<SEC-DOCUMENT>0001615774-16-009033.txt : 20161222
<SEC-HEADER>0001615774-16-009033.hdr.sgml : 20161222
<ACCEPTANCE-DATETIME>20161222143449
ACCESSION NUMBER:		0001615774-16-009033
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20161222
DATE AS OF CHANGE:		20161222
EFFECTIVENESS DATE:		20161222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NIOCORP DEVELOPMENTS LTD
		CENTRAL INDEX KEY:			0001512228
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-215253
		FILM NUMBER:		162066223

	BUSINESS ADDRESS:	
		STREET 1:		7000 S. YOSEMITE STREET
		STREET 2:		STE. 115
		CITY:			CENTENNIAL
		STATE:			CO
		ZIP:			80112
		BUSINESS PHONE:		720-639-4647

	MAIL ADDRESS:	
		STREET 1:		7000 S. YOSEMITE STREET
		STREET 2:		STE. 115
		CITY:			CENTENNIAL
		STATE:			CO
		ZIP:			80112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QUANTUM RARE EARTH DEVELOPMENTS CORP.
		DATE OF NAME CHANGE:	20110204
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>s105007_s8.htm
<DESCRIPTION>S-8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></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: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font-size: 18pt">SECURITIES
AND EXCHANGE COMMISSION</FONT></B><BR>
<B>WASHINGTON, D.C. 20549</B><BR>
<BR>
<FONT STYLE="font-size: 18pt"><B>FORM S-8</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>REGISTRATION STATEMENT</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>UNDER THE SECURITIES ACT OF 1933</B></FONT><BR>
<BR>
<FONT STYLE="font-size: 12pt"><B>NIOCORP DEVELOPMENTS LTD.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</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: 45%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">British
        Columbia, Canada</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of Incorporation
        or organization)</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 45%; font-size: 10pt; text-align: center"><B>98-1262185</B><BR>
<FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7000 South Yosemite Street, Suite 115</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Centennial, Colorado 80112</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>NIOCORP
        DEVELOPMENTS LTD. 2016 INCENTIVE STOCK OPTION PLAN</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Full title of the plans)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Indicate by check
mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting
company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 45%">Large accelerated filer&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 45%">Accelerated filer&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Non-accelerated filer&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP>Smaller reporting company&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>(Do not check if a smaller reporting company)</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">Title of Each Class of<BR>
Securities to be Registered</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Amount to<BR> be Registered</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Proposed Maximum <BR>
Offering Price Per Share <BR>
(US$)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Proposed Maximum Aggregate <BR>
Offering Price (US$)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Amount of <BR>
Registration Fee<BR>
(US$)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left; padding-bottom: 1pt">Common shares without par value issuable pursuant to Options outstanding under the 2016 Incentive Stock Option Plan</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; padding-bottom: 1pt; text-align: right">12,175,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="width: 10%; padding-bottom: 1pt; text-align: right">0.526</TD><TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><SUP>(2)(3)</SUP></TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="width: 10%; padding-bottom: 1pt; text-align: right">6,404,050</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="width: 10%; padding-bottom: 1pt; text-align: right">742.23</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Common shares without par value issuable pursuant to Options available for grant under the 2016 Incentive Stock Option Plan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">6,284,812</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>(4)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right">0.578</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"><SUP>(2)(5)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right">3,632,621</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right">421.02</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><B>Total</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><B>18,459,812</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>N/A</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><B>$</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><B>10,036,671</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><B>$</B></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><B>1,163.25</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 21.75pt">(1)</TD><TD STYLE="text-align: justify">Common Shares, without par value, available for issuance by the Corporation pursuant to Options
granted and outstanding under the 2016 Incentive Stock Option Plan as of December 19, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 21.75pt">(2)</TD><TD STYLE="text-align: justify">Estimated solely for the purposes of calculating the registration fee in accordance with Rule 457(h)(1)
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 21.75pt">(3)</TD><TD STYLE="text-align: justify">Calculated in accordance with Rule 457(h)(1) under the Securities Act based on the weighted average
exercise price of unregistered Options granted and outstanding under the 2016 Incentive Stock Option Plan as of December 19, 2016
of C$0.705 converted into United States dollars based on the noon exchange rate as reported by the Bank of Canada on December 19,
2016 of C$1.00=U.S$0.74644.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 21.75pt">(4)</TD><TD STYLE="text-align: justify">Common Shares, without par value, available for issuance by the Corporation pursuant to Options
available for grant under the 2016 Incentive Stock Option Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 21.75pt">(5)</TD><TD STYLE="text-align: justify">The proposed maximum offering price per share and the registration fee were calculated in accordance
with Rule 457(c) and (h) based on the average of the high and low bid prices ($0.588 and $0.568, respectively) for the Corporation&rsquo;s
Common Shares on December 16, 2016 as quoted on the OTCQX.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART I.&#9;INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 1.</B></TD><TD STYLE="text-align: justify"><B>Plan Information.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by Item 1 is included
in documents to be sent or given to participants in the NioCorp Developments Ltd. 2016 Incentive Stock Option Plan covered by this
Registration Statement on Form S-8 pursuant to Rule 428(b)(1) of the United States Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 2.</B></TD><TD STYLE="text-align: justify"><B>Registrant Information and Employee Plan Annual Information.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each plan participant will be provided
a written notice that the documents incorporated by reference in Item 3 of Part II of this Registration Statement on Form S-8 and
other documents required to be delivered to employees pursuant to Rule 428(b) are available, without charge, upon written or oral
request to the Registrant. Requests may be directed to the Registrant at 7000 South Yosemite Street, Suite 115, Centennial, Colorado
80112 or (720) 639-4647.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART II.&#9;INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 3.</B></TD><TD STYLE="text-align: justify"><B>Incorporation
                                         of Documents by Reference.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents filed or furnished
by the Registrant with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) are hereby incorporated by
reference in this registration statement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the Registrant&rsquo;s prospectus filed pursuant to Rule 424(b) under the Securities Act as filed
with the Commission on October 14, 2016, including the Registrant&rsquo;s audited consolidated financial statements as at and for
the years ended June 30, 2016 and 2015;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">all other reports of the Registrant filed pursuant to Section 13(a) or 15(d) of the United States
Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), since the end of the fiscal year covered by
the prospectus incorporated by reference herein pursuant to (a) above; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">the description of the Registrant&rsquo;s common stock contained in its registration statement
on Form 8-A filed on October 28, 2016, including any amendment or report filed for purposes of updating such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All documents subsequently filed by the
Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment
that indicate that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference into this registration statement and to be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified
or superseded for the purposes of this registration statement 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 statement. Any statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Description of Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Indemnification of Directors and Officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The corporate laws of British Columbia
allow us, and our corporate articles require us (subject to the provisions of the Business Corporations Act (<I>British Columbia</I>)
noted below), to indemnify our Directors, former Directors, alternate Directors and their heirs and legal personal representatives
against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an
eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding if the eligible
party has not been reimbursed for those expenses and 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. Each Director and alternate Director is deemed to
have contracted with the Company on the terms of the indemnity contained in our articles.</P>

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of such an indemnification:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;eligible party&rdquo;, in relation
to the Company, means an individual who</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(1)</TD>
    <TD STYLE="text-align: justify">is or was a Director or officer of the Company,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(2)</TD>
    <TD STYLE="text-align: justify">is or was a director or officer of another corporation</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">(i)</TD>
    <TD STYLE="text-align: justify">at a time when the corporation is or was an affiliate of the Company, or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">(ii)</TD>
    <TD STYLE="text-align: justify">at the request of the Company, or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(3)</TD>
    <TD STYLE="text-align: justify">at the request of the Company, 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,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and includes, except in the definition
of &ldquo;eligible proceeding&rdquo; and certain other cases, the heirs and personal or other legal representatives of that individual;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;eligible penalty&rdquo; means a
judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;eligible proceeding&rdquo; means
a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party,
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 Company or an associated corporation:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(1)</TD>
    <TD STYLE="text-align: justify">is or may be joined as a party, or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(2)</TD>
    <TD STYLE="text-align: justify">is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;expenses&rdquo; includes costs,
charges and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement
of a proceeding; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;proceeding&rdquo; includes any legal
proceeding or investigative action, whether current, threatened, pending or completed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, under the BCBCA, the Company
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 that the Company first receives from the eligible party a
written undertaking that, if it is ultimately determined that the payment of expenses is prohibited by the restrictions noted below,
the eligible party will repay the amounts advanced.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the provisions of the Company&rsquo;s
articles noted above, the Company must not indemnify an eligible party or pay the expenses of an eligible party, if any of the
following circumstances apply:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(1)</TD>
    <TD STYLE="text-align: justify">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 company was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(2)</TD>
    <TD STYLE="text-align: justify">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 company is prohibited from giving the indemnity or paying the expenses by its memorandum or articles;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE 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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(3)</TD>
    <TD STYLE="text-align: justify">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 company or the associated corporation, as the case may be;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(4)</TD>
    <TD STYLE="text-align: justify">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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if an eligible proceeding
is brought against an eligible party by or on behalf of the Company or by or on behalf of an associated corporation, the Company
must not do either of the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(1)</TD>
    <TD STYLE="text-align: justify">indemnify the eligible party under section 160 (a) in respect of the proceeding; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(2)</TD>
    <TD STYLE="text-align: justify">pay the expenses of the eligible party in respect of the proceeding.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any of the foregoing, and
whether or not payment of expenses or indemnification has been sought, authorized or declined under the BCBCA or the articles of
the Company, on the application of the Company or an eligible party, the Supreme Court of British Columbia may do one or more of
the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(1)</TD>
    <TD STYLE="text-align: justify">order a company to indemnify an eligible party against any liability incurred by the eligible party in respect of an eligible proceeding;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(2)</TD>
    <TD STYLE="text-align: justify">order a company to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(3)</TD>
    <TD STYLE="text-align: justify">order the enforcement of, or any payment under, an agreement of indemnification entered into by a company;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(4)</TD>
    <TD STYLE="text-align: justify">order a company to pay some or all of the expenses actually and reasonably incurred by any person in obtaining an order under this section;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(5)</TD>
    <TD STYLE="text-align: justify">make any other order the court considers appropriate.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Exemption from Registration Claimed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number</B></P></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2016 Incentive Stock Option Plan as amended through December
        19, 2016</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Special Warrant Indenture in respect of 2014 Special Warrants
        (1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.3</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Special Warrant Indenture in respect of 2015 Special Warrants
        (1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.4</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warrant Indenture in respect of the 2014 Warrants(1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warrant Indenture in respect of the 2015 Warrants(1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">5.1</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Opinion of Miller Thompson LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">23.1</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consent of Miller Thompson LLP (included in Exhibit 5.1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">23.2</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consent of BDO USA</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">23.3</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consent of Eric Larochelle, BEng (SMH Process Innovation)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">23.4</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Jeff Osborn, BEng Mining, MMSAQP (SRK Principal Consultant, Mining Engineer)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">24.1</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>Power of Attorney (contained on the signature page of this registration statement)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>(1)</TD>
    <TD STYLE="text-align: justify">Previously filed as an exhibit to the Company&rsquo;s draft registration statement on Form S-1 submitted to the Commission on July 27, 2016 and incorporated herein by reference.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

