)</U> except to the extent that the failure
to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is
sought. Except for a settlement entered into pursuant to the last sentence of <U>Section 10(c)</U> hereof, no party will be liable
for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant
to <U>Section 10(c)</U> hereof. The Agents&rsquo; respective obligations to contribute pursuant to this Section 10(e) are several
in proportion to the respective number of Placement Shares they have sold hereunder, and not joint.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. <U>Representations
and Agreements to Survive Delivery</U>. The indemnity and contribution agreements contained in <U>Section 10</U> of this Agreement
and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of
their respective dates, regardless of (i)&nbsp;any investigation made by or on behalf of the Agents, any controlling persons,
or the Company (or any of their respective officers, directors, employees or controlling persons), (ii)&nbsp;delivery and acceptance
of the Placement Shares and payment therefor or (iii)&nbsp;any termination of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. <U>Termination</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) Each
Agent may terminate this Agreement, only with respect to itself, by notice to the Company, as hereinafter specified at any time
(1)&nbsp;if there has been, since the time of execution of this Agreement or since the date as of which information is given in
the Prospectus, any change, or any development or event involving a prospective change, in the condition, financial or otherwise,
or in the business, properties, earnings, results of operations or prospects of the Company and its Subsidiaries considered as
one enterprise, whether or not arising in the ordinary course of business, which individually or in the aggregate, in the reasonable
sole judgment of the Agent, is material and adverse and makes it impractical or inadvisable to market the Placement Shares or
to enforce contracts for the sale of the Placement Shares, (2)&nbsp;if there has occurred any material adverse change in the financial
markets in the United States, Canada or the international financial markets, any outbreak of hostilities or escalation thereof
or other calamity or crisis or any change or development involving a prospective change in national or international political,
financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Agent, impracticable
or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (3)&nbsp;if trading
in the Common Shares has been suspended or limited by the Commission, any Canadian Securities Regulator, IIROC or either Exchange,
or if trading generally on either Exchange has been suspended or limited, or minimum prices for trading have been fixed on the
Exchange, (4) if any suspension of trading of any securities of the Company on any exchange or in the over-the-counter market
shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance services in the United
States or Canada shall have occurred and be continuing, or (6)&nbsp;if a banking moratorium has been declared by either Canadian
or U.S. Federal or New York authorities. Any such termination shall be without liability of any party to any other party except
that the provisions of <U>Section 8</U> (Payment of Expenses), <U>Section 10</U> (Indemnification and Contribution), <U>Section
11</U> (Representations and Agreements to Survive Delivery), <U>Section 17</U> (Governing Law and Time; Waiver of Jury Trial),
<U>Section 18</U> (Consent to Jurisdiction), <U>Section 19</U> (Appointment of Agent for Service) and <U>Section 20</U> (Judgment
Currency) hereof shall remain in full force and effect notwithstanding such termination. If an Agent elects to terminate this
Agreement as provided in this <U>Section 12(a)</U>, such Agent shall provide the required notice as specified in <U>Section 13
</U>(Notices).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) The
Company shall have the right, by giving ten (10) days&rsquo; notice as hereinafter specified to terminate this Agreement in its
sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to
any other party except that the provisions of <U>Section 8</U>, <U>Section 10</U>, <U>Section 11</U>, <U>Section 17</U>, <U>Section
18, Section 19</U> and <U>Section 20</U> hereof shall remain in full force and effect notwithstanding such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) Each
Agent shall have the right, by giving ten (10) days&rsquo; notice as hereinafter specified to terminate this Agreement, only with
respect to itself, in its sole discretion at any time after the date of this Agreement. Any such termination shall be without
liability of any party to any other party except that the provisions of <U>Section 8</U>, <U>Section 10</U>, <U>Section 11</U>,
<U>Section 17</U>, <U>Section 18</U>, <U>Section 19</U> and <U>Section 20</U> hereof shall remain in full force and effect notwithstanding
such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) This
Agreement shall remain in full force and effect unless terminated pursuant to <U>Sections 12(a)</U>, <U>(b)</U>, or <U>(c)</U>
above or otherwise by mutual agreement of the parties; <I>provided</I>, <I>however</I>, that any such termination by mutual agreement
shall in all cases be deemed to provide that <U>Section 8</U>, <U>Section 10</U>, <U>Section 11</U>, <U>Section 17</U>, <U>Section
18</U>, <U>Section 19</U> and <U>Section 20</U> shall remain in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) Any
termination of this Agreement shall be effective on the date specified in such notice of termination and only with respect to
the Agents listed in the notice of termination and who have signed such notice of termination; <I>provided</I>, <I>however</I>,
that such termination shall not be effective until the close of business on the date of receipt of such notice by any such Agent
or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares,
such Placement Shares shall settle in accordance with the provisions of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. <U>Notices</U>.
All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of
this Agreement shall be in writing, unless otherwise specified, and delivered as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Lead Agent, then to:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cantor
Fitzgerald &amp; Co.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">499
Park Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Capital
Markets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile: (212)
307-3730</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: CFCEO@cantor.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
a copy to:  General Counsel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile: 212-829-4708</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: #legal-IBD@cantor.com</FONT></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">&nbsp;</FONT></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">and
if to any other Agents, then to:</FONT></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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
Riley Securities, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">299
Park Avenue, 21st Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10171</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: General
Counsel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile: (212)
457-3377</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: atmdesk@brileyfin.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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">with
a copy to:</FONT></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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cooley
LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55
Hudson Yards</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10001</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Attention: Daniel
I. Goldberg, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone: (212)
479-6275<BR>
Email: dgoldberg@cooley.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bennett
Jones LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3400
One First Canadian Place</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.
Box 130</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Toronto,
Ontario M5X 1A4</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
 James Clare</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:
 416 863 1716</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: clarej@bennettjones.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
if to the Company, shall be delivered to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seabridge
Gold Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106
Front Street East</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite
400</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Toronto,
Ontario M5A 1E1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Chief
Executive Officer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile: (416)
367-2711<BR>
Email: rudi@seabridgegold.net</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carter
Ledyard &amp; Milburn LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
Wall Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10005</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Guy
P. Lander, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile: (212)
732-3232<BR>
Email: lander@clm.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DuMoulin
Black LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10th
Floor, 595 Howe Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vancouver,
BC, V6C 2T5</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
 J. Douglas Seppala</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:
 (604) 687-8772</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: dseppala@dumoulinblack.com</FONT></P>

