<SEC-DOCUMENT>0001206774-23-000685.txt : 20230511
<SEC-HEADER>0001206774-23-000685.hdr.sgml : 20230511
<ACCEPTANCE-DATETIME>20230510201636
ACCESSION NUMBER:		0001206774-23-000685
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230511
DATE AS OF CHANGE:		20230510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ballard Power Systems Inc.
		CENTRAL INDEX KEY:			0001453015
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-271758
		FILM NUMBER:		23908441

	BUSINESS ADDRESS:	
		STREET 1:		9000 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 5J8
		BUSINESS PHONE:		604-454-0900

	MAIL ADDRESS:	
		STREET 1:		9000 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 5J8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	7076991 Canada Inc.
		DATE OF NAME CHANGE:	20090102
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10/A
<SEQUENCE>1
<FILENAME>bldp4196643-f10a.htm
<DESCRIPTION>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
<TEXT>

<HTML>
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<TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: right">Registration No. 333-271758</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center">Amendment No. 1</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE SECURITIES ACT OF 1933</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt">BALLARD POWER
SYSTEMS INC.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><B>British Columbia, Canada</B></TD>
    <TD STYLE="width: 34%; text-align: center"><B>3620</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>Not Applicable</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><I>(Province or other Jurisdiction of <BR>
Incorporation or Organization)</I></TD>
    <TD STYLE="text-align: center"><I>(Primary Standard Industrial<BR>
Classification Code Number)</I></TD>
    <TD STYLE="text-align: center"><I>(I.R.S. Employer Identification<BR>
Number, if applicable)</I></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">9000 Glenlyon Parkway, Burnaby, British Columbia
V5J 5J8<BR>
(604) 454-0900</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; text-align: center">(Address and telephone number of Registrant&rsquo;s
principal executive offices)&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Corporation Service Company (CSC)<BR>
19 West 44<SUP>th</SUP> Street, Suite 200, New York, NY 1000510036, (800) 927-9800</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address (including zip code) and telephone
number (including area code) of agent for service in the United States)</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Paul Dobson</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ballard Power Systems Inc.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>9000 Glenlyon Parkway</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Burnaby, British Columbia</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Canada V5J 5J8</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(604) 454-0900</B></P></TD>
    <TD STYLE="width: 50%; padding: 0.25pt 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Randal R. Jones</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dorsey &amp; Whitney LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Columbia Center</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>701 Fifth Avenue, Suite 6100</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Seattle, Washington 98104</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(206) 903-8800</B></P></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Approximate date of commencement of proposed sale
of the securities to the public:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; text-align: center">From time to time after the effective date of this
Registration Statement.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Principal jurisdiction regulating this offering)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is proposed that this filing shall become effective
(check appropriate box below):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">A.</TD>
    <TD STYLE="width: 5%">&#9744;</TD>
    <TD STYLE="width: 90%">upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United States and Canada).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>B.</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
    <TD>at some future date (check the appropriate box below)</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">1.</TD>
    <TD STYLE="width: 5%">&#9744;</TD>
    <TD STYLE="width: 80%">pursuant to Rule 467(b) on ( ) at ( ) (designate a time not sooner than 7 calendar days after filing).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD>pursuant to Rule 467(b) on ( ) at ( ) (designate a time 7 calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on (__).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>3.</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
    <TD>pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>4.</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD>after the filing of the next amendment to this Form (if preliminary material is being filed).</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction&rsquo;s shelf prospectus offering procedures,
check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

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

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

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-right: 0pt; margin-left: 0pt; text-align: center">INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES
OR PURCHASERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; color: red"><I>This short form base shelf prospectus
has been filed under legislation in each of the provinces and territories of Canada that permits certain information about these securities
to be determined after this prospectus has become final and that permits the omission from this prospectus of that information. The legislation
requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after
agreeing to purchase any of these securities, except where an exemption from such delivery requirements is available. This short form
base shelf prospectus is filed in reliance on an exemption from the preliminary base shelf prospectus requirement for a well-known seasoned
issuer.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>No securities regulatory authority has expressed
an opinion about these securities and it is an offence to claim otherwise.</I></B><I> This short form base shelf prospectus constitutes
a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons
permitted to sell such securities.</I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>Information has been incorporated by reference
in this short form base shelf prospectus from documents filed with securities commissions or similar regulatory authorities in Canada.
</B>Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary at
9000 Glenlyon Parkway, Burnaby, British Columbia, <FONT STYLE="white-space: nowrap">Canada V5J</FONT> 5J8 or by calling the Investor Relations Department at 604-454-0900, and
are also available electronically at www.sedar.com.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">SHORT
FORM BASE SHELF PROSPECTUS</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 STYLE="width: 50%; text-align: justify; font-size: 10pt; font-style: italic"><U>New Issue</U></TD>
    <TD STYLE="width: 50%; text-align: right; font-size: 10pt; font-style: italic"><FONT STYLE="font-style: normal">May 9, 2023</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-right: 0pt; margin-left: 0pt; text-align: center"><IMG SRC="bldp4196643-f10ax1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt; text-transform: uppercase"><B>Ballard
Power Systems Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 25pt 0pt 0pt; text-align: center"><B>Common Shares</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Ballard Power Systems Inc. (&ldquo;<B>Ballard</B>&rdquo;,
the &ldquo;<B>Company</B>&rdquo;, &ldquo;<B>we</B>&rdquo; or &ldquo;<B>us</B>&rdquo;) may offer and issue from time to time common shares
of the Company (&ldquo;<B>Common Shares</B>&rdquo;), preferred shares of the Company (&ldquo;<B>Preferred Shares</B>&rdquo;), warrants
to purchase Common Shares (&ldquo;<B>Warrants</B>&rdquo;), debt securities (&ldquo;<B>Debt Securities</B>&rdquo;) and units (&ldquo;<B>Units</B>&rdquo;)
comprised of one or more of any of the other securities that are described in this Prospectus, or any combination of such securities (all
of the foregoing collectively, the &ldquo;<B>Securities</B>&rdquo; and individually, a &ldquo;<B>Security</B>&rdquo;) at offering prices,
as the case may be, denominated in U.S. dollars, Canadian dollars or any other currencies, in one or more transactions during the 25-month
period that this short form base shelf prospectus (this &ldquo;<B>Prospectus</B>&rdquo;), including any amendments hereto, remains effective.
Securities may be offered in amounts, at prices and on terms to be determined based on market conditions at the time of sale and set forth
in one or more accompanying prospectus supplements (collectively or individually, as the case may be, a &ldquo;<B>Prospectus Supplement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">As of the date hereof, the Company has determined
that it qualifies as a &ldquo;well-known seasoned issuer&rdquo; under the WKSI Blanket Orders (as defined below). All information required
to be included in a short form prospectus but permitted under applicable securities laws, including as permitted under the WKSI Blanket
Orders, to be omitted from this Prospectus will be contained, as required, in one or more Prospectus Supplements that will be delivered
to purchasers together with this Prospectus, except where an exemption from such delivery requirements is available. See &ldquo;<I>Well-Known
Seasoned Issuer</I>&rdquo;. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of securities
legislation as of the date of the Prospectus Supplement and only for the purposes of the distribution of the Securities to which the Prospectus
Supplement pertains. You should read this Prospectus and any applicable Prospectus Supplement carefully before you invest in any Securities
offered pursuant to this Prospectus.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The outstanding Common
Shares are listed and posted for trading on the Toronto Stock Exchange (&ldquo;<B>TSX</B>&rdquo;) and on the Nasdaq Global Market (&ldquo;<B>NASDAQ</B>&rdquo;)
under the symbol &ldquo;BLDP&rdquo;. The closing price of the Common Shares on the TSX and the NASDAQ on May 8, 2023 was CDN$6.14 and
USD $4.59, respectively. See &ldquo;<I>Price Range and Trading Volumes</I>&rdquo;. Unless otherwise specified in the applicable Prospectus
Supplement, Securities other than Common Shares will not be listed on any securities exchange. <B>There is no market through which the
Securities, other than the Common Shares, may be sold and purchasers may not be able to resell such Securities purchased under this Prospectus
and any applicable Prospectus Supplement. This may affect the pricing of such Securities in the secondary market, the transparency and
availability of trading prices, the liquidity of the Securities, and the extent of issuer regulation. See &ldquo;<I>Risk Factors</I>&rdquo;.
</B>The offering of Securities hereunder is subject to approval of certain legal matters on behalf of the Company by Stikeman Elliott&nbsp;LLP,
with respect to Canadian legal matters, and by Dorsey &amp; Whitney LLP, with respect to U.S.&nbsp;legal&nbsp;matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>Investing in the Securities involves significant
risks. Investors should carefully read the &ldquo;<I>Risk Factors</I>&rdquo; section in this Prospectus beginning on page 5, in the
documents incorporated by reference herein, and in the applicable Prospectus Supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>This offering is made by a Canadian issuer that
is permitted, under a multijurisdictional disclosure system (&ldquo;MJDS&rdquo;) adopted by the United States and Canada, to prepare this
Prospectus in accordance with Canadian disclosure requirements. Investors should be aware that such requirements are different from those
of the United States. Annual financial statements for the year ended December 31, 2022 incorporated herein have been prepared in accordance
with International Financial Reporting Standards as issued by the International Accounting Standards Board (&ldquo;IFRS&rdquo;) and thus
may not be comparable to financial statements of United States companies. Our financial statements are subject to audit in accordance
with the standards of the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;) and our auditor is subject to
both Canadian auditor independence standards and the auditor independence standards of the PCAOB and the United States Securities and
Exchange Commission (&ldquo;SEC&rdquo;).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>The enforcement by investors of civil liabilities
under the United States federal securities laws may be affected adversely by the fact that we are incorporated or organized under the
laws of a foreign country, that some or all of our officers and directors may be residents of a foreign country, that some or all of the
underwriters or experts named in this Prospectus or any Prospectus Supplement may by residents of a foreign country and that all or a
substantial portion of the assets of the Company and said persons may be located outside the United States.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED
BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR HAS THE SECURITIES COMMISSION OF ANY STATE OF THE UNITED STATES OR ANY CANADIAN
SECURITIES REGULATOR APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The specific terms of the Securities with respect
to a particular offering will be set out in the applicable Prospectus Supplement and may include, where applicable: (i)&nbsp;in the case
of Common Shares, the number of shares offered, the offering price, the currency, dividend rate, if any, and any other terms specific
to the Common Shares being offered; (ii) in the case of Preferred Shares, the designation of the particular class and, if applicable,
series, the number of shares offered, the offering price, the currency, dividend rate, if any, and any other terms specific to the Preferred
Shares being offered, (iii) in the case of Warrants, the designation, number and terms of the Common Shares issuable upon exercise of
the Warrants, the offering price, the currency, any procedures that will result in the adjustment of these numbers, the exercise price,
dates and periods of exercise, and any other terms specific to the Warrants being offered, (iv) in the case of Debt Securities, the designation
of the Debt Securities, any limit on the aggregate principal amount of the Debt Securities, the maturity date, whether payment on the
Debt Securities will be senior or subordinated to the Company&rsquo;s other liabilities and obligations, whether the Debt Securities will
be secured by any of the Company&rsquo;s assets or guaranteed by any other person and any other terms specific to the Debt Securities
being offered, whether the Debt Securities will bear interest, the interest rate or method of determining the interest rates, any conversion
or exchange rates attached to the Debt Securities, whether the Company may redeem the Debt Securities at its option and any other specific
terms; and (v) in the case of Units, the designation and number of Securities comprising the Units, the offering price, the currency and
any other terms specific to the Units being offered. A Prospectus Supplement may include specific variable terms pertaining to the Securities
that are not within the alternatives and parameters set forth in this Prospectus. Where required by statute, regulation or policy, and
where Securities are offered in currencies other than Canadian dollars, appropriate disclosure of foreign exchange rates applicable to
the Securities will be included in the Prospectus Supplement describing the&nbsp;Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>Investors should be aware that the acquisition,
holding or disposition of the Securities described herein may have tax consequences both in the United States and in Canada. Such consequences
for investors who are resident in, or citizens of, the United States and Canada may not be described fully herein or in any applicable
Prospectus Supplement. You should read the tax discussion contained in the applicable Prospectus Supplement with respect to a particular
offering of Securities and consult your own tax advisor with respect to your own particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>No underwriter has been involved in the preparation
of this Prospectus nor has any underwriter performed any review of the contents of this Prospectus. </B>The Company may sell the Securities
to or through underwriters or dealers purchasing as principals and may also sell the Securities to one or more purchasers directly subject
to obtaining any required exemptive relief or through agents. The Prospectus Supplement relating to a particular offering of Securities
will identify each underwriter, dealer or agent, if any, engaged by the Company in connection with the offering and sale of Securities
and will set forth the terms of</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">the offering of such Securities, the method of distribution
of such Securities including, to the extent applicable, the proceeds to us, and any fees, discounts or any other compensation payable
to underwriters, dealers or agents and any other material terms of the plan of distribution. Securities may be sold from time to time
in one or more transactions at a fixed price or fixed prices, or at non-fixed prices. If offered on a non-fixed price basis, Securities
may be offered at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at prices to be
negotiated with purchasers at the time of sale, which prices may vary between purchasers and during the period of distribution. If Securities
are offered on a non-fixed price basis, the underwriters&rsquo;, dealers&rsquo; or agents&rsquo; compensation will be increased or decreased
by the amount by which the aggregate price paid for Securities by the purchasers exceeds or is less than the gross proceeds paid by the
underwriters, dealers or agents to us. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">This Prospectus constitutes a public offering of Securities
only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell the Securities.
The Company may offer and sell Securities to, or through, underwriters and also may offer and sell certain Securities directly to other
purchasers or through agents pursuant to exemptions from registration or qualification under applicable securities laws. A Prospectus
Supplement relating to each issue of Securities offered thereby will set forth the names of any underwriters or agents involved in the
offering and sale of the Securities and will set forth the terms of the offering of the Securities, the method of distribution of the
Securities including, to the extent applicable, the proceeds to the Company and any fees, discounts or any other compensation payable
to underwriters or agents and any other material terms of the plan of distribution. This Prospectus may qualify an &ldquo;at-the-market
distribution&rdquo; (as such term is defined in National Instrument <FONT STYLE="white-space: nowrap">44-102</FONT> &ndash; <I>Shelf Distributions</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">In connection with any offering of the Securities
(unless otherwise specified in a Prospectus Supplement), other than an <FONT STYLE="white-space: nowrap">&ldquo;at-the-market</FONT> distribution&rdquo;, and subject to applicable
law, the underwriters or agents may over-allot or effect transactions which stabilize or maintain the market price of the Securities offered
at a higher level than that which might exist in the open market. Such transactions, if commenced, may be interrupted or discontinued
at any time. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>The financial information of the Company contained
in the documents incorporated by reference herein are presented in United States dollars.</B> References in this Prospectus to &ldquo;$&rdquo;
and &ldquo;US$&rdquo; are to United States dollars. Canadian dollars are indicated by the symbol &ldquo;CDN$&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The Company&rsquo;s registered office is located at
Suite 1700, Park Place, 666 Burrard Street, Vancouver, British Columbia, <FONT STYLE="white-space: nowrap">Canada V6C</Font>&nbsp;2X8 and the Company&rsquo;s principal executive
and head office is located at 9000 Glenlyon Parkway, Burnaby, British Columbia, Canada V5J 5J8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Information has been incorporated by reference in
this Prospectus from documents filed with securities commissions or similar authorities in each of the provinces and territories of Canada.
Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary at 9000
Glenlyon Parkway, Burnaby, British Columbia, <FONT STYLE="white-space: nowrap">Canada V5J</Font> 5J8, or by telephone at 604-454-0900, and are also available electronically at
www.sedar.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The Company is subject to the information requirements
of the United&nbsp;States Securities Exchange Act of 1934 (the &ldquo;<B>U.S. Exchange Act</B>&rdquo;), as amended, and in accordance
therewith files reports and other information with the SEC. Under MJDS, such reports and other information may be prepared in accordance
with the disclosure requirements of Canada, which requirements are different from those of the United&nbsp;States. Prospective investors
may read any document the Company files with or furnishes to the SEC at the SEC&rsquo;s public reference room at Room&nbsp;1580, 100&nbsp;F
Street, N.E., Washington,&nbsp;D.C., 20549. Copies of the same documents may also be obtained from the public reference room of the SEC
by paying a fee. Please call the SEC at 1-800-SEC-0330 or access its website at www.sec.gov for further information on the public reference
room. The Company&rsquo;s filings are also electronically available from the SEC&rsquo;s Electronic Document Gathering and Retrieval System,
which is commonly known by the acronym EDGAR and which may be accessed at www.sec.gov, as well as from commercial document retrieval services.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-align: center"><A NAME="toc"></A><B>TABLE OF CONTENTS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; text-align: left"><B><U>DESCRIPTION</U></B></TD>
    <TD STYLE="width: 10%; text-align: right"><B><U>PAGE NO.</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_001">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_001">2</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_002">FINANCIAL INFORMATION AND CURRENCY</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_002">4</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_003">THE COMPANY</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_003">4</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_004">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_004">5</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_005">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_005">16</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_006">CONSOLIDATED CAPITALIZATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_006">16</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_007">EARNINGS COVERAGE RATIO</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_007">16</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_008">DESCRIPTION OF SHARE CAPITAL</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_008">17</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_009">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_009">17</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_010">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_010">19</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_011">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_011">20</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_012">PRICE RANGE AND TRADING VOLUMES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_012">20</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_013">PRIOR SALES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_013">21</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_014">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014">21</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_015">CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015">22</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_016">CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016">22</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_017">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017">28</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_018">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018">29</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_019">INTERESTS OF EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019">29</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_020">TRANSFER AGENT AND REGISTRAR</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020">29</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_021">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_021">29</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_022">AUDITORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_022">29</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_023">AGENT FOR SERVICE OF PROCESS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_023">30</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_024">WELL-KNOWN SEASONED ISSUER</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_024">30</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_025">STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_025">30</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_026">ENFORCEABILITY OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_026">31</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">CERTIFICATE OF THE COMPANY</TD>
    <TD STYLE="text-align: right">C-1</TD></TR>
  </TABLE>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><A NAME="a_001"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">This Prospectus and the documents incorporated by
reference herein contain certain &ldquo;forward-looking information&rdquo; and &ldquo;forward-looking statements&rdquo; as defined under
applicable Canadian and U.S. securities laws (collectively, &ldquo;<B>forward-looking statements</B>&rdquo;) which are based upon the
Company&rsquo;s current internal expectations, estimates, projections, assumptions and beliefs. Such statements can be identified by the
use of forward-looking terminology such as &ldquo;expect&rdquo;, &ldquo;likely&rdquo;, &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;should&rdquo;,
&ldquo;intend&rdquo;, or &ldquo;anticipate&rdquo;, &ldquo;potential&rdquo;, &ldquo;proposed&rdquo;, &ldquo;estimate&rdquo; and other similar
words, including negative and grammatical variations thereof, or statements that certain events or conditions &ldquo;may&rdquo; or &ldquo;will&rdquo;
happen, or by discussions of strategy. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections,
targets, guidance or other statements that are not statements of fact. Such forward-looking statements are made as of the date of this
Prospectus, or in the case of any document incorporated by reference herein, as of the date of each such document. Forward-looking statements
in this Prospectus and the documents incorporated by reference herein include, but are not limited to, statements with respect to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our objectives, goals, liquidity, sources and uses of capital, outlook, strategy, order backlog, order
book of expected deliveries, future product costs and selling prices, future product sales, future production volumes, the markets for
our products, expenses <FONT STYLE="white-space: nowrap">/</Font> costs, contributions and cash requirements to and from joint venture operations and research and development
activities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our plan to build value for our shareholders by developing, manufacturing, selling and servicing industry-leading
fuel cell products to meet the needs of our customers in select target markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to develop commercially viable fuel cell products on the timetable we anticipate, or at all;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to achieve, sustain and increase profitability;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">demand and market acceptance for our products;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our limited experience manufacturing fuel cell products and powertrain integration solutions on a commercial
basis;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">warranty claims may negatively impact our gross margins and financial performance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to successfully execute our business plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our dependence on a single customer in certain of our markets including our engineering services market
and materials handling market;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the impact of global economic conditions on our business and our key suppliers and customers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to predict future revenues or results of operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the expansion of our business through acquisitions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our focus on bolstering our cash reserves and our continued efforts on both product cost reduction and
managing our operating expense base;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the risks inherent in international operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the impact of exchange rate fluctuations on our business, operating results, financial condition and profitability;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">commodity price fluctuations, and in particular, the price of platinum, are beyond our control and may
have a material adverse effect on our business, operating results, financial condition and profitability;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our dependence on system integrators and original equipment manufacturers (&ldquo;<B>OEMs</B>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ongoing relationships between us and third-party suppliers and our dependence on them for the supply of
key materials and components for our products and services;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to compete with our competitors and their technologies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to attract and retain qualified personnel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the effect of public policy and regulatory changes on the market for our products;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to protect, expand and exploit our intellectual property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our compliance with increasingly stringent environmental laws and regulations including liability for
environmental damages resulting from our research and development or manufacturing operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the potential exposure of our products to product liability claims including the use of flammable fuels
in our products, some of which generate high voltages;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and
the related responses of the government, our customers and partners, joint venture operations, suppliers and the Company, on our business
and operations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the completion of and our use of the proceeds of any offering.</TD></TR></TABLE>