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

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Undertakings.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended
(the &ldquo;<B>Securities Act</B>&rdquo;);</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represents no more than 20 percent change in the
maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration
statement;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">To include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>provided, however,</I> that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;) that are incorporated
by reference in this Registration Statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under
the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act,
(and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Exchange Act)
that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide
</I>offering thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed
in the Act and will be governed by the final adjudication of such issue.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Littleton, State of Colorado, on this 22 day of December, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>NIOCORP DEVELOPMENTS LTD.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ &nbsp;Mark A. Smith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Mark A. Smith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Principal Executive Officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each person whose signature appears below
constitutes and appoints Mark A. Smith and Neal Shah, or either of them, as true and lawful attorney-in-fact and agents with full
power of substitution and resubstitution, for them in any and all capacities, to sign any amendments to this Registration Statement
(including post-effective amendments and Registration Statements filed pursuant to Rule 462 and otherwise), and to file the same,
with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying
and confirming all that said attorneys-in-fact, or their substitute or substitutes, may do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the date
indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 35%; text-align: center"><B>Name</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 42%; text-align: center"><B>Title</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 21%; text-align: center"><B>Date</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Mark A. Smith</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark A. Smith</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">President, Chief Executive Officer and Director (Principal Executive Officer and Authorized U.S. Representative) and Chairman of the Board of Directors</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 22, 2016</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Neal Shah</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neal Shah</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Chief Financial Officer (Principal Financial and Accounting Officer)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 22, 2016</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;/s/ Joseph A. Carrabba</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joseph A. Carrabba</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 22, 2016</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Michael Morris</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael Morris</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 22, 2016</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ David C. Beling</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David C. Beling</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 22, 2016</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Anna Castner Wightman</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anna Castner Wightman</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 22, 2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number</B></P></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2016 Incentive Stock Option Plan as amended through December
        19, 2016</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Special Warrant Indenture in respect of 2014 Special Warrants
        (1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.3</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Special Warrant Indenture in respect of 2015 Special Warrants
        (1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.4</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warrant Indenture in respect of the 2014 Warrants(1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warrant Indenture in respect of the 2015 Warrants(1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">5.1</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Opinion of Miller Thompson LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">23.1</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consent of Miller Thompson LLP (included in Exhibit 5.1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">23.2</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consent of BDO USA</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">23.3</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consent of Eric Larochelle, BEng (SMH Process Innovation)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">23.4</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Jeff Osborn, BEng Mining, MMSAQP (SRK Principal Consultant, Mining Engineer)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">24.1</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>Power of Attorney (contained on the signature page of this registration statement)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">(1)</TD>
    <TD STYLE="width: 98%; text-align: justify">Previously filed as an exhibit to the Company&rsquo;s draft registration statement on Form S-1 submitted to the Commission on July 27, 2016 and incorporated herein by reference.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>s105007_ex4-1.htm
<DESCRIPTION>EXHIBIT 4-1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.1&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NICOCORP DEVELOPMENTS LTD. </B><BR>
(the &ldquo;<B>Company</B>&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2016 INCENTIVE STOCK OPTION PLAN</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Objectives</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan is intended as an incentive to enable the Company to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>attract and retain qualified directors, officers, employees and consultants of the Company and its Affiliates,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>promote a proprietary interest in the Company and its Affiliates among its employees, officers, directors and consultants,
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>stimulate the active interest of such persons in the development and financial success of the Company and its Affiliates.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Definitions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used in the Plan, the terms set forth below will have the
following respective meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Affiliate</B>&rdquo; has the meaning ascribed thereto
in the <I>Securities Act</I>, as amended from time to time;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Associate</B>&rdquo; has the meaning ascribed thereto
in the <I>Securities Act</I>, as amended from time to time;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Board</B>&rdquo; means the board of directors of the
Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Committee</B>&rdquo; means the Compensation and Organization
Committee of the Board;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Consultant</B>&rdquo; has the meaning set forth in<I>
National Instrument 45-106</I>, as amended or superseded from time to time;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Company</B>&rdquo; means Nicocorp Developments Ltd.,
a company subsisting under the <I>Business Corporations Act</I> (British Columbia) and its successor corporations;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Director</B>&rdquo; means a member of the Board;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Employees</B>&rdquo; means an employee of the Company
or any of its Affiliates and includes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>an individual who is (or would be if he were employed in Canada) considered an employee of the Company or any of its Affiliates
under the <I>Income Tax Act</I> (Canada);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>an individual who works full-time for the Company or any of its Affiliates providing services normally provided by an employee
and who is subject to the same direction and control by the Company or such Affiliate over the details and methods of work as an
employee of the Company or such Affiliate; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>an individual who works for the Company or any of its Affiliates on a continuing and regular basis for a minimum amount of
time per week or month providing services normally provided by an employee and who is subject to the same control and direction
by the Company or such Affiliate over the details of work as an employee of the Company or such Affiliate;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Insider</B>&rdquo; has the meaning ascribed thereto
in the TSX Company Manual;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Management Company Employee</B>&rdquo; means an Employee
of a person providing management services to the Company or an Affiliate of the Company (not including promotional or investor
relations services);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Non-Employee Director</B>&rdquo; means a director
of the Company or of an Affiliate of the Company who is not an Employee or an Officer;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Officer</B>&rdquo; has the meaning ascribed thereto
in the <I>Securities Act</I>;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Option</B>&rdquo; means an option to purchase Shares
granted under or subject to the terms of the Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Option Agreement</B>&rdquo; means a written agreement
between the Company and an Optionee that sets forth the terms, conditions and limitations applicable to an Option;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Option Period</B>&rdquo; means the period for which
an Option is granted;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Optioned Shares</B>&rdquo; means the Shares for which
an Option is or may become exercisable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Optionee</B>&rdquo; means a person to whom an Option
has been granted under the terms of the Plan or who holds an Option that is otherwise subject to the terms of the Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Plan</B>&rdquo; means this 2016 Incentive Stock Option
Plan of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Securities Act</B>&rdquo; means the <I>Securities
Act</I> (British Columbia), R.S.B.C. 1996 c.418, as amended from time to time;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Shares</B>&rdquo; means common shares without par
value in the capital stock of the Company as the same are presently constituted; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>TSX</B>&rdquo; means the Toronto Stock Exchange or
any successor thereto.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Administration of the Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD>The Plan will be administered by the Committee, which will have the duties and responsibilities in respect thereof as set out
in the Company&rsquo;s Compensation and Organization Committee Charter. Notwithstanding the existence of any such Committee, the
Board itself will retain independent and concurrent power to undertake any action hereunder delegated to the Committee, whether
with respect to the Plan as a whole or with respect to individual Options granted or to be granted under the Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD>Subject to the limitations of the Plan, the Board, based upon the recommendation(s) of the Committee, has full power to grant
Options, to determine the terms, limitations, restrictions and conditions respecting such Options and to settle, execute and deliver
Option Agreements and bind the Company accordingly, to interpret the Plan and to adopt such rules, regulations and guidelines for
carrying out the Plan as it may deem necessary or proper and to reserve, allot, fix the price of, and issue Shares pursuant to
the grant and exercise of Options, all of which powers must be exercised in the best interests of the Company and in keeping with
the objectives of the Plan.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD>Any decision of the Board or Committee in the interpretation and administration of the Plan lies within its absolute discretion
and is final, conclusive and binding on all parties concerned. No member of the Board or Committee is liable for anything done
or omitted to be done by such member, by any other member of the Board or Committee or by any officer of the Company, in connection
with the performance of any duties under the Plan, except those which arise from such member&rsquo;s own wilful misconduct or as
expressly provided by statute.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.4</TD><TD>The Company will pay all administrative costs of the Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Eligibility for Options</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD>Options may be granted to Employees, Officers, Directors (including Non-Employee Directors), Management Company Employees,
and Consultants of the Company and its Affiliates who are, in the opinion of the Committee, in a position to contribute to the
success of the Company or any of its Affiliates or who, by virtue of their service to the Company or any predecessors thereof or
to any of its Affiliates, are in the opinion of the Committee, worthy of special recognition. Except as may be otherwise set out
in this Plan, the granting of Options is entirely discretionary. Nothing in this Plan will be deemed to give any person any right
to participate in this Plan or to be granted an Option and the designation of any Optionee in any year or at any time will not