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

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new
address for such purpose. Each such notice or other communication shall be deemed given (i)&nbsp;when delivered personally or
by verifiable facsimile transmission (with an original to follow) on or before 4:30&nbsp;p.m., New York City time, on a Business
Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii)&nbsp;on the next Business Day after timely
delivery to a nationally-recognized overnight courier and (iii)&nbsp;on the Business Day actually received if deposited in the
U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement, &ldquo;<B><U>Business
Day</U></B>&rdquo; shall mean any day on which each Exchange and commercial banks in the City of New York and the City of Toronto
are open for business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
electronic communication (&ldquo;<B><U>Electronic Notice</U></B>&rdquo;) shall be deemed written notice for purposes of this Section
13 if sent to the electronic mail address specified by the receiving party above or under separate cover. Electronic Notice shall
be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving party. Any
party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&ldquo;<B><U>Nonelectronic
Notic</U>e</B>&rdquo;) which shall be sent to the requesting party within ten (10) days of receipt of the written request for
Nonelectronic Notice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14. <U>Successors
and Assigns</U>. This Agreement shall inure to the benefit of and be binding upon the Company and each Agent and their respective
successors and the parties referred to in <U>Section 10</U> hereof. References to any of the parties contained in this Agreement
shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied,
is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither
party may assign its rights or obligations under this Agreement without the prior written consent of the other parties; <I>provided</I>,
<I>however</I>, that either Agent may assign its rights and obligations hereunder to an affiliate thereof without obtaining the
Company&rsquo;s consent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15. <U>Adjustments
for Stock Splits</U>. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted
to take into account any stock split, stock dividend or similar event effected with respect to the Placement Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16. <U>Entire
Agreement; Amendment; Severability; Waiver</U>. This Agreement (including all schedules and exhibits attached hereto and Placement
Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements
and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement
nor any term hereof may be amended except pursuant to a written instrument executed by the Company and each of the Agents. In
the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect
to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall
be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that
giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of
the parties as reflected in this Agreement. No implied waiver by a party shall arise in the absence of a waiver in writing signed
by such party. No failure or delay in exercising any right, power, or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power,
or privilege hereunder.</FONT></P>