<P STYLE="margin: 10pt 0pt 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">The forward-looking statements are based on a number
of key expectations and assumptions made by our management, including, but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to generate new sales;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to produce, deliver and sell the expected product
volumes at the expected prices;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to control costs;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>market demand for our products;</TD>
</TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the successful execution of our business plan;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>achievement of current timetables for product development
programs and sales;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the availability and cost of raw materials, labour and supplies;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the availability of additional capital; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>general economic and financial market conditions.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-right: 0pt; margin-left: 0pt; text-align: justify">Forward-looking statements contained in or incorporated
by reference in this Prospectus are based on the assumptions described in this Prospectus. Although management believes the expectations
reflected in such forward-looking statements are reasonable, forward-looking statements are based on the opinions, assumptions and estimates
of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors, both known
and unknown, that could cause actual events or results to differ materially from those projected in the forward-looking statements. These
factors include, but are not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the condition of the global economy, including trade, public health and other geopolitical risks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the duration and impact of COVID-19 on our business plans, objectives and expected operating results;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the rate of mass adoption of our products, or related ecosystem, including the availability of cost-effective
hydrogen;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in product or service pricing or cost;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in our customers&rsquo; requirements, the competitive environment and/or related market conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the relative strength of the value proposition that we offer our customers with our products or services;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in competitive technologies, including battery and fuel cell technologies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">product safety, liability or warranty issues; challenges or delays in our technology and product development
activities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">product development delays;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">product safety, liability or warranty issues;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">challenges or delays in our technology and product development activities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the availability or price of raw materials, labour and supplies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to attract and retain business partners, suppliers, employees and customers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changing government or environmental regulations, including subsidies or incentives associated with the
adoption of clean energy products, including hydrogen and fuel cells;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential fluctuations in our financial and business results make forecasting difficult and may restrict
our access to funding for our commercialization plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we are subject to risks inherent in international operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our access to funding and our ability to provide the capital required for product development, operations
and marketing efforts, working capital requirements, and joint venture capital contributions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to protect our intellectual property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to extract value from joint venture operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">currency fluctuations, including the magnitude of the rate of change of the Canadian dollar versus the
United States dollar;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential merger and acquisition activities, including risks related to integration, loss of key personnel,
disruptions to operations, costs of integration, and the integration failing to achieve the expected benefits of the transaction; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">those risks discussed in this Prospectus under the heading &ldquo;<I>Risk Factors</I>&rdquo;.</TD></TR></TABLE>