require the designation of such person to receive an Option in any other year or at any other time. The Committee will consider
such factors as it deems pertinent in selecting participants and in determining the amounts and terms of their respective Options
for recommendation to the Board.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD>If an Optionee who is granted an Option is an Employee, Management Company Employee or Consultant of the Company or any of
its Affiliates, the Option Agreement pertaining to such Option will contain a representation by the Optionee that the Optionee
is a <I>bona fide</I> Employee, Management Company Employee or Consultant of the Company or its Affiliates.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>the acceptance of this Plan for filing by the TSX; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>the approval of this Plan by the shareholders,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">any options over securities of the Company previously
granted by the Company which remain outstanding as at January 22, 2016, will be deemed to have been issued under and will be governed
by the terms of the Plan provided that, in the event of inconsistency between the terms of the agreements governing such options
previously granted and the terms of the Plan, the terms of such agreements will govern.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD>Subject to any applicable regulatory approvals, Options may also be granted under the Plan in exchange for outstanding options
granted by the Company or any predecessor Company thereof or any Affiliate thereof, whether such outstanding options were granted
under the Plan, under any other stock option plan of the Company or any predecessor Company or any Affiliate thereof, or under
any stock option agreement with the Company or any predecessor Company or Affiliate thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.5</TD><TD>Subject to any applicable regulatory approvals, Options may also be granted under the Plan in substitution for outstanding
options of one or more other companies in connection with a plan of arrangement or exchange, amalgamation, merger, consolidation,
acquisition of property or shares, or other reorganization between or involving such other companies the Company or any of its
Affiliates.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD>Number of Shares Reserved under the Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD>The number of Shares that may be reserved for issuance under the Plan is limited as follows:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>the maximum aggregate number of Shares which may be made issuable pursuant to the exercise of Options granted under the Plan
at any particular time (together with those Shares which may be issued pursuant to any other security-based compensation plan of
the Company or any other options for services granted by the Company at such time) will be a maximum of ten percent (10%) of the
number of issued and outstanding Shares at such time, provided that if any Option subject to the Plan is exercised, forfeited,
expires, is terminated or is cancelled for any reason whatsoever, then the Shares previously subject to such Option are automatically
reloaded and available for future Option grants; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>if and for so long as the Shares are listed on the TSX:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>the maximum aggregate number of Shares that may be reserved under the Plan or other share compensation arrangements of the
Company for issuance to Insiders at any particular time will not exceed ten percent (10%) of the issued and outstanding number
of Shares at such time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>the number of Shares issued to Insiders pursuant to the Plan (together with any Shares issued to Insiders pursuant to any other
share compensation arrangements of the Company) within a 12 month period will not exceed ten percent (10%) of the issued and outstanding
number of Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD>Number of Optioned Shares per Option</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD>Subject always to the limitations in subsection 5.1, the number of Optioned Shares under an Option will be determined by the
Committee, in its discretion, at the time such Option is granted, taking into consideration the Optionee&rsquo;s present and potential
contribution to the success of the Company and taking into account all other Options then held by such Optionee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD>Price</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.1</TD><TD>The exercise price per Optioned Share under an Option will be determined by the Committee, in its discretion, at the time such
Option is granted, but such price will be not less than the greater of:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>the closing price of the Shares on the TSX on the trading day immediately preceding the day on which the Option is granted
(provided that if there are no trades on such day then the last closing price within the preceding ten trading days will be used,
and if there are no trades within such ten-day period, then the simple average of the bid and ask prices on the trading day immediately
preceding the day of grant will be used); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>the volume weighted average trading price (calculated by dividing the total value by the total volume of Shares traded on the
TSX during the relevant period) of the Shares on the TSX for the five trading days immediately prior to the date of grant.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0pt; text-align: justify">The
exercise price at which, and the number of optioned securities for which, an outstanding Option may be exercised following a
subdivision or consolidation of the Shares will be subject to adjustment in accordance with section 11.</P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.2</TD><TD>The exercise price per Optioned Share under an Option may be reduced at the discretion of the Committee if:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>at least six months has elapsed since the later of the date such Option was granted and the date the exercise price for such
Option was last amended; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>shareholder approval is obtained, including disinterested shareholder approval if required by the TSX, for any reduction in
the exercise price under an Option;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">provided that none of the conditions in this subsection
7.2 will apply in the case of an adjustment made under section 11.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD>Option Period and Exercise of Options</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.1</TD><TD>The Option Period for an Option will be determined by the Committee at the time the Option is granted and may be up to 10 years
from the date the Option is granted. At the time an Option is granted, the Committee may determine that, with respect to that Option,
upon the occurrence of one of the events described in subsection 10.1 there will come into force a time limit for exercise of such
Option which is different than the Option Period, and in the event of such a determination, the Option Agreement for such Option
will contain provisions which specify the events and time limits related to that determination. Subject to the applicable maximum
Option Period provided for in this subsection 8.1 and subject to applicable regulatory requirements and approvals, the Committee
may extend the Option Period of an outstanding Option beyond its original expiration date, provided that shareholder approval,
including disinterested shareholder approval if required by the TSX, is obtained for any extension of the Option Period of an outstanding
Option.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.2</TD><TD>The Committee may determine when any Option will become exercisable and may determine that the Option will be exercisable in
instalments.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.3</TD><TD>If there is a takeover bid or tender offer made for all or any of the issued and outstanding Shares, then the Board may, in
its sole and absolute discretion and if permitted by applicable legislation and the policies and rules of any stock exchange or
regulatory body having jurisdiction over the securities of the Company, unilaterally determine that outstanding Options, whether
fully vested and exercisable or subject to vesting provisions or other limitations on exercise, will be conditionally exercisable
in full to enable the Optioned Shares subject to such Options to be conditionally issued and tendered to such bid or offer, subject
to the conditions that if the bid or offer is not duly completed the exercise of such Options and the issue of such Shares will
be rescinded and nullified and the Options, including any vesting provisions or other limitations on exercise which were in effect
will be re-instated.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.4</TD><TD>The vested portions of Options will be exercisable, in whole or in part, at any time after vesting. If an Option is exercised
for fewer than all of the Optioned Shares for which the Option has then vested, the Option will remain in force and exercisable
for the remaining Optioned Shares for which the Option has then vested, according to the terms of such Option.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.5</TD><TD>The exercise of any Option will be contingent upon receipt by the Company of payment in full for the exercise price of the
Shares being purchased in cash by way of certified cheque or bank draft. Neither an Optionee nor the legal representatives, legatees
or distributees of such Optionee will be, or will be deemed to be, a holder of any Shares subject to an Option under the Plan unless
and until:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>certificates for such Shares are issuable to the Optionee or such other persons pursuant to the Option or the Plan; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>such Shares are registered in the name of the Optionee or such other persons pursuant to the Option or the Plan in accordance
with any system of direct registration that may be adopted by the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.6</TD><TD>Notwithstanding the provisions of subsection 8.1 or the date of expiration of an Option determined in accordance with this
Plan (&ldquo;<B>Fixed Term</B>&rdquo;), the date of expiration of an Option will be adjusted, without being subject to Board or
Committee discretion, to take into account any blackout period imposed on the Optionee by the Company as follows:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>if the Fixed Term expiration date falls within a blackout period imposed on the Optionee by the Company, then the Fixed Term
expiration date is extended to the close of business on the 10<SUP>th</SUP> business day after the end of such blackout period
(the &ldquo;<B>Blackout Expiration Term</B>&rdquo;); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>if the Fixed Term expiration date falls within two business days after the end of a blackout period imposed on the Optionee
by the Company, then the Fixed Term expiration date will be that date which is the Blackout Expiration Term reduced by that number
of business days between the Fixed Term expiration date and the end of such blackout period (i.e. Options whose Fixed Term expires
two business days after the end of the blackout period will only have an additional eight business days to exercise.)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD>Stock Option Agreement</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.1</TD><TD>Upon the grant of an Option to an Optionee, the Company and the Optionee will enter into an Option Agreement setting out the
number of Optioned Shares subject to the Option, the Option Period and, if applicable, the vesting schedule for the Option, and
incorporating the terms and conditions of the Plan and any other requirements of regulatory authorities and stock exchanges having
jurisdiction over the securities of the Company, together with such other terms and conditions as the Committee may determine in
accordance with the Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD>Effect of Termination of Employment or Death</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD>An outstanding Option will remain in full force and effect and exercisable according to its terms for the Option Period notwithstanding
that the holder of such Option ceases to be an Employee, Officer, Director (including a Non-Employee Director), Management Company
Employee, or Consultant of the Company or an Affiliate for any reason, including death, subject always to any express term in any
Option Agreement made pursuant to subsection 8.1 which provides that upon the occurrence of one of such events there will come
into force a time limit for exercise of such Option which is different than the Option Period. So long as the Shares are listed
on the TSX (unless otherwise permitted by the TSX) the maximum period within which the heirs or administrators of a deceased Optionee
may exercise any portion of an outstanding Option is one year from the date of death or the balance of the Option Period, whichever
is earlier.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.2</TD><TD>In the event of the death of an Optionee, an Option which remains exercisable may be exercised in accordance with its terms
by the person or persons to whom such Optionee&rsquo;s rights under the Option will have passed under the Optionee&rsquo;s will
or pursuant to law.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD>Adjustment in Shares Subject to the Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.1</TD><TD>Following the date an Option is granted, the exercise price for and the number of Optioned Shares which are subject to an Option
will be adjusted, with respect to the then unexercised portion thereof, by the Committee from time to time (on the basis of such
advice as the Committee considers appropriate, including, if considered appropriate by the Committee, a certificate of the auditor