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

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17. <B><U>GOVERNING
LAW AND TIME; WAIVER OF JURY TRIAL</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18. <B><U>CONSENT
TO JURISDICTION</U>. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING
IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION
CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT
IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT
FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE
OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR
REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES
THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE
DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. TO THE EXTENT THAT THE COMPANY HAS OR HEREAFTER
MAY ACQUIRE ANY IMMUNITY (ON THE GROUNDS OF SOVEREIGNTY OR OTHERWISE) FROM THE JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS
WITH RESPECT TO ITSELF OR ITS PROPERTY, THE COMPANY IRREVOCABLY WAIVES, AS AGENTS FOR SUITS, ACTIONS OR PROCEEDINGS HEREUNDER,
TO THE FULLEST EXTENT PERMITTED BY LAW, SUCH IMMUNITY IN RESPECT OF ANY SUCH SUIT, ACTION OR PROCEEDING.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19. <U>Appointment
of Agent for Service</U>. The Company has filed with the Commission a Form F-X appointing Corporation Service Company (or any
successor) as its agent for service of process in any suit, action or proceeding described in <U>Section 18</U> and agrees that
service of process in any such suit, action or proceeding may be made upon it at the office of such agent. The Company waives,
to the fullest extent permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto.
The Company represents and warrants that such agent has agreed to act as the Company&rsquo;s agent for service of process, and
the Company agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary
to continue such appointment in full force and effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20. <U>Judgment
Currency</U>. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency
other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange
used shall be the rate at which in accordance with normal banking procedures the Agents could purchase United States dollars with
such other currency in The City of New York on the Business Day preceding that on which final judgment is given. The obligation
of the Company with respect to any sum due from it to the Agents or any person controlling the Agents shall, notwithstanding any
judgment in a currency other than United States dollars, not be discharged until the first Business Day following receipt by the
Agents or any person controlling the Agents of any sum in such other currency, and only to the extent that the Agents or controlling
person may in accordance with normal banking procedures purchase United States dollars with such other currency. If the United
States dollars so purchased are less than the sum originally due to the Agents or controlling person hereunder, the Company agrees
as a separate obligation and notwithstanding any such judgment, to indemnify the Agents or controlling person against such loss.
If the United States dollars so purchased are greater than the sum originally due to the Agents or controlling person hereunder,
the Agents or controlling person agrees to pay to the Company an amount equal to the excess of the dollars so purchased over the
sum originally due to the Agents or controlling person hereunder</FONT></P>