<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">These factors are not intended to represent a complete
list of the factors that could affect the Company; however, these factors should be considered carefully by prospective investors. A more
detailed assessment of the risks that could cause actual events or results to materially differ from our current expectations can be found
under the heading &ldquo;<I>Risk Factors</I>&rdquo; in this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated
or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Although Ballard has attempted to identify important factors that could cause actual results to differ materially from forward-looking
statements, there may be other factors that cause results not to be as anticipated, estimated, described or intended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">A number of factors could cause actual events, performance
or results to differ materially from what is projected in forward-looking statements. The purpose of forward-looking statements is to
provide the reader with a description of management&rsquo;s expectations, and such forward-looking statements may not be appropriate for
any other purpose. You should not place undue reliance on forward-looking statements contained in this Prospectus or in any document incorporated
by reference herein. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable,
it can give no assurance that such expectations will prove to have been correct. We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as required by applicable law.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>We qualify all the forward-looking statements contained
in this Prospectus and the documents incorporated by reference herein and therein by the foregoing cautionary statements.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><A NAME="a_002"></A>FINANCIAL INFORMATION AND CURRENCY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The financial statements of the Company incorporated
by reference in this Prospectus are reported in United States dollars. The Company&rsquo;s consolidated financial statements for the years
ended December 31, 2022 and 2021, as incorporated by reference in this Prospectus, have been prepared in accordance with IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">References in this Prospectus to &ldquo;$&rdquo; and
&ldquo;US$&rdquo; are to United States dollars. Canadian dollars are indicated by the symbol &ldquo;CDN$&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The following table sets forth (i) the rate of exchange
for the Canadian dollar, expressed in U.S. dollars, in effect at the end of the periods indicated; (ii) the average exchange rates for
the Canadian dollar, on the last day of each month during such periods; and <FONT STYLE="white-space: nowrap">(iii)</Font> the high and low exchange rates for the Canadian dollar,
expressed in U.S. dollars, during such periods, each based on the daily rates of exchange, as applicable, as reported by the Bank of Canada
for conversion of Canadian dollars into U.S. dollars:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Fiscal Year Ended December 31</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">January 1 to May 8, 2023</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 53%; text-align: justify; padding-left: 0pt">Rate at the end of period</TD><TD STYLE="width: 2%; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="width: 15%; font-weight: normal; font-style: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"></FONT>0.7488</TD><TD STYLE="white-space: nowrap; width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: normal; font-style: normal; text-align: right">0.7383</TD><TD STYLE="white-space: nowrap; width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: normal; font-style: normal; text-align: right">0.7888</TD><TD STYLE="white-space: nowrap; width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0pt">Average rate during period</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.7399</TD><TD STYLE="white-space: nowrap; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.7692</TD><TD STYLE="white-space: nowrap; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.7980</TD><TD STYLE="white-space: nowrap; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 0pt">Lowest rate during period</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"></FONT>0.7512</TD><TD STYLE="white-space: nowrap; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.7217</TD><TD STYLE="white-space: nowrap; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.7727</TD><TD STYLE="white-space: nowrap; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0pt">Highest rate during period</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"></FONT>0.7243</TD><TD STYLE="white-space: nowrap; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.8031</TD><TD STYLE="white-space: nowrap; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.8306</TD><TD STYLE="white-space: nowrap; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">On May
8, 2023, the closing exchange rate for Canadian dollars in terms of the United States dollar, as quoted by the Bank of Canada, was CDN$1.00=
US$0.7488.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><A NAME="a_003"></A>THE COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>a.</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>This
summary does not contain all the information about the Company that may be important to you. Prospective purchasers of Securities should
read the more detailed information, public filings and financial statements and related notes that are incorporated by reference into
this Prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">At Ballard, our vision is to deliver fuel cell power
for a sustainable planet. We are recognized as a world leader in proton exchange membrane (&ldquo;<B>PEM</B>&rdquo;) fuel cell and power
system development and commercialization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Our principal business is the design, development,
manufacture, sale and service of PEM fuel cell products for a variety of applications, focusing on our power product markets of Heavy-Duty
Motive (consisting of bus, truck, rail and marine applications), Material Handling, and Stationary Power Generation, as well as the delivery
of <FONT STYLE="background-color: white">Technology Solutions, including engineering services, technology transfer, and the license and
sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of PEM fuel cell applications. </FONT>Since
2021, Ballard now also offers hydrogen fuel cell powertrain integration solutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">A fuel cell is an environmentally clean electrochemical
device that combines hydrogen fuel with oxygen (from the air) to produce electricity. The hydrogen fuel can be obtained from natural gas,
kerosene, methanol or other hydrocarbon fuels, or from water through electrolysis. Ballard&rsquo;s PEM fuel cell products feature high
fuel efficiency, low operating temperature, low noise and vibration, compact size, quick response to changes in electrical demand and
modular design. Embedded in each Ballard PEM fuel cell product lies a stack of unit cells designed with Ballard&rsquo;s proprietary technology,
which include membrane electrode assemblies, catalysts, plates, and other key components, and which draw on intellectual property from
our patent portfolio together with our extensive experience and know-how, in key areas of PEM fuel cell stack design, operation, production
processes and system integration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We
strive to build value for our shareholders by developing, manufacturing, selling and servicing zero-emission, industry-leading PEM fuel
cell technology products and services to meet the needs of our customers in select target markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Our
strategy supports commercialization, revenue and profitability, while also enabling future value based on longer-term market opportunities
for our technology, products and intellectual property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Our
two-pronged approach is to build shareholder value through the sale and service of power products and the delivery of technology solutions.
In power product sales, our focus is on meeting the power needs of our customers by delivering high value, high reliability, high quality
and innovative PEM fuel cell products. Through technology solutions, our focus is on enabling our customers to solve their technical and
business challenges or address new business opportunities and accelerate the adoption of fuel cell technology by delivering customized,
high value, bundled technology solutions, including</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">specialized engineering services,
access to our intellectual property portfolio and know-how through licensing or sale, and by providing technology component supply.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><A NAME="a_004"></A>RISK FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in"><I>Before making an investment decision,
investors should carefully consider the information described in this Prospectus, any applicable Prospectus Supplement and in the documents
incorporated by reference herein and therein. There are certain risks inherent in an investment in the Securities, including the factors
listed below, and any other risk factors described in a document incorporated by reference in this Prospectus and any applicable Prospectus
Supplement, which investors should carefully consider before investing. Some of the following factors and the risk factors described in
the documents incorporated by reference in this Prospectus and any applicable Prospectus Supplement are interrelated and, consequently,
investors should treat such risk factors as a whole. The risks described in this Prospectus, any applicable Prospectus Supplement and
in the documents incorporated by reference herein and therein describe certain currently known material factors, any of which could have
a material adverse effect on the Company&rsquo;s business, prospects, financial condition and results of operations. If any of the following
or other risks occur, it could have a material adverse effect on the business, prospects, financial condition and results of operations
of the Company and on the trading price of the Common Shares, which could materially decline, and investors may lose all or part of their
investment. It is also believed that these factors could cause actual results to be different from expected results. Additional risks
and uncertainties of which the Company is currently unaware or that are unknown or that it currently deems to be immaterial could also
have a material adverse effect on the Company&rsquo;s business, prospects, financial condition and results of operations. The Company
cannot assure prospective purchasers that it will successfully address any or all of these risks. There is no assurance that any risk
management steps taken will avoid future loss due to the occurrence of any of the risks described in this Prospectus, any applicable Prospectus
Supplement and in the documents incorporated by reference herein and therein, or other unforeseen risks. The market in which the Company
currently competes is very competitive and changes rapidly. Sometimes new risks emerge and management may not be able to predict them,
or be able to predict how they may cause actual results to be different from those contained in any forward-looking statements. Prospective
purchasers should not rely upon forward-looking statements as a prediction of future results. In addition to the risks described elsewhere
in this Prospectus and any applicable Prospectus Supplement, including in the documents incorporated by reference herein and therein,
the following risks for the Company should be considered.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>Risks Related to our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We may not be able to successfully execute our
business plan.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The execution of our business plan poses many challenges
and is based on a number of assumptions. We may not be able to successfully execute our business plan. If we experience significant cost
overruns on our programs, or if our business plan is more costly than we anticipate, certain research and development activities may be
delayed or eliminated, resulting in changes or delays to our commercialization plans, or we may be compelled to secure additional funding
(which may or may not be available) to execute our business plan. We cannot predict with certainty our future revenues or results from
our operations. If the assumptions on which our revenue or expenditure forecasts are based change, the benefits of our business plan may
change as well. In addition, we may consider expanding our business beyond what is currently contemplated in our business plan. Depending
on the financing requirements of a potential acquisition or new product opportunity, we may be required to raise additional capital through
the issuance of equity or debt. If we are unable to raise additional capital on acceptable terms, we may be unable to pursue a potential
acquisition or new product opportunity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>In China, a significant amount of operations
are conducted by joint ventures that we cannot operate solely for our benefit.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">A key part of our strategy is based on the localization
of stack and module production with joint venture partners, where we do not control the joint venture. We share ownership and management
of Weichai Ballard Hy-Energy Technologies Co., Ltd. (the &ldquo;<B>Weichai-Ballard JV</B>&rdquo;) and Guangdong Synergy Ballard Hydrogen
Power Co., Ltd. (the &ldquo;<B>Synergy-Ballard JV</B>&rdquo;) with one or more parties who may not have the same goals, strategies, priorities
or resources as we do and may compete with us outside the joint venture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Joint ventures are intended to be operated for the
equal benefit of all co-owners, rather than for our exclusive benefit. Operating a business as a joint venture often requires additional
organizational formalities as well as time-consuming procedures for sharing information and making decisions. If a co-owner changes or
relationships deteriorate, our success in the joint venture may be materially adversely affected. In addition, because we have a minority
share ownership, we have limited control over the actions of each of the Synergy-Ballard JV and the Weichai-Ballard JV. As a result, we
may be unable to prevent misconduct or other violations of applicable laws by the Synergy-Ballard JV and the Weichai-Ballard JV. To the
extent another party makes decisions that negatively impact the Synergy-Ballard JV or the Weichai-Ballard JV or internal control issues
arise within either joint venture, we may have to take responsive or other action or we may be subject to penalties, fines or other related
actions for these activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We are dependent on third party suppliers for
the supply of key materials and components for our products and services.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We have established relationships with third party
suppliers, on whom we rely to provide materials and components for our products. A supplier&rsquo;s failure to supply materials or components
in a timely manner, or to supply materials and components that meet our quality, quantity or cost requirements, or our inability to obtain
substitute sources for these materials and components</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">in a timely manner or on terms acceptable to us, could
harm our ability to manufacture our products. In addition, to the extent that our product development plans rely on development of supplied
materials or components, we cannot guarantee that we will be able to leverage our relationships with suppliers to support these plans.
To the extent that the processes that our suppliers use to manufacture the materials and components are proprietary, we may be unable
to obtain comparable materials or components from alternative suppliers, which could adversely affect our ability to produce viable fuel
cell products or significantly raise our cost of producing such products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">While supply chain disruptions that occurred globally
as a result of the COVID-19 pandemic did not materially impact our business or operations, supply chains could be further disrupted in
the future by factors beyond our control. This could include: a reduction in the supply or availability of commodities or parts required
to manufacture our products; lockdowns and workforce disruptions caused by epidemics and pandemics; the impacts of climate change on transportation
networks and suppliers manufacturing facilities; and economic sanctions or embargoes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We are dependent upon OEMs and Systems Integrators
to purchase certain of our products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">To be commercially useful, our fuel cell products
must be integrated into products manufactured by Systems Integrators and OEMs. We can offer no guarantee that Systems Integrators or OEMs
will manufacture appropriate, durable or safe products or, if they do manufacture such products, that they will choose to use our fuel
cell products. Any integration, design, manufacturing or marketing problems encountered by Systems Integrators or OEMs could adversely
affect the market for our fuel cell products and our financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We, directly or through joint ventures that we are
party to, sell a significant portion of our products in the Heavy-Duty Motive market in China and to relatively small System Integrator
customers with limited experience developing fuel cell system products on a commercial basis. We do not know whether these customers will
be able to successfully develop, manufacture or market products to their customers. In addition, our dependence on such customers in this
market increases the risks of difficulties in integration, design, manufacturing or marketing of their products; and that current or future
macro-economic conditions in China could negatively affect them and cause them to significantly reduce operations or file for bankruptcy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>In our Heavy-Duty Motive market, we depend on
a limited number of customers for a majority of our revenues and are subject to risks associated with early stage market activities related
to fuel cell bus, truck, rail and marine applications.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">In our Heavy-Duty Motive market, we depend on a limited
number of customers for a majority of our revenues and are subject to risks associated with early stage market activities related to fuel
cell bus, truck, rail and marine applications. While we continually seeking to expand our customer base, we expect the limited number
of customers will continue for the next several years. Our future success is dependent upon the continued purchases of our products by
these customers. Any fluctuations in anticipated demand from these customers may negatively impact our business, financial condition and
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">If we are unable to broaden our customer base and
expand relationships with other potential customers, our business in the Heavy-Duty Motive market will continue to be impacted by unanticipated
demand fluctuations due to our dependence on these customers. Unanticipated demand fluctuations may have a negative impact on our revenues
and business, and an adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">In addition, our dependence on a small number of customers
in our Heavy-Duty Motive market exposes us to numerous other risks, including: (i) a slowdown or delay in the customers&rsquo; deployment
of our products could significantly reduce demand for our products as well as increase pricing pressure on our products due to increased
purchasing leverage; (ii) customer-specific factors resulting in a choice to pursue an alternative technology or supplier; (iii) reductions
in a few customers&rsquo; forecasts and demand could result in excess inventories; (iv) the current or future economic conditions could
negatively affect our major customers and cause them to significantly reduce operations or file for bankruptcy; (v) concentration of accounts
receivable credit risk, which could have a material adverse effect on our liquidity and financial condition if one of our major customers
declared bankruptcy or delayed payment of their receivables; and (vi) changes in government support for zero-emission vehicles could adversely
affect the end-user cost of vehicles incorporating our heavy-duty motive products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We depend on Chinese customers for a significant
portion of our revenues in our Heavy-Duty Motive market, and we are subject to risks associated with economic conditions and government
policies and practices in China.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We sell most of our products in the Heavy-Duty Motive
market to Chinese customers, and while we are continually seeking to expand our customer base, we expect this will continue for the foreseeable
future. Any significant economic slowdown in China, change in Chinese government policies and practices around subsidies for zero-emission
vehicles or hydrogen fueling infrastructure could have an adverse impact on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">In addition, macro-economic conditions, including
government subsidy programs and significant volatility in China&rsquo;s capital markets, may adversely impact our Chinese customers&rsquo;
access to capital and program plans which could adversely impact our business. Furthermore, successful large-scale deployment of zero-emission
vehicles will require adequate investment in hydrogen fueling infrastructure and competitive pricing of hydrogen fuel. Inadequate hydrogen
fueling infrastructure and/or excessive hydrogen fuel costs could negatively impact deployment of fuel cell powered zero-emission vehicles
and may negatively impact our business, financial condition and results of operations. Our performance in China is dependent on our business
model of localization, including the strength and performance of our localization partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We have limited experience manufacturing fuel
cell products on a commercial basis and our experience has been limited to relatively low production volumes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">To date, we have limited experience manufacturing
fuel cell products on a commercial basis and our experience has been limited to relatively low production volumes. We are planning to
establish a regional headquarters, MEA manufacturing facility and</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">research and development center in China for the first
time. We have limited experience developing and manufacturing products that meet foreign regulatory and commercial requirements in our
target markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We cannot be sure that we will be able to develop
efficient, low-cost, high-volume automated processes that will enable us to meet our cost goals and profitability projections. While we
currently have sufficient production capacity to fulfill customer orders in the near-term, we expect that we will increase our production
capacity based on market demand. We cannot be sure that we will be able to achieve any planned increases in production capacity or that
unforeseen problems relating to our manufacturing processes will not occur. Even if we are successful in developing high-volume automated
processes and achieving planned increases in production capacity, we cannot be sure that we will do so in time to meet our product commercialization
schedule or to satisfy customer demand. If our business does not grow as quickly as anticipated, our existing and planned manufacturing
facilities would, in part, represent excess capacity for which we may not recover the cost, in which case our revenues may be inadequate
to support our committed costs and planned growth, and our gross margins and business strategy would be adversely affected. Any of these
factors could have a material adverse effect on our business, results of operations and financial performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We are subject to risks inherent in international
operations, including restrictions on the conversion of currencies and restrictions on repatriation of funds, including out of China.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We face numerous challenges in our international business
activities, including restrictions on the conversion of currencies; restrictions on repatriation of funds; nationalization and expropriation;
war, insurrection, civil unrest, strikes and other political risks; negotiation of contracts with government entities; unexpected changes
in regulatory and other legal requirements; delays or inability to obtain permits; fluctuations in exchange rates; longer accounts receivable
requirements and collections; difficulties in managing international operations; potentially adverse tax consequences; and added risks
and uncertainties due to different economic, cultural and political environments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Trade disputes and trade barriers, whether tariff
or non-tariff, could prevent us from selling our products in key geographical markets, make our products uncompetitive with local competitors,
and prevent us from sourcing key components of our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Any of the above factors could have a material adverse
effect on our business, results of operations and financial performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Global macro-economic and political conditions
are beyond our control and may have an adverse impact on our business, our joint ventures, our key suppliers, and/or customers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">While our operations have not been, and are unlikely
to be, directly impacted by the current conflict between Ukraine and Russia, the conflict and international response has, and may continue
to have, wide-ranging impacts to the global economy and markets. The duration and outcome of the conflict remains uncertain, and could
continue to fuel, or exacerbate global tensions, energy and other commodity shortages, supply chain disruptions, inflationary pressures,
weakening sentiment and growth prospects, market volatility, cyberattacks, and the proliferation of sanctions and trade measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The implications of the conflict in Ukraine are difficult
to predict with any certainty at this time and there remains uncertainty relating to the potential impact of the conflict on our business,
our joint ventures, our key suppliers, and/or customers, and it could have a material and adverse effect on our business operations, financial
reporting, financial condition and results of operations. Depending on the extent, duration, and severity of the conflict, it may have
the effect of heightening many of the other risks described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We are subject to geopolitical risk in all jurisdictions
in which we operate. There are risks of political instability in several of the jurisdictions in which we operate, including, from such
factors as political conflict, economic sanctions or embargoes, tariffs and corruption. Tensions remain elevated between China and the
U.S. and its allies over a number of issues, and the prospect of closer relations between China and Russia add further global and economic
uncertainty. Political tensions and potential conflict could contribute to global economic uncertainty and could significantly disrupt
the flow of goods, services and people. Such conditions could have a destabilizing effect on our markets and/or increase the costs of
conducting business in affected jurisdictions. The materialization of one or more of these risks could have an adverse effect on our business
operations, financial reporting, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Current global economic conditions, including volatility
in China and global and regional expectations with respect to the rate of inflation, may adversely affect the development of sales of
our products, and thereby delay the commercialization of our products. Customers and/or suppliers may not be able to successfully execute
their business plans; product development activities may be delayed or eliminated; new product introduction may be delayed or eliminated;
end-user demand may decrease; and some companies may not continue to be commercially viable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We currently face and will continue to face
significant competition, and many current and future competitors may have significantly more resources.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">As fuel cell products have the potential to replace
existing power products, competition for our products will come from current power technologies, from improvements to current power technologies,
and from new alternative energy technologies, including other types of fuel cells. Each of our target markets is currently serviced by
existing manufacturers with existing customers and suppliers. These manufacturers use proven and widely accepted technologies such as
internal combustion engines and batteries as well as coal, oil and nuclear-powered generators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Additionally, there are competitors working on developing
technologies other than PEM fuel cells (such as other types of fuel cells and advanced batteries) in each of our targeted markets. Some
of these technologies are as capable of fulfilling existing and proposed regulatory requirements as the PEM fuel cell.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Within the PEM fuel cell market, we also have a large
number of competitors. Across the world, corporations, national laboratories and universities are actively engaged in the development
and manufacture of PEM fuel cell products and components. Each of these competitors has the potential to capture market share in each
of our target markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Many of our competitors have substantial financial
resources, customer bases, manufacturing, marketing and sales capabilities, and businesses or other resources, which give them significant
competitive advantages over us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We could be adversely affected by risks associated
with capital investments and new business processes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We may in the future, seek to expand our business
through investments in capital equipment and new business processes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">While necessary for the growth of our business, investments
in capital equipment and new business processes involve allocating resources based on future expectations that may or may not be correct.
Investments in capital equipment and new business processes may not address the requirements of the targeted markets in the future and
may result in lower-than-expected returns on such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The above risks and difficulties, if they materialize,
could disrupt our ongoing business, distract management, result in the loss of key personnel, increase expenses and otherwise have a material
adverse effect on our business, results of operations and financial performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We could be adversely affected by risks associated
with mergers and acquisitions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We may in the future, seek to expand our business
through acquisitions and investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Acquisitions will be in part dependent on management&rsquo;s
ability to identify, acquire and develop suitable acquisition targets in both new and existing markets. In certain circumstances, acceptable
acquisition targets might not be available. Acquisitions involve a number of risks, including: (i) the possibility that we, as successor
owner, may be legally and financially responsible for liabilities of prior owners; (ii) the possibility that we may pay more than the
acquired company or assets are worth; (iii) the additional expenses associated with completing an acquisition and amortizing any acquired
intangible assets; (iv) the difficulty of integrating the operations and personnel of an acquired business; (v) the challenge of implementing
uniform standards, controls, procedures and policies throughout an acquired business; (vi) the inability to integrate, train, retrain
and motivate key personnel of an acquired business; (vii) the potential disruption of our ongoing business and the distraction of management
from our day-to-day operations; and (viii) an inability to realize the full extent of, or any of, the anticipated benefits of a merger
or acquisition transaction, including failure to realize projected revenue gains or achieve expected cost savings within the assumed timeframe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The above risks and difficulties, if they materialize,
could disrupt our ongoing business, distract management, result in the loss of key personnel, increase expenses and otherwise have a material
adverse effect on our business, results of operations and financial performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We could lose or fail to attract the personnel
necessary to operate our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Our success depends in large part on our ability to
attract and retain key management, engineering, scientific, marketing, manufacturing and operating personnel. As we develop additional
manufacturing capabilities and expand the scope of our operations, we will require more skilled personnel. Recruiting personnel for the
fuel cell industry is highly competitive. We may not be able to continue to attract and retain qualified executive, managerial and technical
personnel needed for our business. Our failure to attract or retain qualified personnel could have a material adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Warranty claims, product performance guarantees,
or indemnification claims could negatively impact our gross margins and financial performance.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">There is a risk that our warranty accrual estimates
are not sufficient and we may recognize additional expenses, including those related to litigation, as a result of warranty claims in
excess of our current expectations. Such warranty claims may necessitate changes to our products or manufacturing processes and/or a product
recall, all of which could hurt our reputation and the reputation of our products and may have an adverse impact on our financial performance
and/or on future sales. While we attempt to mitigate these risks through product development, quality assurance and customer support and
service processes, there can be no assurance that these processes are adequate. Even in the absence of any warranty claims, a product
deficiency such as a design or manufacturing defect could be identified, necessitating a product recall or other corrective measures,
which could hurt our reputation and the reputation of our products and may have an adverse impact on our financial performance and/or
on future sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">New products may have different performance characteristics
from previous products. In addition, we have limited field experience with existing commercial products from which to make our warranty
accrual estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Our technology and products may not meet the
market requirements, including requirements relating to performance, integration and / or cost.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The market requirements for our products and, by extension,
our technology changes rapidly. Our existing and planned products may not meet the market requirements for any number of characteristics,
including performance, integration characteristics, cost, freeze-protection, ingress protection, and durability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We may not be able to sell our products on a
commercially viable basis on the timetable we anticipate, or at all.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We cannot guarantee that we will be able to develop
commercially viable fuel cell products on the timetable we anticipate, or at all. Selling our fuel cell products on a commercially viable
basis requires technological advances to improve the durability,</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">reliability and performance of these products, and
to develop commercial volume manufacturing processes for these products. It also depends upon our ability to reduce the costs of these
products, since they are currently more expensive than products based on existing technologies, such as internal combustion engines and
batteries. We may not be able to sufficiently reduce the cost of these products without reducing their performance, reliability and durability,
which would adversely affect the willingness of consumers to buy our products. We cannot guarantee that we will be able to internally
develop the technology necessary to sell our fuel cell products on a commercially viable basis or that we will be able to acquire or license
the required technology from third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">In addition, before we release any product to market,
we subject it to numerous field tests. These field tests may encounter problems and delays for a number of reasons, many of which are
beyond our control. If these field tests reveal technical defects or reveal that our products do not meet performance goals, our anticipated
timeline for selling our products on a commercially viable basis could be delayed, and potential purchasers may decline to purchase our
products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>A mass market for our products may never develop
or may take longer to develop than we anticipate.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Our fuel cell products represent emerging markets,
and we do not know whether end-users will want to use them in commercial volumes. In such emerging markets, demand and market acceptance
for recently introduced products and services are subject to a high level of uncertainty and risk. The development of a mass market for
our fuel cell products may be affected by many factors, some of which are beyond our control, including the emergence of newer, more competitive
technologies and products, the cost of fuels used by our products, regulatory requirements, consumer perceptions of the safety of our
products and related fuels, and <FONT STYLE="white-space: nowrap">end-user</Font> reluctance to buy a new product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">If a mass market fails to develop, or develops more
slowly than we anticipate, we may never achieve profitability. In addition, we cannot guarantee that we will continue to develop, manufacture
or market our products if sales levels do not support the continuation of the product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We may experience cybersecurity threats to our
information technology infrastructure and systems, and unauthorized attempts to gain access to our proprietary or confidential information,
as may our customers, suppliers and/or partners.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We depend on information technology infrastructure
and systems (&ldquo;<B>IT Systems</B>&rdquo;), hosted internally and outsourced, to process, transmit and store electronic data and financial
information (including proprietary or confidential information), and manage business operations. Our business requires the appropriate
and secure utilization of sensitive, confidential or personal data or information belonging to our employees, customers and partners.
In addition, Ballard proprietary or confidential information may be stored on <FONT STYLE="white-space: nowrap">IT Systems</Font> of our suppliers, customers and partners. Increased
global cybersecurity vulnerabilities, threats and more sophisticated and targets cyber-related attacks pose a risk to the security of
Ballard&rsquo;s and its customers&rsquo;, partners&rsquo;, suppliers&rsquo; and third-party service providers&rsquo; IT Systems and the
confidentiality, availability and integrity of Ballard&rsquo;s and its customers&rsquo; and partners&rsquo; data or information. We may
be subject to cybersecurity risks or other breaches of our IT Systems intended to obtain unauthorized access to our information and that
of our business partners, destroy data or disable, degrade or sabotage our IT Systems through the introductions of computer viruses, fraudulent
emails, cyber attached and other means, and such breaches could originate from a variety of sources including our own employees or unknown
third parties. While we have made investments seeking to address these threats, including monitoring of networks and systems, hiring of
experts, employee training and security policies for employees, we may face difficulties in anticipating and implementing adequate preventative
measures and remain potentially vulnerable. We must rely on our own safeguards as well as the safeguards put in place by our suppliers,
customers and partners to mitigate the threats. Our internal systems are audited for cybersecurity vulnerabilities by third party security
firms to ensure we are prepared for new and emerging threats. Our suppliers, customers and partners have varying levels of cybersecurity
expertise and safeguards, most have yearly compliance audits that are available upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">An IT System failure or non-availability, cyber-attack
or breach of systems security could disrupt our operations, cause financial loss, a loss of business opportunities, misappropriation or
unauthorized release of confidential/proprietary or personal information, damage to our systems and those with whom we do business, violation
of privacy laws, litigation, regulatory penalties and remediation and restoration costs, as well as increased costs to maintain our <FONT STYLE="white-space: nowrap">IT
Systems.</Font> Cybersecurity breaches or failures of our IT Systems could have an adverse effect on our business operations, financial reporting,
financial condition and results of operations, and result in reputational damage. Furthermore, given the highly evolving nature of cybersecurity
threats or disruptions and their increased frequency, the impact of any future incident cannot be easily predicted or mitigated, and the
costs related to such threats or disruptions may not be fully insured or indemnified by other means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We depend on our intellectual property, and
our failure to protect that intellectual property could adversely affect our expected future growth and success.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Failure to protect our existing intellectual property
rights may result in the loss of our exclusivity regarding, or the right to use, our technologies. If we do not adequately ensure our
freedom to use certain technology, we may have to pay others for rights to use their intellectual property, pay damages for infringement
or misappropriation, or be enjoined from using such intellectual property. We rely on patent, trade secret, trademark and copyright laws
to protect our intellectual property. Some of our intellectual property is not covered by any patent or patent application, and the patents
to which we currently have rights expire between 2021 and 2040. Our present or future-issued patents may not protect our technological
leadership, and our patent portfolio may not continue to grow at the same rate as it has in the past. Moreover, our patent position is
subject to complex factual and legal issues that may give rise to uncertainty as to the validity, scope and enforceability of a particular
patent. Accordingly, there is no assurance that: (i) any of the patents owned by us or other patents that third parties license to us
will not be invalidated, circumvented, challenged, rendered unenforceable or licensed to others; or (ii) any of our pending or future
patent</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">applications will be issued with the breadth of claim
coverage sought by us, if issued at all. In addition, effective patent, trade secret, trademark and copyright protection may be unavailable,
limited or not applied for in certain countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We also seek to protect our proprietary intellectual
property, including intellectual property that may not be patented or patentable, in part by confidentiality agreements and, if applicable,
inventors&rsquo; rights agreements with our strategic partners and employees. We can provide no assurance that these agreements will not
be breached, that we will have adequate remedies for any breach, or that such persons or institutions will not assert rights to intellectual
property arising out of these relationships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Certain of our intellectual property have been licensed
to us on a non-exclusive basis from third parties who may also license such intellectual property to others, including our competitors.
If necessary or desirable, we may seek further licences under the patents or other intellectual property rights of others. However, we
may not be able to obtain such licences or the terms of any offered licences may not be acceptable to us. The failure to obtain a licence
from a third party for intellectual property we use could cause us to incur substantial liabilities and to suspend the manufacture or
shipment of products or our use of processes requiring the use of such intellectual property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We may become subject to lawsuits in which it is alleged
that we have infringed the intellectual property rights of others or commence lawsuits against others who we believe are infringing upon
our rights. Our involvement in intellectual property litigation could result in significant expense to us, adversely affecting the development
of sales of the challenged product or intellectual property and diverting the efforts of our technical and management personnel, whether
or not such litigation is resolved in our favour.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Emerging diseases, like COVID-19, may adversely
affect our operations (including our joint ventures in China), our suppliers, our customers and/or partners.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Emerging diseases, like COVID-19, and government actions
to address them, may adversely affect our operations, our suppliers, our customers, or our joint ventures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">A local, regional, national or international epidemic,
including the COVID-19 pandemic, may prevent, or cause delays in, acquiring components of our products, producing our products, delivering
our services, completing sales of our products or services whether by direct impacts to our operations, or impacts to the operations of
our suppliers, customers or to the financial markets. Our joint ventures may similarly be affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The continued magnitude, outcome and duration of epidemics
and pandemics are difficult to accurately assess, but their impacts could:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">worsen economic conditions, which could negatively impact levels of investment in fuel cell technology
deployments by governments and/or our customers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">impact our production levels, including as a result of full or partial shutdowns of our manufacturing
facilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">impact our customers&rsquo; or joint venture&rsquo;s production volume levels, including as a result of
prolonged unscheduled facility shutdowns;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cause potential shortages of employees to staff our facilities, or the facilities of our customers, suppliers
or joint ventures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">lead to prolonged disruptions of critical components, including because of the bankruptcy/insolvency of
one or more <FONT STYLE="white-space: nowrap">suppliers; or</Font></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">result in governmental regulation adversely impacting our business,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0pt 0pt; text-align: justify">all of which could have a material adverse effect
on our business, financial condition and results of operations, which could be rapid and unexpected.</P>

<P STYLE="margin: 8pt 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><I>In our Technology Solutions market, we depend
on a limited number of customers for a majority of our revenues and are subject to risks related to the continued commitment of these
customers to their fuel cell programs.</I></B></P>

<P STYLE="margin-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We provide most of our services in the Technology
Solutions market to two customers, the Volkswagen Group and the Weichai-Ballard JV, and while we are continually seeking to expand our
customer base, we expect this will continue for the foreseeable future. Our future success in this market is dependent upon the continued
demand by these customers and expansion of our customer base. Any decline in or loss of demand from these customers or other customers
for any reason may have a negative impact on our revenues, and an adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="margin-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">In addition, our dependence on a limited number of
customers in this market exposes us to numerous other risks, including: current or future economic conditions could negatively affect
our major customers and cause them to significantly reduce operations or file for bankruptcy.</P>

<P STYLE="margin-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>In our Material Handling market, we depend on
a single customer for the majority of our revenues and are subject to risks from that customer&rsquo;s internal fuel cell stack development
and commercialization plans.</I></B></P>