of the Company) in the events and in accordance with the provisions and rules set out in this section 11, with the intent that
the rights of Optionees under their Options are, to the extent possible, preserved notwithstanding the occurrence of such events.
The Committee will conclusively determine any dispute that arises at any time with respect to any adjustment pursuant to such provisions
and rules, and any such determination will be binding on the Company, the Optionee and all other affected parties.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.2</TD><TD>The number of Optioned Shares to be issued on the exercise of an Option will be adjusted from time to time to account for each
dividend of Shares (other than a dividend in lieu of cash dividends paid in the ordinary course), so that upon exercise of the
Option for an Optioned Share the Optionee will receive, in addition to such Optioned Share, an additional number of Shares (&ldquo;<B>Additional
Shares</B>&rdquo;), at no further cost, to adjust for each such dividend of Shares. The adjustment will take into account every
dividend of Shares that occurs between the date of the grant of the Option and the date of exercise of the Option for such Optioned
Share. If there has been more than one such dividend, the adjustment will also take into account that the dividends that are later
in time would have been distributed not only on the Optioned Share had it been outstanding, but also on all Additional Shares which
would have been outstanding as a result of previous dividends.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.3</TD><TD>If the outstanding Shares are changed into or exchanged for a different number or kind of shares or into or for other securities
of the Company or securities of another Company or entity, whether through an arrangement, amalgamation or other similar procedure
or otherwise, or a share recapitalization, subdivision or consolidation, then on each exercise of the Option which occurs following
such events, for each Optioned Share for which the Option is exercised, the Optionee will instead receive the number and kind of
shares or other securities of the Company or other Company into which such Option Share would have been changed or for which such
Option Share would have been exchanged if it had been outstanding on the date of such event.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.4</TD><TD>If the outstanding Shares are changed into or exchanged for a different number or kind of shares or into or for other securities
of the Company or securities of another Company or entity, in a manner other than as specified in subsections 11.2 or 11.3, then
the Committee, in its sole discretion, may make such adjustment to the securities to be issued pursuant to any exercise of the
Option and the exercise price to be paid for each such security following such event as the Committee in its sole and absolute
discretion determines to be equitable to give effect to the principle described in subsection 11.1 and such adjustments will be
effective and binding upon the Company and the Optionee for all purposes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.5</TD><TD>If the Company distributes, by way of a dividend or otherwise, to all or substantially all holders of Shares, property, evidences
of indebtedness or shares or other securities of the Company (other than Shares) or rights, options or warrants to acquire Shares
or securities convertible into or exchangeable for Shares or other securities or property of the Company, other than as a dividend
in the ordinary course, then, if the Committee, in its sole discretion, determines that such action equitably requires an adjustment
in the exercise price under any outstanding Option or in the number(s) of Optioned Shares subject to any such Option, or both,
such adjustment may be made by the Committee and will be effective and binding on the Company and the Optionee for all purposes.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.6</TD><TD>No adjustment or substitution provided for in this section 11 will require the Company to issue a fractional share in respect
of any Option. Fractional shares will be eliminated.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.7</TD><TD>The grant or existence of an Option will not in any way limit or restrict the right or power of the Company to effect adjustments,
reclassifications, reorganizations, arrangements or changes of its capital or business structure, or to amalgamate, merge, consolidate,
dissolve or liquidate, or to sell or transfer all or any part of its business or assets.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.8</TD><TD>Any adjustment or substitution provided for in this section 11 will require the acceptance for filing thereof by the TSX.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD>Non-Assignability</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.1</TD><TD>Neither the Options nor the benefits and rights of any Optionee under any Option or under the Plan will be assignable or otherwise
transferable, except as specifically provided in subsection 10.2 in the event of the death of the Optionee. During the lifetime
of the Optionee, all such Options, benefits and rights may only be exercised by the Optionee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD>Employment</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.1</TD><TD>Nothing contained in the Plan will confer upon any Optionee, or any person employing a Management Company Optionee, any right
with respect to employment or continuance of employment with, or the provision of services to, the Company or any of its Affiliates,
or interfere in any way with the right of the Company or any of its Affiliates to terminate the Optionee&rsquo;s employment or
the services of any such person at any time. Participation in the Plan by an Optionee is voluntary.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD>Regulatory Acceptances</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.1</TD><TD>The Plan is subject to the acceptance of the Plan for filing by the TSX, and the Committee is authorized to amend the Plan
from time to time in order to comply with any changes required from time to time by such applicable regulatory authorities, whether
as conditions to the acceptance for filing of the Plan or otherwise, provided that no such amendment will in any way derogate from
the rights held by Optionees holding Options (vested or unvested) at the time thereof without the consent of such Optionees.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.2</TD><TD>The obligation of the Company to issue and deliver Optioned Shares pursuant to the exercise of any Options granted under the
Plan is subject to the acceptance of the Plan for filing by the TSX. If any Shares cannot be issued to any Optionee for any reason,
including, without limitation, the failure to obtain such acceptance for filing, then the obligation of the Company to issue such
Optioned Shares will terminate and any amounts paid to the Company for such Optioned Shares will be returned to the Optionee forthwith
without interest or deduction.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD>Securities Regulation and Tax Withholding</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.1</TD><TD>Where necessary to enable the Company to use an exemption from requirements to register Optioned Shares or file a prospectus
or use a registered dealer to distribute Optioned Shares under securities laws applicable to the securities of the Company in any
jurisdiction, an Optionee, upon the acquisition of any Optioned Shares by the exercise of Options and as a condition to such exercise,
will provide to the Committee such evidence as the Committee requires to demonstrate that the Optionee or recipient will acquire
such Optioned Shares with investment intent (i.e. for investment purposes) and not with a view to their distribution, including
an undertaking to that effect in a form acceptable to the Committee. The Committee may cause a legend or legends to be placed upon
any certificates for the Optioned Shares to make appropriate reference to applicable resale restrictions, and the Optionee or recipient
will be bound by such restrictions. The Committee also may take such other action or require such other action or agreement by
such Optionee or proposed recipient as may from time to time be necessary to comply with applicable securities laws. This provision
will in no way obligate the Company to undertake the registration or qualification of any Options or the Optioned Shares under
any securities laws applicable to the securities of the Company.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.2</TD><TD>The Committee and the Company may take all such measures as they deem appropriate to ensure that the Company&rsquo;s obligations
under the withholding provisions under income tax laws applicable to the Company and other provisions of applicable laws are satisfied
with respect to the issuance of Shares pursuant to the Plan or the grant or exercise of Options under the Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.3</TD><TD>Without limiting the generality of subsection 15.2, the Company will have the right to deduct and withhold from any amount
payable or consideration deliverable to an Optionee (a &ldquo;<B>Participant</B>&rdquo;), either under the Plan or otherwise, such
amount or consideration as may be necessary to enable the Company to comply with the applicable requirements of any federal, provincial,
state or local law, or any administrative policy of any applicable tax authority, relating to the deduction, withholding or remittance
of tax or any other required deductions or remittances with respect to awards hereunder (&ldquo;<B>Withholding Obligations</B>&rdquo;).
The Company will also have the right in its discretion to satisfy any liability for any Withholding Obligations by withholding
and selling, or causing a broker to sell, on behalf of any Participant, such number of Shares issued to the Participant pursuant
to an exercise of Options hereunder as is sufficient to fund the Withholding Obligations (after deducting commissions payable to
the broker and other costs and expenses), or retaining any amount or consideration which would otherwise be paid, delivered or
provided to the Participant hereunder. The Company may require a Participant, as a condition to granting an Option or the exercise
of an Option, to make such arrangements as the Company may in its discretion require so that the Company can satisfy applicable
Withholding Obligations, including, without limitation:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>requiring the Participant to remit the amount of any such Withholding Obligations to the Company in advance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>requiring the Participant to indemnify and reimburse the Company for any such Withholding Obligations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>withholding and selling Shares acquired by the Participant under the Plan, or causing a broker to sell such Shares on behalf
of the Participant, withholding from the proceeds realized from such sale the amount required to satisfy any such Withholding Obligations,
and remitting such amount directly to the Company; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>any combination thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.4</TD><TD>Any Shares of a Participant that are sold by the Company, or by a broker engaged by the Company (the &ldquo;<B>Broker</B>&rdquo;),
to fund Withholding Obligations will be sold as soon as practicable in transactions effected on the exchange on which the Shares
are then listed for trading, if any. In effecting the sale of any such Shares, the Company or the Broker will exercise its sole
judgment as to the timing and manner of sale and will not be obligated to seek or obtain a minimum price. Neither the Company nor
the Broker will be liable for any loss arising out of any sale of such Shares including any loss relating to the manner or timing
of such sales, the prices at which the Shares are sold or otherwise. In addition, neither the Company nor the Broker will be liable
for any loss arising from a delay in transferring any Shares to a Participant. The sale price of Shares sold on behalf of Participants
will fluctuate with the market price of the Company&rsquo;s shares and no assurance can be given that any particular price will
be received upon any such sale.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.5</TD><TD>Issuance of Shares or delivery of share certificates for or direct registration of Shares purchased pursuant to the Plan may
be delayed, at the discretion of the Committee, until the Committee is satisfied that the applicable requirements of income tax
laws and other applicable laws have been met.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.</TD><TD>Amendment and Termination of Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.1</TD><TD>Subject to the policies, rules and regulations of any lawful authority having jurisdiction (including the TSX or any other
stock exchange on which the Shares may be listed), the Board may, at any time, without further action or approval by the shareholders
of the Company, amend the Plan, any Option or Option Agreement in such respects as it may consider advisable to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>ensure that the Options granted hereunder will comply with any provisions respecting stock options in tax and other laws in
force in any country or jurisdiction of which a Optionee to whom an Option has been granted may from time to time be resident or
a citizen;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>make amendments of an administrative nature;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>correct any defect, supply any omission or reconcile any inconsistency in the Plan, any Option or Option Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>change the vesting provisions of an Option or the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>change termination provisions of an Option provided that the expiry date does not extend beyond the original expiry date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>add or modify a cashless exercise feature providing for payment in cash or securities upon the exercise of Options;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD>make any amendments required to comply with applicable laws or the requirements of the TSX or any regulatory body or stock