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

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21. <U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile
or electronic delivery of a portable document format (PDF) file (including any electronic signature covered by the U.S. federal
ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g.,
www.docusign.com).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22. <U>Construction</U>.
The section and exhibit&nbsp;headings herein are for convenience only and shall not affect the construction hereof. References
herein to any law, statute, ordinance, code, regulation, rule or other requirement of any Governmental Authority shall be deemed
to refer to such law, statute, ordinance, code, regulation, rule or other requirement of any Governmental Authority as amended,
reenacted, supplemented or superseded in whole or in part and in effect from time to time and also to all rules and regulations
promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23. <U>Permitted
Free Writing Prospectuses</U>. The Company represents, warrants and agrees that, unless it obtains the prior written consent of
each of the Agents, and each of the Agents represent, warrant and agree that, unless they obtain the prior written consent of
the Company, they have not made and will not make any offer relating to the Placement Shares that would constitute an Issuer Free
Writing Prospectus, or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule&nbsp;405, required
to be filed with the Commission. Any such free writing prospectus consented to by the Agents or by the Company, as the case may
be, is hereinafter referred to as a &ldquo;Permitted Free Writing Prospectus.&rdquo; The Company represents and warrants that
it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer free writing prospectus,&rdquo;
as defined in Rule&nbsp;433, and has complied and will comply with the requirements of Rule&nbsp;433 applicable to any Permitted
Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For the purposes
of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <U>Exhibit&nbsp;23</U> hereto are Permitted
Free Writing Prospectuses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24. <U>Absence
of Fiduciary Relationship</U>. The Company acknowledges and agrees that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) each
Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each transaction
contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between
the Company or any of its respective affiliates, shareholders (or other equity holders), creditors or employees or any other party,
on the one hand, and the Agents, on the other hand, has been or will be created in respect of any of the transactions contemplated
by this Agreement, irrespective of whether or not such Agent has advised or is advising the Company on other matters, and no Agent
has any obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly
set forth in this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) neither
the Agents nor their respective affiliates have provided any legal, accounting, regulatory or tax advice with respect to the transactions
contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has
deemed appropriate;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) it
is aware that the each Agent and its affiliates are engaged in a broad range of transactions which may involve interests that
differ from those of the Company and the such Agent and its affiliates have no obligation to disclose such interests and transactions
to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) it
waives, to the fullest extent permitted by law, any claims it may have against an Agent or its affiliates for breach of fiduciary
duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that
the such Agent and its affiliates shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to
it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it
or the Company, employees or creditors of Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25. <U>No
Joint Venture</U>. The Company and the Agents expressly acknowledge, understand and agree that the Agents are not, and shall not
be deemed for any purpose, to be acting as a joint venture or partner of one another and that the Agents assume responsibility
or liability, express or implied, for any actions or omissions of, or the performance of services by the Agents in connection
with the offering of the Placement Shares pursuant to this Agreement, or otherwise. The obligations of the Agents hereunder shall
be several and not joint.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26. <U>Definitions</U>.
As used in this Agreement, the following terms have the respective meanings set forth below:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Applicable
Laws</U></B>&rdquo; means, in relation to any person or persons, the Applicable Securities Laws and all other statutes, regulations,
rules, orders, by-laws, codes, ordinances, decrees, the terms and conditions of any grant of approval, permission, authority or
license, or any judgment, order, decision, ruling, award, policy or guidance document, of any Governmental Authority that are
applicable to such person or persons or its or their business, undertaking, property or securities and emanate from a Governmental
Authority, having jurisdiction over the person or persons or its or their business, undertaking, property or securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Applicable
Securities Laws</U></B>&rdquo; means the Canadian Securities Laws and the U.S. Securities Laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Applicable
Time</U></B>&rdquo; means (i) each Representation Date, (ii) the time of each sale of any Placement Shares pursuant to this Agreement
and (iii) each Settlement Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Canadian
Securities Laws</U></B>&rdquo; means all applicable securities laws of each of the Qualifying Jurisdictions and the respective
rules and regulations under such laws together with applicable published national, multilateral and local policy statements, instruments,
notices, blanket orders and rulings of the securities regulatory authorities in the Qualifying Jurisdictions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Governmental
Authority</U></B>&rdquo; means (i) any federal, provincial, state, local, municipal, national or international government or governmental
authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality,
court, tribunal, arbitrator or arbitral body (public or private); (ii) any self-regulatory organization; or (iii) any political
subdivision of any of the foregoing.</FONT></P>