<P STYLE="margin-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We sell most of our products in the Material Handling
market to a single customer, Plug Power, and while we are continually seeking to expand our customer base, we expect this will continue
for the foreseeable future. Plug Power has developed its own fuel cell stacks to integrate into their material handling products. If Plug
Power decides to solely use its own fuel cell stacks, then these fuel cell stacks may displace our fuel cell stacks. Any decline in business
with this customer could have an adverse impact on our business, financial condition and results of operations. Any fluctuations in demand
from this customer or other customers may negatively impact our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">If we are unable to broaden our customer base and
expand relationships with other potential customers, our business in this market will continue to be impacted by unanticipated demand
fluctuations due to our dependence on a single customer.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Unanticipated demand fluctuations can have a negative
impact on our revenues and business, and an adverse effect on our business, financial condition and results of operations. In addition,
our dependence on a single customer in this market exposes us to numerous other risks, including: (i) a slowdown or delay in the customer&rsquo;s
deployment of our products could significantly reduce demand for our products as well as increase pricing pressure on our products due
to increased purchasing leverage; (ii) reductions in the customer&rsquo;s forecasts and demand could result in excess inventories; (iii)
the current or future economic conditions could negatively affect the customer and cause it to significantly reduce operations or file
for bankruptcy; (iv) concentration of accounts receivable credit risk, which could have a material adverse effect on our liquidity and
financial condition if the customer declared bankruptcy or delayed payment of their receivables; and (v) reductions in the customer&rsquo;s
demand as a result of their own strategic action to dual source their supply of fuel cell stacks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Climate change risks may adversely affect our
operations, or the operations of our suppliers, customers and/or partners.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Our business interruption risk is exacerbated by an
increasing number of extreme weather events related to climate change. Extreme weather events such as floods and fires caused or exacerbated
by climate change could impair our ability to carry on business. For example, extreme weather events could cause catastrophic destruction
to some of our or our supplier&rsquo;s and/or customer&rsquo;s facilities, which could in turn disrupt our production and/or prevent us
from supplying products to our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Transitioning to a lower-carbon economy creates opportunities
for us and may increase demand for zero-emission products like those that we produce. However, we may also become subject to potential
negative impacts of new environmental regulations, laws, and policies that could result in increased costs of carrying on our business.
Our financial condition may be negatively impacted by costs associated with changes in environmental laws and regulations and regulatory
enforcement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Public policy and regulatory changes could hurt
the market for our products and services.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Changes in existing government regulations and the
emergence of new regulations with respect to fuel cell products may hurt the market for our products and services. Environmental laws
and regulations have driven interest in fuel cells. We cannot guarantee that these laws and policies, including subsidies or incentives
associated with the adoption of clean energy products, will not change. Changes in these laws and other laws and policies, or the failure
of these laws and policies to become more widespread, could result in manufacturers abandoning their interest in fuel cell products or
favouring alternative technologies. In addition, as fuel cell products are introduced into our target markets, governments may impose
burdensome requirements and restrictions on the use of fuel cell products that could reduce or eliminate demand for some or all of our
products and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Government budgetary constraints could reduce the
demand for our products by restricting the funding available to public transportation agencies and militaries. We cannot guarantee that
current government direct and indirect financial support for our products will continue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Regulatory agencies could require us to modify
or terminate existing investments, acquisitions or joint ventures and could delay or prevent future opportunities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Our current and future investment, acquisition and
joint venture opportunities are, or may be, subject to the jurisdiction of the Department of Innovation, Science and Economic Development
(&ldquo;<B>ISED</B>&rdquo;) under the Investment Canada Act (the &ldquo;<B>ICA</B>&rdquo;), the U.S. Federal Trade Commission (&ldquo;<B>FTC</B>&rdquo;)
and Department of Justice (&ldquo;<B>DOJ</B>&rdquo;) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the &ldquo;HSR Act&rdquo;)
and related legislation and regulations, the Committee on Foreign Investment in the United States (&ldquo;<B>CFIUS</B>&rdquo;) and other
similar regulatory schemes. The ICA regulates the acquisition of control of a Canadian business by a non-Canadian and requires that certain
transactions be reviewed by ISED before they are permitted to close. The HSR Act regulates certain transactions that affect U.S. commerce
and requires that certain transactions be reported to the FTC and DOJ before they are permitted to close. CFIUS has jurisdiction over
investments in &ldquo;U.S. businesses&rdquo; by non-U.S. persons that involve U.S. national security concerns, which concerns may change
or evolve over time in response to political, economic or other events. Unlike the ICA and the HSR Act, CFIUS may intervene in the transaction
before or after the closing if the parties to a transaction do not make a voluntary or required filing with CFIUS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Because we are a British Columbia-based company with
operations and assets in the United States, Europe, the UK and China, as well as joint ventures and significant shareholders in China,
from time to time we have received and responded to inquiries from these agencies. We may receive additional inquiries from, or be required
to make filings with, these agencies in the future. Any of these agencies could delay or prevent us from participating in future investment,
acquisition or joint venture opportunities, or could require us to take steps to address concerns identified by the regulatory agency
with respect to existing investments or joint ventures. Each of these regulatory agencies has broad discretion to investigate and intervene
in transactions that fall within the scope of their respective regulatory authority. In addition, CFIUS could intervene in our previously
completed transactions and require us to modify or amend the terms of those transactions, or terminate or unwind all or part of the transactions,
if CFIUS determines that it is necessary to address U.S. national security concerns, without regard to whether the transaction was completed
and operated in accordance with applicable law. If these regulatory agencies modify, delay, prevent or terminate our participation in
these investments, acquisitions and joint ventures, our results of operations or financial condition may be adversely impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Exchange rate fluctuations are beyond our control
and may have a material adverse effect on our business, operating results, financial condition and profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We report our financial
results in United States dollars. Our operating expenditures are particularly affected by fluctuations in the exchange rate between the
Canadian dollar and the United States dollar. We generate the majority of our revenues in United States dollars while the majority of
our operating expenditures are incurred in Canadian dollars. As a result, any increase in the value of the Canadian dollar, relative
to the United States dollar, increases the amount of reported operating expenditures in excess of any corresponding increase in revenues
and gross margins. Exchange rate fluctuations are beyond our control, and the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Canadian dollar may appreciate against the United
States dollar in the future, which would result in higher operating expenditures and lower net income. In order to reduce the potential
negative effect of a strengthening Canadian dollar, we occasionally enter into various hedging programs. Regardless, if the Canadian dollar
increases in value, it will negatively affect our financial results and our competitive position compared to other fuel cell product manufacturers
in jurisdictions where operating costs are lower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Commodity price fluctuations are beyond our
control and may have a material adverse effect on our business, operating results, financial condition and profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Commodity prices, in particular the price of platinum
and palladium, affect our costs. Platinum and palladium are key components of our fuel cell products. Platinum and palladium are scarce
natural resources and we are dependent upon a sufficient supply of these commodities. While we do not anticipate significant near or long-term
shortages in the supply of platinum or palladium, such shortages could adversely affect our ability to produce commercially viable fuel
cell products or significantly raise our cost of producing such products. In order to reduce the impact of platinum price fluctuations,
we occasionally enter into various hedging programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We expect our cash reserves will be reduced
due to future operating losses, working capital requirements, capital expenditures, capital contributions to our joint venture(s) in China
and potential acquisitions and other investments by our business, including in certain hydrogen infrastructure and growth equity funds,
and we cannot provide certainty as to how long our cash reserves will last or that we will be able to access additional capital when necessary.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We have a history of
losses and negative cash flows and expect to incur continued losses and generate negative cash flow until we can produce sufficient
revenues to cover our costs. We expect to incur continued losses and generate negative cash flow until we can produce sufficient
revenues to cover our costs. Further, we are obligated to fund our pro rata share of the Weichai-Ballard JV based on an agreed
business plan, and are obligated to fund HyCap and Clean H2 to our agreed upon contribution amount. We may never become profitable.
Even if we do achieve profitability, we may be unable to sustain or increase our profitability in the future. There are substantial
uncertainties associated with our achieving and sustaining profitability. We expect our cash reserves will be reduced due to future
operating losses, working capital requirements and funding obligations to the Weichai-Ballard JV, and we cannot provide certainty as
to how long our cash reserves will last or that we will be able to access additional capital if and when necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Potential fluctuations in our financial and
business results make forecasting difficult and may restrict our access to funding for our commercialization plan.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We expect our revenues and operating results to vary
significantly from quarter to quarter. As a result, quarter-to-quarter comparisons of our revenues and operating results may not be meaningful.
Due to the stage of development of our business, it is difficult to predict our future revenues or results of operations accurately. We
are also subject to normal operating risks such as credit risks, foreign currency risks and fluctuations in commodity prices. As a result,
it is possible that in one or more future quarters, our operating results may fall below the expectations of investors and securities
analysts. Not meeting investor and security analyst expectations may materially and adversely impact the trading price of our Common Shares
and restrict our ability to secure required funding to pursue our commercialization plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Our products use flammable fuels and some generate
high voltages, which could subject our business to product safety, product liability or other claims.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Our business exposes us to potential product safety,
product liability and similar claims that are inherent in electrical products, and in products that use hydrogen or hydrogen-rich reformate
fuels. High-voltage electricity poses potential shock hazards, and hydrogen is a flammable gas and therefore a potentially dangerous fuel.
Any accidents involving our products or other hydrogen-based products could materially impede widespread market acceptance and demand
for our fuel cell products. Involvement in litigation could result in significant expense to us, adversely affecting the development and
sales of our products, and diverting the efforts of our technical and management personnel, whether or not the litigation is resolved
in our favour. In addition, we may be held responsible for damages beyond the scope of our insurance coverage. We also cannot predict
whether we will be able to maintain our insurance coverage on acceptable terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We could be liable for environmental damages
resulting from our research, development or manufacturing operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Our business exposes us to the risk of harmful substances
escaping into the environment, resulting in personal injury or loss of life, damage to or destruction of property, and natural resource
damage. Depending on the nature of the claim, our current insurance policies may not adequately reimburse us for costs incurred in settling
environmental damage claims, and in some instances, we may not be reimbursed at all. Our business is subject to numerous laws and regulations
that govern environmental protection and human health and safety. These laws and regulations have changed frequently in the past and it
is reasonable to expect additional and more stringent changes in the future. Our operations may not comply with future laws and regulations,
and we may be required to make significant unanticipated capital and operating expenditures. If we fail to comply with applicable environmental
laws and regulations, governmental authorities may seek to impose fines and penalties on us, or to revoke or deny the issuance or renewal
of operating permits, and private parties may seek damages from us. Under those circumstances, we might be required to curtail or cease
operations, conduct site remediation or other corrective action, or pay substantial damage claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We have a history of losses and negative cash
flows and expect to incur losses until such time as we can produce sufficient revenues to cover our costs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We have a history of losses and negative cash flows
and expect to incur continued losses and generate negative cash flow from operations until we can produce sufficient revenues to cover
our costs. Further, we are obligated to fund our pro rata share of the</P>


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<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"> Weichai-Ballard JV based on an agreed business plan. There can
be no assurance that we will ever achieve profitability. Even if we were to achieve profitability, we may be unable to sustain or increase
our profitability in the future. There are substantial uncertainties associated with our ability achieve and sustain profitability.</P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>Risks Related to our Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><I>Investing in the Securities is
speculative, and investors could lose their entire investment.</I></P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">An investment in the Securities is speculative and
may result in the loss of an investor&rsquo;s entire investment. Only potential investors who are experienced in high risk investments
and who can afford to lose their entire investment should consider an investment in the Securities.</P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We do not currently intend to pay cash dividends.</I></B></P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We have never declared or paid cash dividends on our
Common Shares. We currently intend to retain future earnings to finance the operation, development and expansion of our business. We do
not anticipate paying cash dividends on the Common Shares in the foreseeable future. Payment of future cash dividends, if any, will be
at the discretion of Ballard&rsquo;s board of directors and will depend on Ballard&rsquo;s financial condition, results of operations,
contractual restrictions, capital requirements, business prospects and other factors that our board of directors considers relevant. Accordingly,
investors will only see a return on their investment if the value of our Securities appreciates.</P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>The market price for Common Shares has been
volatile in the past, and may be subject to wide fluctuations in the future.</I></B></P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The market price of the Common Shares may be volatile
and subject to wide fluctuations in response to numerous factors, many of which are beyond our control. This volatility may affect the
ability of holders of Common Shares to sell their securities at an advantageous price. Market price fluctuations in the Common Shares
may be due to our operating results failing to meet expectations of securities analysts or investors in any period, downward revision
in securities analysts&rsquo; estimates, adverse changes in general market conditions or economic trends, acquisitions, dispositions or
other material public announcements by us or our competitors, along with a variety of additional factors. These broad market fluctuations
may adversely affect the market price of the Common Shares.</P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We cannot assure you that the market price of the
Common Shares will not significantly fluctuate from its current level. In addition to general economic, political and market conditions,
the price and trading volume of the Common Shares could fluctuate widely in response to many factors, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">governmental approvals, delays in expected governmental approvals or withdrawals of any prior governmental
approvals or public or regulatory agency concerns regarding the safety or effectiveness of our products;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in&nbsp;Canadian, U.S. or&nbsp;other foreign regulatory policy during the period of product development;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in&nbsp;Canadian, U.S. or foreign political environment and the passage of laws, including tax,
environmental or other laws, affecting the product development business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">developments in patent or other proprietary rights, including any third-party challenges of our intellectual
property rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">announcements of technological innovations by us or our competitors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">actual or anticipated variations in our operating results due to the level of development expenses and
other factors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in financial estimates by securities analysts and whether our earnings meet or exceed the estimates;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">conditions and trends in energy and other industries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-right: 0pt; margin-left: 0pt; text-align: justify">Financial markets historically at times experienced
significant price and volume fluctuations that have particularly affected the market prices of equity securities of companies and that
have often been unrelated to the operating performance, underlying asset values or prospects of such companies. Accordingly, the market
price of the Common Shares may decline even if our operating results, underlying asset values or prospects have not changed. Additionally,
these factors, as well as other related factors, may</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">cause decreases in asset values that are deemed to
be other than temporary, which may result in impairment losses. There can be no assurance that continuing fluctuations in price and volume
will not occur. If such increased levels of volatility and market turmoil continue, our operations could be adversely impacted and the
trading price of the Common Shares may be materially adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>There is no market through which the Preferred
Shares, Warrants, Debt Securities or Units may be sold.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">There is no market through which the Preferred Shares,
Warrants, Debt Securities or Units may be sold. There can be no assurance that an active trading market will develop for the aforementioned
securities, or if developed, that such a market will be sustained at the price level at which it was offered. The liquidity of the trading
market in those securities, and the market price quoted for those securities, may be adversely affected by, among other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in the overall market for those securities;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in Ballard&rsquo;s financial performance or prospects;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes or perceived changes in Ballard&rsquo;s creditworthiness;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the prospects for companies in the industry generally;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of holders of those securities;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the interest of securities dealers in making a market for
those securities; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prevailing interest rates.</TD>
</TR></TABLE>