exchange with jurisdiction over the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD>add or change provisions relating to any form of financial assistance provided by the Company to participants under the Plan
that would facilitate the purchase of securities under the Plan; and</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">provided that shareholder approval
must be obtained for any amendment that results in:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>an increase in the Shares issuable under Options granted pursuant to the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD>a change in the persons who qualify as participants eligible to participate under the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD>a reduction in the exercise price of an Option;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD>the cancellation and reissuance of any Option;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD>the extension of the term of an Option;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD>a change in the Insider participation limit contained in subsection 5.1(b);</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD>Options becoming transferable or assignable other than for the purposes described in section 10; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD>a change in the amendment provisions contained in this section 16.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.2</TD><TD>No Shares will be issued under any amendment to this Plan unless and until the amended Plan has been accepted for filing by
the TSX.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.3</TD><TD>The Plan may be abandoned or terminated in whole or in part at any time by the Board, except with respect to any Option then
outstanding under the Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.4</TD><TD>The Board may not, without the consent of the affected Optionee(s), alter or impair any of the rights or obligations under
any Option then outstanding under the Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.</TD><TD>No Representation or Warranty</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.1</TD><TD>The Company makes no representation or warranty as to the future market value of any Shares or Optioned Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.</TD><TD>General Provisions</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.1</TD><TD>Nothing contained in the Plan will prevent the Company or any of its Affiliates from adopting or continuing in effect other
compensation arrangements (subject to shareholder approval if such approval is required by TSX) and such arrangements may be either
generally applicable or applicable only in specific cases.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.2</TD><TD>The validity, construction and effect of the Plan, the grants of Options, the issue of Optioned Shares, any rules and regulations
relating to the Plan any Option Agreement, and all determinations made and actions taken pursuant to the Plan, will be governed
by and determined in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.3</TD><TD>If any provision of the Plan or any Option Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in
any jurisdiction or as to any person or Option, or would disqualify the Plan or any Option under any law deemed applicable by the
Committee, such provision will be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or
deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Option, such provision
will be stricken as to such jurisdiction, person, or Option and the remainder of the Plan and any such Option Agreement will remain
in full force and effect.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.4</TD><TD>Neither the Plan nor any Option will create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company or any of its Affiliates and an Optionee or any other person.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.5</TD><TD>Headings are given to the sections of the Plan solely as a convenience to facilitate reference. Such headings will not be deemed
in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.</TD><TD>Term of the Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.1</TD><TD>The Plan will be effective as of January 22, 2016, subject to its approval by the shareholders of the Company and acceptance
for filing by the TSX pursuant to section 14.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.2</TD><TD>The Plan will be effective until January 22, 2026 unless the Plan is earlier terminated by the Board pursuant to section 16,
and no Option will be granted under the Plan after that date. Unless otherwise expressly provided in the Plan or in an applicable
Option Agreement, the Option Period for any Option granted hereunder will, and any authority of the Board to amend, alter, adjust,
suspend, discontinue or terminate any such Option or to waive any conditions or rights under any such Option will, continue after
termination of the Plan on January 22, 2026 or any earlier termination date of the Plan, notwithstanding such termination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&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: 45%">Adopted by the Board</TD>
    <TD STYLE="width: 55%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(subject to Shareholder and TSX approval):</TD>
    <TD>January 22, 2016</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Accepted for filing by the TSX:</TD>
    <TD>February 23, 2016</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Approved by the Shareholders:</TD>
    <TD>February 23, 2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>NIOCORP DEVELOPMENTS LTD.<BR>
ADDENDUM TO 2016 INCENTIVE STOCK OPTION PLAN</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Addendum (the &ldquo;<B>Amendment</B>&rdquo;)
to the 2016 Incentive Stock Option Plan (the &ldquo;<B>Plan</B>&rdquo;) of NioCorp Developments Ltd. (the &ldquo;<B>Company</B>&rdquo;)
has been adopted and approved by the Board of Directors of the Company pursuant to Sections 16.1(a) and (g) of the Plan to comply
with the requirements of United States securities and tax law in relation to the issuance of Options under the Plan. The terms
of the Plan and any applicable Option agreement shall control, except as provided in this Addendum. Capitalized terms not otherwise
defined herein shall have the meanings set forth in the Plan.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Grant of options to U.S. Employees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">1.</TD><TD STYLE="text-align: justify">Options granted to U.S. residents under the Plan will be granted as nonqualified stock options.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">2.</TD><TD STYLE="text-align: justify">&quot;<B>Code</B>&quot; means the U.S. Internal Revenue Code of 1986, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">3.</TD><TD STYLE="text-align: justify">The definition of &ldquo;<B>Consultant</B>&rdquo; as set forth in Article 2 of the Plan is limited
to natural persons or entities solely owned by such natural persons, and the services rendered by such natural persons may not
be in connection with the offer or sale of securities in a capital-raising transaction, and may not directly or indirectly promote
or maintain a market for the registrant's securities.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">4.</TD><TD STYLE="text-align: justify">Optionees who are residents of the State of California will be subject to the additional terms
and conditions set forth in Attachment A to this Addendum.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">5.</TD><TD STYLE="text-align: justify">The terms of this Addendum, the Plan (including any terms of the Plan that permit adjustments or
modifications to the terms of the Plan or any Options), the Options, and any applicable Attachment to this Addendum for compliance
with the laws of any state of the United States shall be interpreted and applied in a manner consistent with all United States
applicable laws and regulations, including the requirements under Sections 409A and 424 of the Code and the regulations issued
thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</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: 0.5in">6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD>Section 4.4 of the Plan is subject to the following additional provision: &ldquo;Provided that any Options granted in exchange
for options held by US Persons shall be in a manner compliant with Section 409A of the Code.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</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: 0.5in">7.</TD><TD>Section 4.5 of the Plan is subject to the following additional provision: &ldquo;Provided that any Options granted in substitution
for options held by US Persons shall be in a manner compliant with Section 409A of the Code.&rdquo;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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: 0.5in">8.</TD><TD>Section 7.2 is subject to the following additional provision: &ldquo;Provided that any reduction in the exercise price per
Optioned Shares under an Option shall be in a manner compliant with Section 409A of the Code.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">9.</TD><TD STYLE="text-align: justify">Section 8.1 is subject to the following additional provision: &ldquo;Provided that no Option Period
may be extended if such extension would violate Section 409A of the Code with respect to an Option held by a person resident in
the United States or otherwise subject to the provisions of the Code.&rdquo;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">ATTACHMENT A<BR>
TO THE ADDENDUM TO THE 2016 STOCK OPTION PLAN<BR>
OF<BR>
NIOCORP DEVELOPMENTS LTD.<BR>
(For California Residents Only)<BR>
<BR>
</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Attachment A to the Addendum (the &ldquo;<B>Addendum</B>&rdquo;)
of NioCorp Developments Ltd. 2016 Stock Option Plan (the &ldquo;<B>Plan</B>&rdquo;) shall have application only to Optionees who
are residents of the State of California. Capitalized terms contained herein shall have the same meanings given to them in the
Addendum or the Plan, unless otherwise provided in this Attachment. <B>Notwithstanding any provision contained in the Plan to the
contrary and to the extent required by applicable law, the following terms and conditions shall apply to all Options granted to
residents of the State of California, until such time as the Shares become a &ldquo;listed security&rdquo; under the U.S. Securities
Act of 1933, as amended, or otherwise qualify for an exemption from the applicable provisions of the California Code:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">1.</TD><TD STYLE="text-align: justify">The maximum number of Shares that may be allotted for issuance under the Addendum is 10,000,000.
If Options are surrendered, terminated or expire without being exercised, new Options may be granted covering Shares not purchased
under such lapsed Options.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify">The Option Price for Options granted to any person
who owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or its subsidiaries
may not be reduced in accordance with Section 7.2 of the Plan.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">3.</TD><TD STYLE="text-align: justify">Options shall be non-transferrable other than by will or the laws of descent and distribution.
Notwithstanding the foregoing, and to the extent permitted by Section&nbsp;422 of the U.S. Internal Revenue Code of 1986, the Plan
Administrator, in its discretion, may permit distribution of an Option to an inter vivos or testamentary trust in which the Option
is to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to &ldquo;immediate family&rdquo; as that
term is defined in Rule 16a-1(e) of the U.S. Securities Exchange Act of 1934, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">4.</TD><TD STYLE="text-align: justify">Unless employment is terminated for cause, the right to exercise an Option in the event of termination
of employment, to the extent that the Optionee is otherwise entitled to exercise an Option on the date employment terminates, shall
be</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">at least six&nbsp;months from the date of termination of employment if termination was caused by
death or disability (as determined pursuant to Applicable Laws); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">at least 30 days from the date of termination if termination of employment was caused by other
than death or disability (as determined pursuant to Applicable Laws);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">but in no event later than the remaining term of the Option.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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: 0.5in">5.</TD><TD STYLE="text-align: justify">No Option may be granted to a resident of California more than ten years after the earlier of the
date of adoption of the Addendum by the Board and the date the Addendum is approved by the shareholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD STYLE="text-align: justify">Any Option exercised before shareholder approval of
this Addendum is obtained shall be rescinded if shareholder approval is not obtained within 12 months before or after the date
of the first grant to a California resident. Such Shares shall not be counted in determining whether such approval is obtained.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">7.</TD><TD STYLE="text-align: justify">No Option may have an exercise period longer than ten years from the date the Option is granted.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">8.</TD><TD STYLE="text-align: justify">The Company shall provide annual financial statements
of the Company to each California resident holding an outstanding Option under the Plan. Such financial statements need not be
audited and need not be issued to key employees whose duties at the Company assure them access to equivalent information. This
Section shall not apply if the Plan (including the Addendum) complies will all conditions of Rule 701 of the Securities Act of
1933, as amended.</TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 4; Options: NewSection Last; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