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

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<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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Iskut
Subsidiaries</U></B>&rdquo; means SnipGold Corp., Hattrick Resources Corp. and Tuksi Mining &amp; Development Company Ltd.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Issuer
Free Writing Prospectus</U></B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433, relating
to the Placement Shares that (1)&nbsp;is required to be filed with the Commission by the Company, (2)&nbsp;is a &ldquo;road show&rdquo;
that is a &ldquo;written communication&rdquo; within the meaning of Rule&nbsp;433(d)(8)(i) whether or not required to be filed
with the Commission, or (3)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i) because it contains a description of
the Placement Shares or of the offering that does not reflect the final terms, in each case in the form filed or required to be
filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule
433(g) under the Securities Act Regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Material
Adverse Effect</U></B>&rdquo; means (i) any event, fact, circumstance, development, occurrence or state of affairs that is materially
adverse to the business, assets (including intangible assets), affairs, operations, liabilities (contingent or otherwise), capital,
properties, condition (financial or otherwise), prospects, or results of operations of the Company and any of the Subsidiaries,
taken as a whole, whether or not arising in the ordinary course of business or (ii) that would result in any of the Registration
Statement and Prospectuses containing a misrepresentation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Material
Contracts</U></B>&rdquo; means all of the material contracts and agreements of the Company and of the Subsidiaries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&ldquo;<B><U>Material
Subsidiaries</U></B>&rdquo; means KSM Mining ULC, an unlimited liability company incorporated pursuant to the laws of British
Columbia, and Seabridge Gold (NWT) Inc., a company incorporated pursuant to the laws of the Northwest Territories.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B><U>Qualifying
Authorities</U></B>&quot; means the securities regulatory authorities of the Qualifying Jurisdictions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Qualifying
Jurisdictions</U></B>&rdquo; means the provinces of Ontario, Alberta, British Columbia, Manitoba, Saskatchewan and Nova Scotia
and the Yukon.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Rule
164</U></B>,&rdquo; &ldquo;<B><U>Rule 172</U></B>,&rdquo; &ldquo;<B><U>Rule 405</U></B>,&rdquo; &ldquo;<B><U>Rule 415</U></B>,&rdquo;
&ldquo;<B><U>Rule 424</U></B>,&rdquo; &ldquo;<B><U>Rule&nbsp;424(b)</U></B>,&rdquo; &ldquo;<B><U>Rule&nbsp;430B</U></B>,&rdquo;
and &ldquo;<B><U>Rule&nbsp;433</U></B>&rdquo; refer to such rules under the Securities Act Regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>Subsidiaries</U></B>&rdquo;
means, collectively, the Material Subsidiaries, Seabridge Gold Corporation, Seabridge Gold (KSM) Inc., Seabridge Gold (Yukon)
Inc., Pacific Intermountain Gold, Corporation, 5555 Gold Inc., 5555 Silver Inc. and the Iskut Subsidiaries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><U>U.S.
Securities Laws</U></B>&rdquo; means all applicable United States securities laws, including, without limitation, the U.S. Securities
Act, the U.S. Exchange Act and the rules and regulations promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
references in this Agreement to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo;
or &ldquo;stated&rdquo; in the Registration Statement or the Prospectuses (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information that is incorporated by reference in the
Registration Statement or the Prospectus, as the case may be.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
references in this Agreement to the Registration Statement, the U.S. Prospectus, the Canadian Prospectus or any amendment or supplement
to any of the foregoing shall be deemed to include the copy filed with the Commission or the Canadian Securities Regulators pursuant
to EDGAR and SEDAR, as applicable; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer
Free Writing Prospectuses that, pursuant to Rule&nbsp;433, are not required to be filed with the Commission) shall be deemed to
include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to &ldquo;supplements&rdquo;
to the Prospectuses shall include, without limitation, any supplements, &ldquo;wrappers&rdquo; or similar materials prepared in
connection with any offering, sale or private placement of any Placement Shares by the Agents outside of the United States or
Canada.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<B><I>Signature
Page Follows</I></B>]</FONT></P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the foregoing correctly sets forth the understanding among the Company and the Agents, please so indicate in the space provided
below for that purpose, whereupon this letter shall constitute a binding agreement among the Company and the Agents.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEABRIDGE GOLD INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christopher Reynolds </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Christopher Reynolds</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: VP Finance &amp; CFO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACCEPTED
as of the date first-above written:</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CANTOR FITZGERALD &amp; CO.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. RILEY SECURITIES, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sage Kelly</FONT></TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Patrice McNicoll</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Sage Kelly</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Patrice McNicoll</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Head of Investment Banking</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Co-Head of Investment Banking</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

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

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

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Permitted
Free Writing Prospectus</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></P>