<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We may not list the Preferred Shares, Warrants, Debt
Securities or Units on any Canadian or U.S. securities exchange. There can be no assurance that fluctuations in the trading price will
not materially adversely impact on our ability to raise equity funding without significant dilution to its existing shareholders, or at
all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Future sales or issuances of Securities could
decrease the value of existing securities, dilute investors&rsquo; voting power and reduce Ballard&rsquo;s earnings per share.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We may sell additional securities in subsequent offerings
and may issue additional securities to finance operations, acquisitions or other projects. Our articles permit the issuance of an unlimited
number of Common Shares. Moreover, we may issue additional Common Shares on the exercise of options under our Consolidated Share Option
Plan and Consolidated Share Distribution Plan. We cannot predict the size of future sales and issuances of securities or the effect, if
any, that such future sales and issuances of securities will have on the market price of the Securities. Our directors have discretion
to determine the price and the terms of further issuances. Sales or issuances of a substantial number of securities, or the perception
that such sales could occur, may adversely affect prevailing market prices for Securities. With any additional sale or issuance of Common
Shares (including securities convertible into Common Shares), investors will suffer dilution of their voting power and may experience
dilution in Ballard&rsquo;s earnings per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>The board of directors may issue, without shareholder
approval, Preferred Shares that have rights and preferences potentially superior to those of the Common Shares. Such an issuance may delay
or prevent a change of control.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">While there are no Preferred Shares currently outstanding,
Ballard&rsquo;s articles allow the issuance of Preferred Shares in one or more series. Subject to the TSX, NASDAQ and any applicable regulatory
approvals, the board of directors may set the rights and preferences of any series of Preferred Shares in its sole discretion without
shareholder approval. The rights and preferences of those Preferred Shares may be superior to those of the Common Shares. Accordingly,
the issuance of Preferred Shares may adversely affect the rights of holders of Common Shares and could have the effect of delaying or
preventing a change of control, which may deprive Ballard&rsquo;s shareholders of a control premium that might otherwise have been realized
in connection with an acquisition of Ballard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Potential fluctuations in financial results
make financial forecasting difficult.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Our revenues, cash flows and other operating results
can vary from quarter to quarter. Sales and margins may be lower than anticipated due to general economic conditions, market-related factors,
unanticipated changes in contractual arrangements and competitive factors.&nbsp;Cash receipts may also vary from quarter to quarter due
to the timing of cash collections from customers. As a result, quarter-to-quarter comparisons of revenues, cash flows and other operating
results may not be meaningful. In addition, due to the early stage of development of the market for hydrogen fuel cell products and our
licensing and sales contracts with third parties, we cannot accurately predict its future revenues, cash flows or results of operations.
It is likely that in one or more future quarters, financial results may fall below the expectations of securities analysts and investors.&nbsp;If
this occurs, the trading price of our shares may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>United States investors may not be able to obtain
enforcement of civil liabilities against us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The enforcement by investors of civil liabilities
under the United States federal or state securities laws may be affected adversely by the fact that we are governed by the <I>Business
Corporations Act </I>(British Columbia), that the majority of our officers and directors are residents of Canada or otherwise reside outside
the United States, and that all, or a substantial portion of their assets and a substantial portion of our assets, are located outside
the United States. It may not be possible for investors to effect service of process within the United States on certain of our directors
and officers or enforce judgments obtained in the United States courts against us or certain of our directors and officers based upon
the civil liability provisions of United States federal securities laws or the securities laws of any state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">There is some doubt as to whether a judgment of a
United States court based solely upon the civil liability provisions of United States federal or state securities laws would be enforceable
in Canada against us or our directors and officers. There is also doubt</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">as to whether an original action could be brought
in Canada against us or our directors and officers to enforce liabilities based solely upon United States federal or state securities
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>As a foreign private issuer, we are subject
to different U.S. securities laws and rules than a domestic U.S. issuer, which may limit the information publicly available to our U.S.
shareholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We are a foreign private issuer under applicable U.S.
federal securities laws and, therefore, we are not required to comply with all the periodic disclosure and current reporting requirements
of the U.S. Exchange Act, as amended, and related rules and regulations. As a result, we do not file the same reports that a U.S. domestic
issuer would file with the SEC, although we will be required to file with or furnish to the SEC the continuous disclosure documents that
we are required to file in Canada under Canadian securities laws. In addition, our officers, directors and principal shareholders are
exempt from the reporting and &ldquo;short swing&rdquo; profit recovery provisions of Section 16 of the U.S. Exchange Act. Therefore,
our shareholders may not know on as timely a basis when our officers, directors and principal shareholders purchase or sell Common Shares
as the reporting periods under the corresponding Canadian insider reporting requirements are longer. In addition, as a foreign private
issuer, we are exempt from the proxy rules under the <FONT STYLE="white-space: nowrap">U.S. Exchange Act.</Font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>We may lose our foreign private issuer status
in the future, which could result in significant additional costs and expenses to us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">In order to maintain our current status as a foreign
private issuer, a majority of our Common Shares must be either directly or indirectly owned by non-residents of the United States unless
we also satisfy one of the additional requirements necessary to preserve this status. We may in the future lose our foreign private issuer
status if a majority of the Common Shares are held in the United States and we fail to meet the additional requirements necessary to avoid
loss of foreign private issuer status. The regulatory and compliance costs to us under U.S. federal securities laws as a U.S. domestic
issuer may be significantly more than the costs we incur as a Canadian foreign private issuer eligible to use MJDS. If we are not a foreign
private issuer, we would not be eligible to use the MJDS or other foreign issuer forms and would be required to file periodic and current
reports and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available
to a foreign private issuer. In addition, we may lose the ability to rely upon exemptions from NASDAQ corporate governance requirements
that are available to foreign private issuers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in"><B><I>We will have broad discretion
over the use of proceeds from sales of the Securities, and we may not use the proceeds in the desired manner.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Management will have discretion concerning the use
of the proceeds from sales of the Securities as well as the timing of their expenditure. As a result, an investor will be relying on the
judgment of management for the application of the proceeds from sales of the Securities. Management may use the net proceeds from sales
of the Securities other than as described under the heading &ldquo;<I>Use of Proceeds</I>&rdquo; if they believe it would be in our best
interest to do so and in ways that an investor may not consider desirable. The results and the effectiveness of the application of the
proceeds are uncertain. If the proceeds are not applied effectively, our results of operations may suffer<I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Prevailing interest rates will affect the market
price or value of Debt Securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The market price or value of Debt Securities will
decline as prevailing interest rates for comparable debt instruments rise, and increase as prevailing interest rates for comparable debt
instruments decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>There can be no assurance that the Company will
not be a &ldquo;passive foreign investment company&rdquo; (&ldquo;PFIC&rdquo;) for its current and future tax years, which may have adverse
U.S. federal income tax consequences for U.S. investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify">The Company believes that it was not a PFIC for
its most recently completed tax year. However, there can be no assurance that the Company will not be a PFIC for its current tax year
or its future tax years. If the Company is a PFIC for any year during a U.S. taxpayer&rsquo;s holding period of Common Shares, then such
U.S. taxpayer generally will be required to treat any gain realized upon a disposition of the Common Shares or any so-called &ldquo;excess
distribution&rdquo; received on its Common Shares as ordinary income, and to pay an interest charge on a portion of such gain or distribution.
In certain circumstances, the sum of the tax and the interest charge may exceed the total amount of proceeds realized on the disposition,
or the amount of excess distribution received, by the U.S. taxpayer. Subject to certain limitations, these tax consequences may be mitigated
if a U.S. taxpayer makes a timely and effective QEF Election (as defined herein) or a Mark-to-Market Election (as defined herein). Subject
to certain limitations, such elections may be made with respect to the Common Shares. A U.S. taxpayer who makes a timely and effective
QEF Election generally must report on a current basis its share of the Company&rsquo;s net capital gain and ordinary earnings for any
year in which the Company is a PFIC, whether or not the Company distributes any amounts with respect to the Common Shares. However, U.S.
taxpayers should be aware that there can be no assurance that the Company will satisfy the record keeping requirements that apply to a
qualified electing fund, or that the Company will supply U.S. taxpayers with information that such U.S. taxpayers require to report under
the QEF Election rules, in the event that the Company is a PFIC and a U.S. taxpayer wishes to make a QEF Election. Thus, U.S. taxpayers
may not be able to make a QEF Election with respect to their Common Shares. A U.S. taxpayer who makes the Mark-to-Market Election generally
must include as ordinary income each year the excess of the fair market value of the Common Shares over the taxpayer&rsquo;s basis therein.
This paragraph is qualified in its entirety by the discussion below under the heading &ldquo;<I>Certain U.S. Federal Income Tax Considerations
&mdash; Passive Foreign Investment Company Rules</I>&rdquo;. Each potential investor who is a U.S. taxpayer should consult its own tax
advisor regarding the tax consequences of the PFIC rules and the acquisition, ownership, and disposition of the Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Proposed legislation in the U.S. Congress, including
changes in U.S. tax law, and the recently enacted Inflation Reduction Act of 2022 may adversely impact the Company and the value of Common
Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Changes to U.S. tax laws (which changes may have retroactive
application) could adversely affect the Company or holders of Common Shares. In recent years, many changes to U.S. federal income tax
laws have been proposed and made, and additional changes to U.S. federal income tax laws are likely to continue to occur in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The U.S. Congress is currently considering numerous
items of legislation which may be enacted prospectively or with retroactive effect, which legislation could adversely impact the Company&rsquo;s
financial performance and the value of Common Shares. Additionally, states in which the Company operates or owns assets may impose new
or increased taxes. If enacted, most of the proposals would be effective for the current or later years. The proposed legislation remains
subject to change, and its impact on the Company and purchasers of Common Shares is uncertain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">In addition, the Inflation Reduction Act of 2022 includes
provisions that will impact the U.S. federal income taxation of corporations. Among other items, this legislation includes provisions
that will impose a minimum tax on the book income of certain large corporations and an excise tax on certain corporate stock repurchases
that would be imposed on the corporation repurchasing such stock. It is unclear how this legislation will be implemented by the U.S. Department
of the Treasury and the Company cannot predict how this legislation or any future changes in tax laws might affect the Company or purchasers
of Common Shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><A NAME="a_005"></A>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Unless otherwise indicated in the applicable Prospectus
Supplement, we intend to use the net proceeds from the sale of Securities for working capital requirements or for other general corporate
purposes, including, but not limited to, investments in product development and market development activities necessary to commercialize
our products and services. More detailed information regarding the use of proceeds from the sale of Securities will be described in the
applicable Prospectus Supplement. We may, from time to time, issue Common Shares or other securities otherwise than through the offering
of Securities pursuant to this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>We incurred operating losses and negative operating
cash flow for the year ended December 31, 2022. We expect to use the net proceeds from the sale of Securities in pursuit of our ongoing
general business objectives. To that end, a substantial portion of the net proceeds from the sale of Securities are expected to be allocated
to working capital requirements and to the continuing development and marketing of our proprietary technologies and core products. To
the extent that we have negative operating cash flows in future periods, we may need to deploy a portion of the net proceeds from the
sale of Securities and/or existing working capital to fund such negative cash flow. See &ldquo;<I>Risk Factors</I>&rdquo;.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><A NAME="a_006"></A>CONSOLIDATED CAPITALIZATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The applicable Prospectus Supplement will describe
any material change, and the effect of such material change, on the share and loan capitalization of the Company that will result from
the issuance of Securities pursuant to such Prospectus Supplement. There have been no material changes to the Company&rsquo;s share and
loan capitalization since December 31, 2022.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><A NAME="a_007"></A>EARNINGS COVERAGE RATIO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Earnings coverage ratios will be provided as required
in the applicable Prospectus Supplement with respect to the issuance of Preferred Shares or Debt Securities having a term to maturity
in excess of one year pursuant to this Prospectus.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><A NAME="a_008"></A>DESCRIPTION OF SHARE CAPITAL</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We are authorized to issue an unlimited number of
Common Shares, without par value, of which 298,685,476 are issued and outstanding
as at the date of this Prospectus. There are options outstanding to purchase up to 4,625,104
Common Shares at prices ranging from CDN$2.67 to CDN$32.66.
There are up to 1,417,981 Common Shares issuable on the redemption of outstanding
restricted share units and up to <FONT STYLE="white-space: nowrap">314,329 Common</Font> Shares issuable on the redemption
of outstanding deferred share units. Holders of Common Shares are entitled to one vote per Common Share on all matters to be voted on
by such shareholders and, subject to the rights and priorities of the holders of Preferred Shares, are entitled to receive such dividends
as may be declared by the board of directors out of funds legally available therefor and, in the event of liquidation, wind-up or dissolution,
to receive our remaining property, after the satisfaction of all outstanding liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We have not paid any dividends to date on the Common
Shares. We intend to retain our earnings, if any, to finance the growth and development of our business. Accordingly, we do not currently
expect to pay any dividends on our Common Shares in the near future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">We are authorized to issue an unlimited number of
Preferred Shares. As at the date of this Prospectus there are no Preferred Shares issued and outstanding. The Preferred Shares are issuable
in series and the board of directors is entitled to determine the designation, preferences, rights, conditions, restrictions, limitations
and prohibitions to be attached to each series of such shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><A NAME="a_009"></A>DESCRIPTION OF WARRANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The following description, together with the additional
information we may include in any applicable Prospectus Supplements, summarizes the material terms and provisions of the Warrants that
we may offer under this Prospectus, which will consist of Warrants to purchase Common Shares and may be issued in one or more series.
Warrants may be offered independently or together with other Securities, and may be attached to or separate from those Securities. While
the terms we have summarized below will apply generally to any Warrants that we may offer under this Prospectus, we will describe the
particular terms of any series of Warrants that we may offer in more detail in the applicable Prospectus Supplement. The terms of any
Warrants offered under a Prospectus Supplement may differ from the terms described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Warrants may be issued under and governed by the terms
of one or more warrant indentures (a &ldquo;<B>Warrant Indenture</B>&rdquo;) between us and a warrant trustee (the &ldquo;<B>Warrant Trustee</B>&rdquo;)
that we will name in the relevant Prospectus Supplement, if applicable. Each Warrant Trustee will be a financial institution organized
under the laws of Canada or any province thereof and authorized to carry on business as a trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">This summary of some of the provisions of the Warrants
is not complete. The statements made in this Prospectus relating to any Warrant Indenture, if any, and Warrants to be issued under this
Prospectus are summaries of certain anticipated provisions thereof and do not purport to be complete and are subject to, and are qualified
in their entirety by reference to, all provisions of the Warrant Indenture, if any, and the Warrant certificate. Prospective investors
should refer to the Warrant Indenture, if any, and the Warrant certificate relating to the specific Warrants being offered for the complete
terms of the Warrants. If applicable, we will file a Warrant Indenture describing the terms and conditions of Warrants we are offering
concurrently with the filing of the applicable Prospectus Supplement under which such Warrants are offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The applicable Prospectus Supplement relating to any
Warrants offered by us will describe the particular terms of those Warrants and include specific terms relating to the offering. This
description will include, where applicable:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of Warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the Warrants will be offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the currency or currencies in which the Warrants will be offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date on which the right to exercise the Warrants will commence and the date on which the right will
expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of Common Shares that may be purchased upon exercise of each Warrant and the price at which
and currency or currencies in which the Common Shares may be purchased upon exercise of each Warrant;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of any Securities with which the Warrants will be offered, if any, and the number
of the Warrants that will be offered with each Security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date or dates, if any, on or after which the Warrants and the other Securities with which the Warrants
will be offered will be transferable separately;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Warrants will be subject to redemption and, if so, the terms of such redemption provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will issue the Warrants as global securities and, if so, the identity of the depositary
of the global securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Warrants will be listed on any exchange;</TD></TR></TABLE>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 27pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</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">material
    United States and Canadian federal income tax consequences of owning the Warrants; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    other material terms or conditions of the Warrants.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-left: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights
of Holders Prior to Exercise</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the exercise of their Warrants, holders of Warrants will not have any of the rights of holders of the Common Shares issuable upon
exercise of the Warrants.</FONT></P>