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

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>s105007_ex5-1.htm
<DESCRIPTION>EXHIBIT 5-1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="pg1img1_ex5-1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</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: 55%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">December
        22</FONT>, 2016</P>
                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NioCorp Developments Ltd.<br>
        7000 South Yosemite Street, Suite 115<br>
        Centennial, Colorado, 80112</P></td>
    <td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</td></tr>
</table>
<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">Dear Sirs/Mesdames:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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: 0.5in">Re:</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Registration
                                         Statement on Form S-8 of NioCorp Developments Ltd.</FONT> (the &ldquo;Company&rdquo;)</TD></TR></TABLE>

<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">We are Canadian counsel to the Company, a
corporation incorporated under the British Columbia <I>Business Corporations Act</I> (the &ldquo;<B>BCBCA</B>&rdquo;). We are
writing in reference to the preparation and filing with the United States Securities and Exchange Commission of a Registration
Statement (the &ldquo;<B>Registration Statement</B>&rdquo;) on Form S-8 under the United States <I>Securities Act of 1933</I>,
as amended (the &ldquo;<B>Act</B>&rdquo;). We understand that the purpose of the Registration Statement is to register a total
of 18,459,812 common shares without par value of the Company (the &ldquo;<B>Shares</B>&rdquo;), which are issuable pursuant to
the exercise of stock options which have or may be granted under the Company&rsquo;s 2016 incentive stock option plan, as amended
and approved by the shareholders of the Company (the &ldquo;<B>Plan</B>&rdquo;).</P>

<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">All assumptions and statements of reliance
herein have been made without any independent investigation or verification on our part except to the extent otherwise expressly
stated, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.</P>

<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">For the purpose of giving this opinion we
have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">examined originals or photostatic
                                         or certified copies of such corporate records, contracts and instruments of the Company
                                         or other corporations, certificates, permits, licenses or orders of public officials,
                                         commissions, boards and governmental bodies and authorities, certificates of officers
                                         or representatives of the Company or other corporations and such other records, contracts
                                         and instruments, all as we believe necessary and relevant as the basis of the opinions
                                         set forth herein; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">considered such questions of law
                                         and examined such statutes, regulations and orders, certificates and other documents
                                         and have made such other examinations, searches and investigations as we have considered
                                         necessary for the purpose of rendering this opinion.</TD></TR></TABLE>

<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">In reviewing such documents, we have assumed
the legal capacity of all natural persons executing documents, the genuineness of all signatures, the authenticity of all documents
submitted to us as originals or certified copies and the conformity to authentic original documents of all documents submitted
to us as certified, conformed or photostatic copies or facsimiles and the authenticity of all originals of such documents.</P>

<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"><IMG SRC="pg1img2_ex5-1.jpg" ALT="">&nbsp;</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As to various questions of fact relevant to
the opinions expressed herein, we have relied upon, and assume the accuracy of, representations and warranties contained in documents
and certificates and oral or written statements and other information of or from representatives of the Company and others and
assume compliance on the part of all parties to the documents with their covenants and agreements contained therein. We also have
assumed that any future changes to the terms and conditions of the Plan will be duly authorized by the Company and, if applicable,
approved by the Company&rsquo;s shareholders and accepted by the Toronto Stock Exchange and any other applicable regulatory authorities,
and will comply with all applicable laws.</P>

<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">The opinions expressed in this letter are
subject to the following exceptions and qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">we do not express any opinion with
                                         respect to the laws of any jurisdiction other than the Province of British Columbia and
                                         the federal laws of Canada specifically applicable therein; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">our opinions are based on legislation
                                         and regulations in effect on the date hereof.</TD></TR></TABLE>

<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">Based upon the foregoing and subject to the
limitations, exceptions, qualifications and assumptions set forth herein, we are of the opinion that the Shares will, upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">1.</TD><TD STYLE="text-align: justify">the grant of one or more options under
                                         the Plan, the conditional allotment and authorization for issuance of Shares underlying
                                         such options, and the fixing of an issue price for each such Share, all in accordance
                                         with the Plan and the BCBCA, by the Board of Directors of the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</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: 0.5in">2.</TD><TD STYLE="text-align: justify">the due and valid exercise by the holder
                                         of each option and the receipt by the Company of payment in full for each such Share
                                         to be issued and the issuance of such Shares in accordance with the terms of a binding
                                         stock option agreement and the Plan;</TD></TR></TABLE>

<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">be validly issued as fully paid and non-assessable
common shares of the Company.</P>

<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">Consent is hereby given to the use of our
name in the Registration Statement, and to the filing, as an exhibit to the Registration Statement, of this opinion. In giving
such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act.</P>

<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">We express no opinion as to the effect of
future laws or judicial decisions on the subject matter hereof, nor do we undertake any duty to modify this opinion to reflect
subsequent facts or developments concerning the Company or developments in the law occurring after the date hereof.</P>

<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">Yours truly,</P>

<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"><IMG SRC="pg2img1_ex5-1.jpg" ALT="">&nbsp;</P>

<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"><IMG SRC="pg2img2_ex5-1.jpg" ALT="">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>s105007_ex23-2.htm
<DESCRIPTION>EXHIBIT 23-2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.2</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="width: 50%"><IMG SRC="pg1img1_ex23-2.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Tel: 509-747-8095 </FONT></TD>
    <TD STYLE="width: 25%">601 <FONT STYLE="font-size: 10pt">West Riverside Avenue </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Fax: 509-747-8415 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Suite 900 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>www.bdo.com  </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Spokane, WA 99201</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Consent of Independent Registered Public
Accounting Firm</U></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the incorporation by reference in the Prospectus
constituting a part of this Registration Statement of our report dated September 1, 2016, relating to the consolidated financial
statements of NioCorp Developments Ltd. appearing in the Company&rsquo;s Annual Report on Form S-1 for the year ended June 30,
2016. Our report contains an explanatory paragraph regarding the Company&rsquo;s ability to continue as a going concern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also consent to the reference to us under the caption &ldquo;Experts&rdquo;
in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></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%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt">&nbsp;<IMG SRC="pg1img2_ex23-2.jpg" ALT=""></TD></TR>
</TABLE>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 21, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BDO
USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee,
and forms part of the international </B></FONT><B>BDO network of independent member firms. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BDO is the brand name for the BDO network and for each of
the BDO Member Firms.</B></P>