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

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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ea133760ex99-2_seabridgegold.htm
<DESCRIPTION>NEWS RELEASE, DATED JANUARY 22, 2021
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B><IMG SRC="image_001.jpg" ALT="">&nbsp;</B></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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: 0; width: 50%; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trading Symbols: TSX: SEA</B></FONT></TD>
    <TD STYLE="text-align: right; padding: 0; width: 50%; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>For Immediate Release</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NYSE: SA</B></FONT></TD>
    <TD STYLE="text-align: right; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>January <FONT STYLE="font-variant: small-caps">22, 2021</FONT></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Seabridge Gold Announces Agreement for At-The-Market
Offering </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Seabridge Gold Inc. (TSX:SEA) (NYSE:SA) (the &quot;Company&quot;
or &quot;Seabridge&quot;) announces that it has entered into a Controlled Equity Offering<SUP>SM</SUP> Sales Agreement dated January
22, 2021 (the &quot;Sales Agreement&quot;) with Cantor Fitzgerald &amp; Co. (the &quot;Lead Agent&quot;) and B. Riley Securities,
Inc. (collectively with the Lead Agent, the &quot;Agents&quot;). Pursuant to the Sales Agreement, the Company will be entitled,
at its discretion and from time-to-time during the term of the Sales Agreement, to sell, through the Lead Agent, such number of
common shares of the Company (the &quot;Common Shares&quot;) that would result in aggregate gross proceeds to the Company of up
to US$75 million (the &quot;Offering&quot; or &quot;ATM Facility&quot;). Sales of the Common Shares, if any, will be made in &quot;at
the market distributions&quot;, as defined in National Instrument 44-102 &ndash; Shelf Distributions, directly on the New York
Stock Exchange (&quot;NYSE&quot;) or on any other existing trading market in the United States. No offers or sales of Common Shares
will be made in Canada through the facilities of the Toronto Stock Exchange or other trading markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The program can be in effect until Seabridge&rsquo;s
current US$775 million Shelf Registration Statement expires in January 2023. Net proceeds from the ATM Facility, if any, will be
used to advance non-flow through eligible exploration and development of the Company's projects, potential future acquisitions,
and for working capital and general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Offering will be under a prospectus supplement
dated January 22, 2021 (the &quot;Prospectus Supplement&quot;) to the Company's existing Canadian short form base shelf prospectus
and U.S. registration statement on Form F-10, as amended (File No. 333-251081), dated December 3, 2020 (collectively the &quot;Offering
Documents&quot;). The Prospectus Supplement will be filed with Securities Commissions in Canada and the U.S. Securities and Exchange
Commission (the &ldquo;SEC&rdquo;). The Offering Documents will contain important detailed information about the securities being
offered. Before you invest, you should read the Offering Documents and the documents incorporated therein for more complete information
about the Company and the Offering. Copies of the Sales Agreement and the Offering Documents will be available for free by visiting
the Company's profiles on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com or the SEC's
website at www.sec.gov, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">This press release does not constitute an
offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws
of any such jurisdiction.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Seabridge holds a 100% interest in several North American gold projects.
Seabridge's principal assets are the KSM Project and Iskut Project located near Stewart, British Columbia, Canada, the Courageous
Lake gold project located in Canada's Northwest Territories and Snowstorm in the Getchell Gold Belt of Northern Nevada. For a full
breakdown of Seabridge's mineral reserves and mineral resources by category please visit Seabridge's website at http://www.seabridgegold.net/resources.php.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Neither the Toronto Stock Exchange, New York Stock Exchange,
nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>This news release contains forward-looking statements within
the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning
of Canadian securities laws (together, &quot;forward-looking statements&quot;). Such forward-looking statements include, but are
not limited to, statements regarding the anticipated offering of Common Shares under the ATM Facility, the proceeds from sales
under the ATM Facility, the anticipated use of proceeds from such sales and the Company's financing options. Forward-looking statements
are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects,
plans, aims, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions, and, being estimates,
resource and reserve estimates are also forward-looking statements. Forward-looking statements also include reference to events
or conditions that will, would, may, could or should occur, including in relation to the use of proceeds from the offering. These
forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at
the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results
to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related
to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting
from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and
realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and
other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other
unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility
of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and
regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those
described in the Company's December 31, 2019 Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) and
the Company's Annual Report Form 40-F filed with the SEC on EDGAR (available at www.sec.gov/edgar.shtml).</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></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: 0; width: 60%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 40%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ON BEHALF OF THE BOARD</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Rudi Fronk&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and CEO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For further information please contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Rudi P. Fronk, Chairman and CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tel: (416)
367-9292 </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Fax:
(416) 367-2711</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: info@seabridgegold.net</P>

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

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

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

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