<P STYLE="margin-left: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise
of Warrants</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Warrant will entitle the holder to purchase Common Shares, as specified in the applicable Prospectus Supplement at the exercise price
that we describe therein. Unless we otherwise specify in the applicable Prospectus Supplement, holders of the Warrants may exercise the
Warrants at any time up to the specified time on the expiration date that we set forth in the applicable Prospectus Supplement. After
the close of business on the expiration date, unexercised Warrants will become void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of the Warrants may exercise the Warrants by delivering the Warrant certificate representing the Warrants to be exercised together with
specified information, and paying the required amount to the Warrant Trustee, if any, or to us, as applicable, in immediately available
funds, as provided in the applicable Prospectus Supplement. We will set forth on the Warrant certificate and in the applicable Prospectus
Supplement the information that the holder of the Warrant will be required to deliver to the Warrant Trustee, if any, or to us, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
receipt of the required payment and the Warrant certificate properly completed and duly executed at the corporate trust office of the
Warrant Trustee, if any, to us at our principal offices, as applicable, or any other office indicated in the applicable Prospectus Supplement,
we will issue and deliver the securities purchasable upon such exercise. If fewer than all of the Warrants represented by the Warrant
certificate are exercised, then we will issue a new Warrant certificate for the remaining amount of Warrants. If we so indicate in the
applicable Prospectus Supplement, holders of the Warrants may surrender securities as all or part of the exercise price for Warrants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrant Indenture, if any, and the Warrant certificate will specify that upon the subdivision, consolidation, reclassification or other
material change of the Common Shares or any other reorganization, amalgamation, merger or sale of all or substantially all of our assets,
the Warrants will thereafter evidence the right of the holder to receive the securities, property or cash deliverable in exchange for
or on the conversion of or in respect of the Common Shares to which the holder of a Common Share would have been entitled immediately
after such event. Similarly, any distribution to all or substantially all of the holders of Common Shares of rights, options, warrants,
evidences of indebtedness or assets will result in an adjustment in the number of Common Shares to be issued to holders of Warrants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue Warrants in whole or in part in the form of one or more global securities, which will be registered in the name of and be deposited
with a depositary, or its nominee, each of which will be identified in the applicable Prospectus Supplement. The global securities may
be in temporary or permanent form. The applicable Prospectus Supplement will describe the terms of any depositary arrangement and the
rights and limitations of owners of beneficial interests in any global security. The applicable Prospectus Supplement will describe the
exchange, registration and transfer rights relating to any global security.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrant Indenture, if any, and the Warrant certificate will provide for modifications and alterations to the Warrants issued thereunder
by way of a resolution of holders of Warrants at a meeting of such holders or a consent in writing from such holders. The number of holders
of Warrants required to pass such a resolution or execute such a written consent will be specified in the Warrant Indenture, if any,
and the Warrant certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may amend any Warrant Indenture and the Warrants, without the consent of the holders of the Warrants, to cure any ambiguity, to cure,
correct or supplement any defective or inconsistent provision, or in any other manner that will not materially and adversely affect the
interests of holders of outstanding Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractual Right of Rescission for Warrants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Original
purchasers of Warrants (if offered separately by the Company) will have a contractual right of rescission against the Company in respect
of the exercise of such Warrants. The contractual right of rescission will entitle such original purchasers to receive, in addition to
the amount paid on original purchase of the Warrants, the amount paid upon exercise upon surrender of the underlying Common Shares received
on exercise of such Warrants, in the event that this Prospectus (as supplemented) contains a misrepresentation, and provided that:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; margin-bottom: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><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: 0.25in; text-align: left"><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">the
    exercise of the Warrants takes place within 180 days of the date of the purchase of the Warrants under this Prospectus; and</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; margin-top: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><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: 0.25in; text-align: left"><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">the
    right to rescission is exercised within 180 days of the date of the purchase of the Warrants under this Prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A NAME="a_010"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION
OF DEBT SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description, together with the additional information we may include in any applicable Prospectus Supplements, summarizes the
material terms and provisions of the Debt Securities that we may offer under this Prospectus, which may be issued in one or more series.
Debt Securities may be offered independently or together with other Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Debt Securities will be issued in one or more series under an indenture (the &ldquo;<B>Indenture</B>&rdquo;) to be entered into between
the Company and one or more trustees that will be named in a Prospectus Supplement for a series of Debt Securities. To the extent applicable,
the Indenture will be subject to and governed by the United States Trust Indenture Act of 1939, as amended. A copy of the form of the
Indenture to be entered into has been or will be filed with the SEC as an exhibit to the registration statement and will be filed with
the securities commissions or similar authorities in Canada when it is entered into. The description of certain provisions of the Indenture
in this section do not purport to be complete and are subject to, and are qualified in their entirety by reference to, the provisions
of the Indenture. Terms used in this summary that are not otherwise defined herein have the meaning ascribed to them in the Indenture.
The particular terms relating to Debt Securities offered by a Prospectus Supplement will be described in the related Prospectus Supplement.
This description may include, but may not be limited to, any of the following, if applicable:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; margin-bottom: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">the
    designation and aggregate number of Debt Securities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">any
    limit on the aggregate principal amount of the Debt Securities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">the
    price at which the Debt Securities will be offered;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">the
    currency or currencies in which the Debt Securities will be offered and in which the principal, premium, if any, and interest, if
    any, will be paid;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">the
    date or dates on which principal of the Debt Securities will be payable and the amount of principal which will be payable;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">the
    rate or rates (which may be fixed or variable) at which the Debt Securities will bear interest, if any, or contingent interest, if
    any, as well as the dates from which interest will accrue, the dates on which interest will be payable, the persons to whom interest
    will be payable, if other than the registered holders on the record date, and the record date for the interest payable on any payment
    date;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">the
    dates on which and the price or prices at which the Debt Securities will, pursuant to any required repayment provisions, or may,
    pursuant to any repurchase or redemption provisions, be repurchased, redeemed or repaid and the other terms and provisions of any
    such optional repurchase or redemption or required repayment;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">the
    covenants applicable to the Debt Securities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">the
    right, if any, of holders of the Debt Securities to convert them into Common Shares or other securities, including any contingent
    conversion provisions and any provisions intended to prevent dilution of those conversion rights;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">the
    extent and manner, if any, to which payment on or in respect of the Debt Securities will be senior to, or will be subordinated to
    the prior payment of, other liabilities and obligations of the Company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">any
    special or modified events of default or covenants with respect to the Debt Securities, including any negative covenants which impose
    restrictions on the issuance of additional securities, indebtedness, dividends or the giving of security on the assets of the Company
    or its subsidiaries;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">any
    index or formula used to determine the required payments of principal, premium, if any, or interest, if any;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">the
    percentage of the principal amount of the Debt Securities which is payable if maturity of the Debt Securities is accelerated because
    of a default;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">the
    effect of any merger, consolidation, sale or other disposition of our business on the Debt Securities and Indenture, if any and as
    applicable;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">whether
    the Debt Securities will be issuable in registered form or bearer form or both, and, if issuable in bearer form, the restrictions
    as to the offer, sale and delivery of the Debt Securities which are in bearer form and as to exchanges between registered form and
    bearer form;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">whether
    the Company will issue the Debt Securities as global securities and, if so, the identity of the depositary of the global securities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">whether
    the Debt Securities will be secured or unsecured;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">details
    on any financial arrangements between the Company and any of its affiliates that could affect the security, if any, of the Debt Securities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">whether
    the Debt Securities will be listed on any exchange;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">if
    other than United States dollars, the currency in which the Debt Securities are denominated or the currency in which we will make
    payments on the Debt Securities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">material
    United States and Canadian federal income tax consequences of owning the Debt Securities; and</FONT></TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; margin-top: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">any
    other material terms or conditions of the Debt Securities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue Debt Securities with terms different from those of Debt Securities previously issued and, without the consent of the holders
thereof, we may reopen a previous issue of a series of Debt Securities and issue additional Debt Securities of such series (unless the
reopening was restricted when such series was created).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights of Holders Prior to Exercise</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent any Debt Securities are convertible into Common Shares or other securities of the Company, prior to the conversion of such
Debt Securities, holders of such Debt Securities will not have any of the rights of holders of the securities into which the Debt Securities
are convertible, including the right to receive payments of dividends or the right to vote such underlying securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue Debt Securities in whole or in part in the form of one or more global securities, which will be registered in the name of and
be deposited with a depositary, or its nominee, each of which will be identified in the applicable Prospectus Supplement. The global
securities may be in temporary or permanent form. The applicable Prospectus Supplement will describe the terms of any depositary arrangement
and the rights and limitations of owners of beneficial interests in any global security. The applicable Prospectus Supplement will describe
the exchange, registration and transfer rights relating to any global security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_011"></A><B>DESCRIPTION
OF UNITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description, together with the additional information we may include in any applicable Prospectus Supplements, summarizes the
material terms and provisions of the Units that we may offer under this Prospectus. While the terms we have summarized below will apply
generally to any Units that we may offer under this Prospectus, we will describe the particular terms of any series of Units in more
detail in the applicable Prospectus Supplement. The terms of any Units offered under a Prospectus Supplement may differ from the terms
described below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will file the form of unit agreement (&ldquo;<B>Unit Agreement</B>&rdquo;), if any, between us and a unit agent that describes the terms
and conditions of the series of Units we are offering, and any supplemental agreements, concurrently with the filing of the applicable
Prospectus Supplement under which such series of Units are offered. The following summaries of material terms and provisions of the Units
are subject to, and qualified in their entirety by reference to, all the provisions of the Unit Agreement, if any, and any supplemental
agreements applicable to a particular series of Units. We urge you to read the applicable Prospectus Supplements related to the particular
series of Units that we sell under this Prospectus, as well as the complete Unit Agreement, if any, and any supplemental agreements that
contain the terms of the Units.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue Units comprising one or more of Securities otherwise described herein in any combination. Each Unit will be issued so that
the holder of the Unit is also the holder of each security included in the Unit. Thus, the holder of a Unit will have the rights and
obligations of a holder of each included security. The Unit Agreement under which a Unit may be issued may provide that the securities
included in the Unit may not be held or transferred separately, at any time or at any time before a specified date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will describe in the applicable Prospectus Supplement the terms of the series of Units, including:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the designation and terms of the Units and of the securities comprising the Units, including whether and under what circumstances those securities may be held or transferred separately;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provisions of the governing Unit Agreement, if any; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any provisions for the issuance, payment, settlement, transfer or exchange of the Units or of the securities comprising the Units.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions described in this section, as well as those described under &ldquo;<I>Description of Share Capital</I>&rdquo; and &ldquo;<I>Description
of Warrants</I>&rdquo; will apply to each Unit and to any Security included in each Unit, respectively, as applicable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue Units in such amounts and in numerous distinct series as we determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has filed an undertaking that it will not distribute specified derivatives that, at the time of distribution, are novel without
pre-clearing with applicable securities commissions in Canada the disclosure to be contained in the Prospectus Supplement pertaining
to the distribution of such novel specified derivatives. For certainty, this Prospectus does not qualify the distribution of any asset-backed
securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_012"></A><B>PRICE
RANGE AND TRADING VOLUMES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outstanding Common Shares are listed and posted for trading on the TSX and the NASDAQ under the symbol &ldquo;BLDP&rdquo;. The closing
price of the Common Shares on the TSX and the NASDAQ on May 8, 2023 was CDN$6.14 and USD $4.59, respectively. Trading prices and
volumes of the Common Shares on the TSX and the NASDAQ for the previous 12-month period will be provided, as required, in each Prospectus
Supplement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><A NAME="a_013"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRIOR
SALES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
in respect of prior sales of Common Shares and other Securities distributed under this Prospectus and for securities that are convertible
into or exchangeable for Common Shares or such other Securities within the previous 12-month period will be provided, as required, in
a Prospectus Supplement with respect to the issuance of Common Shares and/or other Securities pursuant to such Prospectus Supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><A NAME="a_014"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLAN
OF DISTRIBUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may offer and sell the Securities, separately or together: (a) to one or more underwriters; (b) through one or more agents; or <FONT STYLE="white-space: nowrap">(c) directly</Font>
to one or more other purchasers. The Securities offered pursuant to any Prospectus Supplement may be sold from time to time in one or
more transactions at: (i) a fixed price or prices, which may be changed from time to time; (ii) market prices prevailing at the time
of sale; (iii) prices related to such prevailing market prices; or (iv) other negotiated prices, including sales in transactions that
are deemed to be &ldquo;at-the-market distributions&rdquo;, including sales made directly on the TSX, NASDAQ or other existing trading
markets for the Securities. We may only offer and sell the Securities pursuant to a Prospectus Supplement during the period that this
Prospectus, including any amendments hereto, remains effective. The prices at which the Securities may be offered may vary between purchasers
and during the period of distribution. The Prospectus Supplement for any of the Securities being offered thereby will set forth the plan
of distribution and terms of the offering of such Securities, including the type of Security being offered, the name or names of any
underwriters or agents, the purchase price of such Securities, the proceeds to us from such sale, any underwriting commissions or discounts
and other items constituting underwriters&rsquo; compensation. Only underwriters so named in the Prospectus Supplement are deemed to
be underwriters in connection with the Securities offered thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By
Underwriters</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
underwriters are used in the sale, the Securities will be acquired by the underwriters for their own account and may be resold from time
to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined
at the time of sale. Unless otherwise set forth in the Prospectus Supplement relating thereto, the obligations of underwriters to purchase
the Securities will be subject to certain conditions, but the underwriters will be obligated to purchase all of the Securities offered
by the Prospectus Supplement if any of such Securities are purchased. We may offer the Securities to the public through underwriting
syndicates represented by managing underwriters or by underwriters without a syndicate. The Company may agree to pay the underwriters
a fee or commission for various services relating to the offering of any Securities. Any such fee or commission will be paid out of our
general corporate funds. We may use underwriters with whom we have a material relationship. We will describe in the Prospectus Supplement,
naming the underwriter, the nature of any such relationship.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
compliance with the guidelines of the Financial Regulatory Authority (FINRA), the maximum aggregate value of all compensation to be received
by any FINRA member or independent broker-dealer will not exceed 8% of the gross proceeds from the sale of Securities pursuant to this
Prospectus and any applicable Prospectus Supplement. If 5% or more of the net proceeds of any offering of Securities made under this
Prospectus will be received by a FINRA member participating in the offering or affiliates or associated persons of such FINRA member,
the offering will be conducted in accordance with FINRA Rule 5121 (or any successor rule).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By
Agents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities may also be sold through agents designated by us. Any agent involved will be named, and any fees or commissions payable by
us to such agent will be set forth in the applicable Prospectus Supplement. Any such fees or commissions will be paid out of our general
corporate funds. Unless otherwise indicated in the Prospectus Supplement, any agent will be acting on a best efforts basis for the period
of its appointment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Direct
Sales</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
may also be sold directly by us in accordance with applicable securities laws at such prices and upon such terms as agreed to by us and
the purchaser. In this case, no underwriters or agents would be involved in the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriters
or agents who participate in the distribution of Securities may be entitled under agreements to be entered into with us to indemnification
by us against certain liabilities, including liabilities under Canadian provincial and United States securities legislation, or to contribution
with respect to payments which such underwriters or agents may be required to make in respect thereof. Such underwriters or agents may
be customers of, engage in transactions with, or perform services for, us in the ordinary course of business. A purchaser&rsquo;s rights
and remedies under applicable securities legislation against the dealer underwriting or acting as an agent for the issuer in an at-the-market
distribution will not be affected by that dealer&rsquo;s decision to effect the distribution directly or through a selling agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may enter into derivative transactions with third parties, or sell securities not covered by this Prospectus to third parties in privately
negotiated transactions. If the applicable Prospectus Supplement indicates, in connection with those derivatives, the third parties may
sell Securities covered by this Prospectus and the applicable Prospectus Supplement, including in short sale transactions. If so, the
third parties may use Securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings
of stock, and may use Securities received from us in settlement of those derivatives to close out any related open borrowings of stock.
The third parties in such sale transactions will be identified in the applicable Prospectus Supplement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
or more firms, referred to as &ldquo;remarketing firms,&rdquo; may also offer or sell the Securities, if the Prospectus Supplement so
indicates, in connection with a remarketing arrangement upon their purchase. Remarketing firms will act as principals for their own accounts
or as agents for us. These remarketing firms will offer or sell the Securities in accordance with the terms of the Securities. The Prospectus
Supplement will identify any remarketing firm and the terms of its agreement, if any, with us and will describe the remarketing firm&rsquo;s
compensation. Remarketing firms may be deemed to be underwriters in connection with the Securities they remarket.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
underwriter or dealer involved in an &ldquo;at-the-market distribution&rdquo; as defined under the applicable Canadian securities legislation,
no affiliate of such underwriter or dealer and no person acting jointly or in concert with such underwriter or dealer may, in connection
with the distribution, enter into any transaction that is intended to stabilize or maintain the market price of the securities or securities
of the same class as the securities distributed under the Prospectus, including selling an aggregate number or principal amount of securities
that would result in the underwriter creating an over-allocation position in the securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with any offering of Securities, other than an &ldquo;at-the-market distribution&rdquo;, underwriters may over-allot or effect
transactions which stabilize or maintain the market price of the Securities offered at a level above that which might otherwise prevail
in the open market. A purchaser who acquires any Securities forming part of the underwriters, dealers or agents&rsquo; over-allocation
position acquires those securities under the applicable Prospectus Supplement, regardless of whether the over-allocation position is
ultimately filled through the exercise of the overallotment option or secondary market purchases. Such transactions, if commenced, may
be interrupted or discontinued at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
issue by the Company of Preferred Shares, Debt Securities, Warrants and Units will be a new issue of securities with no established trading
market. Unless otherwise specified in a Prospectus Supplement relating to an offering of Preferred Shares, Debt Securities, Warrants
and Units, such Securities will not be listed on any securities or stock exchange. Any underwriters, dealers or agents to or through
whom such Securities are sold may make a market in such Securities, but they will not be obligated to do so and may discontinue any market
making at any time without notice. No assurance can be given that a trading market in any such Securities will develop or as to the liquidity
of any trading market for such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><A NAME="a_015"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CANADIAN
FEDERAL INCOME TAX CONSIDERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
applicable Prospectus Supplement may describe certain Canadian federal income tax consequences to an investor acquiring any Securities
offered thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><A NAME="a_016"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTAIN
U.S. FEDERAL INCOME TAX CONSIDERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a general summary of certain material U.S. federal income tax considerations relevant to a U.S. Holder (as defined below)
arising from and relating to the acquisition, ownership, and disposition of Common Shares acquired pursuant to this Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal
income tax consequences that may apply to a U.S. Holder arising from and relating to the acquisition, ownership, and disposition of Common
Shares. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that
may affect the U.S. federal income tax consequences to such U.S. Holder including, without limitation, specific tax consequences to a
U.S. Holder under an applicable income tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal
or U.S. federal income tax advice with respect to any U.S.&nbsp;Holder. Except as discussed below, this summary does not discuss applicable
income tax reporting requirements. This summary does not address the U.S. federal alternative minimum, U.S. federal net investment income,
U.S. federal estate and gift, U.S. state and local, and non-U.S.&nbsp;tax consequences to U.S. Holders of the acquisition, ownership,
and disposition of Common Shares. Each prospective U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. federal
alternative minimum, U.S.&nbsp;federal net investment income, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences
relating to the acquisition, ownership, and disposition of Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
legal opinion from U.S. legal counsel or ruling from the Internal Revenue Service (the &ldquo;<B>IRS</B>&rdquo;) has been requested,
or will be obtained, regarding the U.S. federal income tax consequences of the acquisition, ownership, and disposition of Common Shares.
This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to,
the positions taken in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations,
the IRS and the U.S. courts could disagree with one or more of the conclusions described in this summary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Scope
of this Summary</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary is based on the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), Treasury Regulations (whether final,
temporary, or proposed), published rulings of the IRS, published administrative positions of the IRS, the Convention Between Canada and
the United States of America with Respect to Taxes on Income and on Capital, signed September 26, 1980, as amended (the &ldquo;<B>Canada-U.S.
Tax Convention</B>&rdquo;), and U.S. court decisions that are applicable and, in each case, as in effect and available, as of the date
of this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time,
and any such change could be applied on a retroactive or prospective basis. This summary does not discuss the potential effects, whether
adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>U.S.
Holders</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this summary, the term &ldquo;<B>U.S. Holder</B>&rdquo; means a beneficial owner of Common Shares acquired pursuant to this
Prospectus that is for U.S. federal income tax purposes:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; margin-bottom: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">an
    individual who is a citizen or resident of the U.S.;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">a
    corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the U.S.,
    any state thereof or the District of Columbia;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate whose income is subject to U.S. federal income taxation regardless of its source; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</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">a
    trust that (a) is subject to the primary supervision of a court within the U.S. and the control of one or more U.S. persons for all
    substantial decisions or (b) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Non-U.S.
Holders</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this summary, a &ldquo;<B>non-U.S. Holder</B>&rdquo; is a beneficial owner of Common Shares that is not a U.S. Holder and
is not a partnership for U.S. federal income tax purposes. This summary does not address the U.S. federal income tax consequences to
non-U.S. Holders arising from and relating to the acquisition, ownership, and disposition of Common Shares. Accordingly, a non-U.S. Holder
should consult its own tax advisor regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state
and local, and non-U.S. tax consequences (including the potential application of and operation of any income tax treaties) relating to
the acquisition, ownership, and disposition of Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>U.S.
Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions
under the Code, including, but not limited to, U.S. Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual
retirement accounts, or other tax-deferred accounts; (b) are financial institutions, underwriters, insurance companies, real estate investment
trusts, or regulated investment companies; (c) are broker-dealers, dealers, or traders in securities or currencies that elect to apply
a mark-to-market accounting method; (d) have a &ldquo;functional currency&rdquo; other than the U.S. dollar; <FONT STYLE="white-space: nowrap">(e) own</Font> Common Shares as
part of a straddle, hedging transaction, conversion transaction, constructive sale, or other integrated transaction; (f) acquired Common
Shares in connection with the exercise of employee stock options or otherwise as compensation for services; (g) hold Common Shares other
than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (h) are partnerships
or other flow-through entities (and partners or other owners thereof); (i)&nbsp;are S corporations (and shareholders thereof); (j) are U.S.
expatriates or former long-term residents of the United States; (k) hold Common Shares in connection with a trade or business, permanent
establishment, or fixed base outside the U.S.; (l) are subject to special tax accounting rules; (m) are subject to the alternative minimum
tax; or (n) own, have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power or value
of the outstanding shares of the Company. U.S. Holders that are subject to special provisions under the Code, including, but not limited
to, U.S. Holders described immediately above, should consult their own tax advisor regarding the U.S. federal, U.S. federal alternative
minimum, U.S. federal net investment income, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating
to the acquisition, ownership and disposition of Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an entity or arrangement that is classified as a partnership (or other &ldquo;pass-through&rdquo; entity) for U.S. federal income tax
purposes holds Common Shares, the U.S. federal income tax consequences to such entity and the partners (or other owners) of such partnership
generally will depend on the activities of the partnership and the status of such partners (or other owners). This summary does not address
the tax consequences to any such partner (or owner). Partners (or other owners) of entities or arrangements that are classified as partnerships
for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences arising
from and relating to the acquisition, ownership, and disposition of Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ownership
and Disposition of Common Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is subject in its entirety to the rules described below under the heading &ldquo;<I>Passive Foreign Investment Company
Rules</I>.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that receives a distribution, including a constructive distribution, with respect to a Common Share will be required to include
the amount of such distribution in gross income as a dividend (without reduction for any foreign income tax withheld from such distribution)
to the extent of the current or accumulated &ldquo;earnings and profits&rdquo; of the Company, as computed for U.S. federal income tax
purposes. To the extent that a distribution exceeds the current and accumulated &ldquo;earnings and profits&rdquo; of the Company, such
distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder&rsquo;s tax basis in the Common Shares
and thereafter as gain from the sale or exchange of such Common Shares (see &ldquo;<I>Sale or Other Taxable Disposition of Common Shares</I>&rdquo;
below). However, the Company may not maintain the calculations of its earnings and profits in accordance with U.S. federal income tax
principles, and each U.S. Holder should therefore assume that any distribution by the Company with respect to the Common Shares will
constitute ordinary dividend income. Dividends received on Common Shares by corporate U.S. Holders generally will not be eligible for
the &ldquo;dividends received deduction&rdquo; allowed to corporations under the Code with respect to dividends received from domestic
corporations.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to applicable limitations and provided the Company is eligible for the benefits of the Canada-U.S. Tax Convention or the Common Shares
are readily tradable on a United States securities market, dividends paid by the Company to non-corporate U.S. Holders, including individuals,
generally will be eligible for the preferential tax rates applicable to long-term capital gains for dividends provided certain holding
period and other conditions are satisfied, including that the Company not be classified as a PFIC (as defined below) in the tax year
of distribution or in the preceding tax year. The dividend rules are complex, and each U.S. Holder should consult its own tax advisor
regarding the application of such rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Sale
or Other Taxable Disposition of Common Shares</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder will generally recognize gain or loss on the sale or other taxable disposition of Common Shares in an amount equal to the
difference, if any, between (a) the amount of cash plus the fair market value of any property received and (b) such U.S.&nbsp;Holder&rsquo;s
tax basis in such Common Shares sold or otherwise disposed of. Any such gain or loss generally will be capital gain or loss, which will
be long-term capital gain or loss if, at the time of the sale or other disposition, such Common Shares are held for more than one year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferential
tax rates apply to long-term capital gains of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential
tax rates for long-term capital gains of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant
limitations under the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Passive
Foreign Investment Company Rules</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">If the Company were to constitute
a &ldquo;passive foreign investment company&rdquo; or &ldquo;PFIC&rdquo; for any year during a U.S. Holder&rsquo;s holding period, then
certain potentially adverse rules would affect the U.S. federal income tax consequences to a U.S. Holder resulting from the acquisition,
ownership and disposition of Common Shares. The Company believes that it was not a PFIC for its most recently completed tax year. However,
there can be no assurance that the Company will not be a PFIC for its current tax year or its future tax years. No opinion of legal counsel
or ruling from the IRS concerning the status of the Company as a PFIC has been obtained or is currently planned to be requested. The determination
of whether any corporation was, or will be, a PFIC for a tax year depends, in part, on the application of complex U.S. federal income
tax rules, which are subject to differing interpretations. In addition, whether any corporation will be a PFIC for any tax year depends
on the assets and income of such corporation over the course of each such tax year and, as a result, cannot be predicted with certainty
as of the date of this document. The Company&rsquo;s PFIC classification for its current or future tax years may depend on, among other
things, the manner in which, and how quickly, the Company utilizes its cash on hand, the income generated by it and its subsidiaries,
as well as on changes in the market value of Common Shares. Accordingly, there can be no assurance that the IRS will not challenge any
determination made by the Company (or any subsidiary of the Company) concerning its PFIC status. Each U.S. Holder should consult its own
tax advisors regarding the PFIC status of the Company and each subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">In any year in which the Company is classified as
a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations and/or
other IRS guidance may require. In addition to penalties, a failure to satisfy such reporting requirements may result in an extension
of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements
of filing such information returns under these rules, including the requirement to file an IRS Form 8621 annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">The Company generally will
be a PFIC if, for a tax year, (a) 75% or more of the gross income of the Company is passive income (the &ldquo;<B>PFIC income test</B>&rdquo;)
or (b) 50% or more of the value of the Company&rsquo;s assets either produce passive income or are held for the production of passive
income, based on the quarterly average of the fair market value of such assets (the &ldquo;<B>PFIC asset test</B>&rdquo;). &ldquo;Gross
income&rdquo; generally includes all sales revenues less the cost of goods sold, plus income from investments and from incidental or outside
operations or sources, and &ldquo;passive income&rdquo; generally includes, for example, dividends, interest, certain rents and royalties,
certain gains from the sale of stock and securities, and certain gains from commodities transactions. Active business gains arising from
the sale of commodities generally are excluded from passive income if substantially all of a foreign corporation&rsquo;s commodities are
stock in trade or inventory, depreciable property used in a trade or business, or supplies regularly used or consumed in the ordinary
course of its trade or business, and certain other requirements are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">For purposes of the PFIC income
test and PFIC asset test described above, if the Company owns, directly or indirectly, 25% or more of the total value of the outstanding
shares of another corporation, the Company will be treated as if the Company (a) held a proportionate share of the assets of such other
corporation and (b) received directly a proportionate share of the income of such other corporation. In addition, for purposes of the
PFIC income test and PFIC asset test described above, and assuming certain other requirements are met, &ldquo;passive income&rdquo; does
not include certain interest, dividends, rents, or royalties that are received or accrued by the Company from certain &ldquo;related persons&rdquo;
(as defined in Section 954(d)(3) of the Code) also organized in Canada, to the extent such items are properly allocable to the income
of such related person that is not passive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">Under certain attribution rules,
if the Company is a PFIC, U.S. Holders will generally be deemed to own their proportionate share of the Company&rsquo;s direct or indirect
equity interest in any company that is also a PFIC (a &ldquo;<B>Subsidiary PFIC</B>&rdquo;), and will generally be subject to U.S. federal
income tax on their proportionate share of (a) any &ldquo;excess distributions,&rdquo; as described below, on the stock of a Subsidiary
PFIC and (b) a disposition or deemed disposition of the stock of a Subsidiary PFIC by the Company or another Subsidiary PFIC, both as
if such U.S. Holders directly held the shares of such Subsidiary PFIC. In addition, U.S. Holders may be subject to U.S. federal income
tax on any indirect gain realized on the stock of a Subsidiary PFIC on the sale or disposition of Common Shares. Accordingly, U.S. Holders
should be aware that they could be subject to tax under the PFIC rules even if no distributions are received and no redemptions or other
dispositions of Common Shares are made.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in"><B><I>Default PFIC Rules
Under Section 1291 of the Code</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">If the Company is a PFIC for
any tax year during which a U.S. Holder owns Common Shares, the U.S. federal income tax consequences to such U.S. Holder of the acquisition,
ownership, and disposition of Common Shares will depend on whether and when such U.S. Holder makes an election to treat the Company and
each Subsidiary PFIC, if any, as a &ldquo;qualified electing fund&rdquo; or &ldquo;<B>QEF</B>&rdquo; under Section 1295 of the Code (a&nbsp;&ldquo;<B>QEF Election</B>&rdquo;) or makes a mark-to-market election under Section 1296 of the Code (a &ldquo;<B>Mark-to-Market Election</B>&rdquo;).
A U.S. Holder that does not make either a QEF Election or a Mark-to-Market Election will be referred to in this summary as a &ldquo;Non-Electing
U.S. Holder.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">A Non-Electing U.S. Holder
will be subject to the rules of Section 1291 of the Code (described below) with respect to: (a) any gain recognized on the sale or other
taxable disposition of Common Shares; and (b) any &ldquo;excess distribution&rdquo; received on the Common Shares. A distribution generally
will be an &ldquo;excess distribution&rdquo; to the extent that such distribution (together with all other distributions received in the
current tax year) exceeds 125% of the average distributions received during the three preceding tax years (or during a U.S. Holder&rsquo;s
holding period for the Common Shares, if shorter).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">Under Section 1291 of the Code,
any gain recognized on the sale or other taxable disposition of Common Shares (including an indirect disposition of the stock of any Subsidiary
PFIC), and any &ldquo;excess distribution&rdquo; received on Common Shares or with respect to the stock of a Subsidiary PFIC, must be
ratably allocated to each day in a Non-Electing U.S. Holder&rsquo;s holding period for the respective Common Shares. The amount of any
such gain or excess distribution allocated to the tax year of disposition or distribution of the excess distribution and to years before
the entity became a PFIC, if any, would be taxed as ordinary income (and not eligible for certain preferred rates). The amounts allocated
to any other tax year would be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income in each such year,
and an interest charge would be imposed on the tax liability for each such year, calculated as if such tax liability had been due in each
such year. A Non-Electing U.S. Holder that is not a corporation must treat any such interest paid as &ldquo;personal interest,&rdquo;
which is not deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">If the Company is a PFIC for
any tax year during which a Non-Electing U.S. Holder holds Common Shares, the Company will continue to be treated as a PFIC with respect
to such Non-Electing U.S. Holder, regardless of whether the Company ceases to be a PFIC in one or more subsequent tax years. A Non-Electing
U.S. Holder may terminate this deemed PFIC status by electing to recognize gain (which will be taxed under the rules of Section 1291 of
the Code discussed above), but not loss, as if such Common Shares were sold on the last day of the last tax year for which the Company
was a PFIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">A U.S. Holder that makes a
timely and effective QEF Election for the first tax year in which the holding period of its Common Shares begins generally will not be
subject to the rules of Section 1291 of the Code discussed above with respect to its Common Shares. A U.S. Holder that makes a timely