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

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>s105007_ex23-3.htm
<DESCRIPTION>EXHIBIT 23-3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 23.3</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned, Eric Larochelle, hereby states as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Eric Larochelle, assisted with the preparation
of the &ldquo;Amended NI 43-101 Technical Report, Updated Preliminary Economic Assessment, Elk Creek Niobium Project&rdquo; dated
effective August 4, 2015 with an original report date of September 4, 2015 and an amended report date of October 16, 2015 (the
&ldquo;Technical Report&rdquo;) portions of which are extracted or summarized (the &ldquo;Summary Material&rdquo;) in the Registrant&rsquo;s
prospectus filed pursuant to Rule 424 and incorporated by reference in this Registration Statement on Form&nbsp;S-8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to the reference to the
Technical Report, the Summary Material and the reference to my name and the names of Roche Ltd. and SMH Process Innovation in the
Form S-8 concerning the Technical Report.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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%"><FONT STYLE="font-size: 10pt">Date: December 22, 2016 &nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Eric Larochelle</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name: Eric Larochelle, B. Eng.</FONT><BR>
<FONT STYLE="font-size: 10pt">Title: President, SMH Process Innovation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>


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

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>6
<FILENAME>s105007_ex23-4.htm
<DESCRIPTION>EXHIBIT 23-4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.4</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The undersigned, Jeff Osborn, hereby states as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Jeff Osborn, assisted with the preparation
of the &ldquo;Amended NI 43-101 Technical Report, Updated Preliminary Economic Assessment, Elk Creek Niobium Project&rdquo; dated
effective August 4, 2015 with an original report date of September 4, 2015 and an amended report date of October 16, 2015 (the
&ldquo;Technical Report&rdquo;) portions of which are extracted or summarized (the &ldquo;Summary Material&rdquo;) in the Registrant&rsquo;s
prospectus filed pursuant to Rule 424 and incorporated by reference in this Registration Statement on Form&nbsp;S-8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I hereby consent to the reference to the Technical
Report, the Summary Material and the reference to my name and the names of SRK Consulting (U.S.), Inc. in the Form S-8 concerning
the Technical Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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%"><FONT STYLE="font-size: 10pt">Date: December 22, 2016</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Jeff Osborn</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name: Jeff Osborn, BEng Mining, MMSAQP</FONT><BR>
<FONT STYLE="font-size: 10pt">Title: Principal Consultant, SRK Consulting (U.S.), Inc.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>pg1img1_ex23-2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg1img1_ex23-2.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ * !K P$1  (1 0,1 ?_$ ,D   (" @,!
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MGR;5VHD"H%X@(H( /IVNIWD*W6:!DJ6G*)-/RDTJHI25M+4A126W#A)2081
M,.46$&G\G*3U8<9G&T.MB7) 4 1'$D1@=]F]<A]I3MP9,B'4/8-(6&XXKA!5
M$DE3:VG0YMD94HE!RREZ>K"O47*(CQ$,)C  AZ0$/1M3>G:P:F4MX/2]9G5$
M&.%Q?%2>8I<Q @[[%F8RIEV904.2C(CO2,)'04P-D4\IEG.UUW/KM&::[W.+
M$P)F>*C("1._*L^L5.D_8LE)X\NHLB(-+ D>+EU8I\11+A453YO 14 X;\4D
ML:K:5L.YGEVP:A(J4L0N0XG$E+S48E!Q)#B2#<#")%@C-!>6<RK33G%?,/
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MRX-D%4&-C@E%P%)8HI+&1>,U1Z=\U.9(^X> Y(ED//=:T^KR*Y1B#=A=:5'
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M?L?K652S30\':)M5&4=0V;9EQFK42.;+=D["^FO%LDY"O4MRO:GDW3[AJ!R
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%\FZW_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>pg1img1_ex5-1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg1img1_ex5-1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ 1P+1 P$1  (1 0,1 ?_$ +\  0 " @,! 0$
M       '" 4& 00) @,* 0$  P # 0$!             0(#! 4'!@@)$
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M;,U!.TY\4TBO<MW3ML=UN[P[>2DUT\QU2TC>*16X)20D2QML9Y&WCUXQ_-N
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MMI^;911"*2CN(AEG!)&2:QI%"F<*(IG(B!@$XAY#CP!GN . . . . . . .
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MT>V8B!0 H"(Z@]$1$  /41Y2U\!>]\2_T4??3XA0^[9]V$X%*!C5_IY[C 4
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MK^O=:]%3RO;Y#0NQ:N?6]W\YH<LQ#9M6K$6OV1L@!P>UFUDAQCGR*J:J)D7
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MZN6$O>JZM8+@9BB]:MQIO2:T=76QZG"V25B-EC8.RTNQS<;'Q$;9[Y(S4#"
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M9[.22\]-6C9\.@>O]SJ,HO'N*,XHT%(R$AX1C2QR<A]?)EDE$'(J.E$CHCX
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M?N*7TYQFVL0+L7$<H)B+M%?<4IQ2.8@QI6K5Q"G)1</PLLURQ4< < < < <
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MK,F\YV]4>+@LR28N792Z K-#J%.F($<M'**C5\S5\>J+QFN4B[=4O_<'@?Q
M1#UY[KT#N3I7<NT>YZ;*:N0=+EF["5J_9GQA>LW%&Y;DN4E26<7*+3?Q^]V&
MYV%SR[Z3B\8RBU*$USA.-8R7H>'&CP,GSOCA&B7W3:%E[6M/K_:(NK-+A=:Q
MG-:7E5A13F+M<WX1E9KS0P%,!G\N]\D3 ?!?01$0 !'D-I9DI-Y&KV3?<HJ
MZX6RVI&'/AE<A[=I1'C"2(I"5NPQDA*0<LT(#,33C:53B72"'T(.#*/&ZC8
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M::J1O)3E*8! +%3O< < < < < < < < < < < < < < < < < < < < < <
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MKUVD9P>/76.92#S6WDCI^P:'$U"6H+VJQ'9V^K5E.ENKJGH"9D9_)\RJ#9U
M(+1(#+-6Z!%FI04.4Q>-?C.J<6V\36$X-/4O\Q8S-\ZGU^W>C:O=\!6K:K:'
M4H&8:!"-\Y)7UJXHV83%YN\TZC;":\NK5I-H1(U1*Y8F.TB8QL4YB'77\Z6%
M))ZER(DXN&A/"M7^@U6^4#77FV[5?<\Q%2JS<'D5MJ^27A@^HK%#6=!OK"M-
M)&UW^51G_P!T$CZ>:-:IP\<[:%3*#-XX,H4ZS9,+78-M-5R?U_3 F+@HJ+=:
M/Z(B_*^H_8+*M%S!R>PR-LS7KW,EQC,&2EM63EK3UXU.)>/M/MER.N[;K#<*
M7:'$,TCO!Q=FCZV)TO[1SS.%EU3E)T6'JXDRG;:=%B_M+Q]3,TE\@P^ SZ:C
M31#F"LNDG9QYY(TP=""E]*MLU6Q/)'=/5G1UZ](M5#"JJ=8!.)5!]X"'-86U
M;5$VS*ZU*58Y4+(\N9C@#@#@#@#@#@#@#@&B7<VA DP+GZ]-;.!45-(JW)I.
MO&PH 3PB1F6#=LU$U_E'R85#"7V_@'GF5V.^DE_!*R^>MR7LH=MTA]#\]PZY
M#>RL-8/;^55/CJ\RJ]%/61_[.R/]ZX9_@=^_S[G'T=<_+M/VI_<?0ZOEMJ:I
MURBYRV:_U1[.R/\ >N&?X'?O\]XT=<_+M/VKGW#5\M?[[_;V?]$>SLC_ 'KA
MG^!W[_/>-'7/R[3]JY]PU?+7^^_V]G_1'L[(_P!ZX9_@=^_SWC1US\NT_:N?
M<-7RU_OO]O9_T1[.R/\ >N&?X'?O\]XT=<_+M/VKGW#5\M?[[_;V?]$X]G9+
M^]<,_P #OW_J$]YXT=<_+M/VI_<%+Y;.:C3KF/*6S?\ JDFTPUU&,5+>U:PO
M+E<G^-6IMI9I%F:"4HI *4RY=N_J"F\^XP']H^G@ ]><FU'>1C_ZU6E.N&AM
MJGC7&I\SU.727N:=&ANH[1+_ '_EZF_#R\*4YXU\#;^:'7#@#@#@#@#@#@#@
M'USD$#@#@%7*S5_I>XVN6WX_ 2>"8S% IX_KG9W36E%"@;^/L)[/^O.IM6J=
M;O7N>VM+V2N'K75>K>;\D>C=&KC:[BZG<IR4MKTY+VNI:/G;'DHX X X X X
M X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X
M X X X X X X X X X X!7'5]:O</HM.QW)JQ5IZ^VBI6O07TA>YV4@:K U&
MI2$#"K"/Z)$S$Q,3,Q.61LW1113(1ND"BZI_!2IJ93N.+26;-(033E)X(TN\
M=M8G,]DZ^XA=H2.9VS8&)C6UU'69HYB\\EI$H1%,8E^M;1TE8V]XNZ#F+9*I
M-T3%^#Y5"$*/@*^?%-1GA)FBL.4)3CDB/:OWQB+%H+7+'E&=UJZN>QMAQJ/8
MS4D"32W4:">76,6U:D/2M 3FVC&9J L9&.\%<1SE8ORC\2B"BL1W5F4E%/%N
MA:YM;D%J6,:5/P0[[P%CK/:F1I5>C).;Z]S*+*M-'MF:C':+ NY@U.;VXJL6
MB^?PL2G?8B8CE$SHJ+^U@54I1*NF'"W$9IN'#[RCL2BUKPK]QFKSW"L&/T_<
MC:A0H =*R%OGRD!7JC<BJUO476MNI"*SR.@YNRQT&YKTH_GHAVT>(/D?#<J'
MSE441, @G>E"W*32U(B-EW)J-O%-/ZBW.;7^OZI0:=H]4=)OJW=ZW#V>%=)*
M$5 [&89)/$TSF3,8H+MA5%)4OG\JA#!_#EHW-4%+FC.4)0FX2S3-W\\G7X$4
M'(<FP<<J!P!P!P!P#GEHRT@<2EJ!QRH' ' ' ' ' ' ' ' ' /DQ0-^/G_ER
M53C]I644^1\?"7^'D.36/)^TCRX+)4?@/A+_ #'BL>3]I.B/B/A+_,>*QY/V
MC1'Q'PE_F/%8\G[1HCXCX2_S'BL>3]HT1\1\)?/GU'\?'K_/BL>3]I'EP>+2
M;YL^RE OX<KAP+)4/K@D< < < < < < < ^N<@@< < U]"!01M,E9P]OU$A
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M--)R"QT6J($;MRG]B92D "A,5I@H+)%6Y2DY2=6S=N20. . . . . . . .
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M&[/2=ECE-"[%YO*C>&Z%=2K\@Q<VBPGU2QV*,E%G#RK04VZ43EE$!; /L4*
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BQ,7_ .R;M#__ #N[7_\ X6O'^7\T\R[R?L(\JQ^9>U'_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>pg1img2_ex23-2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg1img2_ex23-2.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ *P"3 P$1  (1 0,1 ?_$ 'H   (" @,!
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M(I,M(5I$P9E:VL$8V1JZG9FT/*ZK]@ZPC#'*Z"V"BY";$WK.3KHTD">A6>3
MD\SK&7DB"DE$4<?.SOR#/::6%24D5)@EO6BX'JYJO3/$UCR>&VM$'QZK6Z86
MB,.4-D6MF$J MDN21]8H&8>Y0UY-R4[1]89GRK6!Q1*# @,-$ (?/:&P7ZJ:
MA6V,PK!HL1*;50XR08"6\[!L#/M.'-EA$&9<^U&F(%"5Z\0SQ#+RG"')@1@$
M' L NGN'.DZK9@UMV0B4ZE47C6NNT]52*ZHRQJ30L,^HNU#W#7^Q2)FWEF%@
M7LM=(K7)F(1&8, E,COFP7Y %F%A@&_4D9W+:#VLZ=CR=2==<@VY?K<CCHVX
M*&IAE-T[1UEXOE_>@^,TT,7E3#-$$2%@?84)RD20S O*05C@3I[D%?'61HQL
MZTMBSTN51BJI!:]=O>.H3(_:=*EEV[5S^48  S2<L\_A+<>(0,=_C +&/MX$
MUZSW8R;):[49L#'<IL,UTU- +-1ITAWG*;\S2+MC\I:!BR(1@%3,K7&)#RQ]
M#2CB1@'C PBQ@)OX!P(+8KQ;GC8VR-<3X\XMK] JFJRX4<A,5I%#3)XU9LFL
MZ(8(2)R>BMN7QQ\K!0!0$[K@XM64,O/3NQ@)TX$$ZW7<7L)5*&Q\QA1"7+$N
MLZ!R.'JW=(_*8W*ZGLN6U=*&LYW0ITJ-?DM\B!XPC++#CL&''VXSP)VX%8-%
M&0#8[VVK39I.!".'3=)NK!YZF=6P:##6>5<=WQN8!>VIYP2I;75L7D'G'A58
M+.+/#Y!=HOC@*Z_WQ6Q_GHS_ .:[]\/]NZ_^V/\ /?W_ +_]Y_BOZ> C]C^S
M@7I3[ANK&[=[2W_D C&V^V=M:[[8(+?IZ$/#+'HMM<F>4= NRQBRU292]DP6
M:E(VA8Z*A 1(T@D29(F;49?;@++]DFMY]I]SBI_MYBD4];)>CEKX[^ULGR^V
M$Q*(+'(X^NDOO'6XHU8LD5 D5NXX3KW-B"J*ALMZ996U*BD3B@.,#&?8DG<>
M065[BU'1RRUULQ5QMZH-W:JLIQ"VMP+1J_>2I6ZQ2YVQ1U D2886TR9Q]T2*
M474_*!82(@T>#L#!@+ ][*T9F1QBU_I'8V'DRE #4/8-W1C3!3O]';&+CZTA
M[N\-II&0OKW3MU3=H=F<8S2LHVYQ>R0B[5IF.!.&A,K0S32C51]0B59QBA*P
M8W M<$L"](_1.)MD4DK>O+),-*+7MLA952<\(1"P$TH6.N>G [U7LH([M1M2
M2C7X/1S6.Z]68O;PN!BKTV2K8_.JP7F#1#^1K]1CE2M&0A!\#O$(S/QSGJ'I
M;FQ5RG&HFT$19&9MD3\_Z_V\W1YB>.W#4[R(V!/V6!O<1#QD):-4\!( 8+[0
M!SG.,XSCKP,9LQM1;<:'3EM;#VA8CV2U/?P,ZT92P3&9^K%2J3&=Q\1P<K_3
M@&OA1P<"QYL%XQUQW<"I+732NH/=2K353W2)%>FW=.[,R'4&MZJ;G:D[W?Z[
M(IR<0]P=@6T8UQHM"K:G98_V4CR6]-+XF7L;D6SI<J$ QY,,,!BK@VQ>J1U8
MW%HO?:90%%;5::\V&Y1VW .#%5D$VEJ:9L[Y"8?83 @=71(VP&Q$4B7IV*9L
M!*@U,TO!R=<B'Z<ZH2B@7_V]_<DUY664#2G1FLKLVEJ!-<"Q;&+IK.#N[/KG
M1M)2IH1.\D?9+:UDYC"*3)&NXB90E;TS 2X^H!#@! L& P6(-A_@' 0A">C:
M_="E*8\\T;A.-"($>V)2T@O G1U9L-9!;X>K7",P#RK3[B;@IR@@SGH0<(6<
M?)@0/OP$0TB\S)(-W*Z5.059\&W>M-R3("D0D*1G9[DAE:7Z@3( "))PI)4J
M;24GJ#PX$$QR,5?,+IG/ >_@:OKE=]GW2X^XC[5>HU?W1^I%E[AV,TV!L [P
M63PJI-6-?-GH_#K/NJP'B3REK93C;&<5<MFB*%,3>%4>^.YI3H6<6VX$;P+Y
M_P!GFO'^G+-_MD_9Y_AR/]O'^G/]C_V;^[^Y_#P(,V8VYL)/9X-0-,(M'+3V
MY7LC+)IR[RX:_P#1/4RMI*:M)9;4V <6<Y,YKG22^F*\12%MIP'R3')33<C1
M-I!Z\ 1\ID^J7MC1=\D]HV4Z7/MW>'T(I"XJ -\RV_W$LML:%/Y;@]:5?'^K
MH4QD# -)'8PRI443BR,W(AY3EY5K3 5&G-;RO;)U@I_=Z3486[7_ %O4+96V
MU<>KI3)9*OK_ %1L'8*<7Y849@,<9UBM+-GC5YZM'"[ZD*98L=(_&%B1#@&5
M)& A(UZ[SZI>X237^DNGUN0S9R4W7,JEEEPK:G7G2Z*TGK;#IO&K.L.86O)6
MI.8RPMRE;)& QEG95RI&^+'=\)\9  D'F%!\JZV[K+VRIW=.JNWPI#4U3YM*
M?79J)=)4(G<PJ^P:IO>?.L[<JA]<A4;D@8S;=2VM*W9F)CZT)"AQ8C6E0@PH
M\Q@"P>330$[G9-P;.6%&7Z"J=CILU/=95_+6U<QS6#T!"(NW16JVV=1]PSE1
M'9G*U('B6+FT?:<UYD@$)X0J4QV. Z^<8SC.,XQG&<=,XS\<9QG[<9Q_+C/
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2](_"]9X%A_ . < X!P#@?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>pg1img2_ex5-1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg1img2_ex5-1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ "0*> P$1  (1 0,1 ?_$ )0    & P$!
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M7OZ?!_3T^+_G@# Y^U/WT56Y^3C40<2$?$OW;! 2"IWSMNV4403X Z3 HJ4
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MW9>W06WL_*T=NHO8VOLH6_<QPS#AJQ5F8]";D&L44APD74;"*N'"2(@(*'3
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MD7^==G_\C%_PM;.D\Q:H?SM;/O&)_>.K9$3G1/H4Y^J)CM;X'<8 P*O<V?\
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4'Q#V8!X!!U>4>T< >$/$/:&!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>pg2img1_ex5-1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg2img1_ex5-1.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  T 00# 2(  A$! Q$!_\0
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ME&23C):QE*-F)-.]FFDVM&GJG9K2^J>C6Z>C2>@4444AA1110 4444 %%%%
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M%;X@:7\)_AMXZ^)NN/81:'\/_"VM>,==GU34QHUA;:)X=L)M5U:YN-1-I?\
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M+$4,-4K494L1[:M5C3H5,)6P;^J4HUO84<+B%B:=&E3@Z<:53GG/FIY1"57
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4 !1110 4444 %%%% !1110!__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>pg2img2_ex5-1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg2img2_ex5-1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ ,0 K P$1  (1 0,1 ?_$ *<   (" P$!
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)>#1@P:,&/__9

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