and effective QEF Election will be subject to U.S. federal income tax on such U.S. Holder&rsquo;s pro rata share of (a) the net capital
gain of the Company, which will be taxed as long-term capital gain to such U.S. Holder, and (b) the ordinary earnings of the Company,
which will be taxed as ordinary income to such U.S. Holder. Generally, &ldquo;net capital gain&rdquo; is the excess of (a) net long-term
capital gain over (b) net short-term capital loss, and &ldquo;ordinary earnings&rdquo; are the excess of (a)&nbsp;&ldquo;earnings and profits&rdquo;
over (b) net capital gain. A U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on such amounts for each
tax year in which the Company is a PFIC, regardless of whether such amounts are actually distributed to such U.S. Holder by the Company.
However, for any tax year in which the Company is a PFIC and has no net income or gain, U.S. Holders that have made a QEF Election would
not have any income inclusions as a result of the QEF Election. If a U.S. Holder that made a QEF Election has an income inclusion, such
a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S. federal income tax on such amounts, subject
to an interest charge. If such U.S. Holder is not a corporation, any such interest paid will be treated as &ldquo;personal interest,&rdquo;
which is not deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">A U.S. Holder that makes a
timely and effective QEF Election with respect to the Company generally (a) may receive a tax-free distribution from the Company to the
extent that such distribution represents &ldquo;earnings and profits&rdquo; of the Company that were previously included in income by
the U.S. Holder because of such QEF Election and (b) will adjust such U.S. Holder&rsquo;s tax basis in the Common Shares to reflect the
amount included in income or allowed as a tax-free distribution because of such QEF Election. In addition, a U.S. Holder that makes a
QEF Election generally will recognize capital gain or loss on the sale or other taxable disposition of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">The procedure for making a
QEF Election, and the U.S. federal income tax consequences of making a QEF Election, will depend on whether such QEF Election is timely.
A QEF Election will be treated as &ldquo;timely&rdquo; if such QEF Election is made for the first year in the U.S. Holder&rsquo;s holding
period for the Common Shares in which the Company was a PFIC. A U.S. Holder may make a timely QEF Election by filing the appropriate QEF
Election documents at the time such U.S. Holder files a U.S. federal income tax return for such year. If a U.S. Holder does not make a
timely and effective QEF Election for the first year in the U.S. Holder&rsquo;s holding period for the Common Shares, the U.S. Holder
may still be able to make a timely and effective QEF Election in a subsequent year if such U.S. Holder meets certain requirements and
makes a &ldquo;purging&rdquo; election to recognize gain (which will be taxed under the rules of Section 1291 of the Code discussed above)
as if such Common Shares were sold for their fair market value on the day the QEF Election is effective. If a U.S. Holder makes a QEF
Election but does not make a &ldquo;purging&rdquo; election to recognize gain as discussed in the preceding sentence, then such U.S. Holder
shall be subject to the QEF Election rules and shall continue to be subject to tax under the rules of Section 1291 discussed above with
respect to its Common Shares. If a U.S. Holder owns PFIC stock indirectly through another PFIC, separate QEF Elections must be made for
the PFIC in which the U.S. Holder is a direct shareholder and the Subsidiary PFIC for the QEF rules to apply to both PFICs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">A QEF Election will apply to
the tax year for which such QEF Election is timely made and to all subsequent tax years, unless such QEF Election is invalidated or terminated
or the IRS consents to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax year, the Company
ceases to be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax years in which the Company
is not a PFIC. Accordingly, if the Company becomes a PFIC in another subsequent tax year, the QEF Election will be effective and the U.S.
Holder will be subject to the QEF rules described above during any subsequent tax year in which the Company qualifies as a PFIC.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">U.S. Holders should be aware
that there can be no assurances that the Company will satisfy the record keeping requirements that apply to a QEF, or that the Company
will supply U.S. Holders with information that such U.S. Holders are required to report under the QEF rules, in the event that the Company
is a PFIC. Thus, U.S. Holders may not be able to make a QEF Election with respect to their Common Shares. Each U.S. Holder should consult
its own tax advisors regarding the availability of, and procedure for making, a QEF Election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">A U.S. Holder makes a QEF Election
by attaching a completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed United States federal income
tax return. However, if the Company does not provide the required information with regard to the Company or any of its Subsidiary PFICs,
U.S. Holders will not be able to make a QEF Election for such entity and will continue to be subject to the rules of Section 1291 of the
Code discussed above that apply to Non-Electing U.S. Holders with respect to the taxation of gains and excess distributions.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in"><B><I>Mark-to-Market Election</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">A U.S. Holder may make a Mark-to-Market
Election only if the Common Shares are marketable stock. The Common Shares generally will be &ldquo;marketable stock&rdquo; if the Common
Shares are regularly traded on (a) a national securities exchange that is registered with the SEC, (b) the national market system established
pursuant to section 11A of the Exchange Act, or (c) a foreign securities exchange that is regulated or supervised by a governmental authority
of the country in which the market is located, provided that (i) such foreign exchange has trading volume, listing, financial disclosure,
and surveillance requirements, and meets other requirements and the laws of the country in which such foreign exchange is located, together
with the rules of such foreign exchange, ensure that such requirements are actually enforced and (ii) the rules of such foreign exchange
effectively promote active trading of listed stocks. If such stock is traded on such a qualified exchange or other market, such stock
generally will be &ldquo;regularly traded&rdquo; for any calendar year during which such stock is traded, other than in de minimis quantities,
on at least 15 days during each calendar quarter. Each U.S. Holder should consult its own tax advisor in this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">A U.S. Holder that makes a
Mark-to-Market Election with respect to its Common Shares generally will not be subject to the rules of Section 1291 of the Code discussed
above with respect to such Common Shares. However, if a U.S. Holder does not make a Mark-to-Market Election beginning in the first tax
year of such U.S. Holder&rsquo;s holding period for the Common Shares for which the Company is a PFIC and such U.S. Holder has not made
a timely QEF Election, the rules of Section 1291 of the Code discussed above will apply to certain dispositions of, and distributions
on, the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">A U.S. Holder that makes a
Mark-to-Market Election will include in ordinary income, for each tax year in which the Company is a PFIC, an amount equal to the excess,
if any, of (a) the fair market value of the Common Shares, as of the close of such tax year over (b) such U.S. Holder&rsquo;s adjusted
tax basis in such Common Shares. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal to
the excess, if any, of (a) such U.S. Holder&rsquo;s adjusted tax basis in the Common Shares, over (b) the fair market value of such Common
Shares (but only to the extent of the net amount of previously included income as a result of the Mark-to-Market Election for prior tax
years).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">A U.S.
Holder that makes a Mark-to-Market Election generally also will adjust such U.S. Holder&rsquo;s tax basis in the Common Shares to reflect
the amount included in gross income or allowed as a deduction because of such Mark-to-Market Election. In addition, upon a sale or other
taxable disposition of Common Shares, a U.S. Holder that makes a Mark-to-Market Election will recognize ordinary income or ordinary loss
(not to exceed the excess, if any, of (a) the amount included in ordinary income because of such Mark-to-<FONT STYLE="font-size: 1pt">&nbsp;</FONT>Market
Election for prior tax years over (b) the amount allowed as a deduction because of such Mark-to-Market Election for prior tax years).
Losses that exceed this limitation are subject to the rules generally applicable to losses provided in the Code and Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">A U.S. Holder makes a Mark-to-Market
Election by attaching a completed IRS Form 8621 to a timely filed United States federal income tax return. A Mark-to-Market Election applies
to the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the Common Shares cease to be &ldquo;marketable
stock&rdquo; or the IRS consents to revocation of such election. Each U.S. Holder should consult its own tax advisors regarding the availability
of, and procedure for making, a Mark-to-Market Election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">Although a U.S. Holder may
be eligible to make a Mark-to-Market Election with respect to the Common Shares, no such election may be made with respect to the stock
of any Subsidiary PFIC that a U.S. Holder is treated as owning, because such stock is not marketable. Hence, the Mark-to-Market Election
will not be effective to avoid the application of the default rules of Section 1291 of the Code described above with respect to deemed
dispositions of Subsidiary PFIC stock or excess distributions from a Subsidiary PFIC to its shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in"><B><I>Other PFIC Rules</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">Under Section 1291(f) of the
Code, the IRS has issued proposed Treasury Regulations that, subject to certain exceptions, would cause a U.S. Holder that had not made
a timely QEF Election to recognize gain (but not loss) upon certain transfers of Common Shares that would otherwise be tax-deferred (e.g.,
gifts and exchanges pursuant to corporate reorganizations). However, the specific U.S. federal income tax consequences to a U.S. Holder
may vary based on the manner in which Common Shares are transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">Certain additional adverse
rules may apply with respect to a U.S. Holder if the Company is a PFIC, regardless of whether such U.S. Holder makes a QEF Election. For
example, under Section 1298(b)(6) of the Code, a U.S. Holder that uses Common Shares as security for a loan will, except as may be provided
in Treasury Regulations, be treated as having made a taxable disposition of such Common Shares.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">In addition, a U.S. Holder
who acquires Common Shares from a decedent will not receive a &ldquo;step up&rdquo; in tax basis of such Common Shares to fair market
value unless such decedent had a timely and effective QEF Election in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">Special rules also apply to
the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to such special rules, foreign taxes
paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. The rules relating
to distributions by a PFIC and their eligibility for the foreign tax credit are complicated, and a U.S. Holder should consult with its
own tax advisors regarding the availability of the foreign tax credit with respect to distributions by a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in">The PFIC rules are complex,
and each U.S. Holder should consult its own tax advisors regarding the PFIC rules and how the PFIC rules may affect the U.S. federal income
tax consequences of the acquisition, ownership, and disposition of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Certain additional adverse rules may apply with respect
to a U.S. Holder if the Company is a PFIC, regardless of whether the U.S. Holder makes a QEF Election. These rules include special rules
that apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to these special rules,
foreign taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. U.S.&nbsp;Holders
are urged to consult their own tax advisors regarding the potential application of the PFIC rules to the ownership and disposition of
Common Shares, and the availability of certain U.S. tax elections under the PFIC rules.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: left"><B>Additional Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Receipt of Foreign Currency</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The amount of any distribution paid to a U.S. Holder
in foreign currency, or on the sale, exchange or other taxable disposition of Common Shares, generally will be equal to the U.S. dollar
value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless of whether such foreign currency
is converted into U.S. dollars at that time). If the foreign currency received is not converted into U.S. dollars on the date of receipt,
a U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. Holder who receives
payment in foreign currency and engages in subsequent conversion or other disposition of the foreign currency after the date of receipt
may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source
income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method of tax accounting. Each
U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing
of foreign currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B><I>Foreign Tax Credit</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Dividends paid on the Common Shares will be treated
as foreign-source income, and generally will be treated as &ldquo;passive category income&rdquo; or &ldquo;general category income&rdquo;
for U.S. foreign tax credit purposes. Any gain or loss recognized on a sale or other disposition of Common Shares generally will be United
States source gain or loss. Certain U.S. Holders that are eligible for the benefits of Canada-U.S. Tax Convention may elect to treat such
gain or loss as Canadian source gain or loss for U.S. foreign tax credit purposes. The Code applies various complex limitations on the
amount of foreign taxes that may be claimed as a credit by U.S. taxpayers. In addition, Treasury Regulations that apply to taxes paid
or accrued (the &ldquo;<B>Foreign Tax Credit Regulations</B>&rdquo;) impose additional requirements for Canadian withholding taxes to
be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Subject to the PFIC rules and the Foreign Tax Credit
Regulations, each as discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect
to dividends paid on the Common Shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction
or a credit for such Canadian income tax paid. Generally, a credit will reduce a U.S. Holder&rsquo;s U.S.&nbsp;federal income tax liability
on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder&rsquo;s income subject to U.S. federal income tax. This election
is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Holder during
a year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The foreign tax credit
rules are complex, and involve the application of rules that depend on a U.S. Holder&rsquo;s particular circumstances. Accordingly, each
U.S. Holder should consult its own U.S. tax advisor regarding the foreign tax credit rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Backup
Withholding and Information Reporting</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
U.S. federal income tax law and Treasury Regulations, certain categories of U.S. Holders must file information returns with respect to
their investment in, or involvement in, a foreign corporation. For example, U.S. return disclosure obligations (and related penalties)
are imposed on U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition
of specified foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless
held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial instrument or
contract held for investment that has an issuer or counterparty other than a U.S. person and any interest in a foreign entity. U.S. Holders
may be subject to these reporting requirements unless their Common Shares are held in an account at certain financial institutions. Penalties
for failure to file certain of these information returns are substantial. U.S. Holders should consult with their own tax advisors regarding
the requirements of filing information returns, including the requirement to file an IRS Form 8938.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
made within the U.S. or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition
of, Common Shares will generally be subject to information reporting and backup withholding tax, (currently at the rate of 24%), if a
U.S. Holder (a) fails to furnish such U.S. Holder&rsquo;s correct U.S. taxpayer identification number (generally on Form W-9), (b) furnishes
an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly
report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury, that such U.S. Holder has furnished
its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding
tax. However, certain exempt persons generally are excluded from these information reporting and backup withholding rules. Backup withholding
is not an additional tax. Any amounts withheld under</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
U.S. backup withholding tax rules generally will be allowed as a credit against a U.S. Holder&rsquo;s U.S. federal income tax liability,
if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion of reporting requirements set forth above is not intended to constitute an exhaustive description of all reporting requirements
that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during
which the IRS can assess a tax, and under certain circumstances, such an extension may apply to assessments of amounts unrelated to any
unsatisfied reporting requirements. Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup
withholding rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
FOREGOING DISCUSSION IS NOT INTENDED TO CONSTITUTE A COMPLETE ANLAYSIS OF ALL U.S. TAX MATTERS THAT MAY BE IMPORTANT TO U.S. HOLDERS
WITH RESPECT TO THE ACQUISITION, OWNERSHIP AND DISPOSITION OF THE COMMON SHARES. PROSPECTIVE U.S. HOLDERS ARE STRONGLY ENCOURAGED TO
CONSULT THEIR OWN TAX ADVISORS REGARDING THE TAX CONSIDERATIONS APPLICABLE TO THEM IN LIGHT OF THEIR OWN PARTICULAR CIRCUMSTANCES.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_017"></A><B>DOCUMENTS
INCORPORATED BY REFERENCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Information
has been incorporated by reference in this Prospectus from documents filed with securities commissions or similar regulatory authorities
in Canada</B> (the &ldquo;<B>Canadian Securities Authorities</B>&rdquo;). Copies of the documents incorporated by reference herein may
be obtained on request without charge from the Corporate Secretary at 9000 Glenlyon Parkway, Burnaby, British Columbia, Canada V5J 5J8
or by calling the Investor Relations Department at (604) 454-0900, and are also available electronically from SEDAR (www.sedar.com) and
from EDGAR (www.sec.gov).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following documents, which were filed by the Company with the Canadian Securities Authorities, are specifically incorporated by reference
into, and form an integral part of, this Prospectus:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    annual information form of the Company dated March 16, 2023, for the year ended December 31, 2022;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    audited consolidated statements of financial position of the Company as at December 31, 2022 and December 31, 2021 and the related
    consolidated statements of loss and comprehensive income (loss), changes in equity and cash flows for the years ended December 31,
    2022 and December 31, 2021, together with the notes thereto, and the reports of the independent registered public accounting firm
    thereon;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    management&rsquo;s discussion and analysis of financial condition and results of operations of the Company dated March 16, 2023,
    for the year ended December 31, 2022; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    management proxy circular of the Company dated April 10, 2023, in connection with the annual meeting of shareholders being held on
    June 7, 2023.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Any
statement contained in this Prospectus or in any document incorporated or deemed to be incorporated by reference herein shall be deemed
to be modified or superseded, for purposes of this Prospectus, to the extent that a statement contained herein or in any other subsequently
filed document which also is, or is deemed to be, incorporated by reference herein modifies or supersedes such prior statement. The modifying
or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth
in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for
any purposes that the modified or superseded statement when made, constituted a misrepresentation, an untrue statement of a material
fact or an omission to state a material fact that is required to be stated or that is necessary to prevent a statement that is made from
being false or misleading in the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute part of this Prospectus.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
document of the type referred to above or similar material and any documents required by National Instrument 44-101 &ndash; <I>Short
Form Prospectus Distributions</I> to be incorporated by reference into a short form prospectus, including any annual information forms,
all material change reports (excluding confidential reports, if any), all annual and interim financial statements and management&rsquo;s
discussion and analysis relating thereto, or information circular or amendments thereto filed by the Company with any securities commissions
or similar regulatory authority in Canada after the date of this Prospectus and during the period that this Prospectus is effective,
will be deemed to be incorporated by reference in this Prospectus and will automatically update and supersede information contained or
incorporated by reference in this Prospectus. The documents incorporated or deemed to be incorporated herein by reference contain meaningful
and material information relating to the Company and readers should review all information contained in this Prospectus, and the documents
incorporated or deemed to be incorporated by reference herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents
and information in an annual report on Form 40-F filed by the Company with the SEC under the U.S. Exchange Act from the date of this
Prospectus and until all of the Securities are sold shall be deemed incorporated by reference into this Prospectus and the registration
statement of which this Prospectus forms a part. To the extent that any document or information incorporated by reference into this Prospectus
is included in any report on Form&nbsp;20-F, 10-K, 10-Q, 8-K or&nbsp;6-K (or any respective successor form) that is filed with or furnished
to the SEC after the date of this Prospectus, such document or information shall</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">be
deemed to be incorporated by reference as an exhibit to the registration statement of which this Prospectus forms a part (in the case
of a report on Form 6-K, if and to the extent expressly provided in such report). In addition, we may incorporate by reference into this
Prospectus, or the registration statement of which it forms a part, other information from documents that we file with or furnish to
the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act, if and to the extent expressly provided therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">References
to our website in any documents that are incorporated by reference into this Prospectus do not incorporate by reference the information
on such website into this Prospectus, and we disclaim any such incorporation by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_018"></A>DOCUMENTS
FILED AS PART OF THE REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following documents have been filed with the SEC as part of the registration statement of which this Prospectus is a part insofar as
required by the SEC&rsquo;s Form&nbsp;F-10:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; margin-bottom: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    documents listed under &ldquo;<I>Documents Incorporated By Reference</I>&rdquo; in this Prospectus;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    consent of KPMG LLP, the Company&rsquo;s independent registered public accounting firm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">powers
    of attorney of the Company&rsquo;s directors and certain officers; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    form of Indenture.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of the form of Warrant Indenture will be filed by post-effective amendment or by incorporation by reference to documents filed or
furnished with the SEC under the U.S. Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><A NAME="a_019"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INTERESTS
OF EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date hereof, the partners and associates of Stikeman Elliott LLP, as a group, beneficially own, directly or indirectly, less than
1% of our securities. None of the aforementioned persons have received or will receive a direct or indirect interest in any other property
of the Company or any associate or affiliate of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><A NAME="a_020"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRANSFER
AGENT AND REGISTRAR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
registrar and transfer agent is Computershare Investor Services Inc., with an address at 100 University Avenue, 8<SUP>th</SUP> Floor,
Toronto, Ontario M5J 2Y1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><A NAME="a_021"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LEGAL
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
legal matters relating to the offering of the Securities will be passed upon on behalf of the Company by Stikeman Elliott LLP, Vancouver,
British Columbia, with respect to Canadian legal matters, and by Dorsey &amp; Whitney LLP, Seattle, Washington, with respect to U.S.
legal matters. Counsel named in the applicable Prospectus Supplement will pass upon legal matters for any underwriters or agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><A NAME="a_022"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AUDITORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial statements as at December 31, 2022 and 2021 and for the years then ended incorporated by reference into this Prospectus have
been audited by KPMG LLP, independent registered public accounting firm, as indicated in their reports dated March 16, 2023, which are
also incorporated by reference herein, and are incorporated herein in reliance upon the authority of said firm as experts in accounting
and auditing. The Company&rsquo;s auditors, KPMG LLP, have confirmed that they are independent with respect to the Company within the
meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable
legislation or regulations and that they are independent accountants with respect to the Company under all relevant U.S. professional
and regulatory standards.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_023"></A><B>AGENT
FOR SERVICE OF PROCESS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Marty Neese, Mr. Sherman Sun, Mr. Kevin Jiang, Mr. Hubertus Muehlhaeuser and Ms. Kathleen Bayless, directors of the Company, and Mr.
Paul Dobson, Senior Vice President and Chief Financial Officer of the Company, each reside outside of Canada and have each appointed
the following agent for service of process in Canada:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 138.6pt; padding-top: 0pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Persons</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 162.9pt; padding-top: 0pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    and Address of Agent</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
                                            Marty Neese</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Sherman Sun</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Kevin Jiang</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Hubertus Muehlhaeuser</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
    Kathleen Bayless</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Paul Dobson</FONT></P></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">152928
                                            Canada Inc.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
    Stikeman Elliott LLP</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite
    1700, 666 Burrard Street</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vancouver,
    BC V6C 2X8</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchasers
are advised that it may not be possible for investors to enforce judgements obtained in Canada against any person or company that is
incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party
has appointed an agent for service of process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_024"></A>WELL-KNOWN
SEASONED ISSUER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 6, 2021, the securities regulatory authorities in each of the provinces and territories of Canada each independently adopted
a series of substantively harmonized blanket orders, including BC Instrument 44-503 &ndash; <I>Exemption from Certain Prospectus Requirements
for Canadian Well-known Seasoned Issuers </I>(together with the equivalent local blanket orders in each of the other provinces and territories
of Canada, collectively, the &ldquo;<B>WKSI Blanket Orders</B>&rdquo;). The WKSI Blanket Orders were adopted to reduce regulatory burden
associated with certain prospectus requirements under NI 44-101 and NI 44-102 for issuers that are well-known reporting issuers, have
a strong market following, have a complete public disclosure record and have a sufficient public float. The WKSI Blanket Orders came
into force on January 4, 2022 and allow such &ldquo;well-known seasoned issuers&rdquo;, or &ldquo;WKSIs&rdquo;, to file a final short
form base shelf prospectus as the first public step in an offering, and exempt qualifying issuers from certain disclosure requirements
relating to such final short form base shelf prospectus. As of the date hereof, the Company has determined that it qualifies as a &ldquo;well-known
seasoned issuer&rdquo; under the WKSI Blanket Orders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_025"></A><B>STATUTORY
RIGHTS OF WITHDRAWAL AND RESCISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to
purchase securities and with remedies for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus,
prospectus supplement, and any amendment relating to securities purchased by a purchaser are not sent or delivered to the purchaser,
provided that the right to withdraw and remedies for rescission, revision of the price or damages are exercised by the purchaser within
the time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. However, purchasers of Securities
distributed under an at-the-market distribution by the Company do not have the right to withdraw from an agreement to purchase the Securities
and do not have remedies of rescission or, in some jurisdictions, revisions of the price, or damages for non-delivery of the prospectus,
prospectus supplement, and any amendment relating to Securities purchased by such purchaser because the prospectus, prospectus supplement,
and any amendment relating to the Securities purchased by such purchaser will not be sent or delivered, as permitted under Part 9 of
NI 44-102.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
legislation in some provinces and territories of Canada further provides purchasers with remedies for rescission or, in some jurisdictions,
revisions of the price or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser
contains a misrepresentation. Those remedies must be exercised by the purchaser within the time limit prescribed by securities legislation.
Any remedies under securities legislation that a purchaser of Securities distributed under an at-the-market distribution by the Company
may have against the Company or its agents for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus,
prospectus supplement, and any amendment relating to securities purchased by a purchaser contain a misrepresentation will remain unaffected
by the non-delivery of the prospectus referred to above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
an offering of convertible, exchangeable or exercisable Securities, investors are cautioned that the statutory right of action for damages
for a misrepresentation contained in the prospectus is limited, in certain provincial and territorial securities legislation, to the
price at which the convertible, exchangeable or exercisable securities are offered to the public under the prospectus offering. This
means that, under the securities legislation of certain provinces and territories, if the purchaser pays additional amounts upon conversion,
exchange or exercise of the security, those amounts may not be recoverable under the statutory right of action for damages that applies
in those provinces and territories. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s
province or territory for the particulars of this right of action for damages or consult with a legal adviser. However, purchasers of
Securities distributed under an at-the-market distribution by the Company do not have the right to withdraw from an agreement to purchase
the Securities and do not have remedies of rescission or, in some</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">jurisdictions,
revisions of the price, or damages for non-delivery of the prospectus, prospectus supplement, and any amendment relating to the Securities
purchased by such purchaser because the prospectus, prospectus supplement, and any amendment relating to the Securities purchased by
such purchaser will not be sent or delivered, as permitted under Part 9 of NI 44-102.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to statutory rights of withdrawal and rescission, original purchasers of convertible, exchangeable or exercisable Securities
(unless the Securities are reasonably regarded by the Company as incidental to the applicable offering as a whole) will have a contractual
right of rescission against the Company in respect of the conversion, exchange or exercise of the convertible, exchangeable or exercisable
Security. The contractual right of rescission will be further described in any applicable Prospectus Supplement, but will, in general,
entitle such original purchasers to receive, in addition to the amount paid on original purchase of the applicable convertible, exchangeable
or exercisable Security (and any additional amount paid upon conversion, exchange or exercise) upon surrender of the underlying securities
acquired thereby, in the event that this Prospectus (as supplemented or amended) contains a misrepresentation, provided that: (i) the
conversion, exchange or exercise takes place within 180 days of the date of the purchase of the convertible, exchangeable or exercisable
Security under this Prospectus; and (ii) the right of rescission is exercised within 180 days of the date of purchase of the convertible,
exchangeable or exercisable Security under this Prospectus. This contractual right of rescission will be consistent with the statutory
right of rescission described above, and is in addition to any other right or remedy available to original purchasers under the securities
legislation in which the purchaser is resident or otherwise at law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
purchaser should refer to applicable securities legislation of the purchaser&rsquo;s province or territory for the particulars of these
rights and should consult a legal adviser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_026"></A>ENFORCEABILITY
OF CIVIL LIABILITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a corporation existing under the <I>Business Corporations Act </I>(British Columbia). All but five of our directors and officers,
and all of the experts named in this Prospectus, are residents of Canada or otherwise reside outside the United States, and all or a
substantial portion of their assets, and a majority of our assets, are located outside the United States. We have appointed an agent
for service of process in the United States, but it may be difficult for U.S. investors to effect service within the United States upon
those directors, officers and experts who are not residents of the United States. It may also be difficult for U.S. investors to realize
upon judgments of courts of the United States predicated upon the Company&rsquo;s civil liability and the civil liability of its directors,
officers and experts under the United States federal securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should not assume that Canadian courts would enforce judgments of United States courts obtained in actions against us or such persons
predicated on the civil liability provisions of the United States federal securities laws or the securities or &ldquo;blue sky&rdquo;
laws of any state within the United States or would enforce, in original actions, liabilities against us or such persons predicated on
the United States federal securities or any such state securities or &ldquo;blue sky&rdquo; laws. We have been advised by our Canadian
legal counsel, Stikeman Elliott LLP, that a judgment of a United States court predicated solely upon civil liability under United States
federal securities laws would probably be enforceable in Canada if the United States court in which the judgment was obtained has a basis
for jurisdiction in the matter that would be recognized by a Canadian court for the same purposes. We have also been advised by Stikeman
Elliott LLP, however, that there is substantial doubt whether an action could be brought in Canada in the first instance on the basis
of liability predicated solely upon United States federal securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed with the SEC, concurrently with our Registration Statement on Form F-10, an appointment of agent for service of process on
Form F-X. Under the Form F-X, we appointed Corporation Service Company as our agent for service of process in the United States in connection
with any investigation or administrative proceeding conducted by the SEC, and any civil suit or action brought against or involving the
Company in a United States court arising out of, related to, or concerning this offering.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification
of Directors and Officers.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant is subject to the provisions of the <I>Business Corporations Act </I>(British Columbia) (the &ldquo;Act&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Section 160 of the Act, an individual who:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    or was a director or officer of the Registrant,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><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-bottom: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    or was a director or officer of another corporation (i) at a time when the corporation is or was an affiliate of the Registrant,
    or (ii) at the request of the Registrant, or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><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-bottom: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    the request of the Registrant, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership,
    trust, joint venture or other unincorporated entity,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
includes, the heirs and personal or other legal representatives of that individual (collectively, an &ldquo;eligible party&rdquo;), may
be indemnified by the Registrant against a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, a proceeding
(an &ldquo;eligible penalty&rdquo;) in which, by reason of the eligible party being or having been a director or officer of, or holding
or having held a position equivalent to that of a director or officer of, the Registrant or an associated corporation, (a) the eligible
party is or may be joined as a party, or (b) the eligible party is or may be liable for or in respect of a judgment, penalty or fine
in, or expenses related to, the proceeding (&ldquo;eligible proceeding&rdquo;) to which the eligible party is or may be liable. Section
160 of the Act also permits the Registrant to pay the expenses actually and reasonably incurred by an eligible party after the final
disposition of the eligible proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Section 161 of the Act, the Registrant must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably
incurred by the eligible party in respect of that proceeding if the eligible party (a) has not been reimbursed for those expenses, and
(b) is wholly successful, on the merits or otherwise, in the outcome of the proceeding or is substantially successful on the merits in
the outcome of the proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Section 162 of the Act, the Registrant may pay, as they are incurred in advance of the final disposition of an eligible proceeding, the
expenses actually and reasonably incurred by an eligible party in respect of that proceeding; provided the Registrant must not make such
payments unless it first receives from the eligible party a written undertaking that, if it is ultimately decided that the payment of
expenses is prohibited by Section 163, the eligible party will repay the amounts advanced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Section 163 of the Act, the Registrant must not indemnify an eligible party against eligible penalties to which the eligible party is
or may be liable or pay the expenses of an eligible party in respect of that proceeding under Sections 160, 161 or 162 of the Act, as
the case may be, if any of the following circumstances apply:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify
    or pay expenses was made, the Registrant was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><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-bottom: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the
    indemnity or payment is made, the Registrant is prohibited from giving the indemnity or paying the expenses by its memorandum or
    articles;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><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-bottom: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view
    to the best interests of the Registrant or the associated corporation, as the case may be; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><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-bottom: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing
    that the eligible party&rsquo;s conduct in respect of which the proceeding was brought was lawful.</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an eligible proceeding is brought against an eligible party by or on behalf of the Registrant or by or on behalf of an associated corporation,
the Registrant must not either indemnify the eligible party against eligible penalties to which the eligible party is or may be liable
in respect to the proceeding, or, after the final disposition of an eligible proceeding, pay the expenses of the eligible party under
Sections 160, 161 or 162 of the Act in respect of the proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Section 164 of the Act, the Supreme Court of British Columbia may, on application of the Registrant or an eligible party, order the Registrant
to indemnify the eligible party or to pay the eligible party&rsquo;s expenses, despite Sections 160 to 163 of the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
articles of a company may affect its power or obligation to give an indemnity or pay expenses. As indicated above, this is subject to
the overriding power of the Supreme Court of British Columbia under Section 164 of the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing description is qualified in its entirety by reference to the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant is a party to an indemnity agreement with each director and officer of the Registrant providing that if such director or officer
is or was involved in any threatened, pending or completed eligible proceeding by reason of the fact that such director or officer is
or was a director or officer of the Registrant, such director or officer will be indemnified and held harmless by the Registrant against
all expense, liability and loss reasonably incurred or suffered by such director or officer in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the articles of the Registrant, the Registrant may purchase and maintain insurance for the benefit of any eligible party against any
liability incurred by such party as a director, officer or person who holds or held an equivalent position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant maintains directors&rsquo; and officers&rsquo; liability insurance. The policies provide a maximum coverage in any one policy
year of U.S. $35 million in annual claims (subject to deductibles of U.S. $200,000 to U.S. $500,000 per claim, payable by the Registrant).
The primary policy insures (a) the directors and officers of the Registrant against losses arising from claims against them for certain
of their actual or alleged wrongful acts (as defined within the insurance policy), (b) the Registrant for payments made pursuant to the
Registrant&rsquo;s indemnification of its directors and officers, and (c) the Registrant when it is directly named in a securities claim.
The excess policy insures the directors and officers of the Registrant against losses arising from claims against them for certain of
their actual or alleged wrongful acts (as defined within the insurance policy). The premiums for the policies are not allocated between
directors and officers as separate groups.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the articles of the Registrant, subject to the provisions of the Act, the Registrant must indemnify a director or former director of
the Registrant and the heirs and legal personal representatives of all such persons against all eligible penalties to which such person
is or may be liable, and the Registrant must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably
incurred by such person in respect of that proceeding. Each director and officer is deemed to have contracted with the Registrant on
the terms of the indemnity contained in the Registrant&rsquo;s articles. The failure of a director or officer of the Registrant to comply
with the Act or the articles of the Registrant does not invalidate any indemnity to which such person is entitled under the Registrant&rsquo;s
articles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the United States Securities Act of 1933 may be permitted to directors, officers or
persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the
U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the United States Securities Act
of 1933 and is therefore unenforceable.</FONT></P>



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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBITS</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit</U></B></FONT></TD>
    <TD STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1453015/000145301523000011/ballard993123122annualinfo.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1453015/000145301523000011/ballard993123122annualinfo.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual information form for the year ended December 31, 2022 dated March 16, 2023 (incorporated by reference from the Registrant&rsquo;s Annual Report on Form 40-F/A filed with the Commission on March 17, 2023)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1453015/000145301523000011/bldp-20221231.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1453015/000145301523000011/bldp-20221231.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audited
    consolidated financial statements as of December 31, 2022 and 2021 and for the years then ended, together with the notes thereto
    and the auditor&rsquo;s reports thereon (incorporated by reference from the Registrant&rsquo;s Annual Report on Form 40-F/A filed
    with the Commission on March 17, 2023)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1453015/000145301523000011/bldp123122-ex992mda.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1453015/000145301523000011/bldp123122-ex992mda.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&rsquo;s
    discussion and analysis of financial conditions and results of operations for the year ended December 31, 2022 (incorporated by reference
    from the Registrant&rsquo;s Annual Report on Form 40-F/A filed with the Commission on March 17, 2021)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1453015/000120677423000652/bldp4117621-991.htm">4.4</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1453015/000120677423000652/bldp4117621-991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management proxy circular dated April 10, 2023 prepared in connection with the annual meeting of shareholders to be held on June 7, 2023 (incorporated by reference from the Registrant&rsquo;s Report on Form 6-K filed with the Commission on May 1, 2023)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1453015/000120677423000675/bldp4196641_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1453015/000120677423000675/bldp4196641_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of KPMG LLP</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1453015/000120677423000675/bldp4196641-f10.htm#poa" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1*</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1453015/000120677423000675/bldp4196641-f10.htm#poa" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers of Attorney (included on the signature page of this Registration Statement)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1453015/000145301523000011/bldp-20221231_d2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1453015/000145301523000011/bldp-20221231_d2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interactive
    Data File, formatted as Inline XBRL (incorporated by reference from the Registrant&rsquo;s Annual Report on Form 40-F/A filed with
    the Commission on March 17, 2023)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1453015/000120677423000675/bldp4196641-ex107.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1453015/000120677423000675/bldp4196641-ex107.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table</FONT></A></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt">* Previously filed</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNDERTAKING
AND CONSENT TO SERVICE OF PROCESS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
1. Undertaking.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff,
and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant
to this Form F-10 or to transactions in said securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
2. Consent to Service of Process.</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    the time of filing Form F-10, the Registrant shall file with the Commission a written irrevocable consent and power of attorney on
    Form F-X.</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><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: 0.5in; text-align: left"><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">Any
    change to the name or address of the agent for service of the Registrant or the trustee shall be communicated promptly to the Commission
    by amendment to Form F-X referencing the file number of the relevant registration statement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 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 Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form F-10 and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Burnaby, Province of British Columbia, Canada, on this 10th day of May, 2023.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BALLARD POWER SYSTEMS INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ R. Randall MacEwen</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    R. Randall MacEwen</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    President and Chief Executive Officer</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 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 Act of 1933, this Registration Statement has been signed by the following persons in the capacities
and on the dates indicated:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-left: 0.25pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Signature</U></B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Title</U></B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Date</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ R. Randall MacEwen</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President,
    Chief Executive Officer and Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 10,
    2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Randall
    MacEwen</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Executive Officer)</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Paul Dobson</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice
    President and Chief</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 10,
    2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul Dobson</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Officer (Principal Financial</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officer and
    Principal Accounting Officer)</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: left">*</TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 10,
    2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas P.
    Hayhurst</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: left">*</TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    and Authorized United States</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 10,
    2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marty Neese</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representative</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: left">*</TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 10,
    2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James Roche</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: left">*</TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 10,
    2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Janet Woodruff</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: left">*</TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 10,
    2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kui Jiang</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: left">*</TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 10,
    2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shaojun Sun</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: left">*</TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 10,
    2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kathleen
    Bayless</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: left">*</TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 10,
    2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hubertus
    M. M&uuml;hlh&auml;user</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">* By: /s/ R. Randall MacEwen</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: R. Randall MacEwen</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Attorney-in-fact</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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MLK28IFNC3O$+QP/0                                          ?C
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
